International Bank Transfer Fees: How Much Does an International Transfer Cost? 2025

International bank transfers allow you to send or receive money anywhere in the world. But how much do international bank transfers really cost?

The true cost of international transfers can be pretty tricky to work out, as several different fees can apply every time you send a payment overseas. Plus, the costs can vary based on the provider you pick, the destination, the currencies involved and how fast you need your money to arrive.

This guide runs through the fees to look out for when sending an international bank transfer, including a comparison of some major UK banks against specialist services Wise and OFX.

Picking a specialist like Wise, or OFX can be a smart way to avoid some of the costs involved with sending money overseas with a bank - and may mean your money arrives faster too.

Is there a charge for international bank transfers?

Yes, most UK banks charge fees for international transfers - particularly when sending money outside of the SEPA area or in a currency other than euros. These fees can include a flat-rate transfer fee and a hidden exchange rate markup.

While some banks do advertise "no fee" or "free" transfers, this usually just means the cost is embedded in the exchange rate. Specialist providers like Wise or OFX, on the other hand, often offer more transparent pricing and better exchange rates, which can significantly reduce the total cost of sending money abroad.

Cost of an international transfer - A comparison

It's important to compare the different options available to you before transferring money abroad. Fees, exchange rates and delivery times can vary hugely between providers - with banks often lagging behind specialist services.

From the UK you'll usually have the choice of 2 different types of international transfer:

• Transfers inside the SEPA zone - payments sent in euros, to countries in the SEPA area

• SWIFT transfers - payments sent in any other currency, or in euros to a country outside of the SEPA area

We'll cover these different payment types in more detail a little later. However, in basic terms, SEPA payments are usually the cheapest option available from UK banks, and can also have faster delivery times compared to transfers headed anywhere else in the world.

If you're sending a payment to another country - let's say the US as an example - your bank is likely to suggest you use a SWIFT transfer. These are usually more pricey, and can take a few days to arrive. However, even with SWIFT transfers, the fees and exchange rates you'll get can vary widely between different banks and specialist providers.

To illustrate, let's look at a comparison between 3 major UK banks and a couple of specialist services - Wise and OFX.

In this comparison we are assuming you're sending a standard transfer online, of 1,000 GBP to be deposited in USD. To show the impact of both exchange rate fees and sender fees, we'll focus on how much your recipient gets in the end with each provider:

Information correct at time of writing - 4th June 2025

As you can see in this comparison, the recipient gets more if you pick a specialist provider like Wise, as opposed to a major UK bank.

In fact, compared to the most expensive bank - Halifax - from our comparison, your recipient would get over 50 dollars more if you choose Wise.

In most cases, the difference in how much your recipient gets comes down to the exchange rate used to convert your funds from pounds to dollars, rather than the upfront transfer fee.

That's why it's important to pick a provider which uses the mid-market exchange rate - or as close as possible to it - to get the best available deal.

How much do UK banks charge to transfer money internationally? 

Fees and conditions for international bank transfers can vary significantly between UK banks. While some banks offer low or no fees for euro transfers within the EEA, charges typically apply for other currencies and destinations. Beyond the upfront transfer fee, there's also exchange rate markups, transfer speed, and any daily limits that might apply to your transaction to consider.

Information correct at time of writing - 4th June 2025

As we can see, while UK banks do offer international transfers, the fees and conditions can vary widely. Some, like Lloyds and Halifax, waive fees for euro transfers but charge for other currencies. Others, like Barclays and HSBC, have more complex or tiered pricing depending on the customer type or destination.

Importantly, all listed banks apply exchange rate markups, which can significantly increase the overall cost of your transfer. In comparison, specialist providers like Wise and OFX typically offer more competitive exchange rates, or even the mid-market exchange rate, with lower fees and greater transparency, making them a more cost-effective choice for many international transfers.

What is the cheapest way to transfer money internationally?

The cheapest way to send money overseas all depends on the currency, destination country, and how much you're sending, and the most cost-effective provider for one route may not be the cheapest for another. That's why it's always a smart move to use comparison tools, like the one on Exiap, to check fees and exchange rates in real-time to find the best-value option.

Wise

Known for its low-cost, transparent international transfers, Wise uses the mid-market exchange rate  with no markup. Instead, it charges a small, clearly stated fee starting from 0.48% that varies by currency route and amount.

