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Average Cost of a Money Transfer
Money transfers can cost anywhere from £0 up to £50 or even more if your bank charges a percentage fee and you're transferring a large sum of money. Find out how money transfer fees vary based on factors such as the size of your transfer, whether you make the transfer online or in branch, the type of bank you use, etc. to help you find the cheapest money transfer for your needs.
In addition to considering the fees charged to make your transfer, you'll also want to take into account the exchange rate offered before sending money.
Money Transfer Fees: Traditional Bank vs. Challenger Banks & Apps
Challenger banks and apps (e.g., Wise, Revolut and Monese) cost less for money transfers than traditional banks (e.g., a high street bank like HSBC) in many cases, but not always—it depends in large part on what type of account you have and how much money you're transferring. For example, as challenger banks/apps sometimes charge a percentage fee for money transfers and/or limit the amount you can transfer for free, their money transfers can be more expensive when you're transferring larger sums (unless you pay up for a premium account that has lower cost or even free money transfers).
Traditional banks tend to charge a fixed fee for money transfers, which can vary depending on how you're initiating the transfer (e.g., online or in branch). Fixed fees cost the same no matter how much money you send.
Challenger banks and money transfer apps typically either charge no fee (e.g., some premium accounts don't charge for money transactions) or a percentage fee. Percentage fees can mean you'll pay a lot of money to make a transfer if you're sending a larger sum. Below are some sample money transfer fees so you can get an idea of how pricing varies by type of service. Broadly speaking, transfers under £1,000 or so will generally be cheaper from a challenger bank or specialty online service as you'll either get a free transfer (Revolut) or the percentage fee will still work out less than you'd pay on the high street.
| Provider | Current Fee Structure (Digital/App) |
|---|---|
| RBS | £0 for Standard digital payments; £15 for Urgent payments. (Phone/Branch payments still cost up to £30). |
| Metro Bank | £0.20 for SEPA (Euro) payments; £25 for SWIFT (non-Euro/Global) transfers. |
| Starling Bank | 0.4% transfer fee (minimum £0.30 for local delivery) or a flat £5.50 for SWIFT. No exchange rate markups. |
| Wise | Transparent variable fee starting around 0.35% – 0.45% for major currencies (e.g., GBP to EUR) + a small fixed fee (~£0.50). |
So if you're sending a large amount of money then it can be cheaper to pay a fixed fee (e.g., to a traditional bank) than paying a percentage fee to a challenger bank or money transfer app. For example, transferring £40,000 via a Standard Revolut account in 2026 would now cost you significantly more due to tighter limits. With a £1,000 monthly fee-free limit, you would be charged a 1% fee on the remaining £39,000, totaling £390 in fees. For a sum this large, it is highly recommended to upgrade to a Premium or Metal plan, which offers unlimited fee-free exchange for a monthly subscription, often resulting in much lower total costs for high-value transfers.
Cost of Money Transfers: Online vs. Branch
If you're making a money transfer with a traditional bank, you'll usually have the option of initiating the transfer in one of three ways:
- Online
- Over the phone
- In person in a branch
Generally speaking, making an international money transfer is cheapest when you do it online and most expensive in branch. For example, Barclays charges £0 for transfers made online but £25 to £40 for transfers made from a branch (or £15 from branch if you're making a SEPA transfer to Europe).
Cost of Money Transfers: Destination Country
Depending on the bank, the amount you pay in fees may depend on the country you're sending money to. When paying a fixed fee to a traditional bank, euro money transfers to Europe often cost less than transfers in other currencies to other parts of the world.
In part fees vary by destination because SEPA payments (to Single European Payment Area (SEPA) countries) are more efficient and cheaper for banks to implement as they're like domestic payments, but SEPA only works for EUR payments. On the other hand SWIFT payments work internationally but require more human touch and are not as straightforward so it often costs more to send to other non-SEPA/European countries.
Differences in Exchange Rates
Fees aside, another way that challenger banks can help you save money on international money transfers is through a better currency exchange rate. Most of the challenger banks convert your money at what's known as the interbank rate, mid-market rate or spot rate—basically the wholesale price that banks themselves use to trade currencies with each other. Challenger banks tend to give you this "best" interbank rate, not making any profit on the fx.
Traditional banks, on the other hand, may give customers a slightly worse exchange rate to make a bit of profit on the currency exchange.
For example, in January 2026, live rate checks confirmed that major UK high street banks continue to offer less competitive rates for USD and EUR conversions compared to Wise. While a bank might advertise '0% commission,' they often hide a 3% to 5% markup within the exchange rate spread. In contrast, Wise uses the real mid-market exchange rate (the one you see on Google) and charges a transparent fee of roughly 0.41% to 0.43% for major currency pairs like GBP to EUR.
Other Fees
Just because your bank doesn't charge a fee, doesn't mean you won't pay anything to transfer money. Sometimes the bank that is receiving the money charges a fee also—and either you may have to pay this or the recipient will. Unfortunately, the treatment of this fee varies by bank but it's good to be aware of this before you send money—especially if the recipient needs to receive an exact sum (e.g., if you are paying a fixed amount to buy something).