Send Money Internationally from Europe — Cheaply

Why traditional banks are expensive for international transfers

When you send money internationally from a traditional bank — HSBC, Santander, BNP Paribas, Deutsche Bank — you typically pay two types of charges:

1. Fixed transfer fee: Usually €15–€35 per transaction, regardless of amount.
2. Exchange rate markup: Banks apply their own exchange rate, which is typically 2–4% worse than the mid-market rate. On a €5,000 transfer, this hidden cost can be €100–200.

On a €1,000 transfer to the UK (EUR → GBP), a traditional bank might charge €25 fixed fee plus 3% exchange rate markup = €55 total. Wise would charge around €6–8 total for the same transfer. The difference is enormous and compounds significantly if you send money regularly.

What to use instead

Wise is the benchmark for international transfers. It uses the mid-market exchange rate (the rate shown on Google or XE.com) and charges a small transparent percentage fee — typically 0.4–0.8% depending on the currency pair. For a EUR → GBP transfer of €1,000, the total Wise fee is around €5–7. There are no hidden markups.

Wise supports transfers to 80+ countries and 50+ currencies. You can send to bank accounts worldwide, including in the US, UK, Canada, Australia, India, and most of Europe and Asia.

Revolut is an excellent alternative, particularly for transfers to other Revolut users (which are instant and free). For transfers to external bank accounts, Revolut uses the mid-market rate on weekdays (with a 0.5% weekend markup) and charges a small fee on transfers above the monthly plan limit. On the Standard (free) plan, there are no fees on international transfers up to €1,000/month.

Step by step: Sending money internationally with Wise

1. Open the Wise app or go to wise.com.
2. Click "Send money" and enter the amount and destination currency.
3. Wise shows you the exact fee and exchange rate upfront — before you commit.
4. Enter the recipient's bank account details (IBAN/BIC for EU, sort code and account number for UK, routing and account number for US, etc.).
5. Fund the transfer from your Wise balance, by card, or by bank transfer.
6. Most transfers arrive within 1 business day. Many arrive in minutes.

Step by step: Sending money with Revolut

1. Open the Revolut app, tap "Payments" then "Transfer".
2. Enter the recipient's details. If they are on Revolut, search by phone number or username for instant free transfer.
3. For external bank transfers, enter their IBAN or account details.
4. Choose your source currency and the destination currency. Revolut converts at the live rate.
5. Review the fee (usually zero or very small on the Standard plan) and confirm.

Frequently asked questions

What's the cheapest way to send large amounts (€10,000+)? For very large transfers, a specialist currency broker (like Moneycorp or OFX) can sometimes offer better rates than Wise, especially if you lock in a forward contract. For amounts under €10,000, Wise is almost always the cheapest option.

How long do transfers take? Wise: typically same-day or next-day. Revolut: same-day for EU transfers, 1–3 days for non-EU. Traditional banks: 2–5 business days for international transfers.

Is Wise safe? Yes. Wise is regulated by the FCA (UK), the Central Bank of Belgium (for EU), and many other regulators worldwide. Customer funds are held in segregated accounts at major banks. Over 16 million people use Wise.

Can I use Wise or Revolut for business transfers? Yes — both offer business accounts. Wise Business and Revolut Business both support international transfers with the same low fees as personal accounts.