Transferring Money to a Foreign Bank Account
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Author: Yasmin Purnell
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People make international bank transfers every single day for a wide range of reasons. From sending money to a child travelling or studying abroad, expats sending money back home, to making a foreign purchase for business or leisure, there will always be a demand for faster, cheaper, and more convenient methods of sending money abroad.
If you’re interested in transferring money internationally to another bank account, you may be wondering what your options are. In this guide, we’ll take a look at your main options to transfer money abroad, plus the steps you need to follow to safely and securely deposit your money to a foreign bank account. Take a look out our guides to find the cheapest way to send money abroad or the fastest way to send money internationally.
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What are your options when transferring money to a foreign bank account?
Money transfer providers
Using a money transfer provider is one of the most popular ways to send money abroad, and this is largely because they have:
Lower fees
More competitive exchange rates
Faster transfer times compared to wire transfer.
Convenient 24/7 access via apps
The best provider for you depends on where you’re sending your money to, the sum you are sending, whether you want a fast transfer or the lowest-cost option (they’ll rarely be the same), and how you are planning on paying for your transfer.
Sending money abroad with WorldRemit
WorldRemit is one of our top recommended providers for transferring money to an international bank account. Supporting over 150 countries and 90 currencies, WorldRemit is a good option for sending money quickly and has a range of payout methods beyond just bank transfer.
These include:
Cash pickups
Mobile airtime top-ups
e-Wallet deliveries
Using your bank
Another option that some people opt for when transferring money to a foreign bank account is to use your own bank. While this is a convenient way of transferring money, it is rarely the cheapest. Unless you are transferring money to a foreign bank account that is the same branch as your own bank - and therefore likely to have lower fees attached to the transfer - a money transfer provider will almost always be your best option. Read our guide to wire transfer fees.
How to transfer money to a foreign bank account
Decide how you’ll send your money abroad: Use our comparison tool to find the best provider for your transfer needs. Our tool will give you the best options for your specific transfer, breaking down key factors including fees, payment methods, the exchange rate, transfer times, and how much your recipient will receive on the other end.
Make sure you’ve got all the information you need: Whether you choose to transfer your money abroad with your bank or with a transfer provider, you’ll need to provide some essential information to make your transfer possible. Make sure you enter all the information correctly, as it might be difficult to reverse your transfer. This includes:
Your recipient’s name and address
The name of their bank (possibly the address, too)
Your recipient’s bank details (account number, sort code, in some cases their IBAN and BIC/SWIFT codes. You can use our SWIFT code calculator to find the right details for your transfer.).
How much you are sending
The date you want to send your payment
Check the fees you will need to pay: In most cases, you will need to pay a fee in order to transfer your money abroad. Some exceptions might be if you were transferring money to your own account under the same bank branch as your existing bank. The fees associated with foreign transfers include:
Fixed transfer fees
Markups on the exchange rate
These can vary depending on the provider you use, the currency pair you are converting between, the sum you are sending, and how you choose to pay for your transfer (a card payment may be more expensive than a bank transfer, for example, although it will often be faster). Regardless, make sure you are given a clear picture of the exact fees you can expect to pay before you lock-in your transfer.
Double-check everything and then initiate your transfer: Incorrect details can result in long delays and even more fees, so take the time to make sure you’ve entered all your details correctly. Then, you can initiate your transfer. Depending on how you are transferring your money, your recipient may receive your funds instantly, or it may take a few working days. You should be given an estimate of the transfer time when making your transfer.
More bank account guides
What is the best way to transfer money to a foreign bank account?
Our top recommendation is to transfer money internationally with a money transfer provider. In almost every case, you will save money, time, and effort when sending with a specialist provider versus a traditional bank.
In addition, most money transfer providers have a digitally-led focus, enabling customers to initiate foreign transfers 24/7 and on the go. Use our innovative comparison engine to find the best provider for your transfer needs.
Top money transfer provider for sending money to a foreign bank account
Xe
XE Money Transfer supports transfers to over 220 countries and 139 currencies, using enterprise-grade security to safely transfer your money across the world.
This trusted money transfer company is particularly highly rated for transferring larger sums of money, with 24/7 access via their app and fast transfer times for hundreds of countries.
Please share your experience with Xe
Would you recommend Xe?
Anonymous
The transfer rate was way lower than displayed on the comparison site.
Anonymous
Great for large transfers.
Anonymous
Fast, great rates, easy to use. Good for large transfers.
Paul Ansems
XE money transfer scam -stay away-WARNING Don't use this company! After several successful transfers. This time, I sent the money and they received it. After 7 days with no reason that they would cancel it. I sent their compliance team everything they asked. I found my privacy threatened but sent them anyway. I asked for a supervisor or manager but was denied. They obviously hang onto your money as long as possible and after making money from it like interest. If the exchange rate amount is too high and drops after holding it then they cancel it. WARNING Don't use this company!
FAQs
Can I use MoneyTransfers.com to send my money abroad?
Unfortunately, no. But don’t worry, we exist solely to make sure you get the best money transfer experience possible. Using our service won’t cost you anything and will help you make the best decision possible when picking a provider to transfer money abroad. Our aim is to make sure you can transfer money quickly, simply and in the most cost-effective way.
How can I send money abroad?
There are many ways to do this, but the best option really depends on your specific needs. Are you looking to transfer quickly? Or do you care mainly about how much of your hard earned cash actually ends up being sent over to its destination. We compare money transfer providers for your specific needs, to make sure you can send money abroad as efficiently as possible, all whilst saving you money.
How to find the best exchange rate?
Finding the best exchange rate is crucial to maximising the money received on the other end. Usually, you will receive better exchange rates with money transfer provider compared to a traditional bank. Here’s are a few tips to find the best exchange rate online:
Start looking early: Various providers will offer different exchange rates on different days, start looking as early as you can to identify the best provider for your currency pair
Pay attention to the current exchange rate: Staying up to date with the current exchange rate will give you the advantage to buy and sell on time. Currencies fluctuate daily due to supply and demand, so checking it frequently is recommended to get the best rate possible. Alternatively, you can sign up with our price alerts to know when your currency reaches the desired price
Avoid using your bank: Banks are trustworthy, reliable and convenient, but they do not provide value for money. They charge high fees and usually have higher costs compared to the money transfer provider. Some money transfer companies will even provide a mid-market rate
Why can’t I just use my bank to transfer money abroad?
The honest answer; you can. But traditional banks aren’t set up very well to handle international payments and money transfers. This is why many other service providers exist, who are specialists in transferring money abroad. Money transfer companies are designed to provide cheaper ways to send money abroad, whereas, banks take much longer, cost a lot more and are generally more complex to use. This is why we always recommend using a highly rated money transfer provider for sending your money abroad.
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