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International money transfer
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What is an international money transfer?
An international money transfer is a safe and secure way to make one-off and regular international payments, which may be better value and faster than using your bank.
MoneySuperMarket has partnered with FXcompared.com to show you competitive money transfer deals from a range of registered currency brokers who can help move money to and from more than 125 countries throughout the world.
How does an international money transfer work?
You can transfer money overseas safely and securely with an international money transfer:
What are the benefits of sending money abroad using an international money transfer?
International money transfers have a number of advantages for sending money overseas, which include:
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Safe and secure way to send money
International money transfer services use encryption and regulation to keep your money protected
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Competitive exchange rates
Specialist providers often offer better rates than high street banks, so your money goes further
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Faster transfer speeds
Many transfers arrive within hours or the same day, much quicker than traditional methods
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Lock-in exchange rates for up to 12 months
Fixing a rate in advance helps protect you against currency fluctuations
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Make one-off and regular payments
Send money abroad as a single transfer or set up automatic payments for ongoing needs
Compare deals with MoneySuperMarket in association with FXcompared.com
There's a lot to recommend FXcompared.com's international payments comparison service. Here are a few things that make it a really good option when you need to move money overseas:
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Great value
Find and compare great deals on fees and charges. No fee options are available in many cases
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Safe and secure
Only registered companies are listed with segregated client accounts and independent company reviews
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Global coverage
Over £1.2 billion transferred to more than 125 countries across the world
Can I make international payments with an online banking app?
Yes, you should be able to make an international payment with an online banking app. Whether you want to pay a new or existing payee, online banking should be as secure as making the payment in a local bank branch.
Check to see what fees apply and the exchange rate you are being offered, as this can make a significant difference on larger amounts.
What other ways can you send money internationally?
You have several options to send money overseas and each has its pros and cons. The main ways are:
Bank transfer
Pros: Often offers better exchange rates than card payments
Cons: Can be slower, sometimes taking several days to clear
Debit card
Pros: Quick and usually cheaper than using a credit card
Cons: Some providers may add foreign transaction or processing fees
Credit card
Pros: Lets you send money even if you don’t have funds available right away
Cons: May come with higher fees, interest, or cash advance charges
SWIFT
Pros: Secure and widely used for sending money between banks worldwide
Cons: Typically involves high fees from both sending and receiving banks
PISP (Payment Initiation Service Provider)
Pros: Faster transfers as you can pay directly without logging into online banking
Cons: Not yet supported by all banks or money transfer services
Apple Pay
Pros: Quick, convenient, and easy to use for transfers abroad
Cons: Credit card payments through Apple Pay may attract extra fees
Our expert says…
Don’t stick with your bank for international money transfers – there are much cheaper options out there. Adverts for some foreign exchange companies often promise the best rates or zero commission but to get the best deal you need to calculate how much foreign currency you can get for a set number of pounds sterling. FXCompared.com clearly shows the amount received when you make an international money transfer.
Emma Lunn Personal finance expert
Compare international money transfers with MoneySuperMarket
The cost of international money transfers varies from broker to broker. Through our partnership with FXcompared.com, you can compare competitive money transfers from a range of currency brokers, so you can make the most of your money.
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Give us the details
Select the countries you want to send the money from and to, as well as the amount you want to transfer and when
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We calculate the cost
We’ll work out the cost of your international money transfer for each provider, to help you compare deals and pick the right one
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Compare money transfer services
You can sort the results on FXcompared.com according to price, user rating and their own score, so you can get the best deal
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Learn more about sending money abroad
How can you send money to someone in another country?
Sending money abroad is usually straightforward. You’ll need to decide how much you want to send, who you’re sending it to, and which method works best for you.
Most services will ask for the recipient’s name, bank details, and the country they live in. Once you’ve paid in your own currency, the provider converts it into the currency your recipient needs and transfers it to their account, or makes it available for collection in cash.
You can either send money to someone in another country using an international money transfer company (an online broker), or you can set up an international money transfer through your bank or building society.
Can you send money anywhere in the world?
International money transfer companies can support payments to most countries worldwide, but there are some restrictions.
For example, a provider might allow you to send money to a country but not receive money from it. In some cases, personal transfers may be supported, but business payments are not.
There are also limits on how much you can send using certain methods. For smaller transfers, debit card payments may be fine, but for larger amounts you may need to use a domestic wire – a bank-to-bank transfer within your own country that moves your money to the provider before it’s sent abroad.
Finally, not all currencies are supported, so always check the provider’s list of countries, currencies, and restrictions before setting up your transfer.
Are international money transfers taxed?
