Transferring money abroad from the UK

What is the best way to transfer money abroad from the UK?

This guide explains how to transfer money internationally from the UK with confidence. Whether you are sending money overseas for property, retirement, family support or business payments, this guide goes over the most efficient, secure and cost-effective methods.

What this guide covers

1. How to transfer money internationally in four simple steps
2. Typical timeframe for international payments
3. What details you need to send money abroad
4. Cost-efficient methods and how to avoid unnecessary fees and charges
5. Comparison of banks and money transfer specialists
6. Limits, safety considerations and tax guidance
7. Why Regency FX is a trusted choice for large international transfers

How to Transfer Money Abroad in Four Simple Steps

Transferring money internationally is straightforward when you know the process. These are the four steps involved:

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

Send the pound sterling you want to convert to a secure segregated client account that complies with FCA regulations.

4. We send your money

Your funds are converted and delivered to the chosen overseas account once received.

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How Long Do International Transfers Take?

International transfer times vary depending on the method and the destination country.

Cash transfers

Often completed within 15 minutes. These are faster than most digital payments but can come with higher fees.

SWIFT international bank transfers

Usually take 1 to 4 working days. Timings depend on time zones, intermediary banks and security checks. Transfers typically pass through anti-money laundering checks before funds reach the recipient.

SEPA Euro transfers

For payments within Europe, SEPA transfers are often quicker and more cost-efficient than SWIFT. Many complete within one working day.

What information do you need 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.

What are the most cost efficient ways to transfer money internationally?

Using an international money transfer service is generally cheaper than sending cash or using a debit/credit card. Choosing the right provider can reduce fees and improve exchange rates.

Small payments

Cash or card payments work for low amounts, although fees may be higher proportionally.

Cash transfers

Useful when someone needs to collect money without accessing a bank account. Services such as Western Union or MoneyGram specialise in this.

Large or frequent international transfers

A specialist money transfer company is usually the most cost-effective option because they offer:

• Lower or no fees
• Stronger exchange rates than banks
• Personal support from a specialist
• Faster processes for high value transfers

Should you use a bank or a money transfer specialist?

When sending money abroad, you will typically choose between a bank or a specialist service.

1. Banks

• Convenient for occasional, smaller transfers
• Higher fees and poorer exchange rates for large amounts
• Daily transfer limits may apply

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

Can you send money abroad without paying fees?

Yes. Some money transfer specialists remove transfer fees entirely.

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.

Are there limits on how much money you can transfer abroad?

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.

Do you need to pay tax on international money transfers?

Banks and transfer companies do not charge tax. Your personal tax obligation depends on your circumstances.

For example:

• Money sent back to the UK by a non-resident may be taxable
• Tax rules vary depending on residency and asset ownership

Speak with a tax adviser if you are unsure.

How do you ensure a safe international 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.