Use this guide if you send money to family overseas, pay for something abroad or move savings between countries. Have the recipient's full name, bank details (such as IBAN and SWIFT or BIC code, or local account details) and the amount ready. For very large transfers, such as a house purchase abroad, take extra time to compare and check each step.
Step by step
Work out the true total cost
The real cost is the fee plus the gap between the exchange rate you get and the mid-market rate, the rate you see on news and currency sites. Many providers advertise 'no fees' but add a margin to the exchange rate. For any quote, ask: 'If I send this many pounds, exactly how much will the recipient receive in their currency, after all fees?' Compare that final figure across providers, not the headline fee.
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