The gap between what a high-street bank charges for an international transfer and what a specialist service charges has narrowed considerably over the past decade. But the market has also fragmented: dozens of services now compete on fee structures, exchange rates, speed, and geographic coverage. For internationally mobile individuals making regular significant transfers — property-related disbursements, cross-border salary payments, overseas investment contributions — choosing the right service is not a trivial decision.
This guide compares the major retail and semi-professional international money transfer services. It is not exhaustive; the market changes frequently, and fees, limits, and terms should always be verified directly with the provider before transacting.
How transfer services make money
Understanding the cost model is the starting point. International money transfer services generally earn from two sources:
Flat fee: a fixed charge per transaction, typically ranging from £0 (in some services for certain corridors) to £5–£15.
Exchange rate spread: the difference between the interbank (mid-market) rate and the rate offered to the client. Services that advertise "no transfer fees" almost always recover their margin through the spread.
The true cost of a transfer is the sum of both. For small transfers, the flat fee dominates. For large transfers, the spread dominates — a 0.5 per cent spread on a £200,000 transfer is £1,000, which dwarfs any headline flat fee.
A useful benchmark: the mid-market rate (available on XE.com, Google Finance, or Bloomberg) represents the "real" exchange rate. The further a service's offered rate is from mid-market, the more expensive it is in currency terms.
Wise (formerly TransferWise)
Model: transparent mid-market rate plus an explicit percentage fee (typically 0.33–1.5 per cent depending on corridor and payment method). No hidden spread.
Speed: most transfers complete within 1–2 business days for major currency pairs (GBP/EUR, GBP/USD). Some corridors offer instant or same-day.
Limits: personal account limits vary by verification level. UK-verified accounts can send up to £1,000,000 per transaction in major corridors. Larger amounts require enhanced verification and may be broken into multiple transfers.
Compliance: Wise operates a rigorous automated and manual compliance process. Transfers above approximately £10,000 routinely trigger source-of-funds requests. Transfers above £50,000 may require documentation (bank statements, property contracts, inheritance documents). Response times for compliance queries vary; factor this into planning for time-sensitive transactions.
Suitability for HNW regular transfers: good for transfers up to £50,000 per transaction where speed and transparency are priorities. The compliance friction on large amounts can be significant. For regular large transfers (above £100,000), a dedicated relationship with a specialist broker may be more efficient.
Regulation: FCA-authorised payment institution (Registration No. 900507). Not covered by FSCS on e-money balances, but client funds are safeguarded in segregated accounts.
Revolut
Model: Revolut offers free transfers at interbank rates up to a monthly limit (varies by plan: Standard £1,000/month, Plus £3,000/month, Premium £5,000/month, Metal £10,000/month), with a 1 per cent fee on amounts above the limit. Outside standard market hours, a 1 per cent weekend markup applies.
Speed: largely instant for transfers between Revolut accounts; 1–3 business days for external bank accounts.
Limits: individual transfer limits are lower than Wise for external bank transfers. Premium and Metal plans allow higher individual transaction limits. Very large transactions (six figures) typically require relationship escalation.
Compliance: similar to Wise, large transfers trigger enhanced due diligence. Account freezes pending compliance review are not uncommon for unusual activity.
Banking licence: Revolut obtained a UK banking licence from the PRA in July 2024, with phased rollout. UK customers' deposits up to the FSCS limit (£120,000 per person since 1 December 2025) are protected under the banking licence once held in the banking entity (check current status for your account type, as some balances may still sit in the e-money product).
Suitability: excellent for day-to-day international spending and modest transfers. Not ideal as the primary vehicle for frequent large international transfers given plan limits and compliance unpredictability.
Remitly
Model: tiered pricing with "Express" (faster, higher fee) and "Economy" (slower, lower fee) options. Fees range from approximately £0.99 to £3.99 per transfer plus a spread. Typically positioned for the remittance corridor market (UK/US to emerging markets: Philippines, India, Nigeria, Mexico).
Speed: Express transfers to supported corridors can complete in minutes to the recipient's mobile wallet or bank account. Economy transfers typically take 3–5 business days.
Limits: lower maximum transfer limits than Wise or OFX — typically £10,000–£30,000 per transaction. Not designed for high-value transfers.
Suitability: Remitly excels for regular transfers to family or staff overseas, particularly to emerging-market corridors with mobile money infrastructure. Not suitable for HNW transfers of £50,000+.
