Santander International Transfers (Clearly Explained)

Filed Under: Banks

Santander International Transfers (Clearly Explained)

Last Updated on August 7th, 2024

I’ll explain what Santander charges for an International Transfer, how long it takes, and how to make a Santander International Payment.

Hopefully, it will save you time reading pages of bank jargon and confusing fee schedules.

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Santander international payment charges

There are two charges you need to be aware of with a Santander international payment:

Transfer fees
Exchange rates

While the transfer fee is the more obvious, it is often the smaller charge.

A lot of people mistakenly think the transfer fee is the only charge.

But the exchange rate has a markup or profit margin added to it.

This is not visible, so it is often overlooked.

I’ll explain in more detail below.

Does Santander charge an international transfer fee?

You will be charged £25 for an electronic international transfer whether you use Online Banking, Telephone Banking, or visit a Branch with Santander.

Santander International Payments	Online	Branch or Telephone	One Pay FX (mobile)
Transfer Fee	£25	£25	Free

An international transfer fee is just a simple, flat fee charged per transfer.

It doesn’t matter how big or small your transfer is; the fee is the same.

The terminology used by Santander is an “electronic transfer”.

The One Pay FX mobile app was launched by Santander in 2018.

It’s a mobile app that is targeted towards smaller payments to friends and family.

One Pay FX has a £10,000 limit and can only make payments in Euros, US Dollars, and Polish Zloty.

While the £25 transfer fee charged by Santander is not massive, it is annoying and can add up if you make frequent payments.

Some of the other big UK banks charge a lower fee if you do your transfer online.

If you want to avoid paying transfer fees, you can use a money transfer specialist such as ourselves.

We don’t charge any transfer fees.

Santander exchange rates

There is no standard exchange rate charged by Santander.

The exchange rate depends on the size of your international transfer.

Put simply, the bigger your transfer, the better your exchange rate.

Unless you are looking to transfer a really large amount (over £100,000), you can expect a charge of between 2%-4%.

The exact charge depends on the currencies involved and the specific amount you transfer.

In my experience, there are much better rates available elsewhere.

If you just accept the rate charged by your bank, you could end up paying a lot more than you wanted, or your recipient could receive a lot less than they expected.

Small differences in the exchange rate can have a big financial impact.

As a quick example, say you were transferring £70,000 to Spain to buy a holiday home.

If the exchange rate margin charged by Santander was 2%, that would cost you £1,400 in exchange rate costs!

All I can suggest is getting a quote from an alternative provider.

A money transfer specialist is the easiest way for you to benchmark your bank and find out the potential savings.

Once you know what you can save, you can then make an informed decision.

Get an alternative quote

Types of Santander International transfers

Santander offers three types of International Payments, but fear not, only one of the options applies to most people.

An “Electronic Transfer” is the type most people are looking for when sending money abroad.

An electronic transfer with Santander has a £25 charge.

Santander also offers an “Electronic Euro Transfer (or SEPA transfer)”.

But it does not apply to most Brits.

A SEPA transfer is used if you’re sending Euros to Euros – meaning there’s no currency conversion. For example, someone sending Euros from Spain to France.

The third type of International Payment is a “Currency Draft (Cheque)”.

A draft might be a bit old-fashioned, but it is sometimes required for settling financial transactions with a third party.

It is a slower way of sending money abroad because it involves the sender physically posting the draft to the recipient, who then needs to physically bank it.

How to make a Santander international payment

The first step is to choose how you want to send your money:

Online Banking
One Pay FX app
Telephone Banking; or
Branch

Here’s a quick overview of each…

For Online Banking, you log in as normal.

Within the Payments & Transfers, select International Payments.

It’s fairly intuitive from here.

You will need to enter the amount of Pounds and the currency you need.

The system will quote you a rate.

You will also need the IBAN of the recipient.

Once everything is entered and confirmed by you, Santander will ping you a Time Passcode to your mobile for security purposes.

For the One Pay FX app, here is a 1-minute instructional video you can watch.

