What is the best way to send money abroad? How to avoid losing thousands of pounds

By Douglas Patient ·

What is the best way to send money abroad? Experts have revealed that Brits could lose thousands of pounds by focusing on transfer fees while overlooking the exchange rate they are offered.

Foreign-exchange experts told Newspage that banks and apps can work well for routine transfers, but people buying an overseas property, emigrating or moving inheritance money should compare the total amount that will reach the recipient. 

A difference of just 1% would be worth £2,500 on a £250,000 transfer.

Experts said consumers should decide how much foreign currency they need and when it must arrive before comparing providers. 

They should also check for transfer limits, intermediary-bank charges, how their money will be protected and whether the provider can fix an exchange rate before the payment date.

Apps may be convenient for smaller or straightforward payments, while using an existing bank can feel familiar. 

But experts said a foreign-exchange specialist may be more suitable for large or time-sensitive transfers because they can provide personal support and tools such as forward contracts, limit orders and transfers made in stages.

Dave Huggett, Founder at Lucid Foreign Exchange, said you need to ensure all paperwork is ready before anything needs to move.

He added: "The best route depends on the size and the timing. Apps and banks are fine for everyday transfers, and a bank can work when the money's already there, but the cost sits inside the exchange rate rather than as a fee, so a spread that looks small is real money on a house purchase. 

"A currency specialist earns its place when the amount is large, or specifically, the timing matters. You get a named person who knows the situation in detail, and you can fix a rate in advance rather than take the market rate on the day. Importantly, some providers offer named accounts, so the funds move in the name of the client, which also helps to reduce compliance friction. 

“Rather than focus on rates, work out what the money has to do and when. Be honest about whether the purchase is certain, and whether the provider has your best interests as a priority. Lastly, ensure all paperwork is ready before anything needs to move, and agree the route with both sides so the names match.”

Tony Redondo, Founder at Newquay-based Cosmos Currency Exchange, said you should avoid high-street banks.

He added: "For large, life-changing and complex transactions such as an overseas property purchase, emigration or probate payment, use a specialist who understands your priorities and risk tolerance, and builds a payment solution around you. Bigger providers carry bigger overheads; the more tech-led they are, the less personal the service. 

"For payments to Europe, the payment rail matters. A SWIFT-only provider risks extra fees, as your money gets routed via New York and intermediary banks, so choose one that also belongs to the SEPA network. Avoid high-street banks: uncompetitive rates, high fees and a branch network to pay for, with markups often 2% to 4% mean thousands lost in hidden costs. 

“Avoid automated apps too with their strict transfer limits and no hedging. A dedicated FX broker gives you competitive rates, forward contracts, limit orders and a real person to guide you throughout the transfer.”

Prem Raja, Head of Trading Floor at Currencies 4 You, said timing matters as much as the rate.

He added: “People often spend hours hunting for the best exchange rate without considering when they need to buy the currency. What is the point of getting the best quote on a day when the market has moved heavily against you? If you are buying a property in Europe, start looking at the currency as soon as you know your budget and likely completion date. 

"The euro price may be fixed, but the sterling cost is not until you secure your exchange rate. Apps can be convenient and well priced. Your bank offers familiarity, but that does not guarantee value. A good FX specialist adds a conversation about your budget, deadlines and options, rather than simply quoting a rate. 

"That might mean buying in stages or fixing a rate for a future payment, accepting you would miss any later improvement. Nobody can promise the perfect day to buy. The aim is to make the purchase affordable and predictable. Compare the total cost, check how your money is protected and get your paperwork ready well before completion.”

ENDS

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The question we put to Newspage’s experts, and their answers.

Show the original alert and 6 responses

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Newspage Raw

What is the best way to send a lot of money abroad?

ended 15. October 2026

What is the best way to move a lot of money abroad? Is it best to use apps or go direct to a bank or use a Foreign Exchange expert?

For example, for a British person buying a property in Europe or moving to a European city. What should they do? Go through the best steps.

  • What are the pros and cons of using an app or going direct to a bank to move the money?
  • What are the pros and cons of using a Foreign Exchange expert?
  • What steps do you need to do if you want to buy a property in Europe or move to live in Europe, for example?

Responses by tomorrow morning.

