Transfer fees are simply a charge that banks add to a transaction. The fee is derived from the bank’s need to cover the cost of processing the international transaction. Some are more hidden than others so as a consumer you should always be wary of what total price they will end up paying.
Do all banks charge international transfer fees?
You will find the majority of high street banks do charge a fee of some kind, and these charges are incurred on each transaction, regardless of how many overseas payments you make. In some cases, premium bank account holders may receive reduced or nulled fees for certain transactions.
How much are international transfer fees?
How much you pay depends entirely on who you make the transfer with. As mentioned earlier, some premium bank accounts will allow you to make international bank transfers without a fee, however many high-street banks can often charge costly international bank transfer fees.
For example, if you send from the UK to Europe with Barclays it will cost £5 for a personal account and £15 if you have a business account, regardless of the amount you transfer (data taken on 17th September 2019).
Can I send money abroad without international transfer fees?
Here at moneycorp, we do everything we can to make your transfers as easy and cheap as possible, which is why we don’t charge fees when you send money online through your international payments account.
Simply sign up for a moneycorp account online, then add funds via a debit card or bank transfer. You can then exchange up to 33 currencies online, and make payments to over 190 countries without incurring any international bank transfer fees. Payments tend to only take 2-3 working days to reach the recipients account, and we provide plenty of information and guidance about the information you need to send money abroad.
The only fees we charge are for when you set up a Regular Payment Plan, which works to automate future recurring payments. Even in this case, this is a nominal fee and can help you get more for your money than sending payments with a high-street bank.
Sign up for a free account today to send money online with zero transfer fees.