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The cheapest way to send money abroad from the UK is usually a specialist that converts at the mid-market rate and charges a small, upfront fee, with Wise the most consistent example. In November 2026, sending £1,000 to euros with Wise cost £3.81 in total, while a “no fee” bank transfer at Barclays or NatWest could cost £27 to £33 in the exchange rate. For pure cost on weekdays, Revolut can beat that within its free monthly allowance.
The rule that saves the most money: compare the amount your recipient receives, not the fee.
What it costs: real numbers
All figures below are from live Wise quotes, paid by UK bank transfer to a bank account (checked November 2026). The bank comparison uses a 3% margin, which sits between Barclays’ published 2.75% cap and NatWest’s 3.25% cap.
| You send | Currency | Wise total cost | Approx. cost at a bank with a 3% margin |
|---|---|---|---|
| £200 | EUR | £1.18 | £6 |
| £1,000 | EUR | £3.81 | £30 |
| £1,000 | USD | £4.60 | £30 |
| £1,000 | INR | £5.14 | £30 |
| £1,000 | PKR | £6.60 | £30 |
| £5,000 | EUR | £16.96 | £150 |
| £10,000 | EUR | £33.41 | £300 |
| £25,000 | EUR | £76.44 | £750 |
Bank costs are illustrative. Your bank’s actual margin may be lower for some amounts, and some banks also add a fixed fee (HSBC charges £5 for non-euro payments unless you have Premier or a Global Money Account).
For your own amount and currency, use our transfer cost calculator.
Our pick: If you just want the lowest reliable cost with no plan or allowance to manage, start with a Wise quote and pay by bank transfer. Then check your bank and Revolut for the same amount and go with whichever delivers the most.
The cheapest option for each situation
| Situation | Cheapest choice | Watch out for |
|---|---|---|
| Under £1,000 a month, weekdays, you have Revolut | Revolut Standard | 1% fair usage fee above £1,000/month; out-of-hours markup at weekends |
| One-off £100 to £10,000 to a bank account | Wise | Card payments cost more than bank transfer |
| £20,000+ | Wise (volume discount) or a currency broker quote | Ask brokers for the margin in writing |
| Same bank group at both ends (e.g. HSBC UK to HSBC abroad) | Your bank | Check the exchange rate, not just the £0 fee |
| Euros to someone with a Wise or Revolut account | Free in-app transfer of euros you already hold | You still pay to convert pounds to euros first |
| Cash pickup | Compare Remitly, WorldRemit, Western Union on the day | Rates vary a lot by corridor and payout method |
“Free” transfers: when they really are free
Some transfers cost nothing at all:
- Wise to Wise in the same currency. Wise doesn’t charge for these, so if you already hold euros and so does your recipient, it’s free.
- Revolut to Revolut. Instant and free between users.
- HSBC to HSBC, and payments from an HSBC Global Money Account carry no HSBC fee (checked November 2026).
- Euros within the EEA from banks such as HSBC carry no sending fee.
What’s usually not free is converting your pounds into another currency. When a bank or app advertises “free international transfers”, look at the rate. If it’s worse than the mid-market rate you see on Google, the cost is built in. On £1,000 a 3% gap is £30, more than most specialist providers charge in total.
Why banks are rarely the cheapest
UK banks have become more open about their pricing, which helps you compare:
- Barclays charges no Barclays fee in the app, but adds a currency conversion charge of up to 2.75% for personal customers.
- NatWest charges no sending fee but a margin of no more than 3.25%. If you want NatWest to pay all overseas charges, that costs £10.
- HSBC charges £5 for non-euro payments (waived for Premier and Global Money customers) and applies its own rate including a conversion charge.
SWIFT payments can also lose money in transit. Intermediary banks may deduct charges before the money arrives, which is why your recipient sometimes receives less than you expected even after paying the fee. Specialists like Wise usually pay out from a local account in the destination country, which avoids this.
Bank guides: HSBC, Barclays, NatWest, Lloyds and Halifax.
7 ways to cut the cost of sending money abroad
- Pay by bank transfer, not card. On our Wise quote, paying by debit card raised the cost of £1,000 to euros from £3.81 to £6.96. Business and credit cards cost far more, and a credit card may treat the payment as a cash advance.
- Send on a weekday. Revolut charges extra for exchanges outside market hours, from Friday evening to Sunday evening, on some plans. Most other providers price the weekend risk into their rates too.
- Send fewer, larger transfers. Fixed fees hit small transfers hardest. Wise’s flat 52p part of the euro fee is 0.26% on £200 but only 0.05% on £1,000.
- Convert before you send. Sending pounds and letting the recipient’s bank convert hands them the margin, plus possible receiving fees.
- Use new-customer offers, then re-check. Remitly gives new customers a better rate on the first transfer (currently up to £1,000). Use it, but compare normal rates for your second transfer.
- Avoid PayPal for anything but small amounts. PayPal charges 5% (capped at £2.99) on international personal payments, plus a currency spread when converting. See PayPal international transfer fees.
- Ask your bank to match on large amounts. If you’re sending £20,000+ and want to stay with your bank, show it a competitor quote. Some will lower the margin.
Cheap but safe: don’t save £5 and risk £1,000
The cheapest provider is only worth using if it’s legitimate:
- Check it’s on the FCA Register. Wise (FRN 900507) and Remitly U.K. (FRN 1047222) are authorised e-money institutions. Revolut became a fully licensed UK bank in March 2026.
- E-money firms safeguard your money rather than offering FSCS cover. The FCA says this usually means you’d get most of it back if a firm failed, though it can take time and may not be the full amount. For money in transit for a day, that’s a small risk with a large, established firm.
- Avoid unregulated “hawala-style” agents offering rates far better than the market, and anyone asking you to pay in gift cards or crypto.
Cheapest by destination
Costs vary by corridor, so we cover the main ones separately:
- Send money from the UK to India
- Send money from the UK to Pakistan
- Send money from the UK to Nigeria
- Send money from the UK to the Philippines
- Send euros from the UK to Europe
For the full picture of every option, including speed, limits and safety, read our guide to the best way to send money abroad. Choosing between the two cheapest apps? See Wise vs Revolut.
Frequently asked questions
What is the cheapest way to send money abroad from the UK?
For most bank-to-bank transfers it's a provider that uses the mid-market rate, usually Wise, paid by bank transfer. In November 2026 sending £1,000 to euros with Wise cost £3.81 in total. Revolut can be cheaper on weekdays if you stay within your plan's free exchange allowance.
Can I send money abroad for free?
Sometimes. Wise-to-Wise and Revolut-to-Revolut transfers in the same currency are free, as are HSBC-to-HSBC payments and euro payments within the EEA from many banks. But if the money changes currency, there is almost always a cost, often hidden in the exchange rate.
Is it cheaper to send money abroad in pounds or in the local currency?
Usually it's cheaper to convert before sending with a low-cost provider. If you send pounds, the recipient's bank converts them at its own rate and may charge a receiving fee, and you have no control over either.
Why does my bank say 'no fee' but the recipient gets less?
Because the bank's exchange rate includes a margin. Barclays caps its currency conversion charge at 2.75% and NatWest at 3.25% for personal customers, so a 'free' £1,000 transfer can cost £27 to £33 in the rate. Intermediary banks can also deduct charges on SWIFT payments.