.png)
For Brits moving abroad
How Banks Charge You
Every transfer has two costs: the fee you can see, and the exchange rate you can't. The fairest rate is the mid-market rate, the one you see on Google or XE. Banks usually give you a worse rate than that and keep the difference, often without showing it as a fee at all.
On small amounts you barely notice. On a house sale or your life savings, that hidden margin can cost you far more than the fee itself. So before you send anything, compare the amount that will actually arrive in your new account, not the fee.
Moving Money Abroad from the UK
Last checked: October 2026
Moving abroad means moving your money too, from house sale money and savings to your pension and regular transfers home. Most people just use their bank, and that's where the cost hides. Banks often add a margin to the exchange rate on top of any fee, so you can lose far more than the fee suggests.
This guide explains how transfer costs really work, how banks compare with specialists like Wise, OFX and Currencies Direct, and how to move a large sum, like a house sale, without losing a chunk of it on the rate.
We may earn a commission if you use some links on this page, at no cost to you.
Your Options for Sending Money
High-street banks are the easiest option, since you already have an account, but they're usually the most expensive once you count the exchange rate.
Wise uses the mid-market rate and shows its fee up front, which makes it simple to see exactly what you'll get. It suits smaller and regular transfers.
Currency specialists like OFX and Currencies Direct are built for larger sums. You get a dealer you can speak to, and you can lock in an exchange rate for a future date, which helps when you're waiting on a house sale to complete.
Moving a Large Sum, Like a House Sale
With big amounts, small differences in the rate turn into real money, so it pays to plan.
A specialist can lock in today's exchange rate for a transfer you'll make later, so a fall in the pound before your sale completes doesn't cost you. You can also set a target rate and have the money sent automatically if the market reaches it, or send in stages rather than all at once.
Expect to be asked where the money came from. Have your sale completion statement or savings records ready, so the transfer isn't held up while it's checked.
Which to Use When
For small or regular transfers, like sending money home each month, Wise is usually the simplest and cheapest, because you can see the rate and fee up front.
For large one-off sums, like a house sale, savings or a pension lump sum, a currency specialist like OFX or Currencies Direct is usually the better fit. You get a dealer, you can fix your rate in advance, and they're used to handling big amounts.
Whatever you choose, compare the amount that will arrive before you send, and check the provider is regulated by the Financial Conduct Authority.
Questions About Moving Money Abroad
Is it safe to use a money transfer company instead of my bank?
Yes, if it's authorised by the Financial Conduct Authority. Check the provider on the FCA register before you send anything.
Do I pay tax on moving my own money abroad?
Moving your own money isn't taxed in itself. But tax can apply to how you made it, like gains on selling property or shares, so check before you move a large sum.
How long does a transfer take?
It depends on the currency and the provider. Check the delivery time before you confirm, especially if you're working to a completion date.
Once You Arrive
Open a local bank account as soon as you can. Some banks in popular destinations let you start the process before you move, which saves time when you land.
Until it's set up, a multi-currency account or card lets you spend in the local currency without paying your UK bank's foreign transaction fees. And keep your UK account open, as you'll often still need it for pensions, refunds or bills back home.
Not sure where to move yet?
Our free relocation app compares countries based on your job, age and priorities, and shows you which ones suit you best.
Questions about moving abroad?
Send us a message and we’ll get back to you within one to two days.
