Sending money abroad is a vital part of life for many UK residents. The most popular reason to send money to a foreign country is to support family members, such as ex-pats who live in another country.
Additionally, with the international trade market growing every year thanks to the rise in Internet shopping and increased globalisation, businesses are regularly required to transfer money internationally.
Whether you are a business leader or an individual looking to send money abroad, you need to find the right foreign exchange provider to use.
What to look for when choosing a UK bank for international transfers
When you’re searching for an international money transfer provider, the first step is to consider using a UK bank. Choosing a bank means that you can rely on the provider, and you might already be a customer with them, so you can easily send your money from your account.
If you’re an existing customer with a major UK bank, then you won’t need to go to the effort of making a new account and verifying your identity. Some of the main factors to consider when choosing a UK bank for international transfers are:
- Fees
- Exchange Rates
- How long it will take for the money to reach the recipient’s account
- The countries your bank sends money to
- Support you can get from your bank if something goes wrong with the transfer
With this information, you can ensure that you enjoy a smooth and swift international money transfer experience. You’ll easily be able to send your money abroad and trust that, if something goes wrong, you’ll get the support and fraud protection you need.
Explore foreign currency exchanges too
While banks can be a great option for sending money abroad, you can also find great rates with foreign currency exchanges that specialise in money transfers. If you’re looking for the cheapest international transfers to bank accounts, then check out this list to see which one is the most affordable. You can then find an option that offers you the service and speed you need at the perfect price for your budget.
The best UK bank options for international money transfers
As highlighted above, there are a lot of factors to consider when you’re looking to transfer money to a bank account abroad from the UK.
As such, it’s important that you don’t choose your own bank just because it’s convenient. It would be best if you explored all the options available to you to ensure that you make the right choice for you and your recipient.
Most UK banks use the standard exchange rate when transferring money from one currency to another, but some have variable fees, which can increase the cost of sending money to another country.
If you’re looking for the best way to transfer money to a bank account abroad, then keep reading to find out more about a selection of some of the top UK banks for international transfers.
Barclays international payments
Barclays is one of the few UK banks offering fee-free international money transfers. If you use the bank’s app or online banking solution, then you can transfer money abroad without paying a penny.
If you want to use your local branch of Barclays to transfer your money abroad, then you will have to pay a £25 fee.
While it is free to send money from a Barclays bank account in the UK, the corresponding bank might charge fees to receive the money. As such, you need to check with the recipient to see how much the transfer will cost.
As Barclays is a household name in UK banking, users can trust that when they send money abroad with them they’ll get exceptional service.
HSBC UK international payments
As it’s full name suggests, the Hongkong and Shanghai Banking Corporation Limited is not domiciled in the UK, but it does have a thriving UK arm.
Thanks to its international reach, HSBC is a great choice for anyone looking to send money to friends, family or clients around the world.
HSBC doesn’t charge fees to send money internationally to another HSBC account, or to someone in the European Economic Area (EEA).
For money transfers outside of the EEA, the bank charges a £5 fee, which is cheaper than many of the options on this list.
Also, the bank allows users to send money to more than 150 countries around the world and gives competitive local rates.
With its online platform, HSBC users can easily see the conversion rate to local currencies and get instant reports about when the money will arrive in the recipient’s account.
Metro Bank international payments
One of the UK’s newest banks, Metro Bank has become a popular option for many consumers and corporate customers thanks to its innovative online banking tools.
Metro Bank offers fewer countries to transfer money to than other options on this list, but its fees are flexible, starting from £25.
There are no fees for SEPA in the EEA, but fees for international banking customers sending money outside of the region as a SWIFT payment are for those sending and receiving money, so you need to work out exactly how much you’re paying for your specific transaction.
While the fees might be higher for some users, for customers who like the bank’s online platform and customer service, Metro Bank could be a great choice.
TSB international payments
TSB is another household name in UK banking, so it’s understandable that the bank offers a useful international money sending service.
Customers can send up to £75,000, and the fees are flexible. For customers sending Euros to the EEA, there are no fees when sending money with TSB, but charges for clients sending money to other countries could pay up to £20.
There are also corresponding banking fees for the receiving bank if it is outside of the EEA, Switzerland and Monaco.
These are set at £6, so you know exactly how much it will cost in total to send and receive money internationally if you use TSB’s services.
Nationwide international payments
Technically, Nationwide is a building society, but since it operates in much the same way as a bank, it’s a great option for international money transfers.
Nationwide is also regularly voted as the most popular banking services provider in the UK, thanks to its focus on customer service.
With both SEPA payments available for Euros, which take up to 1 working day and have no limit on the amount you can send, as well as SWIFT payments, which take 1 working day or longer and cost up to £20, there’s an option for everyone.
Nationwide doesn’t charge you for receiving an international payment in return, and you can easily send money online or in branch.
These transactions are fast, and as Nationwide clearly offers quality customer service, you can rest assured that if you send money overseas with them, then you’ll get any support you require.
Conclusion
Ultimately, choosing a UK bank to transfer money abroad has many benefits for individuals who want to send a small amount of money every now and again. There are also many advantages to using a foreign exchange service, so explore all the options you have before you make your decision. Consider how often you will use these services, where you need to send your money, fees and more, to ensure that you make an informed choice. You can then choose the perfect international money transfer service that meets your needs.
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