Transferring money abroad from the UK

Guide to Transferring Money Abroad from the UK

This is Regency FX’s guide to transfer pound sterling oversees quickly, efficiently and effectively. When you transfer money abroad, all the information you need is at your fingertips.

Whether you need to send money overseas to pay someone, move your funds for retirement or make other payments abroad, having the right guidance is key. Regency FX provides all the essential tips and data to help you make the best decisions.

This guide covers:

• Four simple steps to transfer money overseas.
• Typical timeframe for sending money abroad.
• Cost-efficient methods.
• Comparison between banks and money transfer specialists.

Sending money abroad (how it works, costs compared & best ways)

Sending money abroad can seem daunting. Here’s a breakdown to make it simple.

There are four simple steps when it comes to sending money abroad: identity check, get an exchange rate, make the payment and the money is sent to your desired location.

How to transfer money abroad (in 4 simple steps)

1. Register

Simply enquire online or give us a call. It's super easy and we will give you a no obligation quote.

2. Get a rate

Let us know the currency you need a quote for and the amount and we'll handle the rest.

3. Make your payment

Transfer the pound sterling you want to convert to a segregated client bank account.

4. We send your money

Your funds are converted and sent to the requested account as soon as they are received.

What is the timeframe when sending money abroad?

Cash transfers can be as quick as 15 minutes, generally faster than electronic payments.

An international bank transfer via the SWIFT banking network normally takes 1 to 4 working days. Transfer times vary depending on the destination, time zones and efficiency of the banks involved. Funds will usually go through anti-money laundering checks before the receiver can access them, which can add extra time.

For Euro transfers within Europe, SEPA (Single Euro Payments Area) payments are often faster and more cost-efficient than standard SWIFT transfers.

Information needed to send money abroad.

Before you can move money internationally, you’ll need these details ready:

• Account name
• Bank name
• Bank SWIFT/BIC code
• Bank account number

This information can usually be found on a bank statement, through online banking or via your banking app. The SWIFT/BIC code is a unique identifier used to route money overseas. SWIFT is the messaging system, while the BIC contains the bank, country, location and branch codes. In practice, SWIFT and BIC are interchangeable.

Cost-Efficient Ways to Transfer Money Abroad

Using an international money transfer service is generally cheaper than sending cash or using a debit/credit card.

• Small amounts: Cash or card payments can be fast and fees are manageable.
• Cash transfers: The fastest option; the receiver can collect funds without a bank account. Popular services include MoneyGram and Western Union.
• Large or frequent payments: Using a money transfer specialist is more cost-efficient, offering low or no fees and competitive exchange rates. Many services allow you to send money online via a banking app or website.

Banks vs Money Transfer Companies comparison

You have two options:

1. Banks

• Convenient for occasional, smaller transfers
• Higher fees and poorer exchange rates for large amounts

2. Money Transfer Specialists

• Better for large or regular transfers
• No fees or highly competitive fees
• Superior exchange rates
• High-quality customer service and guidance

Sending Money Abroad Without Fees

Most banks charge a transfer fee, sometimes for both the sending and receiving bank, usually £10–£25 per transfer. Some money transfer companies do not charge fees, though minimum transfer amounts may apply.

Exchange rates often have a bigger impact on costs than transfer fees. Major UK banks typically charge 3–5% of the transferred amount. It’s advisable to compare quotes from multiple providers.

Limits on International Money Transfers

While there are no legal limits, banks set daily transfer limits:

• NatWest: £25,000
• Barclays/HSBC: £50,000
• Lloyds: £30,000

For large or frequent transfers, banks may be less efficient than money transfer specialists or international banks that allow large online transfers.

Sending money internationally, do you have to pay tax?

Banks and money transfer companies do not charge tax. Taxation depends on your personal tax situation.

• Money sent back to the UK by a non-resident may be subject to UK taxes.
• Taxation depends on residency, time spent abroad and property ownership.

Consult a tax accountant if unsure.

How to Ensure a Safe Money Transfer

Safety tips for transferring money abroad:

• Use the SWIFT banking network, trusted by over 11,000 banks worldwide.
• Each bank is identified by a BIC code to prevent errors.
• Ensure your provider is regulated by the FCA (Financial Conduct Authority); funds must be kept in segregated client accounts.
• Check the FCA register online to verify regulation.

Who are we?

Regency FX are a UK based independent currency broker, specialising in high volume transfers.

We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.

All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.

Get a free quote!

The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.

They can often refer to the rates that banks exchange at rather than what is available to you, the customer.

Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.

We can monitor the market on your behalf enabling you to budget more effectively.

As a first-class currency transfer service, here at Regency FX we endeavour to get competitive exchange rates regardless of how much you are transacting.

Get a quote and see how we stack up.