How to Send Money Abroad: Fees, Exchange Rates, and Step-by-Step Guide
Last updated: 14 October 2026. The team at Rise refreshed this guide with the latest World Bank transfer-cost data and a send money abroad FAQ.
Key Takeaways
Compare total cost: fee plus exchange-rate markup.
Digital transfers averaged 4.59% versus 7.30% offline.
SEPA suits euros; SWIFT covers most other currencies.
Have IBAN, BIC, and recipient details ready.
Businesses paying contractors abroad can use Rise.
An international money transfer is a payment sent from one country to another, usually involving currency conversion. People in the UK send money abroad for many reasons, supporting family, paying invoices, covering tuition, or buying property overseas. Since 2015, digital banking and fintech providers have made the process faster, cheaper, and more transparent.
How do you send money internationally? Three main options:
Send from your UK bank account using SEPA or SWIFT networks
Use an online money transfer service or app
Arrange cash pickup through agent locations worldwide
Among online services, Ace Money Transfer offers competitive rates, low fees, and fast delivery.
Sending money abroad involves comparing exchange rates and choosing a secure provider. Costs depend on fees and exchange rates. This guide helps you compare providers, time transfers, and understand limits.
Written from a UK sender’s perspective in 2026, but principles apply broadly.
Key decisions before you send money internationally
Before choosing a provider or method, consider what matters most for your transfer. The right choice depends on destination, currency, speed, and whether the recipient has a bank account.
Decisions to make:
How much are you sending? Smaller amounts often have higher fixed fees; larger sums may get better rates.
Which currency should the recipient get? Sending in their local currency provides clarity.
How quickly must it arrive? Same-day vs. a few days affects cost.
Does the recipient have a bank account? If not, cash pickup or mobile wallet may be needed.
Do you prefer app/online banking or in person? This shapes your experience.
Balance speed, cost, and convenience:
Prioritise low fees for regular support
Prioritise speed for emergencies or property deals
Prioritise guaranteed rates for invoices in EUR or USD
Later sections cover fees, exchange rates, and safety checks.
Common ways to send money abroad from the UK
Three main ways:
Bank transfers – familiar, secure, good for large transactions. Downsides: higher fees, less competitive rates.
Online transfer services – better rates, lower fees, app tracking, multi-currency balances. Good for regular or mid-sized payments.
Cash pickup – recipient collects cash at an agent. No bank account needed. Useful in countries with limited banking. Fees and rates less competitive.
Additional notes:
Debit card funding speeds transfers; credit cards may incur cash-advance fees.
Digital wallets allow instant transfers via email or phone in some corridors.
Not all providers support every corridor or currency; check availability.
Understanding SEPA, SWIFT and other payment networks
International bank transfers use networks to route funds. The UK mainly uses SEPA and SWIFT.
SEPA (Single Euro Payments Area):
For euro payments within the EEA and some others
Payments must be in euros; pounds or other currencies are not allowed
Low cost, regulated to be no higher than domestic transfers
Arrive by the end of the next working day
Recipient needs an IBAN in the SEPA zone
SWIFT:
Global messaging network connecting thousands of banks
Used for non-euro currencies and outside SEPA
May pass through intermediary banks, each deducting fees
Delivery takes 1–4 working days, sometimes longer
No limit on amount sent, suitable for large transactions
Some providers avoid SWIFT by holding local accounts, speeding delivery and cutting costs.
Fees, exchange rates and the real cost of sending money abroad
Transfer fees and exchange rates are key costs. Many focus on fees but overlook exchange rate markups, which often hide most costs.
Main cost components:
Fixed transfer fees – Banks charge £5–£30 per SWIFT payment (e.g., HSBC £5 for non-Euro outside EEA, NatWest £15 for urgent payments).
Exchange rate markup – Difference between mid-market rate and provider’s rate. Banks usually add a wider margin than specialist services, so check the rate against the mid-market rate before you confirm.
