From a regulatory perspective, the UK government places no official limit on the amount of money you can send overseas. However, large transfers are likely to be monitored and the Financial Conduct Authority FCA or HMRC may become involved if they suspect that the transfers are part of a money-laundering scheme or an attempt to avoid tax.
The first step in setting up a currency transfer is to find the best deal for you. You can compare international money transfer and currency exchange options using the table above. Once you've decided which service is right for you, you need to arrange the currency transfer itself.
Some international money transfer transactions can be done online using a mobile app like TransferWise or PayPal. For other currency transfer services, you might need to visit your local bank branch or a Western Union or MoneyGram location. Here are some other things to consider before you do a money transfer. The cost of exchanging currencies and sending the money abroad is based on several factors, including:. Money transfer fees can vary depending on which company or app you're using, and the country to which you're sending money.
Fees and rates also vary between different money transfer companies. That's why it's important to compare deals. The names registered on the bank accounts need to match the names given on the money transfer order. Most transfers can be completed online, but some travel money companies ask for transfers to be confirmed over the phone, which means speaking to one of their account managers. Generally, you only need to do this for large transfers.
There are three key methods: international bank transfers, money transfer apps and money transfer agents. Here's what they offer:. The fees and charges for this service vary from bank to bank. Some let you send money internationally via their website or dedicated app, but others require you to visit a branch.
This comparison page doesn't cover wire transfers, but your bank should be able to help if you want to send money using this type of service. Money transfer apps are the latest way to send currency abroad and they're probably the most convenient for many of us as you don't need to go anywhere to arrange a payment.
Once it's installed, you connect it to a source of money, like your bank account. Once that's done, you can send money abroad at the tap of a button. Back in the day, agencies were the only way of sending money abroad and it's a method that still works today. To transfer money via an agency you need to visit a Western Union or MoneyGram branch in person. You meet face-to-face with the agent who arranges to transfer your money to another agent elsewhere in the world.
The recipient can then visit their closest branch to collect the money. This approach can be quick: sometimes the money takes just seconds to arrive. You need to scrutinise the fees, commission and exchange rates when comparing international money transfer deals.
These differ depending on how much money you're sending and where you're sending it. Fees can sometimes be charged to send and receive. Some currency transfer companies advertise fee-free money transfers. In this case, look closely at the exchange rate: many money transfer companies mark up the exchange rate instead of publishing separate fees.
Some transfer companies let you do this. This is also known as a forward contract transfer. Find out more here. They deduct their costs from the interbank rate the rate banks use to exchange currencies with one another to give you a personalised rate. Depending on which currency transfer company or mobile app you use, the money could be transferred almost instantly.
With some international money transfer companies, it could take up to five days. This depends on the transfer company. Compare the companies above to find one that lets you send money to your chosen destination. Some transfer companies only let you send money to an account in your own name.
Check this before sending your money to avoid any delays. Most banks offer a transfer service, but it is usually more expensive than using the companies in this comparison. Your money is kept separate to a transfer company's operational money, meaning you have a better chance of getting your money back if they go bust. It depends on the company you choose. Some offer a worldwide money transfer service from one account, so look out for this. Our comparison tables include providers we have commercial arrangements with.
The number of listings in our tables can vary depending on the terms of those arrangements, as well as other market developments. Here is more information about How our website works. We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. You do not pay any extra, and the deal you get is not affected.
See more guides. You could save money by using an international money transfer, but it is not always about finding the lowest transfer fee. Here is what to consider when sending cash overseas. Transferring your money from the UK to another country can be done in many ways, not just through your bank. Here is how international money transfers work.
Comparing money transfers could help you save money. Our award-winning money transfer comparison service makes sure you get our best exchange rate with the lowest fees. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators to help you make life's most important decisions and take control of your money. We have always aimed to provide the best possible services to bridge the gap between our users and our clients. Over the years, we have been thrilled to be recognised by various prestigious bodies and organisations for those efforts.
