Transferring Money Overseas Without Transaction Fees (How to do it!)

Author, Andrew Gibson

Last Updated on August 11th, 2024

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When deciding to transfer money overseas, an important factor is the overall cost and how much value for your money you can get. 

One question customers have is, ‘How can I send money internationally without transaction fees being added?’ This article provides all the necessary information and how to do just that. 

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No Transfer Fees with Key Currency

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What are the costs involved when transferring money overseas? 

There are two main costs usually associated with an international money transfer. 

1. Transfer Fees (can be avoided)
2. Exchange rate charges (cannot be avoided)

They are standard across various services and providers of international money transfers for customers.

You won’t find consistent overall costs; Different providers will charge higher transfer fees and exchange rate margins than others. So, researching and comparing different offers is a big part of finding the best deal and value for your overseas money transfer.

Here’s how this article can help you. 

There are three types of international money transfer services to send money overseas. You can use your bank, a currency broker (money transfer specialist), or an online money transfer app.

Depending on your reasons for transferring money internationally, each type of service may be better suited than the other, for example:

Moving a large amount overseas: Currency Broker.

A small, one-off money transfer: Your bank.

Small, regular transfers overseas (under £5,000): Online money transfer service.   

But is there a way to transfer money overseas, using either of the 3, without additional transfer fees? 

Let’s take a look!

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Can I transfer money overseas with my bank without transfer fees?

High-street banks typically charge their customers the highest transfer fees and exchange rate margins for international money transfers. There is a way around this, but criteria are in place that customers have to meet to transfer money overseas without additional transfer fees with their bank. 

Barclays

If you bank with Barclays, international money transfers outside of the European Union will result in additional transfer fees being applied or being charged to the amount you wish to send, meaning your recipient will end up with less. 

For money transfers to Europe, there is an option that allows you to do so without any added-on transfer fees. 

If you have a personal, premier, or wealth management account you won’t pay an additional fee when you send an international payment to Europe IF you use online banking or the app. 

Regardless of your account, transferring by branch or phone will incur a £25 fee.

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HSBC

The best way to avoid additional transfer fees when sending money abroad with HSBC is to apply for their Global Money Account. 

By doing so, HSBC will not add any transfer fees for transferring money overseas. 

However, avoiding their £5 international transfer fee is still possible if the Global Money Account isn’t for you. 

The criterion here is that you have to be able to transfer money overseas to a recipient with another HSBC account, this applies anywhere in the world. 

Money transfers in Euros to a country/recipient who resides in the European Economic Area will also result in no additional fees added. 

The slight hitch is that it has to be a Euros transfer, any other currency and the £5 fee would be added. 

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Natwest

Natwest international payment fees are split into two categories: 

• Digital Payments
• Manual Payments

For both types, international Euro transfers sent within the European Economic Area will lead to no additional fees added. However, the maximum you will be able to send is £20,000. 

There is no way of getting around additional fees digitally or manually if you want to send money to other destinations outside of the EEA. 

To send money internationally outside of the EEA with Natwest through their online banking or app, a £10 agent charge will be applied, where applicable. 

To do the international money transfer over the phone, by visiting a branch or letter, you will see a 0.3% transfer fee, this will be a minimum of £23 or a maximum of £40. 

A £10 agent charge will also be applied, where applicable. 

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Santander

It is a similar story if you bank with Santander.

Their international payments are split into three categories: 

• Electronic Transfer (standard)
• Electronic Euro Transfer (non-urgent)
• Currency Draft 

An electronic transfer (standard will be for customers who want to see their international money transfer done quickly anywhere in the world. Unfortunately, this will incur a £25 fee. 

If your international money transfer isn’t as urgent as the above and is a Euro transfer, then the transfer can be done without an additional transfer fee placed by Santander. 

However, with the UK no longer within the EEA, receiving banks can add on a charge from their side. 

a £10 fee will be added to Currency Drafts regardless of the destination and the currency being transferred. 

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Lloyds

If you’re a Lloyds customer and need to send funds abroad, then you have the option of fee-free international money transfers… sort of. 

