Money Transfers

A money transfer is simply when you transfer money from one bank account to another. Sending money to your bank account from abroad is the most expensive way to transfer money. We have selected the top and most competitive ways to send money to a European bank account. Its easy to set up, and fees are incredibly low!

 

The exchange rates offered by official money transfer companies is often much better than using banks to send your money overseas. The actual transfer fees are also usually cheaper as well.

Compare the best Euro money transfer companies

Company Transfer Fees Transfer Funds Transfer Options
TorFx Money Transfer £0 Online &  By Phone Single & Regular Payments
XE Money Transfer £0 Online &  By Phone Single & Regular Payments
Virgin Money International Money Transfer £0 Online &  By Phone Single & Regular Payments
Currency Solutions Currency Transfer £10 & £0 on £3000+ Online &  By Phone Single & Regular Payments
Rational FX Money Transfer £0 Online &  By Phone Single & Regular Payments
OFX Overseas Money Transfer £0 Online &  By Phone Single & Regular Payments
Global Reach Currency Transfer £0 Online &  By Phone Single & Regular Payments
Currencies Direct Overseas Money Transfer £0 Online &  By Phone Single & Regular Payments
TransferWise Money Transfer Varies Online Single Payments Only
Azimo International Money Transfer Varies Online Single Payments Only
Moneycorp Money Transfer £0 Online &  By Phone Single & Regular Payments
Currency Amount Money Transfers £5 Online &  By Phone Single Payments Only

Why is the Euro exchange rate important?

The Euro exchange rate is the price of one currency (the Euro) compared to another (the British Pound, for example).

One of the main reasons that the Euro exchange rate is so important is that it helps to determine a European country’s economic state, relative to that of different countries’ economies, such as the UK’s.

It also plays a significant role in a country’s trading levels, showing the value of one currency against another.

Some countries’ currencies are pegged; meaning that they’re essentially fixed against the dollar, for example. The Euro exchange rate however, is controlled in a “managed float”, which means the Central Bank or various other organisations control whether it increases or decreases in relation to another currency.

What Is the Maximum Amount You Can Transfer to Europe from UK?

When it comes to transferring money to Europe from the UK, there is usually a maximum amount that you can send.

It often depends on the money transfer service provider that you use; for example, moneycorp impose a limit of £100,000 when transferring money online from the UK to Europe. However, if you’re sending money to Europe via the phone, then there is no upper limit on the amount you can send.

With some money transfer companies, there may also be a minimum amount on sending money from the UK to Europe; again, you must check with the money transfer company you’re using to see their limitations.

What Are the Best Ways to Send Money to Europe?

When it comes to sending money to Europe, there are a few methods that you might want to look into.

Banks

Using a bank to transfer money to Europe can often be done without a fee. Some banks such as HSBC (known as ‘the world’s bank’) have branches all over the world, making it free, quick and convenient to send money to Europe.

Pros

  • Convenient and easy to arrange – you can make transfers online or over the phone
  • Safe and secure – your bank or building society will protect you and your money when sending money to Europe

Cons

  • Often have much lower exchange rates than alternative methods
  • Not always the quickest option – some European money transfers can take up to 5 business days; even ‘express’ transfers can take 1 or 2 days

Specific money transfer companies

Arguably the best and most popular ways to send money to Europe is to use a money transfer company such as moneycorp, Currencies Direct and torfx.

These companies will often impose a minimum transfer amount and will likely have offices based both in the UK as well as in other countries in Europe.

 

An example: TransferWise:

 

With TransferWise, it costs a flat fee of £0.27 + 0.34% of the amount that’s converted to send money to Europe.

Their steps of transferring money from the UK to Europe are incredibly easy; pay in GBP with your debit or credit card or from your online banking, receive the best exchange rate from TransferWise and then the money is delivered into the recipient’s local bank account.

Pros

  • They offer a range of services
  • Fast – a money transfer to Europe using these methods can be completed in just a few minutes
  • Easy to set up – you often don’t need an account and some services may not even require formal identification

Cons

  • Sometimes not as safe and secure – the Financial Services Compensation Scheme (FSCS) does not cover some of these companies if they go bust
  • Fees can vary massively – this depends on the service you choose; smaller transfer amounts will often have large fees to send money to Europe
  • Exchange rates vary daily – make sure to check the Euro exchange rate for the day that you plan to send the money

Foreign Exchange Broker

If you’re looking to send large sums of money to Europe, then you may find that you get the best deal from a foreign exchange broker (FX).

They offer a great range of benefits when sending money to Europe, so you may want to consider using this method, especially if you’re sending large amounts of money.

Pros

  • Low fees – if you’re sending over £3,000 to Europe, you probably won’t be charged by an FX broker
  • Fast – the money will arrive in the European bank account the same day, or the following day
  • Excellent exchange rate – you’re most likely to get the best Euro exchange rate when using an FX broker

Cons

  • Opening an account can take some time – usually a day or two
  • Not as safe – the FSCS doesn’t cover these companies if they go bust
  • FX brokers aren’t great for sending smaller amounts of money as they don’t give the best deals

How Do I Receive Large Amounts of Money from Europe?

You can receive large amounts of money from Europe into your UK bank account by providing the following information: your full name, bank account number and sort code and the amount you’re expecting to receive.