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Motoring Car insurance Temporary car insurance for under 21s Car hire excess insurance Multi car insurance Learner driver insurance European breakdown cover One day car insurance Car insurance for 18 year olds Gap insurance Monthly car insurance Excess insurance Caravan insurance Temporary car insurance High mileage car warranty insurance Instant breakdown cover Breakdown cover Car warranty insurance Breakdown cover for older cars Van insurance Motoring guides Motorbike insurance. Savings are calculated by comparing the exchange rate including margins and fees provided by each bank and OFX on the same day 11 May The comparison savings provided is true only for the example given and may not include all fees and charges.
Different currency exchange amounts, currency types, dates, times and other individual factors will result in different comparison savings. These results therefore may not be indicative of actual savings and should be used only as a guide. The rate comparison chart is updated monthly. Sign up for a free OFX account in under 5 minutes. Enter your recipient details and use BPay or electronic Bank Transfer to send your money.
Track your transfer online or via the app. Most transfers are delivered within 24 hours. Capital Tower, Robinson Road, to , Singapore, Why not try us for your next transfer? Get started. As seen in:.
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Savings are calculated by comparing the exchange rate including margins and fees provided by each bank and OFX on the same day 11 May The comparison savings provided is true only for the example given and may not include all fees and charges. Different currency exchange amounts, currency types, dates, times and other individual factors will result in different comparison savings. These results therefore may not be indicative of actual savings and should be used only as a guide.
The rate comparison chart is updated monthly. Sign up for a free OFX account in under 5 minutes. Enter your recipient details and use BPay or electronic Bank Transfer to send your money. Track your transfer online or via the app. Most transfers are delivered within 24 hours. Capital Tower, Robinson Road, to , Singapore, Why not try us for your next transfer? Get started. As seen in:. Andrew is a keen sailor who has competed internationally and spends many weekends away either sailing or enjoying the outdoors with his wife and two children.
Born in Queensland, Australia, Jason first started working at Sable International over 10 years ago, after moving to the UK for a working holiday. Since joining the Sable International team, Jason has worked in a variety of roles within our London, Cape Town and now Melbourne offices. Jason currently oversees our Australian and New Zealand foreign exchange operations.
Saskia graduated from the University of Cape Town with a B. Masters in finance and a sub-major in economics. With passion, determination and an extensive knowledge of the foreign exchange market, she emigrated to London to head up Sable International's forex business development team in London. Saskia now runs the UK Sable Forex team, whose core focus is business development, customer relations and client retention.
Shawn hails from windy Fish Hoek, Cape Town. He is currently the Operations Manager for our South Africa forex division and deals mainly with private clients, corporates, estates and transfers into South Africa. Gemma was raised and schooled in Cape Town, South Africa.
She studied business management and computing before quickly being snapped up by Sable International. She brings an outstanding enthusiasm, dedication and knowledge of the company to the role. She is currently employed as a Forex Broker, and she manages the forex requirements of a portfolio of corporate clients, private individuals and brokers.
She enjoys spending time with her family and friends and travelling. She also plays social golf and enjoys swimming the Midmar Mile with her husband and teenage daughter. Tanya obtained a BComm Honours degree in from Unisa. She returned to SA in and started her career in the foreign exchange industry. Tanya successfully summited Mt Kilimanjaro in and enjoys adventurous outdoor activities such as hiking and running.
Carey grew up in Port Elizabeth, South Africa. It was while managing two warehouses for Behr Hella, an international automotive company, that Carey took a keen interest in logistics. She went on to study logistics and procurement at Nelson Mandela Metropolitan University. During this time, she realised her passion for people and took an about-turn into marketing and sales, where she excelled.
Now living in London, Carey joined Sable International in and specialises in saving both individuals and companies money on their international money transfers. She specifically deals with the private individual clients and particularly enjoys the more challenging situations where the client is struggling to find a realistic solution to their offshore transfer requirements.
Brenda also deals with inheritance payments, financial emigration and SARS tax clearances. When not cycling, he takes educational outdoor trips with his two children and three foster children. Juanita was born and raised in Cape Town. She attended Milpark Business School where she obtained her certificate in banking. Anita has a BComm degree and over 20 years work experience, 14 years of which she spent in the finance industry and eight years in foreign exchange, exchange control and cross-border payments.
