The cheapest way to send money internationally is usually a specialist provider that converts at or near the mid-market rate and charges a visible fee, such as Wise or Instarem, rather than a high-street bank. On GBP 2,000 to THB, in comparison data Wise published on 6 October 2026, the best option delivered about 0.8% to 3.6% more than the UK banks in the comparison. The gap is mostly in the exchange rate, not the fee. Always compare the amount the recipient gets, not the advertised fee.
Last checked: October 2026
In short:
- On EUR 10,000 to USD, Wise’s live quote delivered USD 11,207.10 after a EUR 48.31 fee, against USD 11,094.00 from OFX with no fee. The difference is the exchange rate markup, about 1.45% at OFX.
- On GBP 2,000 to THB, comparison data collected the same day put Instarem (88,692.70 THB) and Wise (88,627.73 THB) ahead of every UK bank listed, with PayPal last at 84,352.96 THB.
- UK banks in the GBP to THB data added 1.42% to 3.58% to the exchange rate, several with no transfer fee. HSBC UK charges £5 for most online payments to non-HSBC accounts in another currency, and its published conversion charge on foreign currency received into a GBP account is 2.2% under £50,000.
How international transfers are priced
Every transfer has up to four costs.
- The transfer fee. A flat amount, a percentage, or both. Wise’s fee is a percentage of the amount plus a small fixed part. On GBP 2,000 to THB it was £12.51 variable plus £1.51 fixed.
- The exchange rate markup. The mid-market rate is the midpoint between buy and sell prices on currency markets. Wise says it uses this rate without a markup. Most banks and many transfer companies quote a worse rate and keep the difference. A “0% fee” offer with a 2% markup costs more than a 0.5% fee at the mid-market rate.
- SWIFT intermediary fees. International wires often pass through correspondent banks, which can deduct their own charges. Revolut warns that intermediary banks “may also charge handling fees of USD15–50” on SWIFT payments, and OFX says third-party banks “may deduct a fee from your transfer before paying your recipient.”
- Receiving fees. The recipient’s bank may charge too. HSBC UK charges £5 to receive most foreign-currency payments into a standard account.
On a SWIFT payment you can usually choose who pays the charges: you (OUR), the recipient (BEN) or split (SHA). HSBC UK offers a “pay all the fees” option for payments outside the EEA, which covers intermediary and beneficiary bank charges. Choose OUR when the recipient must receive an exact amount, such as a deposit or invoice.
Providers with local payout networks avoid much of this by paying out domestically in the destination country, so no SWIFT chain is involved.
Worked example 1: USD 5,000 to EUR
Quotes checked 6 October 2026, bank transfer in, bank transfer out. The ECB’s reference rate that day was 1 EUR = 1.1269 USD, so USD 5,000 was worth about EUR 4,436.95 before costs.
| Provider | Fee | Rate used | Recipient gets | Cost vs mid-market |
|---|---|---|---|---|
| Wise (live quote) | USD 20.55 | 0.887981 (mid-market) | EUR 4,421.66 | About 0.4% |
| OFX (live quote) | USD 0 | 0.8705 (OFX’s interbank rate shown: 0.88769) | EUR 4,352.50 | About 1.9% |
Wise delivered about EUR 69 more. OFX waived its fee because the amount was above its USD 5,000 fee-free threshold, but its rate was about 1.9% below the interbank rate it displayed.
Wise’s comparison table for this currency pair held only data from August 2026, so we haven’t used it here.
