Money
Moving your money abroad
Sending savings, a house deposit or your pay to another country: what a transfer really costs, how safe your money is with a bank or a transfer firm, fixing a rate, providers compared from their own pages, and which banks let you keep your account when you move.
Checked on 17 October 2026. Fees, limits and account rules change often, and apart from Wise, which says it uses the mid-market rate with no mark-up, none of the transfer firms here publishes its exchange-rate margin as a percentage. Check the total you'll receive before you send. This is general information, not financial advice.
The short version
- The cost is the fee plus the exchange rate. A "no fee" transfer still costs you the margin added to the rate. Compare the amount that arrives, not the fee. World Bank, Remittance Prices Worldwide, Q1 2025
- Banks are usually the dearest way. On the World Bank's worldwide measure of sending $200, banks averaged 14.55% in early 2025, against 5.04% for money transfer firms. World Bank, Remittance Prices Worldwide, Q1 2025
- Most transfer firms aren't banks. Your money isn't covered by the FSCS; it's safeguarded instead, and if the firm fails, getting it back can take time and you may not get it all. FCA, using payment service providers, January 2026
- UK scam refunds don't cover international payments. The reimbursement rules that started in October 2024 list international payments as excluded. PSR, APP scams information sheet, October 2024
- Many UK accounts don't survive a permanent move. Barclays, Chase UK, Monzo and Revolut UK all say the account will have to close; others keep it with limits. Barclays, April 2023, Chase UK, moving abroad, Monzo, moving abroad, Revolut, changing your country of residence
- Expect to be asked where large sums came from. Banks have to establish where money comes from, and an ombudsman decision says they can block an account to do so. Financial Ombudsman, decision DRN-5075794
What a transfer really costs
- Two parts
- The World Bank measures the cost of a transfer as the fee plus the foreign exchange margin: the difference between the rate you get and the rate the currency is actually trading at. World Bank, Remittance Prices Worldwide, Q1 2025
- What it costs on average
- Sending $200 cost 6.49% of the amount on average worldwide in early 2025: 14.55% through banks, 5.04% through money transfer firms and 4.85% for digital services. Several providers say bigger transfers get a smaller margin, but apart from Wise, none of the transfer firms publishes its margin. World Bank, Remittance Prices Worldwide, Q1 2025, Currencies Direct, large transfers, TorFX, large transfers
- In the EU
- Before an online transfer with a currency conversion, you must be shown the estimated conversion charges and the amount the other person will receive. Card conversions have to be shown as a percentage mark-up over the ECB rate. Regulation (EU) 2019/518, Regulation (EU) 2021/1230
- Euro instant transfers
- In the euro area, an instant euro transfer can't cost more than a standard one (since 9 January 2025), and banks check the name matches the account (since 9 October 2025). ECB, Instant Payments Regulation
How safe your money is
- In a UK bank
- The FSCS covers up to £120,000 per person, per authorised bank or building society (since 1 December 2025), and up to £1.4 million for up to 6 months for temporary high balances, such as money from a house sale. FSCS, deposit limit change
- With an e-money or payment firm
- Not covered by the FSCS. E-money institutions and authorised payment institutions must keep your money separate (safeguard it) or insure it; small payment institutions don't have to. If the firm fails, you claim through the administrator: it can take time, costs can be taken, and you may not get it all back. FCA, using payment service providers, January 2026
- New UK rules
- Since 7 May 2026, payment and e-money firms have to check every day that the right amount is safeguarded, and plan better for failure so customers get their money back sooner. They still aren't FSCS-protected. FCA, payment safeguarding rules, August 2025
- Jersey and Guernsey
- Bank deposit schemes cover up to £50,000. Jersey aims to pay within 7 working days from 1 April 2026. Government of Jersey, March 2026, Investec, Guernsey deposit scheme
- In the US
- The FDIC insures at least $250,000 per depositor, per ownership category, at each insured bank. FDIC, understanding deposit insurance
- In the EU with Revolut
- Revolut Bank UAB is a Lithuanian bank; deposits are insured up to €100,000. E-money isn't covered. Revolut, deposit insurance (EU)
- Scams
- The UK's scam reimbursement, up to £85,000 a claim from 7 October 2024, covers Faster Payments within the UK, and CHAPS payments under Bank of England rules. International payments are excluded. PSR, APP scams information sheet, October 2024
Fixing a rate for a big payment
- A forward contract
- Fixes today's rate for a payment later, often with a deposit. OFX, for example, offers them from 2 days to 12 months, typically with a 10% deposit and a £20,000 minimum. OFX, forward contracts, April 2026
- A limit order
- Sends your money automatically if the rate reaches a level you set. OFX's last up to 6 months and can't be cancelled once the rate is hit. OFX, limit orders, July 2026
- The catch
- A deposit on a forward may not be safeguarded: TorFX's terms say security payments and margin calls aren't. If the rate moves against you, you can be asked for more. TorFX, terms
- How it's regulated
- A forward used to pay for identifiable goods, services or a direct investment can fall outside the rules for financial instruments, so investor protections may not apply. Ask the provider how it's regulated and whether you could complain to the Financial Ombudsman. FCA Handbook, PERG 13.4, March 2026
Transfer providers compared
What each one's own pages say, for people sending from the UK, in alphabetical order with two banks last. Apart from Wise, the transfer firms don't publish a margin, so get a quote from two or three for the same amount on the same day.
