Money transfer services

Do you need to send money overseas, or to someone else in the United Kingdom? Compare your options from the leading money transfer companies right here.

By   |   Verified by David Boyd   |   Updated 25th November 2022

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Comparing money transfer services

Remitly

On website

Featured

Remitly

Minimum Transfer Amount

£10.00

Transfer Speed

Within an hour

Transfer Fee

£4.00

Highlights

  • Enjoy great exchange rates and low fees.
  • Every transfer carries a delivery promise. Have your money delivered on time or get your money back.
  • Safety and security. Remitly uses industry-standard security protocols and encryption.

Pros

  • Low transaction fees.
  • Plenty of delivery options.
  • Wide global network, covering 50+ currencies and countries.
  • Highly rated customer support.

Cons

  • Fees apply when you fund your account using a credit card.
  • Transfer limits apply.
Instarem

On website

Instarem

Minimum Transfer Amount

£1.00

Transfer Speed

1 day

Transfer Fee

£1.00

Highlights

  • Use the promo code FINTY and get £10 bonus on your first transfer. Terms and Conditions apply.
  • Send money and earn points.
  • Enjoy low fees, and great FX rates. No hidden charges.
  • Transfer money to 55+ countries.

Pros

  • Transfer fees are between 0.25% to 1%.
  • Earn loyalty points.
  • Dedicated customer support.
  • Mobile apps.

Cons

  • There is no cash pick-up option.
Monese

On website

Monese

Minimum Transfer Amount

£1.00

Transfer Speed

1 day

Transfer Fee

£2.00

Highlights

  • Get GBP, EUR, and RON accounts with great exchange rates in minutes.
  • Free instant transfers to other Monese clients.
  • Send and receive money instantly through the UK Faster Payments network, with no fees.

Pros

  • Simple and easy-to-use app.
  • Other features include Credit Builder, Insurance, and Rewards.
  • Link your account with PayPal and Avios.
  • Earn up to £450 with its referral program.

Cons

  • Monese has no physical branches.
TransferGo

On website

TransferGo

Minimum Transfer Amount

£1.00

Transfer Speed

Within 30 minutes

Transfer Fee

£2.99

Highlights

  • Send money to over 160 countries in minutes.
  • Get access to competitive rates.
  • Fund your account through bank transfers, credit/debit cards, Google Pay or Apple Pay.

Pros

  • User-friendly mobile app.
  • Earn £20 through its referral program.
  • Supervised by HMRC and regulated by FCA.

Cons

  • Limited customer support.
Suits Me

On website

Suits Me

Minimum Transfer Amount

£1.00

Transfer Speed

1 day

Transfer Fee

£0.00

Highlights

  • Set up a UK account in 10 minutes with no credit checks.
  • Transfer funds overseas through the Suits Me app.
  • Enjoy different benefits depending on your account type - Essential, Premium, or Premium Plus.

Pros

  • Get a contactless Mastercard debit card in 3-5 working days.
  • Earn cashback and get access to exclusive partner deals with your Suits Me debit card.
  • Earn £25 with its referral program.
  • Get assistance from its multi-lingual support team.

Cons

  • No physical branch.
  • The fee structure may confuse some users.
Curve

On website

Curve

Minimum Transfer Amount

£1.00

Transfer Speed

1 day

Transfer Fee

£0.00

Highlights

  • Earn £10 when you sign-up for an account. Terms and Conditions apply.
  • Enjoy different benefits depending on your card type - Curve, Curve X, Curve Black, or Curve Metal.
  • Fee-free FX (up to £1000), no foreign ATM fees (up to £200/month), and cashback rewards with the basic Curve account.
  • Spend abroad without fees, split payments into installments, switch payments between cards and loads more.

Pros

  • Easy to use and feature-packed app.
  • You can add up to 2 cards
  • No hidden fees.

Cons

  • The Curve Metal card costs £14.99 a month.
Currensea

On website

Currensea

Minimum Transfer Amount

£1.00

Transfer Speed

1 day

Transfer Fee

£0.00

Highlights

  • Enjoy different benefits depending on your card type - Essential, Premium, or Elite.
  • No need to set up and manage multiple accounts.
  • 0% FX rate for Premium and Elite plans (0.5% FX rate for Essential plan).

Pros

  • Transparent fees.
  • Offers 164 currency pairings.
  • Convert savings into Singapore Airlines KrisFlyer miles.
  • Authorized by the Financial Conduct Authority.

Cons

  • The elite plan costs £120 a year.

Many British citizens and residents have family and friends located overseas. They may want to send cash to them or settle their own bills payable in another country. Both of these situations need an international money transfer, either via a traditional bank or through one of the many specialist money transfer organizations. Your British Pounds are converted into the required currency and sent to your specified destination.

You can also make money transfers to other people and businesses located in the United Kingdom.

Here’s how it works.

Transferring internationally via a traditional bank

A transfer through a bank is called a telegraphic transfer (TT), a wire transfer or a SWIFT transfer. This is usually a more expensive option (for both transfer fees and currency exchange rates) than using one of the many international money transfer specialists. You’ll also need a lot of information about the recipient’s bank account, including:

  • The bank’s name and address
  • The account name
  • The account number
  • The receiving bank’s BIC/SWIFT code, or other code depending on the destination country
  • The recipient’s bank account IBAN code

Transferring via a money transfer specialist

You can make transfers through a money transfer specialist either in person or online at a branch or agency. Some agencies allow you to make transfers by phone. You’ll first need to register once only with your chosen transfer company. The registration process involves providing identification documents, such as a driver’s license or passport.

Next, each time you want to make a transfer, you’ll need to specify:

  • The destination country
  • The amount you want to send in either GBP or the destination country’s currency
  • The delivery method (e.g. bank account or cash pick-up)
  • Your payment method

Once you confirm the details and make the payment, the funds will be transferred. You’ll normally get lower fees and a better exchange rate than you would with a standard bank.

Transfer methods available from money transfer specialists

You have four methods available when it comes to transferring money overseas:

  • In-person, over the counter at the money transfer specialist’s branch
  • Online
  • Via a mobile app
  • By phone

Pick-up methods available to the recipient

When you use a money transfer specialist, there are just as many ways for the person at the other end to receive the money:

  • Into a bank account
  • Cash pick-up in person
  • Into a mobile wallet (not available from all providers or for all currencies)
  • Door-to-door cash delivery (not available from all providers)

How to fund a transfer via a money transfer specialist

No matter what currency you choose for the recipient to collect the funds in, you’ll need to pay the equivalent amount, plus fees, in GBP. Your payment options include:

  • Cash
  • GBP bank transfer
  • Credit cards (including those that earn rewards and frequent flyer points)
  • Debit card
  • Prepaid card

Alternatives to an international money transfer

There are other ways to send cash if you don’t like the idea of a money transfer:

  • Crypto. You could buy a stablecoin and send that to the recipient's wallet. Fees could be quite high depending on the exchange used.
  • International money order. Banks can issue you with a paper international money order or international bank draft in the currency of your choice, payable to a person or business you specify. You send the money order in the mail. It’s slow, and costs more than an online transfer.
  • Sending banknotes in the mail. Definitely not recommended because the cash could be lost or stolen. It is, in any case, prohibited to send banknotes and coins overseas using Royal Mail.