Sending money abroad made simple

Sending money overseas doesn’t have to be a headache. Whether you’re helping family out, paying for tuition, or handling property stuff, it’s something millions of people do every year. But if you’ve never done it before, it might feel a bit overwhelming. The good news is that it’s actually pretty simple once you know the ropes. This guide will walk you through your options, what to look out for, and how to get the best deal when sending money abroad.

What are the options for transferring money internationally?

There are a bunch of ways to send money overseas, and each one comes with its own perks. Let’s break them down so you can figure out which one works best for you.

Bank International Payments (Online or Branch)

Banks are probably the most secure and regulated way to send money abroad. You can do it online, through your bank’s mobile app, or even in person at the branch. You’ll need a few details, like the recipient’s IBAN (International Bank Account Number), SWIFT/BIC code (Society for Worldwide Interbank Financial Telecommunication/Bank Identifier Code), and their bank info.

International money transfers

This is the most common method: sending money directly from one bank to another across countries. It’s safe, but it can take a bit longer and usually has higher fees than some other options.

Multi-currency accounts

For anyone who needs to juggle money in different currencies (like business owners or frequent travellers), multi-currency accounts are super handy. They let you hold and transfer funds in different currencies, so you don’t have to worry about exchange fees each time you make a payment.

Cash transfer services

Some services let you send money for the recipient to pick up in cash. These can be quick but often come with higher fees and not-so-great exchange rates, so they’re better for emergencies.

How do I transfer money abroad? (step-by-step guide) 

Once you’ve picked your method, here’s how you actually go about making the transfer.

Step 1: Check the details you need

Before you send money, make sure you have all the right info. You’ll need:

• The recipient’s full name
• IBAN or account number
• SWIFT/BIC code
• Bank name and address (if sending via bank)

Step 2: Choose how to send it

You’ve got a few ways to send money:

• Online banking: Just log in to your bank’s website and send it from there.
• Mobile app: If your bank has an app, this is a super quick and easy way to send money from your phone.
• Branch: You can also head to your bank’s branch. If you bank with TSB, you can find your nearest branch and make the payment in person if that’s more convenient.

Step 3: Review fees and exchange rates

Different payment methods can come with different fees and exchange rates. It’s worth taking a minute to check these before sending the money, so you know exactly what you’re paying for including any margins applied when converting the currency.

Step 4: Confirm and track payment

Once everything looks good, double check and then you can hit confirm! Most banks and services let you track your payment, so you can keep an eye on it as it moves through the system.

Best way to transfer money online

So, what’s the best way to send money online? It really depends on what’s most important to you; whether that’s keeping costs low, getting it there quickly, or making sure your payment is super secure.

Online Banking vs App

Using your bank’s online platform or mobile app is usually one of the easiest and most secure ways to send money abroad. You can check exchange rates instantly, see your payment’s progress, and confirm everything securely with two-factor authentication.

Security protections

The best part about using your bank is the security. Banks usually offer payment authorisation safeguards, like two-factor authentication, to make sure your money is well-protected. That way, you don’t have to stress about someone else getting access to your account.

Faster processing

Online transfers through your bank are often faster than other methods, and a lot of times, you can even track the payment in real-time. Some banks offer instant or quick transfers for certain types of payments, which is super convenient if you need the money to arrive ASAP.

How can I send money to family members overseas?

Sending money to family is a common need, especially if you’re supporting loved ones studying abroad or handling emergency expenses.

Regular transfers vs one-off payments

You can send money whenever you need, but if you’re doing it regularly, it might make sense to set up a repeat payment if possible. That way, you don’t have to set it all up every time. Many banks and transfer services allow you to set up recurring transfers for things like tuition or monthly support.

Currency timing considerations

Exchange rates can change from day to day, so it’s a good idea to keep an eye on them when you’re sending money. If you’re not in a rush, waiting for a better rate might save you some money.

Keeping records for budgeting

Sending money abroad is an important expense to track, especially if you’re sending regular payments. Keeping a record of these transfers helps you budget and manage your finances better.

What are the best ways to send money abroad?

Here’s a quick breakdown of how different methods stack up when it comes to speed, fees, security, and who they’re best for.

How long do international transfers take?

The time it takes for your money to arrive depends on a few factors:

• SEPA payments (for the European Union) usually take 1–2 days.
• SWIFT transfers can take anywhere from 1 to 5 days, depending on where you’re sending it.
• Cut-off times and time zone differences can also affect how long it takes to process the transfer.

Safety tips for sending money overseas

When you’re sending money abroad, safety should always come first. Here are a few quick tips to make sure everything goes smoothly:

• Double-check IBANs and SWIFT codes to avoid sending money to the wrong account.
• Be aware of fraud: If you’re ever unsure, take a step back and verify the details before making a payment.
• Confirmation of Payee: Some banks offer this feature, which helps confirm the name of the account holder, so you know you’re sending money to the right person.
• Never rush under pressure: Fraudsters will try to create a sense of urgency. Don’t let anyone rush you into making a payment.

What to do if you think you've been scammed

If you suspect you’ve been scammed, don’t wait—contact your bank immediately. They’ll be able to guide you on what steps to take. And for extra help, check out the TSB Fraud Prevention Centre to learn more about protecting yourself.

Making international payments with confidence

Sending money abroad doesn’t have to be complicated or stressful. With the right planning and a bit of knowledge, you can choose the best option for your needs, save on fees, and ensure your money gets to the right place. Whether you’re helping out family, paying for education, or handling other expenses, knowing your options and how to send money safely will make all the difference.

For more info on making international payments securely, check out TSB’s International Payments Page.

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