Like HSBC, Lloyds offers customers an option of signing up for their International Moneymover Service. 

It allows customers to transfer money internationally without adding a transfer fee by Lloyds. 

The catch here is that there will be correspondent bank fees. Customers can either pay themselves on behalf of the recipient or split these fees with the recipient. 

These charges vary depending on the destination: 

• USA, Canada & Europe: £12
• Rest of the World: £10 

If you do not choose to use or sign up for the International Moneymover Service above, a standard electronic international transfer with Lloyds, regardless of destination, will add a £25 transfer fee.

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Transferring money overseas transfer fee-free with a Currency Broker

A currency broker or money transfer specialist is usually the most cost-effective option for those looking to send money internationally, especially large amounts. 

There are many reasons for this: 

• Most currency brokers will not impose transfer limits (send as much as you need in one go).
• Currency brokers can provide much more competitive exchange rates due to lower overheads.
• Person-to-person communication is available, which is vital for large transfers overseas.
• Significantly, some do not add transfer fees to the overall cost, customers will only be charged on the exchange rate margin. 

The crucial part of finding a currency broker with competitive exchange rates and no added fees is the research and getting customer quotes directly from the provider. 

Not all currency brokers will be transfer fee-free! So, the critical comparison here is finding the best rate for your transfer and pairing that with a provider who doesn’t add fees on top, to get the most value. 

To find the best rate for your money transfer overseas, you will want to gather various customer rate quotes from different currency brokers. 

‘Customer rate quote’ is key here – the rates you see on various providers’ websites are not actual rates but ‘interbank rates’. 

This means further down the line, you will be quoted an entirely different exchange rate for your transfer than the one you saw online. 

It can be quite a shock. 

Customers must go through the quote process with a currency broker or phone them directly for their latest rates. Make sure not to accept what you see online as that rate will not be the one you end up with. 

Many comparison websites showcase the ‘Top’ currency brokers for international money transfers.

You may have seen us, Key Currency, appear on them. 

They are usually an excellent start to finding the various brokers available in one place to begin the quote comparison process. 

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Can you transfer money overseas with no fees using online money transfer services?

Online money transfer platforms are becoming increasingly popular in today’s digital era. 

Their main goal is to allow customers to do international money transfers online, often without human interaction or contact. 

This type is usually ideal for those looking to send smaller amounts to a friend or loved one abroad and to do so quickly. 

But not great with more significant amounts; it can be hard to find support if things go wrong. 

Online apps and services are a middle ground when transferring money overseas without a transaction fee. 

Online money transfer services will offer exchange rates that are more competitive than a bank, similar to a currency broker, but they will still add on transfer fees; these are usually much less than banks in some cases. 

To compare what you can expect when using one of these online services, we’ve highlighted two of the most used by customers. 

Wise

Wise, of as formerly known, as Transferwise, is a common choice for those looking to transfer money internationally. 

Depending on the currency you’re looking to send, Wise’s variable fee starts at 0.43%, this can go up with certain currencies and the type of transfer you want to use. These range from ‘fast transfer’ (higher fees added) to ‘low-cost transfer’ (lowest fees added). 

Some popular currency pairs and the fees with Wise if you were looking to send £1000 using their ‘low-cost transfer’ method: 

• GBP to Euro: £4.49
• GBP to US Dollar: £4.64
• GBP to Australian Dollar: £4.35
• GBP to Canadian Dollar: £5.02
• GBP to New Zealand Dollar £4.53

These fees will increase the higher the amount you’re looking to send. 

For example, if you wanted to convert £5,000 into Euros and make that transfer, the additional fee would be £21.62.

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Revolut

The fees in place when using Revolut are split into three areas, basically how the payment or transfer is done. 

• International bank transfer
• Revolut account to Revolut account
• Payment by Card 

Fees will also vary depending on the currency and amount you want to send. 

As with most online services, no fees will be added if you transfer money abroad from one Revolut account to another, but with Revolut, the transfer has to be £1000 or under. 

