How to transfer money internationally as an expat 2026: cheapest services compared

The traditional bank wire transfer looks free but rarely is. The exchange rate your bank quotes is typically 2 to 4 percent worse than the mid-market rate you see on Google. Specialist transfer services compete on transparency: they charge a visible fee, but their exchange rate is much closer to the real rate.

Why bank exchange rates are expensive

When you transfer GBP to EUR through your bank, the bank applies its own buying rate — which is typically 2 to 4 percent worse than the mid-market rate (the real exchange rate, the one Google shows you). On a GBP 5,000 transfer at a 3 percent margin, you lose GBP 150. On a GBP 20,000 annual salary transfer, you lose GBP 600 per year to your bank’s exchange rate margin.

Banks also charge a flat transfer fee: GBP 15 to 30 per international wire at most UK banks, USD 15 to 45 at US banks. Together, the hidden margin plus the explicit fee make bank transfers expensive for anything over a few hundred pounds.

Wise (formerly TransferWise) — the benchmark

Wise is now the standard recommendation for expat money transfers. It charges a transparent percentage fee (typically 0.35 to 1.5 percent depending on currency pair) and uses the mid-market exchange rate — the same rate you see on Google. No hidden margin on top. You can see exactly what you are paying before you send.

Wise also offers a multi-currency account (Wise Account) with local bank details in GBP, EUR, USD, AUD, SGD, and other currencies. This is particularly useful for freelancers and remote workers who invoice in multiple currencies — receive GBP in your UK account, EUR in your European account, and convert only what you need to spend, when you need to spend it.

Speed: most Wise transfers arrive same-day. Many are instant. A small number of currency pairs take 1 to 2 days.

Revolut — best for existing Revolut users

Revolut offers mid-market exchange rates within a monthly allowance (GBP 1,000 per month on the free Standard plan, unlimited on Premium at GBP 6.99 per month). Transfers between Revolut users are instant and free. International bank transfers are competitive when within your monthly currency exchange allowance.

The caveat: Revolut adds a 1 percent weekend surcharge on currency exchange when markets are closed. Wise does not add a weekend surcharge. If you frequently transfer at weekends, Wise edges ahead.

OFX — best for large transfers

OFX (formerly OzForex) operates a broker model: no flat fee, but a small margin above the mid-market rate. The margin typically decreases with transfer size — for amounts over GBP 5,000, OFX often works out cheaper than Wise’s percentage fee. On a GBP 20,000 transfer, the difference can be GBP 50 to 100 in OFX’s favour.

OFX also offers telephone support, which matters for large transfers where you want a human being confirming the transaction. Forward contracts — locking in today’s exchange rate for a transfer date up to 12 months ahead — are available for amounts over GBP 1,000. Useful if you are selling a property abroad and want to protect against sterling weakening before you repatriate the proceeds.

XE Money Transfer

XE is a widely recognised brand in currency conversion. Its transfer service charges a small fee or margin and covers an extensive list of currencies. Good for less-common currency pairs where Wise has higher fees or slower times. Not necessarily the cheapest for EUR, USD, or AUD transfers — compare against Wise first.

Setting up a regular transfer

If you earn in GBP but spend in EUR or THB or AED, setting up a monthly standing transfer is more efficient than ad hoc conversions:

• Wise and OFX both allow scheduled recurring transfers on a set date each month.
• Schedule the transfer to coincide with your salary arrival date.
• Set a realistic amount — transfer your expected monthly spending budget rather than your full salary, and keep a buffer in the origin currency for unexpected home-country costs.

Forward contracts: protecting against currency risk

If you are relying on a future large amount in a foreign currency — selling a property, receiving an inheritance, or awaiting a contract payment — a forward contract lets you lock in today’s rate for delivery up to 12 months ahead. You put down a deposit (typically 5 to 10 percent of the total) and the remainder is paid on the agreed future date.

This is not speculation — it is cost certainty. If you expect EUR 100,000 in 6 months and EUR/GBP moves 5 percent against you, a forward contract at today’s rate saves GBP 5,000. OFX, Smart Currency Exchange, Caxton, and Moneycorp all offer forward contracts.

Tax on currency gains

Converting currency is not itself a taxable event in the UK. If you hold foreign currency as an asset and later convert it at a more favourable rate, any gain may be subject to capital gains tax — but for day-to-day expat money transfers between personal accounts, this does not typically arise. US citizens are a special case: the IRS may treat currency gains on foreign-currency loans as taxable. Consult a US expat tax specialist.

Emergency transfers when you need money fast

For genuine emergencies — you need cash within hours in a country where your bank transfer has not arrived — options include:

• Wise instant transfers (available for many currency pairs, arrives in minutes).
• Revolut instant to another Revolut user.
• Western Union or MoneyGram for cash pickup at thousands of locations worldwide.
• PayPal or PayPal Xoom for bank-to-bank or cash pickup in some countries.