How to Send Money Internationally Without High Fees

By Alan, Founder of Aetas Global | 15 years in international payments

Most people who have ever made a large international transfer believe they paid a small fee.

They didn't. Let's find out how to send money internationally without high fees

They paid a small visible fee, typically £10 to £30, and a much larger invisible one that never appeared on any statement, never showed up as a line item, and was never mentioned by the bank that charged it.

After fifteen years working in international payments, this is still the thing that frustrates me most about the industry. Not the cost itself. The silence around it, people would rather accept the cost than know the real truth of how to send money internationally without high fees.

This guide explains exactly how international transfer costs actually work, what questions to ask before you send a penny, and how to make sure you're not paying thousands more than you need to.

The Myth of the £15 Transfer Fee

Let me start with a story.

A client came to me after completing on a property purchase in Spain. They had transferred approximately £250,000 through their high street bank. They were pleased with themselves, their bank had charged a transfer fee of just £15.

When I asked them what exchange rate they had received, they looked at me blankly. They hadn't asked.

Their bank had applied an exchange rate margin of around 3.5%, the difference between the real market rate and the rate the bank gave them. On £250,000, that margin cost them approximately £8,750.

They paid £15 in visible fees. They paid £8,765 in total.

This is not unusual. It is, in fact, entirely standard practice across UK high street banking. The fee is real. The margin is also real. Most customers only ever see the fee.

How Banks Actually Make Money on International Transfers

To understand why this happens, you need to understand one number: the mid-market rate.

The mid-market rate, sometimes called the interbank rate, is the real exchange rate. It is what you see when you type "GBP to EUR" into Google. It is the rate at which banks trade currencies with each other.

It is not the rate your bank gives you.

The rate your bank gives you is the mid-market rate, minus their margin. That margin is their profit on your transaction. It is typically between 2.5% and 4% for personal customers at high street banks. It is not disclosed as a fee. It is simply built into the exchange rate you receive.

On a £300,000 transfer, a 3% margin costs you £9,000. On a £500,000 transfer, a 4% margin costs you £20,000.

One of the most extreme examples I have encountered involved a business making a payment of just over £500,000 to an overseas supplier. Their bank's exchange rate margin was approximately 4%. The total hidden cost was around £20,000. With a specialist provider, the same transfer would have cost £2,500 to £5,000, a saving of £15,000 to £17,500.

The client had no idea they had been overcharged. It never appeared anywhere as a fee.

The Real Cost Comparison: Bank vs Wise vs Specialist Broker

To make this concrete, here is what a £200,000 international transfer typically costs across three types of provider:

High Street Bank Exchange rate margin: 2.5%–4% Estimated cost on £200,000: £5,000–£8,000 Visible fee: £10–£30

Wise Exchange rate margin: Very close to mid-market rate Transparent fee structure Estimated cost on £200,000: £600–£1,200 Visible fee: Shown upfront

Specialist Currency Broker (such as Aetas Global) Exchange rate margin: Typically 0.3%–1% depending on volume and currency Estimated cost on £200,000: £600–£2,000 Additional value: Personal guidance, forward contracts, rate alerts, market expertise

The difference between a bank and a specialist provider on a £200,000 transfer is typically £4,000–£7,000. On a £500,000 transfer, it can exceed £15,000.

That is not a marginal saving. On a large transfer, it is a significant sum of money that most people hand over without knowing they are paying it.

My Honest View on Wise and Revolut

I want to be clear about this because too many people in my industry dismiss these products unfairly.

Wise and Revolut are excellent. For freelancers receiving payments in multiple currencies, expats making regular smaller transfers, or anyone sending a few thousand pounds overseas, they are often the best option available. The rates are transparent, the technology is excellent, and they have genuinely forced the banking industry to become more competitive.

The issue is not that they are bad. The issue is that they are not designed for every situation.

If you are moving £200,000 to complete on a property abroad, transferring business sale proceeds, managing a large inheritance in a foreign currency, or making regular payments of £50,000 or more, you may need more than an app.

At that level, the questions you face are not just about cost. They are about timing, risk management, rate protection, and having someone who can answer the phone when something goes wrong on completion day.

Wise and Revolut do not offer forward contracts. They do not have a dedicated person who knows your situation. They do not call you when the market moves in your favour.

They are brilliant tools. They are not the only tools.

The One Thing Most People Don't Know Exists

If there is a single piece of information I wish every person making an international transfer knew, it is this:

You do not have to accept whatever rate is available on the day you transfer.

Most people assume that currency rates are like weather, something that happens to you, not something you can plan around. That assumption costs people significant amounts of money every year.

A forward contract is an agreement to fix today's exchange rate for a transfer that will happen in the future, typically anywhere from a few weeks to twelve months ahead.

Here is a real example of what that means in practice.

A client was purchasing a property in Spain with a completion date three months away. The total amount required was €400,000. At the time they approached us, the pound was in a relatively strong position.