6 responses from the Newspage community

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Pro
Dave HuggettVerified
Founder at Lucid Foreign Exchange
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The best route depends on the size and the timing. Apps and banks are
fine for everyday transfers, and a bank can work when the money's already
there, but the cost sits inside the exchange rate rather than as a
fee, so a spread that looks small is real money on a house purchase.

A currency specialist earns its place when the amount is large, or specifically, the timing
matters. You get a named person who knows the situation in detail, and you
can fix a rate in advance rather than take the market rate on the day. Importantly, some providers offer named accounts, so the fund move in the name of the client, which also helps to reduce compliance friction.

Rather than focus on rates, work out what the money has to do and when. Be
honest about whether the purchase is certain, and whether the provider has your best interests as a priority.

Lastly, ensure all paperwork is ready before anything needs to move, and agree the route with both sides so the names match.
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Pro
Nouran MoustafaVerified
Practice Principal & IFA at Roxton Wealth
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For a large international transfer, I would never choose purely on the advertised fee. On six figures, the exchange rate can matter far more than a £10 transfer charge.

Apps are great for speed and smaller transfers. Banks are convenient, but convenience does not always mean the best rate.

For a property purchase, an FX specialist can be useful because you can discuss timing, staged transfers and sometimes locking a rate in advance. A small currency move on a €300,000 purchase can mean thousands of pounds.

My advice: compare the total sterling cost, check the firm on the FCA Register, prepare source-of-funds evidence, verify the solicitor or notary’s bank details independently and consider a small test payment first.

A six-figure transfer is not just a bank transfer. It is an FX decision.
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Pro
Steven GreenallVerified
Mortgage and Protection Advisor at Protect & Lend
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It would always be best to use a Foreign Exchange you can talk to if converting a large amount of currency. They will not only provide better exchange rates then Banks but will also provide guidance on using Forward Rates if the payment is not due immediately to give you that security of transfer value
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Pro
Harvey DhillonVerified
Founder & CEO at Zmartly
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An app competes with a bank on price, which is easy to test: ask each what the euros will cost you in pounds. A bank wins on protection: money in a UK-authorised one has FSCS compensation cover, up to a limit, if it fails. An app that's an e-money or authorised payment firm must keep your money separate or insured instead, so if it collapses you may wait and may not get it all back. For a house purchase I'd use a currency specialist that's an e-money or authorised payment firm, as it can fix the rate for completion day. The catch is that a small payment firm, whether it's an app or a specialist, doesn't have to safeguard your money at all, and the FCA Register shows which kind it is. Tell HMRC you're leaving, and know that keeping a home here can leave you taxed as a UK resident for that whole tax year. Sell it once you're non-resident and you must report the sale to HMRC within 60 days of completion, even if there's no tax to pay.
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Pro
Tony RedondoVerified
Founder at Cosmos Currency Exchange
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For large, life-changing and complex transactions such as an overseas property purchase, emigration or probate payment, use a specialist who understands your priorities and risk tolerance, and builds a payment solution around you. Bigger providers carry bigger overheads; the more tech-led they are, the less personal the service. For payments to Europe, the payment rail matters. A SWIFT-only provider risks extra fees, as your money gets routed via New York and intermediary banks, so choose one that also belongs to the EU-based SEPA network. Avoid high-street banks: uncompetitive rates, high fees and a branch network to pay for, with markups often 2% to 4% mean thousands lost in hidden costs. Avoid automated apps too with their strict transfer limits and no hedging. A dedicated FX broker gives you competitive rates, forward contracts, limit orders and a real person to guide you throughout the transfer.
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Plus
Prem RajaVerified
Head of Trading Floor at Currencies 4 You
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People often spend hours hunting for the best exchange rate without considering when they need to buy the currency. What is the point of getting the best quote on a day when the market has moved heavily against you?

If you are buying a property in Europe, start looking at the currency as soon as you know your budget and likely completion date. The euro price may be fixed, but the sterling cost is not until you secure your exchange rate.

Apps can be convenient and well priced. Your bank offers familiarity, but that does not guarantee value. A good FX specialist adds a conversation about your budget, deadlines and options, rather than simply quoting a rate. That might mean buying in stages or fixing a rate for a future payment, accepting you would miss any later improvement.

Nobody can promise the perfect day to buy. The aim is to make the purchase affordable and predictable. Compare the total cost, check how your money is protected and get your paperwork ready well before completion.