A £5000 international money transfer from a Revolut account to another will see fees of up to a minimum of £20 added, which will vary depending on the currency. 

If the amount you want to send is £1000 or under, transfers such as GBP to Euro will see no fees added if you use an international bank transfer method. 

If it is anything about £1000, then fees will be added if you use an international bank transfer as the method of payment. A £5000 to Euro transfer with Revolut will see an added fee of £40.

If you want to do a £1000 to Euro transfer with a direct debit or credit card, the additional fee will be £7. 

When looking at other popular currency transfers such as US Dollar, Canadian Dollar & Australian Dollar from GBP,  for £1000 or under, the fees were the same, at £1.50 added as a transfer fee. 

Again, a higher amount transferred would see much more significant fees; for the same currencies listed above, a £ 5,000 transfer would add around £47.50 via transfer fees by Revolut. 

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Quick Summary

1. The cost of transferring money overseas will always include the exchange rate margin, but some services do not add transfer fees on top of this.
2. Certain banks won’t add transaction/transfer fees for European money transfers, but customers must meet the criteria they put in place.
3. Currency brokers are the best option for transferring money overseas without adding a transaction/transfer fee to the overall cost, especially for large transfers.
4. Online money transfer services, for small amounts, will beat banks on the exchange rate margin and transfer fees, but for anything higher than £1000, customers should expect higher fees added to the total cost. 

Transfer money overseas with No Transfer Fees using Key Currency

We help thousands of customers with international money transfer requirements at Key Currency. 

As an FCA-regulated and Authorised financial institution, customers know their money is safe. All of our customer transfers are done through segregated client-only accounts. 

Don’t just take our word for it.

We have over 2,500 Trustpilot Reviews with an ‘Excellent’ rating.

Our team of expert traders is always available for people who need help sending money abroad and getting the best value for their money. 

They’re just a call away; you can also see who you’ll speak to on our About Us page.

If you want to transfer money overseas without the extra transaction/transfer fees, get a quote with us today! 

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Foreign Currency Transfer Quote

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Want to Read More? 

• Top 5 Do’s and Don’ts of Transferring Foreign Currency

   

• How to Transfer Euros to Dollars

   

• Inheriting Money Overseas and Transferring it back

Author, Andrew Gibson

Last Updated on June 6th, 2024

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Transferring foreign currency, especially large amounts, can seem overwhelming, particularly if you’re new to the process. 

This article outlines 5 of the most important Do’s and Don’ts when deciding how, when, and where to transfer foreign currency.

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The 5 Must-Do’s for Transferring Foreign Currency

1) Listen to Real People’s Experiences!

Whether using your bank, an online platform, or a professional currency broker, remember: 

Personal reviews from existing customers are like gold dust. 

Choosing a company with outstanding reviews will give you the confidence and knowledge to ensure your foreign currency transfer is as cost-efficient as possible! 

When preparing this article, I asked several traders in our office for their expert options. 

All of them said they would give a new client this one particular piece of advice when choosing who to use to make their international transfer: 

“Always research by checking the FCA Register, check TrustPilot and Google reviews to help make an informed decision.”

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2) Familiarise Yourself with Exchange Rates

Let’s talk about the exchange rate – one thing that could always catch you off guard without serious research, as outlined in the previous must-do. 

Defining the exact rate and making comparisons can be tricky, especially if you are not a financial expert, as most of us are not! 

This is because some providers don’t openly publish their actual customer rates. 

Using their customer service or going into the branch of your bank in person are the best options, rather than relying on the rates published on their website. 

For example, if you look at Santander’s exchange rate calculator – it gives you what might seem like a very fair rate. 

However, note the somewhat sneaky disclaimer in VERY small letters at the bottom of the page which states: 

“The exchange rate shown is merely indicative and is not the exchange rate that might be applied in transactions with the Bank.” 

Cheeky. And easy to miss! 

One way to navigate this potential problem is to ask your bank in the most simple terms: 

“After factoring in all the fees, how many euros will I get for my Pound Sterling?”

They are then obliged to give you a straightforward answer, which will certainly not be what was displayed on that currency calculator! 