Don’t forget this app is limited to £10,000 max and only three currencies (EUR, USD, PLN).

For Telephone Banking you call 0800 9 123 123.

For Branch, it will involve filling out forms. Hopefully, you will get someone who knows what they’re doing.

The information you will need

To send a Santander international payment, you need the following:

Recipient’s full name (can be you or someone else)
The Account Number and their bank BIC

Alternatively, you can use the IBAN (international bank account number) for the recipient’s bank account.

The IBAN includes the country code, bank code, branch code, and account number – that’s why it’s so damn long.

The easiest way to find the IBAN is to look at a bank statement.

If that’s not possible, you can go into a branch and ask.

You can also try and cobble it together yourself using a free online tool like this.

There are quite a few free online IBAN generators, so I’m not promoting any particular one.

One option might be to use a money transfer specialist. They can assist you with all the payment details and help make sure everything is correct.

International transfer limits with Santander

The international transfer limit with Santander, if you have a current account, is up to £25,000 for a single transfer, or up to £100,000 can be transferred per day.

Limits may vary depending on the destination you’re looking to transfer to or the type of account you have.

How long does a Santander international transfer take?

Santander says to allow up to 4 working days. It should be a bit quicker for EUR and USD transfers. Other currencies take longer.

While different time zones, weekends, and daily cut-off times can cause delays, the time taken is often a result of the recipient’s foreign bank.

The recipient bank will do its checks before they clear the money into your account.

That part is outside the control of Santander.

A trusted and helpful alternative: Key Currency

Key Currency is a UK-based money transfer specialist.

We have far lower overheads than big banks like Santander, which enables us to pass on the savings to our customers.

You won’t pay any transfer fees, and our exchange rates are highly competitive.

What’s more, we provide you with a service.

We won’t push you onto a trading platform or make you download an app.

Instead, we help you from start to finish, including setting up your payment details and guiding you on exchange rates and the timing of your transfer.

Our company has attained a 5-star “Excellent” customer rating on Trustpilot, with over 2,500 reviews.

You also have the peace of mind of knowing that Key Currency is an FCA-regulated Authorised Payment Institution (No. 753989), and as such, all money transfers are conducted through safeguarded client accounts.

If you would like to compare our rates to Santander, simply request a free quote below.

Compare our rates

More money transfer guidance…

Bank exchange rates revealed (what to look for)

The safest ways to transfer money internationally

Best ways to send money abroad

Filed Under: Banks

Lloyds International Transfers (Fees and Process Explained)

Author, Mike Smith

Last Updated on August 9th, 2024

It can be confusing trying to get clear and helpful information from the big banks.

I’ve put together this guide to save you time searching for the answers. You will find out what Lloyds charges for an international money transfer, how long it takes, and how the process works.

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Lloyds international transfer fee

One of the most common things people want to know is the fee Lloyds charge for an international transfer.

Lloyds Bank charges a flat fee of £9.50 for international transfers, whether it is done online or in a branch. There is no fee if you transfer money to another Lloyds bank account.

Lloyds International Payments	Online	Branch or Telephone	Lloyds to Lloyds
Transfer Fee	£9.50	£9.50	Free

You should be aware that Lloyds also charge a ‘correspondent bank fee’.

This is an additional fee paid to intermediary banks used by Lloyds in executing your payment.

The correspondent bank fee is £12 for payments to the USA, Canada & Europe, or £20 for anywhere else in the world.

You can elect to share the correspondent fee with the recipient.

If you need to amend, cancel your transfer, or change the beneficiary details, there are ‘additional fees’, but Lloyds does not state how much these will be.

You can avoid paying these fees by using a money transfer company.

Note – some money transfer companies will also charge you fees, but some don’t.

Lloyds Bank exchange rates (the more important charge)

A lot of customers think the transfer fee is the only charge.

Unfortunately, they don’t realise that the real cost of their international transfer also depends on the exchange rate you get.

Like all the banks, Lloyds sets its exchange rates.