| Provider | How it charges | Bigger amounts | Fixing a rate | Regulated in the UK as | Your money | Worth knowing | |
|---|---|---|---|---|---|---|---|
| Currencies Direct | No fee of its own; a "small margin on the interbank rate" | Smaller margin on bigger transfers; over £50,000 by phone, no upper limit | Forwards up to 2 years (on its business pages); limit orders and rate alerts | E-money institution | Safeguarded; "not in scope of the FSCS" | A personal account manager | Go to Currencies Direct |
| CurrencyFair | A fixed fee, "usually around €3, £2.50, or $5", plus a margin on the interbank rate | Same fixed fee whatever the amount | Not stated | Payment institution in Ireland; UK accounts are provided by Moorwand Ltd | Held in segregated accounts | Its UK figures come from its blog | Go to CurrencyFair |
| Instarem | A fee by country (from 0.4% on its US fees page) plus "a minimal markup" on the Reuters rate | No UK limit by bank transfer | Not stated | E-money institution | Not stated | Go to Instarem | |
| Moneycorp | No transaction fee online; a margin "smaller than the banks'" | Online up to £100,000, more by phone | Forwards up to 2 years, often with a deposit; market orders | Authorised payment institution | Safeguarded | A personal account manager for phone bookings | Go to Moneycorp |
| OFX | No transfer fee from the UK; a margin that depends on the currency and amount | From £100; customised rates on larger transfers | Forwards from 2 days to 12 months (typically a 10% deposit and £20,000 minimum); limit orders up to 6 months | E-money institution | We couldn't read its UK safeguarding page | You must live in the country you're transacting from | Go to OFX |
| Remitly | £1.99 a transfer to euros, plus a margin it doesn't publish | Up to £75,000 a transfer from the UK, though your own limit may be lower; free concierge support on £4,000+ | Not stated | E-money institution | Not stated | Go to Remitly | |
| Revolut | Its own exchange rate; Standard plan: no fee on the first £1,000 a month, then 1%, and 1% at weekends (its help page); paid plans reduce or remove it | No large-amount discount on Standard | Not stated | A UK bank since March 2026, Revolut says | Revolut says eligible deposits are FSCS-protected up to £120,000; e-money still being moved across stays safeguarded | Go to Revolut | |
| TorFX | No transfer fee or commission; the interbank rate "plus a small margin" | From £100, no maximum; over £50,000 through your account manager | Forwards up to 2 years (on its business pages) with a security payment, which isn't safeguarded; limit orders (terms not stated) | E-money institution | Safeguarded; e-money "is not covered by the FSCS" | A dedicated account manager | Go to TorFX |
| Wise | A fee shown upfront, at the mid-market rate with no mark-up | Lower fees once you send £20,000 in a month; 0.1% above £2 million a month | Not stated; a callback team for large amounts | E-money institution | Safeguarded; not FSCS-protected | Go to Wise | |
| Xe | "Low to no fees", shown before you confirm; you "won't receive" the mid-market rate when sending | Lower or no fees on larger transfers | Forwards with a deposit; market orders online | Authorised under the Payment Services Regulations | Not stated | Availability depends on where you live | Go to Xe |
| Barclays | Online or in the app: no fee; branch or phone: £25 in its March 2023 tariff (its web page says from £15). Its tariff says it publishes its mark-up against the ECB rate | Not stated | Not stated | Bank | FSCS for deposits (up to £120,000 per authorised firm) | Fees from its March 2023 tariff: check | Go to Barclays |
| HSBC UK | £5 to send non-euro currencies or euros outside the EEA (free for Global Money and Premier); the "HSBC Exchange Rate, which includes a currency conversion charge" | Online up to £50,000 | Not stated | Bank | FSCS for deposits (up to £120,000 per authorised firm) | Go to HSBC UK |
Sources: Currencies Direct, large transfers, Currencies Direct, forward contracts, Currencies Direct, security of funds, CurrencyFair, Wise vs CurrencyFair, June 2026, Instarem, fees, September 2026, Instarem, limits, Instarem, licensing, Moneycorp, personal FAQ, Moneycorp, make payments, OFX, transfer fees, OFX, minimum transfer, OFX, cheapest way to send money, March 2026, OFX, forward contracts, April 2026, OFX, limit orders, July 2026, OFX, terms, Remitly, send limits, Remitly, large amounts, Remitly, GBP to EUR, Revolut, fees, Revolut, exchange fees, Revolut, is Revolut a fully licensed bank, Revolut, UK bank licence and your money, TorFX, large transfers, TorFX, help, TorFX, terms, Wise, pricing, Wise, large amounts, Wise, is my money protected, Xe, send money, Xe, fees, Barclays, international payments, FSCS, deposit limit change, HSBC UK, international payments
Keeping a UK bank account when you move
From each bank's own pages, alphabetical. We couldn't find a policy on the HSBC UK, Lloyds, NatWest or Starling sites: ask before you go.
