The quickest way to send money internationally
Key takeaways
Specialist money transfer services are generally the quickest way to send money internationally, with some transfers arriving within minutes or on the same day
Speed depends on the destination, currency, provider and how you pay, so always check the estimated delivery time before sending
The fastest transfer isn't necessarily the best deal – compare the exchange rate, fees, security and delivery time before you commit
Sending money abroad can be straightforward, but if you're up against a deadline, the method you choose can make a significant difference to how quickly your recipient gets their money.
Traditional bank transfers can take several working days, while specialist money transfer providers may be able to deliver funds much faster. Some services also offer same-day or near-instant transfers, although these can come with higher fees or less competitive exchange rates.
What's the fastest way to send money internationally?
For most people, a specialist online money transfer service is likely to be the quickest option. Depending on the provider, destination and payment method, funds can sometimes arrive within minutes or on the same day.
There are several options to consider:
Specialist money transfer services
Online money transfer companies are often a good choice if speed is your priority.
Some providers have networks that allow them to move money quickly without relying on the same chain of intermediary banks that can be involved in a traditional international bank transfer.
The exact speed varies. Some transfers can arrive within minutes, while others may take a day or more. The destination country and currency can make a significant difference.
Best for: Urgent transfers where you want a combination of speed, convenience and competitive pricing.
Cash transfer services
If your recipient needs access to cash rather than a payment into their bank account, a high-street or online money transfer service may be able to arrange a cash collection.
This can be one of the quickest ways to get money to someone who needs it urgently, particularly where the recipient doesn't have a bank account.
However, convenience can come at a cost. Fees and exchange-rate mark-ups can make these transfers more expensive than other options.
Best for: Emergency payments or recipients who need to collect cash.
Your bank
Most UK banks allow you to make international payments online or through their banking app.
Some banks offer express international payments, potentially allowing money to arrive on the same day. However, this isn't available for every destination or currency, and banks can be more expensive because of transfer fees and less competitive exchange rates.
Best for: Convenience if you're already banking with the provider and the transfer isn't particularly price-sensitive.
Specialist currency brokers
Currency brokers can offer fast transfers and may be particularly useful for larger amounts.
They can also offer competitive exchange rates and services such as forward contracts, which allow you to lock in an exchange rate for a future payment.
Best for: Larger transfers where the exchange rate and overall cost matter as much as speed.
How quickly will I be able to transfer the money?
International transfers can take anywhere from a few minutes to several working days.
The time depends on:
The provider you use
The country you're sending money to
The currencies involved
How you pay for the transfer
Whether the recipient is receiving money into a bank account or collecting cash
Banking hours and cut-off times, including weekends and public holidays
Any security or regulatory checks required
While specialist services can deliver funds within minutes or on the same day, other transfers can take one to five working days. SWIFT transfers, for example, can take up to five business days depending on the banks, currencies and countries involved.
A transfer made on a weekend or bank holiday may not be processed until the next working day, depending on the provider and destination. If the payment is time-sensitive, check the provider's cut-off times and whether the destination country's banks are open.
Can I send money internationally instantly?
Some specialist money transfer services can deliver funds within minutes, but an instant transfer isn't guaranteed.
How quickly the money arrives will depend on the destination country, currency, payment method and the provider's network.
Even where a provider advertises instant or near-instant transfers, check the estimated delivery time for your specific transaction before sending.
What can make an international transfer slower?
Even if a provider advertises a fast transfer, there can be circumstances outside its control.
For example, a transfer initiated late in the day may not be processed until the next working day. Weekends and public holidays can also add delays.
You may also need to complete additional identity or security checks, particularly when sending a large amount.
That's why you should check the estimated arrival time for your particular transfer, rather than relying solely on a provider's general claims about transfer speeds.
What should I consider before making an international money transfer?
Speed is important, particularly if you're paying a bill or helping someone who needs money urgently. But it shouldn't be the only consideration.
Before you make a transfer, think about:
Cost
Look beyond any advertised transfer fee. A provider may say it offers "fee-free" transfers but make money by adding a margin to the exchange rate. The receiving bank may also charge a fee.
The most useful figure to compare is how much foreign currency your recipient will actually receive after all charges.
Exchange rate
The exchange rate can have a bigger impact than the transfer fee, particularly when sending a large amount.
For example, a provider charging no transfer fee isn't necessarily the cheapest if it offers a significantly worse exchange rate.
Compare the rate you're being offered with the prevailing market rate and check how much the recipient will receive.
Security
Make sure you know who you're sending your money to. Check that the provider is authorised or registered with the Financial Conduct Authority (FCA).
However, FCA regulation does not mean your money is protected in the same way as money held in a bank account covered by the Financial Services Compensation Scheme (FSCS), so check what protections apply before transferring a large amount.
Take particular care if you're being asked to make an urgent payment or if someone has recently changed their bank details. Check the recipient's details independently before sending money, as international transfers can be difficult to reverse once completed.
Delivery time
If the payment is urgent, check the estimated arrival time before confirming the transaction. Don't assume that an "instant" or "same-day" service applies to every country and currency.
Convenience
Consider how you want to make the payment. Online services can be convenient if you already have the recipient's bank details. Cash collection services may be preferable if the recipient doesn't have access to a bank account.
Transfer limits
There is no general legal limit on how much you can send overseas from the UK, but individual banks and transfer providers can impose their own limits. Large transfers may also trigger additional identity and security checks.
How much does it cost to send money internationally?
The cost varies depending on the provider, amount, destination and currency. You may pay a transfer fee, while the provider may also make money through the exchange rate it offers.
Some providers advertise fee-free transfers, but this doesn't necessarily mean they're the cheapest option. Our guide to how international money transfers work gives more information.
What details do I need to send money abroad?
The exact information required varies by country and provider, but you'll normally need:
The recipient's full name
Their bank account number or IBAN
Their bank's SWIFT/BIC code, where applicable
The recipient's bank name and address
The amount you want to send
The currency you want the recipient to receive
How can I track an international money transfer?
Most specialist money transfer companies provide confirmation of the transaction and a reference number that can be used to track the payment.
If the money doesn't arrive within the expected timeframe, contact the provider with your transaction reference.
It's also worth checking with the recipient's bank, as the transfer may have arrived but not yet been credited to the recipient's account.
Other useful guides
Looking for more information on international money transfers? These guides can help.
Compare international money transfer deals with MoneySuperMarket and FXcompared.com
The cost and speed of an international money transfer can vary depending on the provider, destination and currency, so it’s worth comparing your options before you send.
MoneySuperMarket has partnered with FXcompared.com to help you compare money transfer deals from a range of registered currency brokers, with transfers available to and from more than 125 countries.
You can compare the exchange rate, fees and estimated transfer speed before choosing a provider. Depending on the broker and type of transfer, you may also be able to lock in an exchange rate for a future payment.
You can then arrange your transfer with the provider and pay using the available payment method, such as a bank transfer.
Always check the final exchange rate, fees, delivery time and amount your recipient will receive before confirming your transfer.
Author
Tim Heming
Personal Finance Expert
Tim Heming is a journalist and editor who has written about personal finance for national newspapers and consumer websites for 15 years. Tim enjoys providing no-nonsense information to help consumers...
Reviewer
Victoria Russell
General Manager - Commercial
Vikki has worked across financial services for over 20 years, and for the last 15 years, created and nurtured a career within MoneySuperMarket Group, leading to her current role as General Manager...