The exchange rate you are offered has a profit margin already added by Lloyds, but it varies based on the amount you send.

I worked out what exchange rate markup Lloyds adds on.

Here are some examples below:

£25,000 amount = 3.2% margin = £800 in exchange rate costs
£50,000 amount = 2.4% margin = £1,200 in exchange rate costs
£100,000 amount = 2.4% margin = £2,400 in exchange rate costs

To put this in perspective, on a £50,000 transfer, you would be charged £1,200 in exchange rate costs and a £9.50 transfer fee.

As you can see, Lloyds exchange rate costs are way bigger than the fee!

The fee is just an annoyance.

You might even call it a diversion.

On discussion boards, and even on Google search results, all the talk seems to be about the fee.

What’s the fee? How much is the fee?

The exchange rate barely gets a mention.

I suspect most people aren’t aware of the real cost.

I also suspect the banks want you to focus on the fee.

The exchange rate is the elephant in the room. By looking at the mouse (the fee), you miss the elephant (the exchange rate).

The broader point is if you just use Lloyds Bank for your international payments without even comparing their exchange rates, you may be a lot worse off.

Small differences in the rate can make a big financial difference to you.

My advice is to always get a quote from an alternative provider and compare how much money you would receive for your pounds.

There’s no harm in shopping around.

If you carry out a comparison, do it at roughly the same time because exchange rates move throughout the day.

You want to be comparing apples with apples.

Get a quote

How long does a Lloyds Bank international payment take?

The time taken depends on the currency and destination.

For payments in euros to the UK or an EEA country, your money should be delivered the next working day.

Payments in other any other currency generally take up to 4 working days.

Business customers can pay for an express service, but this option is not available for personal customers.

Lloyds has a daily cut-off time of 3 pm.

If your payment is made after that time, it will count as the next working day.

Does Lloyds have a daily limit?

Lloyds has a daily limit of £100,000 for international transfers using online banking.

That will be plenty for most people unless your transfer is connected to an overseas property transaction, in which case you may need to send more.

If you need to make a transfer over £100,000, you may want to consider using a money transfer specialist, as they do not have daily limits.

It will save you time (and fees).

The real issue is whether you are comfortable sending large amounts of money online.

I know a lot of people (including myself) who would hesitate at sending a big chunk of my money through an online platform.

It’s easy to make a mistake with international transfers, including things like the direction of currency, the beneficiary details, and picking the best time to exchange your money.

You may get greater comfort by speaking to someone familiar with international money transfers.

It can take away the stress and worry of making a mistake.

You may even save money by exchanging your currency at a favourable time.

The information you will need

To send money abroad with Lloyds, you need the following information:

Recipient’s name and address.
Recipient’s bank name and address.
The recipient’s BIC (Bank Identifier Code).
The recipient’s IBAN (International Bank Account Number).

You may not be familiar with a BIC or IBAN.

The BIC identifies a specific bank, and the IBAN identifies an individual account.

All banks in the world have a BIC. It is also known as a SWIFT code.

It’s usually on a statement or shown when you log in.

If not, you can look it up online (it is not confidential information).

An IBAN is a long string of letters and numbers.

It varies in length from country to country.

There are quite a few free online IBAN generators.

If you’re a bit nervous about putting your IBAN together, you can get assistance within a branch or ask a money transfer specialist.

How to send money abroad with Lloyds

The first step is to choose how you want to send your money:

Internet Banking
Mobile App;
PhoneBank; or
Branch

Here’s a quick overview of each…

Internet Banking:

Log in as usual
Select ‘More actions’ (on the right-hand side menu)
Select ‘Send money outside the UK’ (second one down).
Select either ‘Pay someone new’ or ‘Select an international recipient’ (for an existing recipient).
Enter all the recipient information as required above.
Choose the number of pounds (GBP) to send and the currency needed.
Select ‘Continue’ and if happy with the details ‘Confirm payment’.
Input your password.

The process drags on a bit.

There’s a lot of information and steps needed as an international transfer is not as straightforward as a domestic payment.