Intermediary bank fees – Additional fees deducted en route, often unpredictable.
Card issuer charges – Credit cards may trigger cash-advance fees or higher interest.
Third-party charges – Western Union may add extra fees depending on corridor and payout.
Receiving fees vary; Nationwide charges no fee to receive international payments.
Example: on a USD 200 transfer, the World Bank Q3 2025 averages imply about USD 14.60 in total cost through a non-digital service versus about USD 9.18 through a digital one. On larger sums, a few tenths of a percentage point of markup matters more than the fixed fee.
Always check live rates before confirming. For larger transfers, compare at least two providers.
Information and documents needed for international payments
Incorrect details cause delays or rejections. Gather info before starting.
Recipient details:
Full legal name (as on account)
Full address (city, country, postcode)
IBAN or local account number and sort code
Bank name and branch address
BIC/SWIFT code
Some countries require routing numbers (US), IFSC (India), CLABE (Mexico), etc.
Sender requirements:
Active current account or debit card
Proof of identity (passport or driving licence)
Proof of address for new customers or large transfers
Source of funds for very large payments
Verify recipient details carefully; errors can cause lost funds or fees.
Step‑by‑step: sending money abroad via your bank
General process via mobile app or online banking:
Log in and navigate to “International Payments” or similar.
Choose destination and currency. SEPA option for EUR within EEA; otherwise SWIFT.
Enter recipient details: name, address, IBAN/account number, bank name, BIC/SWIFT code.
Enter amount to send or recipient amount. See exchange rate and fees.
Choose fee option: “SHA” (shared), “OUR” (sender pays all), or “BEN” (recipient pays).
Review all details carefully.
Authenticate with two-factor methods (SMS, app, biometric). Some platforms also use voice OTP as an alternative phone-based verification method when SMS delivery is unavailable or unreliable.
Online limits vary by bank and account type, so check your daily and per-payment limits before a large transfer. Track payments with a confirmation number.
Savings accounts usually cannot be used; funds must come from current accounts.
Using online money transfer services and apps
Specialist providers often avoid SWIFT by holding local accounts. Your money goes into their UK account; they pay recipients locally, avoiding intermediary fees.
Typical steps:
Sign up and verify identity (passport photo, selfie).
Add recipient bank or mobile wallet details.
Choose amount, currency, and funding method (bank transfer, debit card).
Review total cost and delivery time; confirm.
Advantages:
Competitive rates near mid-market, no hidden fees
Real-time fee and delivery estimates
Multi-currency balances and conversions
In-app progress tracking
Wide recipient coverage
Considerations:
New customers may have lower limits until verification
Large transfers may need extra checks
Confirm FCA authorisation before sending
Apps are great for regular payments like family support, rent, tuition, or freelancers.
Cash pickup, agent locations and sending without a bank account
Cash pickup lets recipients collect physical cash at local agents. No bank account needed, useful where banking is limited.
How it works:
Choose provider with agent locations (e.g., Western Union)
Select destination and payout currency; pay by cash, debit card, or bank transfer
Get payment reference/tracking number; share with recipient
Recipient visits agent with ID and reference to collect cash
Western Union cash pickups can be ready in minutes after approval.
Useful when:
Recipient lacks bank account
Local banks are unreliable or inaccessible
Same-day delivery needed
You can also send directly to mobile wallets in some countries.
Trade-offs:
Higher fees than bank transfers
Less competitive exchange rates
Limits on collection amounts
Recipient must bring valid ID
Check local agent hours, accepted ID, and cash holding policies before sending.
How long international money transfers take
Times vary by destination, currency, network, provider, and funding method.
General guide:
App-based transfers to major currencies: minutes to hours (especially debit card funded)
SEPA euro payments: end of next working day
SWIFT transfers: 1–5 business days, sometimes longer
Payments outside EEA: often longer than 4 working days
Cash pickup: minutes after approval, plus sender processing time
Delays can occur due to:
Public holidays
Cut-off times (often mid-afternoon UK time)
Compliance checks on large or unusual transfers
Incorrect details requiring correction
For deadlines, start transfers several days early.