Worked example 2: GBP 2,000 to THB
This table uses Wise’s public comparison data, collected between 10:34 and 19:26 UK time on 6 October 2026. Wise collects it by making transfers as a customer and estimates rates afterwards, so treat it as indicative. The mid-market value of GBP 2,000 at Wise’s rate (44.6267) was about 89,253 THB.
| Provider | Fee | Markup on rate | Recipient gets (THB) |
|---|---|---|---|
| Instarem | £0 | 0.61% | 88,692.70 |
| Wise | £14.02 | 0% | 88,627.73 |
| HSBC | £0 | 1.42% | 87,977.64 |
| NatWest / RBS | £0 | 2.35% | 87,146.44 |
| OFX | £7.00 | 2.11% | 87,049.21 |
| Barclays | £0 | 2.69% | 86,839.29 |
| Remitly | £0.99 | 2.70% | 86,783.98 |
| Nationwide | £15.00 | 2.02% | 86,779.50 |
| Western Union | £0.99 | 3.02% | 86,500.57 |
| Moneygram | £4.99 | 2.85% | 86,483.86 |
| Lloyds | £9.50 | 3.58% | 85,641.36 |
| Skrill | £0 | 4.77% | 84,981.24 |
| PayPal | £2.99 | 5.34% | 84,352.96 |
Two cross-checks:
- OFX’s own rate tool quoted 43.6265 THB per GBP with a £7 fee on £2,000, against an interbank rate of 44.587. It shows a £3,000 fee-free threshold. That conflicts with OFX UK’s FAQ, which says “there are no transfer fees”. Check the fee in your own quote.
- HSBC UK’s published price for a standard account is £5 per online payment to a non-HSBC account in another currency, plus HSBC’s exchange rate. Its Global Money account sends with no HSBC fee. Wise’s data probably reflects a fee-free route.
Remitly advertises a promotional 44.30 THB per GBP for new customers, but only on the first £500 sent.
Revolut isn’t in Wise’s dataset and its calculator couldn’t be read. Its published UK pricing sheet (undated) shows a fee of 0.3% for payments in the recipient’s local currency, with a £0.30 minimum and £5 maximum. On the Standard plan, currency exchange above £1,000 a month carries a 1% fair usage fee. Revolut shows the full cost in the app before you send.
Worked example 3: EUR 10,000 to USD
Live quotes checked 6 October 2026. The ECB reference rate made EUR 10,000 worth about USD 11,269.
| Provider | Fee | Rate used | Recipient gets | Cost vs mid-market |
|---|---|---|---|---|
| Wise (live quote) | EUR 48.31 | 1.12615 (mid-market) | USD 11,207.10 | About 0.5% |
| OFX (live quote) | EUR 0 | 1.1094 (OFX’s interbank rate shown: 1.12571) | USD 11,094.00 | About 1.5% |
For European banks, Wise’s comparison data (collected 29 September to 1 October 2026) shows these markups and fees on the same amount. Amounts received aren’t shown here because rates moved after collection.
| Provider | Fee (EUR) | Markup on rate |
|---|---|---|
| Instarem | 0 | 0.55% |
| ABN AMRO | 10.00 | 0.68% |
| Rabobank | 18.00 | 0.71% |
| Commerzbank | 17.50 | 0.95% |
| BNP Paribas | 0 | 1.39% |
| UniCredit | 15.25 | 1.22% |
| Sabadell | 75.00 | 3.00% |
| BBVA | 6.00 | 3.47% |
Some Dutch banks came close to the specialists. Spanish banks in the sample cost about 3% more than the mid-market rate.
Limits and speed
- Wise lists per-transfer limits for USD of 1,000,000 USD per local ACH transfer and 1,600,000 USD per international SWIFT transfer paid from an external bank account. It says international SWIFT payments usually take 1 to 6 working days, US ACH 0 to 3 working days, and US wires the same or next working day.
- Remitly says its sending limits depend on where you send from and whether your identity has been verified.
- Bank and card funding costs more. Wise’s own price list showed far higher fees for paying by credit card or Apple Pay than by bank transfer on the same USD 5,000 transfer.
Your bank may also cap daily outgoing payments. HSBC UK limits phone-instructed international payments to £10,000 for most customers.
When to use a broker for large amounts
For transfers in the tens of thousands, such as a property deposit, a business sale or moving savings, a currency broker can be worth a call.