Wise transfer limits are high and customers can send up to 20 million GBP per transfer, depending on how you pay, and up to 60%+ of transfers are instant, with up to 80%+ arriving within an hour*.

You can also get local account details for 8 currencies and SWIFT access for 20 more, allowing you to hold over 40+ currencies and send money to over 140 countries.

*(The speed of transaction claims depends on individual circumstances and may not be available for all transactions).

OFX

OFX is a currency specialist offering fee-free international payments from the UK. While you can set up transfers online or in the app, OFX also gives you the option to speak with a dedicated broker over the phone 24/7 - ideal for more complex transactions.

Exchange rates from OFX include a small markup, but there are no set transfer fees. You can send money to over 170 countries in 50+ currencies, and there's no maximum transfer limit imposed by OFX. Transfers usually arrive in 1–2 business days, depending on the currency and destination.

Currencyfair

Currencyfair uses a transparent, flat fee rate for transfers, which is set at £2.50. They also add a small margin to the exchange rate that varies depending on the currency but is typically around 0.53%. Customers can send and receive money to and from 150+ countries in 20+ currencies. For many routes, transfers are completed the same day, and GBP transfers through Faster Payments can arrive within an hour.

International bank transfer fees explained

Banks are obliged to tell you the fees you'll pay for any international bank transfer you make - but the real costs of your payment can still be pretty confusing and complicated, thanks to several different fees and - often - a whole bunch of different ways to set up your transfer.

As a general rule, transferring money in person will be more expensive than doing so online or through your bank's mobile banking service. You'll also sometimes find that transferring money to another account within the same bank is cheaper than transferring money to a different bank.

That said, the total cost of sending money overseas can still be pretty staggering. According to World Bank figures, the average cost of an international bank transfer can be around 6% of the amount transferred. These costs are usually divided into 3 different fee types - let's break them down one by one.

Sender fees

The sender fee - usually described as a transfer fee - is normally pretty transparent and set out in your account terms and conditions. However, sender fees may vary based on how you set up your payment - online or in person, for example - the value of the transfer, and where the money is headed.

Receiving fees

Depending on how you set up your payment, there are also likely to be receiving fees, including third party charges and costs applied by the recipient's own bank. Third party charges can often creep in when you send a SWIFT payment, as the money can be routed through one or more partner banks, called intermediaries or correspondent banks, which can deduct a service fee as they process the payment.

In some cases, the sender can choose to cover some or all of these third party fees - but if not, they're effectively paid by the recipient, as they are deducted from the payment before it's deposited. That means the recipient gets less than you might expect.

Exchange rate fees

Finally you'll usually run into exchange rate fees when you send a payment overseas with a bank. These costs can be called an exchange rate markup or spread. Exchange rate fees are tricky to spot as they are usually a percentage fee added onto the exchange rate applied to change your pounds to the currency you need. Exchange rate fees can mount up quickly - until they're often the highest of all the fees you'll pay on your transfer.

In general, the overall costs of sending an overseas transfer with a bank can be far higher than using a specialist provider like Wise or OFX.

Specialist services also tend to offer better exchange rates compared to the banks - some, like Wise, pass the mid-market exchange rate directly on to customers, and split out the full costs of the payment transparently so it's easy to check and compare.

Factors that impact the cost of international bank transfer fees

When you send money overseas, there are several factors that can influence how much you'll pay:

• Delivery speed: some providers and banks offer expedited services which might get your money moving faster, but can cost more

• Currencies and countries involved: Many banks and money transfer services have variable rates and fees depending on the country you're sending to, and the currency you need to have deposited at the other end

• Payment provider: which payment provider you select can make a huge difference to the overall cost of your transfer - specialist services often beat the banks on costs and offer better exchange rates, too

Fees applied on transfers outside of the SEPA zone

As we mentioned earlier, there are a couple of different international payment types you may be offered from the UK - SEPA transfers and SWIFT transfers.

SEPA stands for the Single Euro Payment Area, and covers 40+ countries, including some - like the UK - which are not part of the EU. SEPA transfers allow participating banks to send money in euros to other SEPA countries in the same way as domestic transfers are sent. This means lower fees, and usually a faster delivery time compared to sending money to other currencies, or when sending euros to a country not in SEPA.