Western Union
Model: oldest and most geographically comprehensive network. Fees are higher than fintech competitors and vary significantly by corridor, payment method (card payment is most expensive), and receiving method (cash pickup vs bank deposit). Spreads are typically wider than Wise or OFX.
Speed: cash pickup can be available within minutes. Bank deposits typically 1–3 days.
Limits: limits vary by corridor and verification level. Business accounts support higher limits.
Reach: Western Union's principal advantage is geographic reach — 200+ countries and territories, including corridors where bank infrastructure is limited. Cash pickup networks remain relevant for transfers to recipients without bank accounts.
Suitability: limited utility for HNW bank-to-bank transfers given less competitive pricing. Useful for specific corridors (sub-Saharan Africa, Latin America, parts of South-East Asia) where alternatives have limited coverage.
WorldRemit
Model: fee plus spread, similar to Remitly. Focused on emerging-market corridors and mobile money transfers (M-Pesa, Airtel Money). Typically competitive for small-to-medium transfers to Africa, South-East Asia, and the Caribbean.
Limits: maximum transfer amounts are lower than specialist brokers; typically £5,000–£10,000 per transaction.
Suitability: niche use for specific corridors, particularly where mobile money is the primary receiving method. Not designed for large-value bank transfers.
Receiving bank requirements
Regardless of the sending service, the recipient bank account must accept international transfers. Key requirements:
IBAN (International Bank Account Number): mandatory for SEPA-area transfers. Required by most receiving banks globally.
BIC/SWIFT code: the bank's identifier in the SWIFT network. Required for most non-SEPA international transfers.
Correspondent banking: some transfers, particularly to smaller jurisdictions, are routed through intermediate (correspondent) banks, each of which may deduct a small fee. The recipient may receive slightly less than the sent amount. SWIFT GPI tracking (available through most services and banks) allows you to monitor the transfer chain.
Purpose codes: some countries (India, UAE, Nigeria) require a transfer purpose code to satisfy local regulatory requirements. The sending service should prompt for this; failure to provide it can delay or block the transfer.
Compliance holds on large amounts
All regulated money transfer services are required under UK anti-money-laundering regulations (the Money Laundering Regulations 2017 and POCA 2002) to apply enhanced due diligence on large or unusual transactions. In practice, this means:
- Transfers above £10,000 commonly trigger automated source-of-funds checks.
- Transfers above £50,000 almost always require documentation (bank statements, sale proceeds evidence, pay slips, tax returns).
- Transfers that appear inconsistent with account history may be delayed for manual review.
Response times for compliance queries range from hours to several days. For time-sensitive transfers (property completion, tax deadlines), always initiate the transfer well in advance and prepare documentation proactively.
Practical advice: for HNW clients making regular large transfers, a dedicated account with a specialist broker (OFX, Moneycorp, Ebury) often provides a more predictable compliance experience than a consumer fintech app. Relationship-managed accounts allow pre-submission of standing documentation and faster resolution of queries.
Summary comparison
| Service | Best for | Typical spread | High-value (£100k+) |
|---|---|---|---|
| Wise | Transparent pricing, mid-size transfers | ~0.33–1% | Workable but compliance friction |
| Revolut | Day-to-day/modest transfers | 0% within plan limit, 1% above | Plan limits too low |
| Remitly | Emerging-market corridors, small amounts | 1–3% | Not designed for this |
| Western Union | Cash pickup, niche corridors | 2–4%+ | Expensive |
| WorldRemit | Mobile money corridors | 1–3% | Not designed for this |
| OFX / Moneycorp | Regular HNW transfers, property | 0.2–0.8% | Purpose-built |
Fees, limits, and terms change frequently. Always verify current rates and limits directly with the provider before transacting. This comparison is informational only and does not constitute a recommendation.
How Global Investments can help
Global Investments works with internationally mobile clients on cross-border wealth management, including structuring regular currency transfers efficiently. For clients with ongoing international payment needs — property management costs, overseas investment contributions, or international family financial arrangements — we can introduce you to regulated specialist currency brokers who provide relationship-managed accounts with competitive rates and proactive compliance support.
Contact us to discuss your international transfer requirements in the context of your broader financial strategy.
This guide is for general information only and does not constitute financial advice or a personal recommendation. Banking regulations, tax rules, and product availability change — always verify current rules and seek advice from a qualified independent financial adviser or regulated banking specialist before making any decisions. The value of investments can fall as well as rise and you may get back less than you invest.