Mobile app:

To get started, click on the ‘three dots’ in the top right-hand corner.

From the right-hand menu, select ‘Send money outside the UK’ (sixth one down).

Then the steps are pretty much the same as Internet Banking.

PhoneBank:

To carry out an international transfer with Lloyds, you must register for PhoneBank first.

Once that’s done, you can call the numbers below.

From the UK, call 03457 449900

From outside the UK, call +44 (0) 1539 736626

Branch:

Remember to bring your ID!

Lloyds states that to prove your ID, in most cases, you will only need to produce one of the following:

a current photo driving licence
passport from the United Kingdom

Maybe best to bring both along just in case.

It’s then just a case of speaking to someone in the branch, and they will find the right person to help.

Also, don’t forget to bring the details of the recipient (as listed above).

Key Currency: a trusted and transparent alternative

Even if Lloyds have your money, you are not beholden to your bank.

You still have a choice in the matter.

A money transfer specialist can do the same job – often at a much lower cost.

Perhaps the biggest difference is the service.

The big banks want to push you online and remove all customer service.

That might suit them, but what about you?

When I sent a lot of money abroad as a customer, I wanted some reassurance and assistance.

I didn’t want to hope for the best.

The average person doesn’t make regular international transfers. So why put yourself through the aggravation of trying to do everything yourself?

At Key Currency, we don’t force you onto an online platform or make you download an app.

Instead, every customer has an account manager – a real person that you can directly speak to.

Our account managers assist with the payment details, discuss and agree with you on the right time to exchange your money. We will also keep you fully informed at all stages of your transfer.

It’s a better way of doing things.

We are an FCA-regulated Authorised Payment Institution. It means all money transfers are conducted through safeguarded client accounts.

As a company, we are open and transparent.

The names, faces, and backgrounds of all our people are shown on our website.

We also have a 5-star “excellent” customer rating on the review website Trustpilot; it’s the highest rating available.

To make a no-obligation enquiry, please request a quote below.

Compare our rates

Filed Under: Transfer Money

The Best Way to Exchange Large Amounts of Currency

Author, Andrew Gibson

Last Updated on August 27th, 2024

If you need to exchange a large amount of currency, you want to choose a way that is safe, efficient, and cost-effective.

Below you will find out the costs, what options you have, how the process works, and the best way to exchange currency.

Get a quick quote

What are your options for exchanging large amounts of currency?

If you need to exchange a large sum of currency, you have two options:

Use a bank
Use a currency broker

The advantage of using your bank is that it’s more familiar, and the money is already set in your account.

The disadvantage is the banks know that too.

It probably won’t come as a complete surprise that banks are not normally the cheapest way to exchange large amounts of currency.

I suspect the banks can’t compete too aggressively because they are lumbered with very high costs.

The UK’s largest banks, such as Lloyds, Barclays, HSBC, and Natwest, have annual costs that run into the billions.

Who do you think pays for that? Their customers of course.

But the big banks know that there will be a certain amount of walk-in traffic no matter what they charge.

So, there isn’t a great incentive for them to cut their fees.

In contrast, a currency broker specialises in currency exchange.

They wouldn’t get any customers if they charged excessive rates and fees.

As a general rule, banks can charge up to 3%-4% more than a good currency broker.

With far lower operating overheads, a currency broker can undercut the banks and pass on the savings to customers.

Get a quick quote

What are the costs?

When you exchange currency, there are two costs you need to be aware of:

Transfer fees; and
Exchange rates.

The transfer fees are more visible.

Every time to make an international money transfer, a lot of banks charge you a flat fee.

Transfer fees are typically in the region of £10 to £25 per transfer.

On a large currency transfer, that may not sound like a lot. But if you send money regularly, the fees can begin to add up.

I’m not a fan of transfer fees. They annoy customers for a start.

And it complicates the cost of the transfer, which is probably deliberate.

For large currency transfers, the more important cost is the exchange rate. Transfer fees become less significant for larger amounts.

Think of an exchange rate as effectively the price of money.