When it comes to transferring money internationally and paying tax, it’s a good idea to seek the advice of an independent financial adviser (for instance an accountant).
Different countries have different rules on how much tax you should pay on any money received, and this will depend on the nature of the money – for example, whether the money is a financial gift, a pension or a regular salary.
How do you receive an international money transfer?
An international money transfer can be paid directly into your bank account, just like with a regular bank transfer. The sender will need to provide the international money transfer company with the recipient’s bank details, namely their:
Name (the account holder’s name)
International Bank Account Number (IBAN)
SWIFT/BIC code
Depending on the location of the receiving country, you may also need to provide details relevant to your country’s banking system, including:
Your bank’s name and address
Your routing code (Australia/ New Zealand/ South Africa)
ABA number (USA)
IFSC code (India)
How do you track an international money transfer?
Your international money transfer company should give you a confirmation number for your transaction, which you’ll then be able to use to track your money transfer online or over the phone.
Is there a limit to how much money you can send overseas?
The international money transfer limit will depend on where you’re sending the money from and to, and the security limits that your provider applies to this payment method.
It’s a good idea to read the provider’s terms and conditions so you know if it’s possible to send that sum of money abroad through them, or whether you need to approach a different provider.
International money transfer companies may have a minimum transfer amount. If you don’t meet it, an international bank transfer might be a better option.
How long does it take to send money online?
The time it takes to send money overseas will vary from broker to broker and depend on the destination, size of the transfer and the method used. But most payments should be received within one to five working days.
How much can I send online?
While there is currently no legal limit on how much money you can send overseas from the UK, individual banks and other payments providers may impose their own limits. For example, you might be able to send £50,000 per transfer online depending on the selected country. There might also be a minimum amount you need to transfer if you want to use an international money transfer.
What is Western Union?
Western Union is an American financial services company that is set up to allow people to transfer money around the world.
It works in a similar way to other money transfer services and as well as online transfers you can also make payments for cash collections at a local branch.
As such, you will find many Western Union branches and agents on local high streets in the UK.
Western Union isn’t a service offered by MoneySuperMarket.
Exchange rates
Foreign exchange brokers typically do not charge a fee for transfers of more than £3,000. They also generally offer better exchange rates than the high-street banks.
It’s common for banks to charge a fee on top of an international bank transfer, which could be as high as £40.
If you tally up how much you can save by avoiding fees, plus any money you save thanks to a better exchange rate, you might find that a currency broker is the more affordable option.
Forward contracts
A forward contract can seem appealing if you don’t want to have to worry about exchange rate movements, or if you expect the rate to get worse. Remember, however, that currencies can be volatile and there is the risk that the rate could move against you.
The exchange rate on a forward contract is calculated by adjusting the current rate for so-called “forward points”, so it’s not the same as the current exchange rate. Your broker should explain the terms and conditions of the contract, but it’s worth making sure you understand the cost before you go ahead.
You do not have to pay the full price of a forward contract up front, though you will normally have to put down a deposit, with the rest due on the transfer date.
Regular payments
Foreign currency brokers can usually arrange regular payments to whoever is receiving money from abroad, perhaps to cover a foreign mortgage or school fees, for example. The minimum payment tends to be about £500.
Consumer protection
You should always check that your broker is authorised or regulated by the Financial Conduct Authority (FCA) for peace of mind that your money transfer will be secure. The firm must then operate within certain guidelines to safeguard consumers and keep your money separate from the money transfer company’s own money.
Ideally, the firm should offer the protection of the Financial Services Compensation Scheme (FSCS), so you are guaranteed to get your money back if something should go wrong. The FSCS covers deposits of up to £85,000. Some money transfer companies won’t offer FSCS protection.
Currency pairs
It can be a good idea to keep an eye on fluctuations in currency pair exchange rates, and secure a favourable rate for your future transfer when you see it – this can help you save money on larger transfers.
Popular (major currency pairs) typically include:
EUR/USD (euro/US dollar)
USD/JPY (US dollar/Japanese yen)
GBP/USD (Great British Pound)
USD/CHF (US dollar/Swiss franc)
Other major currencies that are often included against the USD include AUD, CAD and NZD.
Minor currency pairs (cross pairs) do not include the US dollar but can still be frequently traded, and against major currencies (excluding US dollars) and other minor currencies. Exotic currency pairs are made up of a currency from an emerging market.
In a currency pair the first currency (shown left) is the base currency and the second (right) is the quote currency. The figures indicates the amount of the quote (second) currency is required to buy one unit of the first currency (base).
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Reviewed on 17 Dec 2025 by
