Best Ways to Send Money Abroad Safely and Affordably

Transferring money to another country is something many people need to do. They might do this to help family, pay for services, buy property, or cover expenses while living elsewhere. However, when sending large amounts of money, even tiny changes in fees or the exchange rate can end up costing you a lot.

This guide looks at bank transfers and money transfer services. It will help you learn the best ways to send money abroad. You will find out how to do this safely, easily, and with low fees.

What Is the Difference Between Bank Transfers and Money Transfer Services?

Bank Transfers

Using your current account to send money abroad through your bank is a common practice. Banks such as HSBC or Lloyds allow you to transfer pound sterling, euros, or US dollars to someone’s foreign currency account. You will need a SWIFT code, IBAN, and a bank identifier code (BIC) to complete the transfer.

However, traditional banks might not provide a good exchange rate. They frequently have higher transfer fees, especially when changing between different currencies.

Money Transfer Services

Money transfer services like Western Union and digital options provide quick money transfers. They often have better rates than traditional banks. These services let you send money through apps. You can use Google Pay, Apple Pay, or a QR code for transfers. This makes sending money easier for both the sender and the receiving bank.

How Do Fees and Exchange Rates Compare?

Banks

Banks may charge:

• A flat fee (like £10–£30)
• An additional charge for changing currency
• A foreign exchange rate markup that lowers how much money the receiver gets

Some banks also charge extra fees for transfers. This is especially true for payments going to places like Vietnam or Australia from the European Union.

Money Transfer Services

Most specialist providers offer:

• Lower or no flat fees
• Good exchange rates
• Clear information about the total cost

They often let you secure a currency equivalent. You can set up transfers for a later date or on a regular basis, depending on what you need.

Money Guides

Helping You Borrow Money at the Right Price

Compare Now

What Information Do You Need to Transfer Money Abroad?

To send money to another country using either method, you usually need:

• Recipient’s bank account number
• Bank code (like SWIFT or BIC)
• International Bank Account Number (IBAN)
• Recipient’s name, email, or phone number
• Type of currency you want to send
• Your payment method (for example, debit card, credit card, or bank account)

Giving the right information helps prevent delays. It makes sure the amount of money gets where it needs to go.

How Does Speed Vary Between Banks and Transfer Services?

• Bank transfers usually take 2 to 5 business days. This depends on the destination country and if there are any intermediary banks involved.
• Money transfer services can offer instant transfers or same-day options. This is especially true if both the sender and recipient use the same provider.

What Are the Best Ways to Save Money on International Transfers?

• Pick a provider that is regulated by the Financial Conduct Authority (FCA). This helps keep your money safe and allows for clear information.
• Use currency account services. These let you hold and send local currency directly.
• Stay away from cheque payments for international transfers. They can be slow and costly.
• For regular transfers, some providers let you set up payments on a regular basis with fixed rates.

Correct as of 25 March 2025

FAQs About Sending Money Abroad: Bank vs. Transfer Services

Explore Money Guides

Helping You Borrow Money at the Right Price

Compare Quotes