Each bank or currency broker will quote you their exchange rates.

Our research has found that the big UK banks are still charging 2%-5% mark-ups on their exchange rates.

This information is hard to find.

The banks often won’t quote you a rate until you are almost at the end of your payment.

By that stage, a lot of customers may reluctantly proceed even though they could do better elsewhere.

Why you should be wary of exchange rates online

These days most people go online to look up exchange rates.

Many websites are offering free ‘live rates’ – such as XE, Oanda, or DailyFX.

But there’s a problem…

Most of the online exchange rates you see are not available to customers.

They are what’s called ‘interbank’ exchange rates.

As the name suggests, interbank exchange rates are used by banks to trade with other banks.

They are not rates that an individual, like you or me, can receive. We’re not a bank trading billions every day!

I don’t blame anyone for thinking interbank rates are accessible.

It’s not made clear on these websites at all – quite the opposite.

But if you take a closer look you will find a disclaimer somewhere saying words like “for information purposes only” or “consumer clients or small to medium-sized businesses cannot access these rates.”

I think it’s misleading to hide that.

The problem is it causes people to have an over-inflated expectation.

Knowing exactly what your money is worth allows you to budget effectively and takes away the uncertainty.

To get a genuine rate, the best thing to do is request a quote from your bank or a currency provider.

Request a quote

Is it safe exchanging large amounts of currency?

Safety and security are critical for anyone looking to exchange a large sum of currency.

I’ve been on the customer side myself.

Before I sent any money internationally, I wanted to understand what security measures were in place.

Let me first explain something that most people aren’t aware of.

Behind the scenes, both banks and currency brokers use the same SWIFT international payment system.

SWIFT is the standard, secure system used by everyone.

It’s been around for five decades now.

It connects almost all banks around the world.

When you transfer money abroad, it will travel via the SWIFT system – whether you use a bank or currency broker.

Another important thing to know is that any company that is Authorised and Regulated by the Financial Conduct Authority is required to segregate client funds.

What does that mean in plain English?

If a company is FCA Authorised, your money transfer will pass through a separate, safeguarded account used solely for client transfers.

To find out if a currency broker is Authorised, you can search for a company on the FCA register.

Is there a limit on large currency exchange?

In most countries, there are no legal limits on currency exchange.

The UK, US, Canada, Australia, NZ, and the countries in the EU have no restrictions on the maximum size of an international bank-to-bank money transfer.

There are, however, some countries such as India, China, Russia, and Argentina that do restrict the movement of money (it is always easier to get the money in than out).

In the UK, although there are no legal barriers, the big UK banks often set their internal daily limits for online transfers.

Here are the daily international limits of the UK’s big four banks:

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

The daily transaction limits imposed by banks can be a problem for large currency exchanges. If you use a bank, you may have to send your money in several payments which will take longer and incur more fees.

If your transfer is over the limit, it may end up costing you more time, hassle, and costs.

You would need to make several transfers, and therefore pay extra fees.

An easy solution is to use a currency broker (also called a money transfer company).

Currency brokers don’t usually have any daily limits, so you might find them to be the best way to exchange large amounts of currency.

How to exchange large amounts of currency (in 4 simple steps)

Step 1 – Customer ID check

Before you can exchange currency, you need to be identified.

There is a legal obligation to verify new customers to comply with financial regulations.

It usually takes about 5 minutes, and there is no obligation to trade.

Step 2 – Secure an exchange rate

Once identified, your bank or currency broker will ask for the currency you need and the amount of currency you have and quote you their current exchange rate.

No transaction will occur without your permission.

If you are happy to proceed, the bank or broker will lock in your exchange rate.

You will then be emailed a confirmation with all the details of your transaction.

Step 3 – Pay for your transfer

Banks will require your money upfront, but currency brokers will allow you to lock in a rate before you send your money in.

The confirmation email will have the bank details of where to send your money.

Step 4 – Your money gets converted

When your money is received by your bank or currency broker, they will convert it into the currency needed and send your funds to the bank account requested.