Limits, security checks and compliance
UK banks and providers follow AML and KYC rules affecting transfer limits and speed.
Common limits:
Unverified accounts have low daily/monthly caps
Verified accounts usually have higher limits
SWIFT network has no amount limit, but providers may impose caps
Security measures:
Two-factor authentication (SMS, app, biometrics)
Verified by Visa/Mastercard SecureCode for card payments
Confirmation prompts for new payees or changes
Transaction monitoring for unusual activity
For large transfers, your bank or provider may ask you to provide:
Proof of funds
Source of wealth documents
Supporting contracts (property, invoices)
These protect against fraud and financial crime. Preparing documents avoids delays.
How to Send Money Abroad for Less in 2026
The cheapest way to send money abroad is the route with the lowest total cost: the transfer fee plus the exchange-rate markup, not the lowest headline fee.
The World Bank's Remittance Prices Worldwide data (Q3 2025 survey, report published April 2026) puts the global average cost of sending USD 200 at 6.36%. Digital services averaged 4.59%, while non-digital services averaged 7.30%.
On a USD 200 transfer, that gap is about USD 5.42 per payment, and it grows with every recurring transfer.
Sending money abroad to pay contractors
Businesses that pay freelancers abroad every month face the same fee and FX stack at scale. Rise lets companies pay international contractors in local currency or stablecoins from one balance, with Global Contractor at USD 49 per contractor per month on the Rise pricing page (checked 14 October 2026).
Some teams settle in dollar stablecoins instead of wires: on 14 October 2026, DefiLlama tracked about $306.05 billion in stablecoins, including about $73.14 billion in USDC. See USDC payroll for how Rise funds payroll in USDC.
Rise's take: For a one-off family transfer, compare two or three providers on total cost. For recurring contractor pay, the bigger savings come from batching payments and letting each worker choose a payout currency.
Tips to save money and avoid problems
Preparation helps you get better value and avoid delays.
To save money:
Compare total costs (fees + exchange rate), not just fees
Check the mid-market rate and compare each provider’s markup against it
Avoid credit card funding if treated as cash advance
Schedule regular payments to avoid urgent fees
Send in recipient’s local currency to control conversion
To avoid errors:
Double-check IBANs, SWIFT codes, and names
Keep payment confirmations and reference numbers
Confirm if receiving bank deducts intermediary fees
Check destination tax/reporting rules
To stay safe:
Use reputable, FCA-authorised providers
Keep apps/devices updated; use strong passwords
Never share login codes or OTPs
Avoid unsolicited requests to send money on others’ behalf
With planning, sending money abroad is safe, cost-effective, and reliable. Whether supporting family, paying invoices, or buying property, preparation ensures more money reaches the recipient.
Send Money Abroad FAQ
What is the cheapest way to send money abroad?
Usually a digital transfer service. In the World Bank's Q3 2025 data, digital remittances averaged 4.59% of the amount sent versus 7.30% for non-digital services, so compare the total cost, including the exchange-rate markup.
How long does it take to send money abroad?
SEPA euro payments are usually the fastest bank option. SWIFT transfers often take one to four working days, and longer if intermediary banks are involved.
What details do I need to send money abroad?
You need the recipient's full name and address, their IBAN or account number, and the bank's BIC/SWIFT code. Some countries also need a local code, such as an IFSC in India or a CLABE in Mexico.
How can a business send money abroad to contractors?
Use a payroll platform built for cross-border pay instead of one-off wires. Rise pays contractors worldwide in local currency or stablecoins, and Agent of Record (USD 299 per contractor per month) adds classification cover. Compare options on AOR vs EOR.
Pay Contractors Abroad With Rise
Book a demo with Rise to see how Rise pays international contractors in local currency or USDC from one balance.