She has worked and travelled throughout Europe. Lynn was born and bred in George along the beautiful Garden Route. She has travelled extensively and has lived in Israel, the United Kingdom and Turkey. Lynn loves travelling, hiking, going to the gym and spending time with her family, especially her grown-up son.
She is currently employed as a Forex Broker, where she deals with both corporate and private clients. With a keen interest in trading, he joined the forex team at Sable International. He has since shifted his focus to risk management, with a personal interest in the technological development in the crypto sphere.
Sebastian is passionate about hiking, trail running and photography. He often spends weekends exploring the expansive mountain ranges in and around the Cape Peninsula. In her current role, she is responsible for registering clients who want to send money out of South Africa. Teri-Anne enjoys spending time with her husband and two children, watching movies and eating good food. She joined Sable International in and is currently employed as a Forex Broker, managing corporate and private client portfolios at the Cape Town office.
Monique is always up for a challenge and believes in hard work and measurable results. She was snapped up by Sable International in She enjoys spending her time outdoors; exploring the countryside with her husband, two children and three dogs. She currently manages corporate and private client portfolios at the Durban office.
Rochelle buys and sells foreign currency online and deals directly with our preferred banks. She maintains overall branch requirements and loves working with her team. She has a passion for foreign exchange and customer service and outside of work she enjoys reading and spending quality time with her family.
She has been working in the banking forex sector for over nine years and has a wealth of experience. Shelley matriculated in Johannesburg and attended UNISA where she studied English and history of art and obtained a diploma in photo journalism. After spending two years living and working in London, she joined Standard Bank in South Africa where she worked for over 20 years in various roles in global financial institutions and correspondent banking.
Shelley is the compliance officer at Sable International and is responsible for the implementation of anti-money laundering measures. Nicholas was born and raised in Kimberley, South Africa. He moved to Bloemfontein where he completed his Bachelor of Commerce degree with specialisation in investment management and banking at the University of the Free State.
He is extremely interested in forex and the financial world. He enjoys spearfishing and freediving and has represented South Africa in two barefoot water-skiing world championships. Chris graduated from Wynberg Boys High School. He then went on to pursue a business science degree in finance at the University of Cape Town. While completing his degree, he also passed the CFA Level 1 exam.
He recently sat for the Level 2 exam and is awaiting his results. He joined Sable International as a Forex Broker on our global forex team. His job entails handling global forex enquiries and processing money transfers for international clients.
He loves sport and music. You will likely find him on the beach or playing a game of Fives Futbol with friends. Before joining Sable International, Justin worked as a junior development economist specialising in market research focusing on property and agriculture.
He is currently a member of the global forex team, assisting clients with all their forex needs as a broker. In his personal life, Justin enjoys spending time with family and friends, swimming and a good book. Andre grew up on the sunny beaches of Durban, South Africa. There he developed a love for the ocean. He then moved to Stellenbosch to pursue an education in finance before joining Sable International.
As a forex consultant, it is his role to help and guide clients through the process of sending money to individuals and institutions around the world while overseeing the balance of finances. In his spare time, Andre enjoys outdoor activities such as fishing and camping with his family. Kayla was born and raised in Cape Town. She attended Damelin College where she obtained her diploma in business management. She has previously worked as an investment reporting administrator.
She joined Sable international in as a Forex Administrator. In her role she assists with opening and monitoring new client accounts. She began her Sable International tenure as part of the South African Forex division and now specialises in deceased estates.
She enjoys spending time with family and friends. Prior to starting at Sable International, Ronel had eight years of banking experience in foreign exchange and customer service. She holds an NQF level 5 and a national diploma in accounting. She is an animal lover who enjoys listening to music and watching extreme sports. She spends her free time with family and friends. Send money internationally the easy way We are industry experts with over 22 years of experience, specialising in private and corporate forex solutions.
With over , transactions each year and 60, clients worldwide, we can easily provide you with the forex solution you need. Transfer amount. Clearing amount. View client rates. Transfer rate. Thank you for submitting your Rate Notifier.