Reduce international bank transfer fees

Happy couple on the beach discussing ways to reduce international bank transfer fees

International bank transfer fees can be very costly. Avoid high-street fees by using an international money transfer

Moving money costs money and with international bank transfer fees those costs can soon add up.

But it doesn’t have to be that way. Whether you’re making regular international currency transfers, or simply need to make a one-off large sum transfer for a major purchase, the exchange rate and transfer fees can make a big difference to the amount of currency you end up with.

Why use International Money Transfers?

If you’re making regular international currency payments to pay your living expenses or to cover your mortgage and household expenses, then you could be adding to your expenses with frequent charges for currency transfer fees.

Some premium bank accounts allow you to transfer money without a fee, but high-street banks generally have high currency transfer charges, charging up to £40 per transaction and using a currency specialist could help you make significant savings.

Using Telegraph International Money Transfers instead of paying currency transfer fees from your high street bank could save you money. In addition, the exchange rate varies between providers. Although there is a base rate, which fluctuates, within the FX market, each provider adds a different margin. A specialist provider can often offer better rates because of the volume of their transactions, particularly when compared with a UK high street bank.

Even a fraction of a percentage point can make a big difference, particularly when it comes to larger sums or regular transfers over time.

How to set up an international money transfer

Set up an account

The first step is to set up an account with a specialist foreign exchange broker. Telegraph International Money Transfers customers benefit from being transfer-fee free*, so if you need to make a monthly overseas payment, our service can save you up to £480 on fees alone compared to high-street banks.

Once you’ve opened an account you will have access to experts who will give you guidance on the market and you can keep a check on currency movements around the clock by going online at any time. You can also view your payment history and transfer currency bought over the phone.

How much will an international money transfer cost?

International money transfers are transaction fee-free.* For those who need to make regular international bank transfers, you can set up using your debit card or a direct debit from your UK bank account.

The exchange rates you get from a specialist broker may beat those offered by the high-street banks and there is no commission. You can even fix the prevailing exchange rate you will receive for up to 24 months in advance of your international money transfer. This may require a deposit.

How the Telegraph’s IMT service could help you

Telegraph’s International Money Transfers service offers great exchange rates with zero transfer fees* and 24/7 online access to manage your overseas payments. Benefits include:

  • Transfer fee-free* except for automated regular payments
  • 24/7 access online
  • 120+ currencies to exchange over the phone and 33 online
  • Award-winning service from a British-based customer help centre
  • Free tools including personalised rate alerts
  • Specialist guidance from expert dealers

Save time and money with Telegraph International Money Transfers

*excludes regular payment plans

moneycorp is a trading name of TTT Moneycorp Limited, a company registered in England under registration number 738837. It is registered office address is at Floor 5, Zig Zag Building, 70 Victoria Street, London SW1E 6SQ and it is VAT registration number is 897 3934 54. TTT Moneycorp Limited is authorised by the Financial Conduct Authority under the Payment Service Regulation 2017 (firm reference number 308919) for the provision of payment services.

The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. For more information on Telegraph Financial Solutions click here.

Information correct at date of publication.