The advertised rate is never the whole cost. This page is mostly about the parts that are not advertised, because that is where people lose money.
Where the cost actually is
A currency conversion has up to four separate costs. Providers advertising "no fees" are usually charging you in the second one.
- The transfer fee
- A flat charge for sending. Visible, easy to compare, and usually the smallest component.
- The exchange rate margin
- The gap between the mid-market rate and the rate you are given. Invisible unless you check, and normally the largest cost by far.
- Intermediary bank charges
- On some routes, a correspondent bank deducts its own fee in transit. The recipient gets less than you sent.
- The receiving bank charge
- Some banks charge to receive an international payment. That one is between the recipient and their bank.
How to compare honestly
Ignore the fee. Ask one question: how much arrives in the destination currency? That single number contains every cost, and it is the only fair comparison between providers.
Sending money abroad
| Step | What to get right |
|---|---|
| The details | Account number or IBAN, the bank identifier, and the recipient name exactly as their bank holds it. A mismatched name is the commonest cause of a rejection. |
| The currency | Sending in the recipient currency usually costs less than sending yours and letting their bank convert. |
| Who pays the charges | Shared, sender-pays or recipient-pays. Sender-pays is the only option where the recipient gets the full amount. |
| The rate | Shown before you confirm, with the margin. If a provider will not show you the margin, that is the answer. |
| The reference | Whatever the recipient needs to identify the payment. Missing references cause more delays than anything technical. |
| The cut-off | Displayed before you confirm. After it, the payment goes the next business day. |
Verify new details by voice
Invoice redirection is the most expensive fraud there is. If a supplier, landlord or solicitor emails new bank details, phone a number you already had and confirm. Never use a number in the message.
Spending abroad on a card
- 1Always choose to be charged in the local currency. If a terminal offers your home currency, decline — that rate is set by the merchant and is reliably worse.
- 2Check your tier. Elite Plus and Prestige remove the foreign transaction fee; Essential does not.
- 3Use the card rather than changing cash at an airport, where the margin is at its widest.
- 4Expect a hold on hotel and car hire. It releases, but it reduces your available balance meanwhile.
- 5You do not need to tell us you are travelling. Turn on alerts instead, so you see anything unexpected.
For businesses
A business collecting in one currency and paying in another carries a real exposure. It is a treasury decision, not a payments one.
- Hold balances in the currencies you trade in, so revenue does not convert on arrival and again on payment.
- Local collection details let customers pay as though domestically, which reduces failed and delayed inbound payments.
- Convert when the need or the rate justifies it, with the margin visible before you commit.
- Where exposure is material to your margin, hedge it deliberately rather than hoping. We will say so rather than sell around it.
How long it takes
| Route | Typical | What delays it |
|---|---|---|
| Between accounts with us | Immediate | Nothing. |
| Major currency corridors | 1 to 2 business days | Cut-off times and weekends. |
| Less common corridors | 2 to 5 business days | Intermediary banks and local clearing hours. |
| First payment to a new payee | Add a short hold | Verification checks, which are protecting you. |
| Large or unusual amounts | Add a day | Compliance review. Telling us in advance shortens it. |
Documents you may also need
Ways to Move Money
Every transfer type on the platform: which to use, what it costs, how long it takes, and what to do when one goes wrong.
Personal BankingDebit & Credit Cards
Contactless debit, a rewards credit card, and the controls that let you freeze, limit and replace a card yourself in seconds.
Business CheckingGlobal Entity
Institutional infrastructure for groups: multi-currency settlement, cross-entity visibility, structured limits and a dedicated CFO contact.
This document was last updated on 1 August 2026. We publish the current version here at all times; superseded versions are available on request.
If anything on this page is unclear, write to us and we will explain it.