It may seem tiresome to do so much research, but in fact – here comes the technical part: 

Shifts in the exchange rate affect how people, businesses, and the government decide things. Altogether, this impacts economic activity, inflation, and the balance of payments.

Of course, no one can predict how the market trends will affect the exchange rate – if we could, we would all be sitting on a beach in Barbados sipping cocktails! 

However, talking to an experienced currency broker can offer you expert insight into the market trends and even allow you to lock in an exchange rate when the market is in your favour.

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3) Consider Timing and Daily Transfer Limits 

Timing is everything when it comes to transferring foreign currency. 

Be very clear about how fast you need the transfer to happen when speaking to your bank, currency broker, or online platform. 

Take into account weekends and bank holidays in both your home country and your recipient’s country, as this can affect the time the transfer takes to complete. 

High street banks can take up to 5 Days to process an international transaction, depending on the currencies involved. 

Using a specialist currency broker can speed things up to 24-36 hours for the transfer to be completed. 

There will also be a daily limit on how much you can send with some providers, particularly banks, so if you transfer a large amount, your bank, for example, will likely not be permitted to send it all in one go. 

Below are examples of daily limits some of the UK’s banks set for international money transfers, which is not ideal if you need to send a large sum urgently!

• Natwest: £25,000.
• HSBC: £50,000.
• Barclays: £50,000.
• Lloyds: £30,000. 

The amount of money you need to send and how fast you need to send it will play a crucial role in deciding which method to transfer your foreign currency. 

This is another prime example of the benefits of using a currency specialist who can transfer all your funds in one smooth transaction.

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4) Watch out for Hidden Fees 

Don’t get blindsided by sneaky fees. 

Look beyond the apparent transaction fees – other aspects such as bank fees or not altogether exchange rates! 

Hidden fees can mess up your budget. 

Knowing all the costs helps you make an informed choice and keeps more of your money where it belongs. 

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5) Set a Clear Budget 

Before you start, define your budget. 

Determine the exact amount you need to send, and keep that figure as a solid benchmark for your transaction. 

Ever-fluctuating exchange rates will affect your budget, and surprise fees can raise their ugly head if you are not fully prepared. 

If we use an example of exchanging 10,000 Pound Sterling for Euros:

Exchanging £10,000 today to EUR will net €11,560*. 

However, if you were exchanging £10,000 at the recent low of the rate in September 2022 it would have worked out at only €10,790.

A substantial difference, which demonstrates the importance of being aware of the current daily rate and how it can impact your budget. 

A definitive budget will allow you to choose the best, most cost-effective transfer option for your circumstances. 

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The 5 Must Don’ts for Transferring Foreign Currency

1) Don’t Ignore Overall Costs 

It’s easy to become fixated on exchange rates, but don’t forget all the other costs involved. 

Some providers may give you a great rate but slam you with high fees. 

Look at the big picture, including fees, to get the actual cost. 

Ignoring costs can mean unexpected hits to your wallet. 

A sweet exchange rate isn’t so sweet if the fees enter your transfer. 

When engaging in foreign currency transfers, it’s crucial to be mindful of potential fees that can impact the overall cost. Consider the following: 

• Bank charges: Your bank will impose fees for processing the transfer – the fees will vary depending on the amount of the transfer.
  

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• Exchange rates: As previously displayed in the article, fluctuations can influence the value of your transferred amount.
  

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• Recipient fees: Your recipient’s bank may apply charges depending on the country of the recipient.
  

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• Third-Party fees: Intermediaries involved in the transfer process will introduce additional costs.

  Ask your provider to clarify these charges before making your exchange.

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2) Don’t Rely on Banks 

Banks might seem like the prominent first port of call, but they’re not always the best bet. 

In my many years of living and working abroad, I have seen too many people lose a substantial amount of money by sending money abroad using bank-to-bank transfers. 

This happened a lot because they were unaware of any other option! 

Not everyone is familiar with other solutions, such as currency specialists, and therefore, use their bank as it appears to be easy and trustworthy. 

However, your bank will often have hidden fees, and their rates might not be as reasonable as they initially seem. 