Rather than waiting to see what the rate would be on completion day, they locked in the current rate using a forward contract.

By the time completion arrived, the pound had fallen by approximately 5%. Because their rate was fixed, they avoided paying an additional £15,000 to £20,000 for the same property.

Nothing about the purchase changed. The price in euros was identical. The only difference was that they had removed the currency risk at the start of the process rather than gambling on it at the end.

This tool is available to anyone making a significant international transfer. Most people never ask about it because they do not know it exists.

Three Questions to Ask Before Any Large International Transfer

After fifteen years in this industry, I believe these are the three most important questions anyone can ask before making a significant international transfer. Almost nobody asks all three.

Question one: What is your exchange rate margin versus the live market rate?

Not the fee. Not the commission. The margin. Ask specifically how far their rate differs from the mid-market rate you can check on Google at that moment. The answer will tell you everything you need to know about the true cost of the transfer.

Question two: How much foreign currency will the recipient actually receive?

This question cuts through all the complexity and gives you a single, comparable number. If you are sending £200,000, ask each provider exactly how many euros, dollars, or other currency units will arrive in the recipient's account. Compare the answers. The difference between providers will likely surprise you.

Question three: Can I fix today's rate for a future payment?

If you know you will need to make this transfer in the coming weeks or months, ask whether you can lock in today's rate. If the rate is currently favourable, this question could save you a substantial amount.

A Case Study in Hidden Currency Costs

One of the most instructive client situations I have encountered involved a business importing goods from Europe.

They were making regular payments of approximately €100,000 per month to overseas suppliers. Their bank was applying an exchange rate spread of around 3%, which cost them approximately £30,000 to £35,000 per year in currency charges, none of which ever appeared as a visible fee on any statement.

When they moved to a specialist currency provider, their effective margin reduced to under 1%.

Over the following twelve months, they saved just over £20,000.

The saving was significant. But what struck the client most was not the money. It was the realisation that they had been paying the higher amount for years without ever knowing. It had simply been absorbed into their cost base, invisible and unquestioned, for as long as they had been in business.

This is not an unusual situation. It is the norm for businesses and individuals who have never been told to ask the right questions.

What I Would Tell My Best Friend

If someone I trusted was about to make a £300,000 international transfer tomorrow, here is exactly what I would tell them.

Do not use the first provider that comes to mind.

Get three quotes, your bank, Wise, and a specialist currency broker.

Ask each one the same single question: "Exactly how much foreign currency will arrive in the recipient's account?"

Then compare the three numbers.

That exercise takes thirty minutes. On a £300,000 transfer, the difference between the lowest and highest answer is typically £5,000 to £10,000.

I have never met anyone who earns that kind of money for half an hour's work.

What Clients Actually Value in a Currency Specialist

I want to be honest about what makes a specialist currency service worth using, because it is not always what you might expect.

The feedback I receive from clients is rarely about exchange rates. It is almost always about confidence.

Banks treat international payments as one of hundreds of services they offer. Apps optimise for speed and convenience. What clients consistently tell me is that what they value most, particularly when significant sums are involved, is having a person who understands their specific situation, explains their options in plain English, and is available when something unexpected happens.

Most people only make a major international transfer a handful of times in their life. Buying a property abroad. Moving overseas. Selling a business. Receiving an inheritance in a foreign currency. These are not routine transactions. They are significant financial events.

When the stakes are high, most people do not want technology. They want someone they can call.

That is the difference our clients mention most often. Not the platform. Not the rate card. The expertise and the support when it matters most.

Summary: How to Send Money Internationally Without High Fees

Before you make your next international transfer, do these five things:

1. Check the mid-market rate. Go to Google and search for the currency pair you need. This is the real rate. Every provider charges above it. Your job is to find out by how much.

2. Ask the right question. Ask every provider: "Exactly how much foreign currency will arrive?" Compare the answers.

3. Get three quotes. Your bank, Wise, and a specialist broker. The fifteen minutes this takes could be worth thousands of pounds.

4. Ask about forward contracts. If you know you will need to transfer money in the coming months, ask whether you can lock in today's rate. If the current rate is favourable, this could protect you from a market move that costs you significantly.

5. Match the tool to the task. For smaller, straightforward transfers, Wise and Revolut are excellent. For large or complex transfers, property purchases, business payments, emigration, inheritance, consider whether a specialist with personal service and market expertise is the right choice.

The information exists. The tools exist. The savings are real.

The only thing standing between most people and a significantly better outcome on their next international transfer is knowing what questions to ask.

LETS HAVE A CHAT

Alan is the Founder of Aetas Global, a specialist currency exchange service for individuals and businesses making significant international transfers of £50,000 and above. With 15 years in international payments, Aetas Global offers personal service, competitive rates, and genuine expertise for the transfers that matter most. Visit aetasglobal.co.uk or contact Alan directly at alan@aetasglobal.co.uk.