Graphic of the four steps it takes to exchange large amounts of money with Key Currency. Register. Get an Exchange Rate. Make payment. Your money is converted and sent.

Getting the best exchange rate for large currency transfers

Exchange rates move up and down every minute of the day.

On a typical currency chart, you can see big peaks and troughs, as well as plenty of minor movements too.

Given the natural volatility of foreign exchange markets, it’s not easy for customers to know the best time to exchange currency.

It’s why you might find it useful to speak to a currency dealer who is continually watching rates and is familiar with the news, events, and price patterns that trigger the fluctuations.

On a large currency transfer, even tiny fluctuations in the exchange rate matter. That’s because a large transaction size magnifies movements in the exchange rate.

As a simple example, a tiny 0.3% move in the exchange rate on a £200,000 transfer means a financial difference of £600.

A swing of that size can happen within minutes.

Over days, weeks, and months, the movements tend to be much bigger.

Timing can be critical.

Some currency brokers will monitor the market for you and alert you when good opportunities come along.

A currency broker can help you achieve a more favourable exchange rate.

Not all currency brokers offer this level of proactive service.

A lot of brokers these days are just online platforms or ‘apps’.

You pretty much have to do everything yourself.

For large currency exchanges, customers often want the peace of mind of having someone they speak to.

Having a real person you can speak to brings several advantages:

The details of your transfer can be checked to make sure everything is in order.
You can discuss current rates and levels to aim for.
When you transfer your money, you are kept informed at all stages.

I think all three elements make the process a lot better for customers.

Get a free quote

Quick Summary

You can use a bank or currency broker to exchange large amounts of currency.
The cost is a combination of exchange rates and transfer fees.
Currency brokers can normally beat the banks in terms of cost.
If a currency broker is Authorised by the FCA, it is required to use safeguarded client accounts.
Some currency brokers (money transfer companies) are just online-only platforms, whereas others will offer you guidance on exchange rates and personal assistance.

Who are we?

Key Currency is a leading UK-based currency broker.

We give you access to top exchange rates and charge no fees.

And unlike banks and online-only operators, we don’t push you onto a trading platform and make you do everything yourself.

With us, you can expect service…by people.

As a company, we are open and transparent.

We don’t hide behind an app or a generic mission statement.

The names and faces of all our people are on our website.

All our customers are allocated an account manager who will take care of the entire process for you.

Of course, you want to get a preferential exchange rate and not be hit with any hidden charges, but you also want to know your money is secure.

We’re committed to providing a service of the highest integrity and safety.

As an Authorised Payment Institution, regulated by the Financial Conduct Authority (Register No. 753989), you have peace of mind knowing that all money transfers are conducted through fully safeguarded accounts.

We have a 5-Star “Excellent” rating on the customer review website Trustpilot.

To date, we have received over 2,500 reviews from happy customers.

Why not compare us to your bank or existing provider by requesting a quote below?

Get a free quote

Santander International Transfers (Clearly Explained)

Santander international payment charges

Does Santander charge an international transfer fee?

Santander exchange rates

Types of Santander International transfers

How to make a Santander international payment

The information you will need

International transfer limits with Santander

How long does a Santander international transfer take?

A trusted and helpful alternative: Key Currency

More money transfer guidance…

Lloyds international transfer fee

Lloyds Bank exchange rates (the more important charge)

How long does a Lloyds Bank international payment take?

Does Lloyds have a daily limit?

The information you will need

How to send money abroad with Lloyds

Key Currency: a trusted and transparent alternative

What are your options for exchanging large amounts of currency?

What are the costs?

Why you should be wary of exchange rates online

Is it safe exchanging large amounts of currency?

Is there a limit on large currency exchange?

How to exchange large amounts of currency (in 4 simple steps)

Step 1 – Customer ID check

Step 2 – Secure an exchange rate

Step 3 – Pay for your transfer

Step 4 – Your money gets converted

Getting the best exchange rate for large currency transfers

Quick Summary

Who are we?

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