Considering alternative service providers allows you to discover better rates and lower fees. 

Specifically, currency brokers excel in these aspects and present an intelligent option compared to high street banks. 

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3) Don’t Forget About Taxes 

Yes, taxes may not be the most exciting topic, but they DO matter. 

Transferring money abroad may trigger taxes, depending on the destination country’s regulations. 

• Certain nations tax incoming funds, for example on income or capital gains.
  

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• However, depending on your location, exemptions or reduced tax rates may well apply – such as for gifts, inheritance, or personal allowances. 

We recommend speaking to a local tax advisor for clear and definitive advice on what taxes you may be liable to pay for your transaction and avoid any unpleasant surprises! 

Ignoring taxes can mean trouble later on – knowledge is power here! 

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4) Don’t Leave it to the Last Minute!

As Liam, one of our traders, puts it – “Preparation is King!”

Providing you have the luxury of time to plan, be sure to do so. 

Last-minute currency transactions pose risks due to fluctuating rates and higher fees. 

Pre-planning and getting professional advice can ensure you avoid unnecessary bank charges and secure the best exchange rate ahead of your transfer. 

Planning allows for better negotiation, allowing for a smoother process with minimised unexpected costs.

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5) Don’t Forget to Double-check Every Detail

When you’re about to transfer foreign currency, steer clear of the classic blunder of inputting the wrong bank details. 

Always double-check your recipient’s details, whether you’re using a bank or a currency broker for your foreign currency transfer. 

Getting those details right ensures your hard-earned money lands where it’s supposed to, not someone else’s account.

It may seem simple, but one wrong digit can make all the difference! 

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Foreign Currency Transfer Quote

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Author, Mike Smith

Last Updated on June 8th, 2024

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Transferring Euros to Dollars is a simple and easy process once you have all the information you need! 

In this article, I’ll go through the step-by-step process of transferring Euros to Dollars, how long it will take, the options available, and how to get the most value for your money.

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How to Transfer Euros to Dollars (only 4 steps!) 

To transfer or change Euros into Dollars you can use your bank, a currency broker, or an online transfer app. Independent money services (broker or online platform) will charge much less in both transfer fees and margin on the exchange rate, compared to your bank. 

Whichever service you decide to use, the process is practically the same. 

Here are the four steps: 

1) Registration 

Before transferring Euros to Dollars, you must register and have a standard ID check. 

This check, by law, is to prevent any illegal international money transactions. 

You will need to provide: 

• Name
• Address 
• Date of Birth

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2) Secure a Euro to US Dollar exchange rate. 

The second step in the process will be to get a quote for your Euros to Dollars transfer. 

When transferring Euros to Dollars, you are selling Euros and buying Dollars. 

Exchange rates move consistently every day. This will affect how many Dollars arrive in your or the recipient’s US bank account. 

When you have found a favourable rate, you can lock in the exchange rate with a money transfer specialist or bank.

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3) Send in your Euros

When a Euro to US Dollar exchange rate has been agreed between you and your transfer provider, you can then send the amount of Euros you wish to transfer. 

The confirmation email you receive at the end of Step 2 will have the provider’s details. This is usually done via regular bank transfer. 

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4) Your Euros are changed to Dollars and sent. 

Once your money transfer service has received the Euros, they will convert them into Dollars. 

Once the conversion is complete, they will transfer to the US bank account you specified. 

Done!

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How Long Does it Take to Transfer Euros to Dollars? 

It will usually take 1-2 working days to transfer Euros to US Dollars. 

Converting the currency is one of the quickest parts of the international money transfer. 

The part that generally holds up the time it takes is clearing funds through the receiving bank. 

Depending on which US bank you or your recipient are with, the time it takes for the transfer to complete can vary due to each bank’s different checks, but it is usually within the range mentioned above. 

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What is the Best Way to Transfer Euros to Dollars? (Costs Compared)

There are various providers out there offering an international money transfer service. 

It can be overwhelming when trying to decide who to choose. 

Ultimately, there are two main options to consider when transferring Euros to Dollars. 

