Sending money worldwide? whats the cheapest method?

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what is the cheapest method?

People send money abroad for a variety of reasons: topping up an overseas bank account, paying bills for homes abroad, investing in property abroad, transferring pension payments and salaries... Although the reasons for transferring money internationally may vary, one thing remains consistent between customers – wanting to find the cheapest deal.

International transfers incur two main charges: fees and exchange rates. Key fees to watch out for include transfer charges and bank receiving fees abroad. Exchange rates are often frustratingly difficult to get hold of – a sneaky move on the part of the providers – and although many claims to be ‘commission free’ the exchange rate can be loaded on so that customers lose out. So, how do you dodge the traps and grab the best deals?


If you are looking to send cash regularly to family members abroad, or make payments for services carried out on homes overseas, it may be best to stick with the banks. If you and the recipient both open accounts with the same banks (many branches here have sister branches overseas), you should be able to transfer money without a fee.

Online companies

You can also opt to transfer money over the internet via firms which are specifically designed for worldwide money transfer. The Sterling you pay the firm via the internet is converted into the currency you request and then sent to the receiving bank in the next few days. You will generally need to set up an account with them, but once this stage is complete the transfer itself is fairly rapid. Because of the fierce competition between multiple online brokers, you will usually be able to find a good price and send your funds relatively cheaply. It is worth bearing in mind though that the Financial Services Compensation Scheme does not provide protection should the firm go bust.

Compare prices

There are a number of websites which allow you to compare fees and exchange rates, by giving you access to abundant information. In this way, customers find very competitive exchange rates in their quest to transfer funds – and could end up making big savings.

Company Details

A brief guide on the cheapest way to send money worldwide

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