Send money abroad for less in 2026
UK consumers send more than £200 billion abroad every year, and lose roughly 3 to 5 percent of every high-street transfer to FX markups that never appear on the receipt. The fix is to compare the total amount delivered, not the headline fee. This hub shows you how, and reviews the three providers that actually compete on that number.
£200B+
UK outbound personal remittances per year (World Bank)
3 to 5%
Typical high-street FX markup hidden in the exchange rate
0.43%
Typical Wise fee on a GBP to EUR transfer at the mid-market rate
< 1 day
Median delivery time for a UK to EU transfer in 2026
In this section
Every UK money transfer guide
How to send money abroad
A complete UK guide: SWIFT vs SEPA vs Faster Payments, mid-market rate, hidden bank fees and the cheapest provider for each corridor.
Read ReviewWise (formerly TransferWise)
How Wise charges the real exchange rate, what its transparent fee structure looks like in practice and which currencies offer the best value.
Read ReviewWorldRemit
WorldRemit pricing, payout options (cash, mobile money, bank deposit) and which African, Asian and Latin American corridors are cheapest.
Read ReviewXE Money Transfer
XE's fee-free model on larger transfers, supported currencies, delivery speed and how its rates compare with Wise and high-street banks.
ReadThe hidden cost
Why "£0 transfer fee" is rarely the cheapest
High-street banks advertise free transfers and bury the cost in the exchange rate. A 3% markup on £5,000 is £150 you never see itemised. Wise, XE and WorldRemit reverse the formula: real rate, visible fee.
| Provider type | Visible fee | FX markup | Total cost on £5,000 |
|---|---|---|---|
| High-street bank (HSBC, Barclays) | £0 to £25 | 3% to 5% | £150 to £275 |
| Wise | ~0.43% of amount | 0% (mid-market rate) | ~£22 |
| XE Money Transfer | £0 (over £500) | ~0.4% to 1% | £20 to £50 |
| WorldRemit | £1 to £5 fixed | Variable by corridor | £15 to £80 |
Indicative for a £5,000 GBP to EUR transfer at mid-market reference rate, May 2026. Actual cost depends on the corridor, amount and payment method. Always run a live quote on the provider site before sending.
Pick by destination
Cheapest provider, by corridor
There is no single winner. Each provider has corridors where it dominates and corridors where it loses. Pick by where the money is going.
EU (EUR)
Winner: Wise
Mid-market rate, ~0.43% fee, settles via SEPA in hours.
US (USD)
Winner: Wise
Real rate, low fee, USD held in Wise multi-currency account.
India (INR)
Winner: WorldRemit
Strong on cash pickup, mobile money, bank deposit. Competitive INR rate.
Philippines (PHP)
Winner: WorldRemit
Mobile-money payout to GCash, cash pickup nationwide.
Nigeria (NGN)
Winner: WorldRemit
Bank deposit to NGN account, regular promotions.
Large GBP to EUR (£20k+)
Winner: XE
No transfer fee on amounts over £500, FX margin smaller on larger trades.
Australia (AUD)
Winner: Wise
Real rate, low fee, fast bank deposit.
Cash pickup, any
Winner: WorldRemit
Largest UK-side cash pickup network in emerging markets.
High-value (£50k+)
Winner: XE
Personal account manager, no headline fee, locks rate via forward contract.
Money transfer FAQ
The Selectra expert answers your questions
The mid-market rate (sometimes called the interbank rate) is the midpoint between the buy and sell prices that banks quote each other. It is the rate you see on Google or XE.com. Wise transfers happen at this rate; high-street banks add a 3 to 5 percent margin on top.
For most major currencies in 2026: EUR via SEPA in a few hours; USD, AUD, CAD typically same day or next working day; cash pickup or mobile money in emerging markets within minutes. SWIFT transfers (still the fallback for some banks) can take 1 to 5 working days.
All three are FCA-authorised. They are not banks, so deposits are not covered by FSCS. Instead they safeguard client funds: customer money is held in a segregated account, separate from the firm's own money. If the firm fails, the safeguarded funds belong to customers. The protection is real but works differently from a UK bank.
Only if the recipient explicitly needs the transfer to come from your named UK bank account (mortgage drawdowns, some legal settlements, occasionally HMRC). Even then, doing the transfer through Wise or XE and then walking the funds across is often cheaper.
Not on the transfer itself. UK income tax and capital gains tax apply to the underlying activity (salary earned, asset sold). HMRC may ask the source of large transfers under anti-money-laundering rules, so keep evidence of where the funds came from.
First time?
Start with our complete UK sending money abroad guide
SWIFT vs SEPA, mid-market rates, hidden bank fees and a step-by-step walkthrough. The single guide that covers everything you need before sending.
Read the guide