If you need to send money abroad or receive funds from an overseas bank account, a specialist money transfer broker could save you hundreds of pounds by offering better rates than your bank
We've teamed up with three of the UK's leading money transfer brokers: Frontierpay, FairFX and Global Reach, to build a unique quote system that puts you in control of the offers you receive. Just tell us about the funds you want to send or receive, and our money transfer partners will compete with each other to offer you the best deal. (Learn more)
Why use a money transfer service?
Transferring funds to or from an overseas bank account can be a costly process. Most high street banks offer poor exchange rates and charge eye-watering fees which can make a big dent in the final amount being sent or received. You can avoid these unnecessary fees by using a specialist money transfer broker to transfer your funds at a much more favourable exchange rate.
Unlike buying or selling currency in cash, money transfers work slightly differently in that the exchange rate you receive is agreed with you before you make the transfer so you know exactly how much you'll receive before you go ahead. A dedicated account manager will guide you through the quick and simple process and you could save hundreds or thousands of pounds on a large transfer that would have otherwise been swallowed up by exchange rates and commission.
Money transfers are suitable:
If you are buying or selling a property overseas.
Making regular overseas payments, for example a mortgage or sending money home.
For one-off payments such as a car or family holiday.
Money transfers are not suitable:
If you need cash (see our travel money page instead).
Money transfer brokers act as intermediaries between the sender and recipient's bank accounts. If you proceed with a quote, the broker will ask you to send your funds to their client deposit account. They will then send your funds to their account held in the destination country using a favourable exchange rate agreed with you beforehand. Finally, the broker will transfer the funds to the recipient's account. This process is the same if you are receiving funds from overseas; you simply instruct the payee to deposit the funds into the broker's local account.
Step by step example sending £10,000 to a bank account in Spain
The broker agrees an exchange rate with you over the phone and you decide to proceed. You will be assigned a dedicated account manager who will ask you for some contact details to open an account with them.
You transfer £10,000 by ordinary bank transfer to the broker's UK client bank account.
The broker converts your £10,000 into euros at the exchange rate they agreed with you and sends the funds to their euro account.
The broker makes another transfer, this time in euros, from their euro account to your recipient's bank account.
If you need to send a fixed currency amount instead, for example €10,000 instead of £10,000; the broker will tell you exactly how much you need to deposit into their UK account at the start of the transfer to ensure the entire €10,000 is received by the recipient.
We have partnered up with three of the UK's leading money transfer brokers to build a unique quote system that allows you to choose the best quote offered to you. Simply use our quote form above to tell us about the funds you want to transfer and we'll email your details to our three partners who will battle each other to offer you the best deal.
Once you've submitted a quote request, our money transfer partners will each contact you within 24 hours by telephone or email to offer you a free, no-obligation quotation. You do not have to accept any offer, but if you do decide to proceed you will be guided through opening an account and completing the necessary details to start your transfer.
You will not be charged any separate fees or commission by any of our money transfer brokers. They make their money by offering a slightly lower exchange rate than the one available to them when they make the transfer so you can be sure that the rate you are quoted is exactly the rate you will receive and you will not incur any additional fees or charges.
There are no upper limits to the amount of funds you can send or receive via money transfer; indeed our brokers specialise in larger transactions such as property sales where they can usually offer even better rates depending on the amount being transferred. There are no fixed minimum transfer amounts, but each broker has their own discretionary cut-off point (usually around £100 or equivalent) below which they will not offer a quotation.
Yes, you will need to provide some kind of photo identification to the broker when you set up an account before you can make your first transfer. For larger transfers, you may also be asked to provide additional documentation such as proof of the source of funds. These checks are required by law as part of anti-money laundering regulations.
Money transfer brokers specialise in sending money to and from bank accounts, and therefore they do not accept or offer cash transactions. If you need to buy currency in cash, use our travel money comparisons, or alternatively if you need to sell currency and exchange it back into pounds sterling, visit our currency buyback page.
Global Reach Group are a leading provider of corporate and personal foreign exchange with a focus on excellent customer service. Since their first trade in 2002, they now have over 25,000 active clients and trade £5bn annually.
Why we chose Global Reach
A first class customer experience. Global Reach are one of the most customer-centric money transfer providers we have worked with. A dedicated account manager is always on hand to answer questions and help with trades, and their rates are extremely competitive.
FairFX are primarily known for their prepaid currency cards, but they have been offering international money transfers since their formation in 2007. FairFX pride themselves on their technological approach to foreign exchange and use state of the art technology and a range of online tools to deliver money transfers in a convenient and cost-effective fashion.
Why we chose FairFX
Simple online payment system that allows you to make simple regular payments overseas. Ideal for smaller amounts, and no fees for transfers over £100.
Established in 2009, Frontierpay is an award-winning and trusted payments provider that offers access to more than 140 currencies. Frontierpay have extensive knowledge of the foreign exchange industry and specialise in exotic currencies and difficult markets.
Why we chose Frontierpay
Private ownership means Frontierpay are not driven by external investors and can offer more flexibility in the deals they offer.
