International money transfers easily explained

Explore all about international money transfers and the available services

The need for efficient and reliable money transfer services has never been more apparent as the world becomes increasingly interconnected.

International money transfers allow you to send funds to family members abroad, pay for goods and services in other countries, and help you manage finances across borders.

In this blog, we will help you understand the different options for international money transfers to streamline the process and save you time and money.

women using and looking at her phone to send money internationally whilst in an office/at work

Table of contents:

What is an international money transfer?

An international money transfer, or international bank transfer, allows people to send money to a bank account in a different country. There are various options available to transfer money internationally, you can use your bank, online money platforms, apps, or a currency broker.

The international money transfer services mentioned above all come with pros and cons, so, to make sure you’re choosing the right transfer service for you, make sure to research the following:

Transfer fees
Exchange rates
Are they FCA-regulated?
Do they provide consistent customer support?
How long will it take for your money to arrive in another country?

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What are the 3 steps to transfer money internationally to someone?

As you’ll see below, there are various money transfer services available in today’s world that can help you make an international money transfer.

However, once you have decided on the right service, for you, the steps that are then taken to complete a money transfer abroad are used across all providers.

Sign up or open an account

If you have decided to go with an independent money transfer service you will have to sign up and go through a usually speedy ID check.

If you have decided to use your bank, this step won’t be necessary.
Secure an Exchange Rate

The next step is to secure a favourable exchange rate with your money transfer provider.

The support provided here by services can differ, for example, with an online-only platform, customers are usually left to choose the rate shown to them.

Whereas with ourselves at EasyFX, you will have a dedicated account manager to help find the best rate available, for you, at the right time.

Once you’re happy with the exchange rate provided, this can be locked, and won’t change.
Transfer your money to the provider

The final step is to transfer the amount you wish to send internationally to the service you have chosen or use their app, with funds already added.

The provider will then convert your money into the correct currency and transfer it to your dedicated recipient in another country.

Done!

Sending money internationally with a bank: Good or bad?

A more traditional way of making an international money transfer is to use your bank.

They’re probably most people’s first, go-to choice, but in today’s digital era, you will find that sending money abroad with your bank may not be the best option.

Let’s take a closer look…

Transferring money abroad with your bank

Bank transfers have been a staple of the financial world for years and are considered the most traditional form of money transfer.

With a bank transfer, your funds will be electronically transferred from one bank account to another - either domestically or for international money transfers.

While sending money internationally with your bank is considered safe and reliable, you will, however, be subject to higher transfer fees and longer processing times than the alternative methods that we go through below.

Banks usually charge much more on the exchange rate margin as well, we’ve put together a table below of high-street UK banks and the margins they place on international money transfers, using a £100,000 transfer as an example.

Bank	Exchange Rate Margin Charge	Charge for £100,000 International Transfer
Barclays	3.9%	£3,900
HSBC	4.1%	£4,100
Lloyds	5.0%	£5,000
NatWest	4.6%	£4,600

Using a wire transfer to send money abroad

Wire transfers are similar to bank transfers but they typically involve the transfer of funds between different financial institutions.

Unlike bank transfers, which give you the option to send money online, wire transfers usually require you to visit a bank (or other financial institution) in person, to initiate the transfer.

Wire transfers are often chosen because they are known for their speed and security, making them a great option for urgent or high-value transactions.

However, wire transfers can be expensive, so be sure to check any associated fees before going forward.

Different currency coins in a glass jar with a plant growing out of the top, representing saving money.

Sending money abroad digitally: The best option?

Services like PayPal, Venmo, and Wise have transformed the way people send money internationally. These platforms offer fast, secure, and cost-effective ways to send money online.

Because they are digital, these platforms leverage technology to streamline the transfer process and usually offer competitive exchange rates and lower fees than traditional banks.

With digital payment platforms, you also can initiate transfers online, or through mobile apps, making it convenient to send and receive money anytime, anywhere.

However, here’s where it gets a little trickier with strictly, online, digital money transfer services…

They are usually the best option for sending small money transfers internationally, where exchange rate charges and transfer fees aren’t a big burden.

But, for large money transfers internationally, customers may want help and guidance on finding a great exchange rate that can help them save thousands.

With no dedicated brokers or human customer service, people can find it difficult to get support from online-only providers if something were to go wrong with a big money transfer.

Fortunately, at EasyFX, we provide the best of both worlds.

Not only can you use our international money transfer app for small, quick money transfers, but you can also get guidance from a dedicated account manager, whose expertise is foreign exchange and finding you the best rate for those larger transfers.

Get in touch today, if you’d like a free transfer quote.

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A new way of sending currency internationally: Crypto

In recent years, cryptocurrencies like Bitcoin have gained popularity as alternative forms of digital currency, offering decentralised, secure transactions.

Although relatively new compared to more traditional money transfer systems, cryptocurrency transfers enable peer-to-peer transactions, without the need for any ‘middlemen’ (e.g. banks or payment processors).

While cryptocurrency transfers can be particularly useful for cross-border transactions, as they often have lower fees, cryptocurrencies are notorious for being volatile.

Using cryptocurrencies means that exchange rates can fluctuate rapidly which could be a risk to you, and the recipient of the transfer.

Travelling and holidays abroad: The best way to manage your money

Some of the money transfer services above also help people save when spending money abroad.

Similar to transferring money internationally, using your regular bank debit or credit card overseas can incur high fees. But don’t worry, some alternatives can help you avoid them.

Why use a travel money card?

Travel money cards offer an easy, secure way to manage your finances abroad.

These prepaid cards allow you to load funds onto a card, in your local currency (e.g. GBP), which can then be converted into the local currency of your destination (e.g. EUR).

Travel money cards solve the issue of carrying large amounts of cash, and eliminate the fees from currency exchange services, whilst offering additional security features, such as chip and PIN protection.

Many travel money cards also come with ‘built-in’ travel insurance and other perks, which is why they are so popular with regular travellers and holidaymakers.

The EasyFX travel money card can be used to spend money in 35 million locations worldwide, providing you with unbeatable exchange rates and no international fees. If you’d like to learn more, get in touch with one of our experts today, and join the 40,000 people who are already using our travel money card.

Get a free travel money card

Person using an ATM to withdraw money whilst abroad.

International money transfers: a summary

In conclusion, navigating the world of international money transfers can seem overwhelming, but there are various options to consider based on your preferences.

Whether you’re sending small or large amounts of money internationally, traditional bank transfers, wire transfers, digital payment platforms, cryptocurrency transfers, and travel money cards each offer their advantages and drawbacks.

By understanding the features, fees, and security measures associated with each method, you can make informed decisions about your financial transactions and ensure seamless international money transfers whenever, and wherever you need them.

If you’d like to discuss these options further, our dedicated team is always available to help and assist.

Need to send money abroad? We can help.

At EasyFX, our goal is to make international money transfers affordable, smooth, and easy, for everyone. Whether a small transfer or large transaction, we can cater to all types through our money transfer app, or our expert brokers, who are ready to find you the best rate available, saving you money.

If you'd like to receive a free transfer quote, please contact our team today!

Get a free transfer quote