When receiving large amounts of money from Europe, you may be required to pay taxes on the transfer; the taxable amount is likely to vary depending on the method of money transfer that you use.

You may also be required to report it on your annual tax return or file it with your bank.

What Kind of Documents Could I Be Asked to Send Money to Europe?

The kind of documents you’ll need to send money to Europe will depend on the method that you use to send the money.

If you’re sending money to Europe using a bank or building society, you’ll need the International Bank Account Number (IBAN) and the Bank Identifier Code (BIC) for the account in Europe that you’re sending money to.

It also depends on the circumstances of the money that you’re sending to Europe; for example, is it a property sale, a gift or inheritance? In these instances, you’ll be required to provide relevant information such as the property sale contract, a letter from the recipient confirming the relevant details of the exchange or a copy of the deceased’s will.

Money Transfer Credit Card for Euros

A money transfer credit card lets you transfer money into your bank account. You may experience money transfer fees (which will differ depending on the provider of the card) but there’s often 0% interest and you can use the money as you wish once it’s in your account.

Money Transfer Credit Card FAQ

Below you can find a detailed FAQ section, answering all your questions about money transfer credit cards.

Can I use a credit card for my euro transfer?

In the simplest terms; yes, you can.

There are several ways that you can use your credit card for your Euro money transfer, including using your bank either online, over the phone or in branch.

You can also use specific money transfer companies like Western Union and MoneyGram to transfer money to Europe using your credit card.

PayPal can also be linked to your credit card so that you can transfer your Euros. However, there is a 3.4% fee of your transaction amount when using this method.

Does a lower interest rate mean I pay less each month?

With a money transfer credit card, you get to choose how much you repay each month; though it’s likely that every money transfer credit card provider will have their own minimum monthly repayment.

A lower interest rate means that you would repay less each month, but it also means that it would take you longer to make the repayments.

What if the credit limit I get isn’t high enough?

If the credit limit you receive isn’t high enough, then it’s important not to panic right away and assume that you need to cancel your money transfer credit card.

There are a few things you can do if you wish to obtain a higher credit limit:

  • Ask your provider in a clear and concise way if you can have a higher credit limit
  • State the initial credit limit that you were given for the card
  • Request an additional credit limit that you’d like to be approved for
  • The reason why you require a higher credit limit for your money transfer credit card

Can I use money transfers for stoozing?

Stoozing is essentially making money with a credit card.

It is a way to turn money that’s been borrowed on 0% credit cards into profit. However, stoozing cannot actually be done using money transfers as the rates for each card can vary massively and you won’t see an appropriate profit return.

How To Get The Best International Transfer

An international money transfer is a safe and secure way to make international payments that are often better value and quicker than using your bank. You can use an international money transfer company to make a one-off payment or for regular international payments.

There are three ways to internationally transfer money:

Transfer at the current exchange rate

This transfers the money at the current exchange rate and is the quickest and simplest way to send money internationally.

Limit order

A limit order is when you nominate your ideal exchange rate and as soon as the exchange rate is reached, your funds are automatically transferred internationally. There is often a minimum transaction for a limit order and you can also set an expiry date that can be any time up to 12 months in the future.

Forward contract

A forward contract allows you to lock in today’s exchange rate, but actually transfer the money sometime up to 12 months in the future.

Frequently Asked Questions

Below you can find answers to some of the most frequently asked questions about international money transfers.

Can I agree an exchange rate now and send my money later?

Yes.

This is called a forward contract which allows you to lock in today’s exchange rate and then send the money at a later date, up to 12 months in the future.

Why do transfer companies offer different exchange rates?

First and foremost, transfer money companies of all kinds, whether it’s a bank, PayPal or Western Union, all need to make money.

Therefore, as they need to make money on every transaction, they will likely offer different exchange rates in order to remain as competitive as possible.

Furthermore, the exchange rate between currencies fluctuates on an almost daily basis depending on numerous economic factors, something which money transfer companies will have to consider when setting their exchange rates for international money transfers.

How long does an international money transfer take?

How long an international money transfer takes will depend on the company or bank you’re using to send the money, as well as the amount of money you’re sending.

There’s no set time on how long it will take to complete an international money transfer; it depends on many different factors.

Can I transfer money to any country?

You can transfer money to almost any country in the world, but there may sometimes be limitations.

For example, with some countries, you may be able to send money to the country, but not from the country.

There may also be limits on the amount of money you can send, as well as the type of currency you can send.

Can I transfer money abroad through my bank?

Yes.

This is one of the most popular ways to complete money transfers abroad. However, transferring money through your bank may not be the quickest way to go about it. You can also expect the exchange rate from your bank to be worse than if you were to use a specific money transfer company, for example.

Are money transfers FCA regulated?

The FCA stands for the Financial Conduct Authority and they are the body that regulates the international money transfer industry.

They do this to provide confidence to customers and businesses that their money is in safe hands when completing a money transfer.

Banks and building societies are usually always FCA regulated, but some money transfer companies may not be FCA regulated, so it’s important to carry out thorough research before deciding which method of money transfer to use.

Conclusion – money transfer

Money transfers can occur in various forms including bank transfers or by using other methods such as the Western Union. There are many things to consider when completing a money transfer so it’s important to obtain as much information as possible before you complete a money transfer.

Take care when looking into the different ways that money can be transferred and make sure to weigh up the pros and cons of each method, so you get the best possible deal.