Article Image 26209

£30 to £3,000: how to get the best value for your money transfer

Finding the cheapest way to send money abroad isn't always straightforward. Should you choose a broker, bank or money transfer agency? Will you be charged a flat fee or a percentage? And how do you know you're getting the best exchange rate? Often, finding the best deal depends on how much you're transferring.


Because this amount is below most brokers' minimum transfer, the cheapest way to transfer small sums abroad is by using an e-wallet, and PayPal offers the best deal. Its cross-border fees vary depending on where you are and which country you're sending money to. The cheapest is just 0.3%, or 9p for £30, while the most expensive is 3.3% and comes to 99p for £30.

Most banks charge a flat fee, usually around £10, which cuts the value of your £30 transfer by a third. HSBC's fee is by far the lowest at £4. Some banks do offer free solutions. For example, international transfers are fee-free provided that they're between two HSBC accounts, and Barclays' Pingit mobile payment service offers free transfers to selected countries. Specialist credit cards like Halifax Clarity charge no transfer fees, but standard credit card interest rates apply.


When making transfers of this value, it's best to do some research first. Depending on the circumstances, banks, brokers and e-wallet systems all offer competitive rates. Percentage-based fees start to creep up in value here: while PayPal's lowest fee is still a very affordable 90p for £300, the more expensive 3.3.% charge now comes to almost £10. With this is mind, HSBC's £4 fee begins to look appealing.

Some brokers will often charge no fee for transfers of £300. Others do, but their exchange rates may be better. To be sure you're getting the best deal, compare their rates on our website before you buy.


For larger sums, brokers invariably offer the best value. On average, their exchange rates are 4% better than high street banks, and there are rarely fees added to transfers of this size. Because they transfer large sums regularly, they're able to negotiate the most competitive rates. And with tools like forward contracts and spot trades, you can lock in prices for a fixed term and take advantage of market fluctuations.

Comparison tool

Xavier Pasquini

This is a good way to help people on choosing how to send their money online!!!

Etta and Pierre Deschamps, Documentree Films

We regularly receive funds from overseas and used the Moneycloud to find an FX company who have helped us with a much better exchange rate than our high street bank. We're 3-4% better off as a result. Thank you the Moneycloud
Paying for your overseas tuition fees in foreign currency


Overseas university or secondary school tuition and living expenses are not only expensive but also currency conversion takes large portion of your budgeted funds for your child's studies. We show you how you can make the most of the money you are investing in your child’s future.

washington hotel


As an overseas investor, regardless of the method of hotel management you will decide to opt for, you will be exposed to what are often volatile exchange rates, whether paying for your investment, running costs and overseas supplies and hotel management employees. Read the definitive guide.

Market Insights

Sign up for our newsletter.

Thank You for subscribing to our Newsletter

You have successfully signed up to our Newsletter