International Money Transfer - Bank Charges

It can be rather costly to send money abroad from a UK bank especially if you are making regular small payments.

The table below shows the transfer fees banks apply to international payments from the UK. The amount you will be charged can vary depending on the amount you are sending and your transfer destination.

Bank	Transfer Fee
HSBC	£9-£22
Natwest	£10-£30
Barclays	£15-£40
Lloyds TSB	£10-£17.50
Santander	£25

Expensive regular payments

Most banks will only allow you to make an international payment abroad if you have a current account with them.

If you need to transfer £800 to Spain on a monthly basis to pay a mortgage from your Santander bank account in the UK, you will be charged £25.00 per transaction. Over a year this will cost you £300 in fees.

HSBC are offer cheaper transfer fees... You will be charged £9 per transaction when sending money to Australia, Hong Kong, South Africa, New Zealand and countries within Europe. If we were to do a price comparison on the monthly mortgage payment example above you would save £192 in transfer fees by using HSBC instead of Santander to transfer money to Spain.

However using HSBC would still cost you £108 in transfer fees over a 12 month period which is rather expensive.

Cheaper alternative and free money transfers

There are many Foreign exchange brokers based within the UK that offer a cheaper way to send money abroad. Providers such as TorFX and MoneyCorp offer free transfers to clients looking to make regular payments overseas.

Most companies will allow you to send money either online or with the help of a broker on the telephone. Making payments this way is fast, efficient and very cost effective as brokers generally offer far better exchange rates saving you even more!

"But how do  know my money if safe?....."

When selecting a foreign exchange broker it is important to use a firm with an  established trading history so that you know they have been around for a while. You should check that they are regulated by the FCA and ask them who their client accounts are held with.