- Rate locking. OFX offers forward contracts for personal clients, which fix a rate now for a payment later. They “typically start at £20,000”, and the deposit is “most often 10%”.
- Tiered bank pricing. HSBC UK’s published conversion charge on incoming foreign currency falls from 2.2% under £50,000 to 0.7% to 0.4% on £500,001 to £1 million. Only the top tier comes close to the roughly 0.5% Wise charged on EUR 10,000 in our example.
- Phone support. Xe offers large-transfer support by phone. It doesn’t publish a fee table: fees depend on currency, destination, payment method and amount, and are shown before you confirm.
Get two or three quotes on the same day and compare the amount received. For a business, see Wise Business account review (2026): fees, eligibility and risks.
Practical rules
- Compare the recipient amount, not the fee.
- Pay by bank transfer, not card.
- Send in the recipient’s local currency and let a provider with local payout convert, rather than sending your own currency by SWIFT.
- Avoid weekend conversions where a provider adds a weekend markup.
- Keep a second provider set up in case one freezes your account. See Why banks close digital nomads’ accounts, and which are safer bets.
Related guides: Wise vs Revolut for digital nomads: fees, limits and when you need a local bank · Wise Business account review (2026): fees, eligibility and risks · Best banks for digital nomads (2026): travel cards, fees and closure risk · Offshore bank account (2026): what’s legal, costs, where to open · Why banks close digital nomads’ accounts, and which are safer bets
Quick answers
Q: What is the cheapest way to send money internationally?
Usually a specialist provider that uses the mid-market rate or a small markup and charges a visible fee, funded by bank transfer. In Wise’s published comparison data from late September to 6 October 2026, Wise and Instarem beat UK and European banks on GBP 2,000 to THB and EUR 10,000 to USD. Always compare the amount the recipient receives.
Q: Why does my bank say “no fee” but my recipient gets less?
Because the cost is in the exchange rate. In Wise’s comparison data for GBP 2,000 to THB, Barclays charged no fee but used a rate 2.69% below mid-market. SWIFT intermediary banks can also deduct charges, which Revolut puts at USD 15 to 50, unless you choose to pay all fees.
Q: Should I use a currency broker for a large transfer?
Consider one for transfers in the tens of thousands, especially if you need to fix a rate in advance. OFX’s forward contracts typically start at £20,000 with a deposit most often of 10%. Get same-day quotes from a broker, Wise and your bank, and compare the amount received.
Sources
- European Central Bank: Euro foreign exchange reference rates (daily XML)
- Wise: price quote USD 5,000 to EUR
- Wise: price quote EUR 10,000 to USD
- Wise: price quote GBP 2,000 to THB
- Wise: comparison data GBP 2,000 to THB
- Wise: comparison data EUR 10,000 to USD
- Wise: comparison data USD 5,000 to EUR
- Wise: Comparison disclaimer
- Wise: Fees for sending money
- Wise: Guide to USD transfers
- OFX: rate tool, USD 5,000 to EUR
- OFX: rate tool, GBP 2,000 to THB
- OFX: rate tool, EUR 10,000 to USD
- OFX UK: Are there any transfer fees?
- OFX UK: Currency forward contracts for individuals
- HSBC UK: International money transfer
- Revolut: Bank transfer fees
- Revolut: International payments pricing sheet
- Revolut: Standard plan fees (UK)
- Revolut: Currency converter (UK)
- Remitly: Send money from the UK to Thailand
- Western Union: GBP to THB currency converter
- Xe: Money transfer fees
- Xe: Large money transfer
This is general information from the Nomad Forums team, not legal, tax or financial advice. Rules change; check the official source or a qualified adviser before acting.
Over to you: What did your last large transfer cost once you compared the amount received with the mid-market rate? Has anyone used a broker’s forward contract for a property purchase abroad, and was it worth it?