These include either your bank or a money transfer specialist. 

A money transfer specialist will be your best option if your Euro to Dollar transfer involves a large amount. 

Why? 

An independent money transfer specialist can provide more competitive exchange rates and lower fees than leading European banks. 

Securing a good exchange rate on your Euros to Dollars transfer means making significant savings. 

Banks typically charge higher fees and bigger exchange rate margins on Euro to Dollar transfers. 

This is important as the total cost of the transfer will be a combination of: 

• Exchange Rate Margin
• Transfer Fees

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Euro to Dollar Exchange Rate Margins & Transfer Fees (Explained)

The exchange rate margin is an important consideration when transferring a large amount of money from Europe to the US. 

This is where banks fall short of providing value for your money. 

Below, you can see the exchange rate margin ranges for banks across Europe for transferring Euros to Dollars. 

When comparing this to money transfer specialists, where the typical range of exchange rate margins can be as low as 0.4% – it is worth considering not using your bank. 

If you’re looking to send a much smaller amount to the US from Europe, under €5,000, then the familiarity of your bank may still be favourable to you. 

However, it is also worth noting that banks will not only charge on the Euro to Dollar exchange rate margin but also add further transfer fees. 

Transfer fees added on by European banks tend to be around €20 to €50. An additional charge alongside the markup on the exchange rate. 

Money transfer specialists are available, like Key Currency, who do not add any additional fees for transferring Euros to Dollars. 

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What information Will You Need to Transfer Euros to Dollars? 

For your Euros to Dollars transfer to go through, you must provide the following details to the bank or money transfer specialist you choose. 

• Name of recipient. 
• Account Name.
• Routing Number. 
• Bank Account Number. 

The one unfamiliar detail here may be the ‘Routing Number’. 

In short, the Routing Number in the US helps identify the bank and location of where the account was opened, allowing your funds to be transferred to the right place. 

A routing number is 9 digits long and can be found via logging into online banking or on a monthly bank statement. 

Another advantage of a money transfer specialist is that they can help you find this information if required. 

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Making Sure Your Euro-to-Dollar Transfer is Secure

If you do decide to go with a money transfer specialist, then it is paramount that you know the provider you are transferring with is safe. 

It’s a big part of any international money transfer; you want the peace of mind that your money is always safe and secure. 

Critical protections are in place. 

For example, it is essential only to use a money transfer specialist that is Authorised and Regulated by the Financial Conduct Authority or FCA for short. 

An FCA-regulated company is required to hold customer money in safeguarded bank accounts. 

When transferring Euros to Dollars, this means that your money will be in separate bank accounts designated for only customer transactions. 

Using the FCA register makes checking if a company is FCA-authorised easy. 

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How to Get the Best Euro-to-Dollar Rate

Like all exchange rates, the EUR to USD rate fluctuates daily. 

These are its movements in the last 6 months: 

Showcasing why finding the best exchange rate is essential. 

Monitoring exchange rates is difficult for the regular person, and knowing when a rate is more favourable can sometimes be confusing. 

This is why seeking professional support and guidance can be a big help. 

Unlike banks, money transfer specialists are experts in keeping track of exchange rates for their customers. 

The hard work of finding the best euro-dollar rate available or waiting for it to reach a certain point can be done for you. 

So you can sit back and relax!

However, it’s important to note that not all money transfer specialists offer this service; online money transfer platforms that conduct money transfers through apps will again leave you working out the exchange rate for yourself. 

Especially with large money transfers, it’s always best to deal with money transfer specialists and traders personally. 

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Quick Summary

1. You can use your bank or a money transfer specialist to transfer Euros to Dollars. 
2. It usually takes 1 to 2 working days for the transfer to complete, depending on the recipient’s US bank and their clearance checks.
3. Ensure they are Authorised by the FCA if using a money transfer specialist.
4. You can avoid high exchange rate margins and transfer fees by not using your bank to make the transfer. 
5. Some money transfer specialists will help customers find the most favourable Euro to Dollar rate.

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EUR to USD Quote

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