| Bank | If you move abroad | Opening one from abroad |
|---|---|---|
| Barclays | No: it closes current and savings accounts once your address is outside the UK, with exceptions such as Crown employees and stays of 6 months or less with a planned return | No |
| Chase UK | No: it only operates in the UK, so close the account before you move | Not mentioned |
| Monzo | No, if you move permanently | No: you need a UK address |
| Nationwide | Yes, with conditions: register the app before you leave (it can't be installed on a non-UK device), and FlexPlus insurance stops once you register a foreign address but the fee continues; for a move to the EU or EEA, it can move your money and close the account | Not stated |
| Revolut | No, if the move is permanent: open an account in your new country if Revolut serves it. A temporary move is fine | In supported countries |
| Santander UK | Existing products can continue, with limits: no new or bigger overdrafts, and some countries can't be sent cards or statements | No: you have to live in the UK |
| Wise | You can hold money if you live in one of the countries it lists | Yes, in listed countries |
Sources: Barclays, April 2023, Chase UK, moving abroad, Monzo, moving abroad, Monzo, tax residency, Nationwide, living and working abroad, Revolut, changing your country of residence, Santander, moving abroad, Wise, where you need to live
Expat accounts
Accounts held in Jersey, Guernsey or the Isle of Man for people living abroad. HSBC says its expat account isn't covered by the UK's FSCS; the others name an island scheme or don't say.
| Account | To qualify | Monthly fee | Where it's held and protection | |
|---|---|---|---|---|
| HSBC Expat | £75,000 in savings or investments, or £10,000 if you're an HSBC Premier customer; funded within 3 months | None while you qualify | Jersey: Jersey scheme up to £50,000, not the UK FSCS | Go to HSBC Expat |
| Lloyds Bank International | No standard minimum stated (£250,000 for its private bank); can be set up before you move; some countries excluded | Not stated on its pages | Jersey, Guernsey or Isle of Man, each with its own scheme | Go to Lloyds Bank International |
| NatWest International Select | £25,000 minimum balance; you must live in an eligible country | £8 a month | Not stated on the page | Go to NatWest International Select |
| Santander International Gold | No minimum stated to open | No account fee, but £40 a month if you live outside the UK, Ireland, the Channel Islands or the Isle of Man and don't keep the required balance | Jersey (up to £50,000) or Isle of Man branch | Go to Santander International Gold |
Sources: HSBC Expat, account opening FAQs, HSBC Expat, UK expats, Government of Jersey, March 2026, Lloyds Bank International, moving abroad, Lloyds Bank International, key benefits, NatWest International, Select Account, Santander International, Gold Account
Multi-currency accounts
- Wise
- You can hold money if you live in one of the countries it lists, including the UK, the EEA, Switzerland, the US (not Nevada), Canada, Australia, New Zealand, Japan and Singapore. It has paused new account details in Thailand. It's not a bank: your money is safeguarded. Wise, where you need to live, Wise, is my money protected
- Revolut
- Open in the UK, the EEA, Switzerland, the US, Australia, New Zealand, Japan, Singapore and Brazil. In the UK, Revolut says it's now a bank, with FSCS cover up to £120,000 once your account has moved to Revolut Bank UK; in the EU, deposits with Revolut Bank UAB are insured up to €100,000. Revolut, supported countries, Revolut, UK bank licence and your money, Revolut, deposit insurance (EU)
For Americans
- Cash reports
- Banks report cash (coin and notes) transactions over $10,000. Splitting cash to avoid the report is a federal crime. FinCEN, notice to customers (CTR)
- Gifts from abroad
- Report gifts or bequests from a foreign individual or estate on Form 3520 if they add up to more than $100,000 in the year (from a foreign company or partnership: over $20,116 for 2025, $20,573 for 2026). IRS, gifts from foreign persons, April 2026
- Giving money
- For 2026, the first $19,000 of gifts to anyone is excluded from gift tax, or $194,000 to a spouse who isn't a US citizen. IRS, Rev. Proc. 2025-32
- Spending abroad
- Schwab Bank Investor Checking refunds ATM fees worldwide and charges no foreign transaction fees, but its site says it's "designed for U.S. residents". Capital One charges no foreign transaction fees. Schwab, checking, Capital One, March 2026
Foreign bank accounts and the FBAR: US taxes when you live abroad
Giving money to family in the UK
- The 7-year rule
- No inheritance tax is due on gifts if you live for 7 years after giving them, unless the gift is into a trust. GOV.UK, Inheritance Tax on gifts
- Every year
- You can give away £3,000 a tax year without it counting towards your estate. GOV.UK, Inheritance Tax on gifts
- Taper relief
- Only applies if gifts in the 7 years before death add up to more than £325,000. GOV.UK, Inheritance Tax on gifts