If you're not sending a SEPA payment, your bank will likely offer you a SWIFT transfer. SWIFT is the payment network favoured by banks for over 50 years, in which a sending bank works with one or more intermediary banks to route a transfer to its destination - a bit like taking a journey involving several connecting flights. SWIFT fees can vary widely - and can often be pretty high.

In most cases, you'll be better off choosing a specialist payment service like Wise to get lower fees and a better rate compared to your bank. That's because specialist services have built their own payment networks to avoid SWIFT - and the fees which come along with it - to get your money moving faster and for a lower fee.

Currency conversion fees

We mentioned earlier that you're likely to pay exchange rate fees when you send money overseas with a bank. But what does that really mean?

When you look for an exchange rate on Google or with a currency converter tool, you'll be shown the mid-market exchange rate.

That's the rate a bank or specialist transfer service gets when they buy currency on wholesale markets. However, it's not usually passed on to customers. Instead, banks add a markup - an extra fee - to the rate they use for retail transactions, which can be in the region of 3% to 5% depending on the currencies and the specific provider in question.

That may not sound like too much but it quickly mounts up. Here's an overview of what a 3% markup will do to your overall costs on a few different transfer values:

• If you're sending a payment of 1,000 GBP, a 3% markup will add 30 GBP to your overall transfer costs

• If you're sending a payment of 5,000 GBP, a 3% markup will add 150 GBP to your overall transfer costs

• If you're sending a payment of 10,000 GBP, a 3% markup will add 300 GBP to your overall transfer costs

Exchange rate markups are also difficult to spot, making it harder to work out the true cost of your payment. Compare your bank's rate to the Google rate to see the difference.

How can I avoid international bank transfer fees?

There's no such thing as a completely free international transfer, but it's possible to find ways to reduce the cost when sending money abroad.

• Use a specialist money transfer service: Providers like Wise or OFX often offer lower fees and better exchange rates than banks.

• Compare exchange rates and total costs: Always check the mid-market rate and compare several providers using tools like the Exiap price calculator.

• Avoid in-branch or phone-based transfers: Online transfers tend to come with lower fees and better exchange rates than those arranged in person or over the phone.

• Send money in the local currency: If your provider supports it, sending the local currency can sometimes reduce conversion fees at the receiving end.

• Consolidate your transfers: Sending one larger transfer instead of several smaller ones can help minimise fixed fees and processing costs.

Compare exchange rates

We saw in our comparison earlier how much a bad exchange rate can impact the amount of money your recipient gets in the end. Bank exchange rate markups vary, and are usually pretty steep.

Compare a few providers - like Wise and OFX - against your own bank, to see if you can get a better rate.

Comparing your options has never been easier - you can use Exiap price calculator to easily see what the cheapest providers are for any currency route.

Go for transparency

Bank fees for overseas payments are complex. And that makes it pretty difficult to see exactly what you're paying, or how much your recipient should get in the end.

You'll usually find it easier with a specialist provider to see the full costs of your payment - plus you can usually control the amount your recipient gets at the other end.

Check out services like Wise for fully transparent fees and the mid-market exchange rate, or alternatives like OFX, which also offer easier ways to control the costs you pay, and how much your recipient gets in the end.

Use international money transfer fees calculators

Using an online comparison tool or calculator before you hit send is a simple way to avoid overpaying on your international transfer, allowing you to replicate your transfer by entering details like the amount, currency, and destination.

You'll then see a side-by-side comparison of providers based on key factors like transfer fees, exchange rates, speed, and delivery method.

Tools like the Exiap price calculator make it easy to find the cheapest, fastest, or most convenient option so you can make an informed decision and avoid hidden costs.

Who pays the international bank transfer fees?

There are several fees involved with sending an international transfer, which can mean that both the sender and recipient end up paying some of the costs. If you want to limit the costs of your international payment, try using a specialist service like Wise which cuts the overall fee, and is completely transparent in what you're paying for your overseas transfer.

Conclusion: International bank transfer fees explained

Sending a payment overseas with your bank may be safe and familiar - but it could mean you're in for higher fees and a worse exchange rate, compared with a specialist service like Wise or OFX.

Before you start to arrange your payment, compare a few alternative options on the Exiap price calculator.

You might be surprised at how much you can save.