Key findings
Executive summary
The most expensive part of sending money abroad is usually not the visible fee but the exchange-rate margin. Our benchmark blends margin and typical stated fees into a single percentage of the mid-market rate for a £1,000 transfer.
- High-street bank transfers average 3.4% across 20 corridors; Western Union averages 4.5%, Remitly 1.2% and Wise 0.6%.
- On a £1,000 transfer the typical bank route costs about £34 against £6 for the cheapest provider benchmarked – a £28 gap.
- The widest bank-to-Wise gap is on GBP→TRY (3.9% points); the narrowest is GBP→EUR (2.1% points).
- Rates move daily. Treat these figures as a benchmark for comparison and always check the live quote before you send.
Why the real cost is hard to see
A “fee-free” transfer can still be expensive. Providers can add a margin to the exchange rate – the gap between the rate you receive and the mid-market rate you see on a search engine. Because it is baked into the rate, it never appears on a receipt as a charge.
Provider comparison on the busiest corridors
View chart data as a table
| Category | High-street bank | Western Union | Wise |
|---|---|---|---|
| GBP→EUR | 2.5% | 3.5% | 0.4% |
| GBP→USD | 2.8% | 3.8% | 0.4% |
| GBP→INR | 3.5% | 4.5% | 0.6% |
| GBP→PLN | 3.2% | 4.2% | 0.6% |
| GBP→PHP | 3.8% | 4.8% | 0.6% |
| GBP→AUD | 2.8% | 3.8% | 0.4% |
| GBP→CAD | 2.8% | 3.8% | 0.4% |
| GBP→ZAR | 3.5% | 4.5% | 0.6% |
| Corridor | High-street bank | Western Union | Remitly | Wise | Bank cost on £1,000 |
|---|---|---|---|---|---|
| GBP→TRY | 5.20% | 6.50% | 2.50% | 1.30% | £52.00 |
| GBP→IDR | 4.20% | 5.20% | 1.60% | 0.80% | £42.00 |
| GBP→BRL | 4.00% | 5.00% | 1.50% | 0.70% | £40.00 |
| GBP→PHP | 3.80% | 4.80% | 1.30% | 0.60% | £38.00 |
| GBP→THB | 3.80% | 4.80% | 1.30% | 0.60% | £38.00 |
| GBP→MYR | 3.80% | 4.80% | 1.30% | 0.60% | £38.00 |
| GBP→KRW | 3.80% | 4.80% | 1.40% | 0.70% | £38.00 |
| GBP→INR | 3.50% | 4.50% | 1.20% | 0.55% | £35.00 |
| GBP→ZAR | 3.50% | 4.50% | 1.30% | 0.60% | £35.00 |
| GBP→MXN | 3.50% | 4.50% | 1.30% | 0.60% | £35.00 |
| GBP→CNY | 3.50% | 4.50% | 1.40% | 0.70% | £35.00 |
| GBP→PLN | 3.20% | 4.20% | 1.10% | 0.55% | £32.00 |
| GBP→HKD | 3.00% | 4.00% | 1.00% | 0.45% | £30.00 |
| GBP→SGD | 3.00% | 4.00% | 1.00% | 0.45% | £30.00 |
| GBP→JPY | 3.00% | 4.00% | 1.00% | 0.50% | £30.00 |
| GBP→RON | 3.00% | 4.00% | 1.00% | 0.50% | £30.00 |
| GBP→USD | 2.80% | 3.80% | 0.90% | 0.40% | £28.00 |
| GBP→AUD | 2.80% | 3.80% | 0.90% | 0.40% | £28.00 |
| GBP→CAD | 2.80% | 3.80% | 0.90% | 0.40% | £28.00 |
| GBP→EUR | 2.50% | 3.50% | 0.80% | 0.35% | £25.00 |
Sorted by the widest bank-versus-Wise gap. Benchmarks are indicative – always confirm the live rate and fees with the provider.
Protect yourself when moving money
Cost is one risk; fraud is another. Payment scams often exploit urgency and unfamiliar transfer channels, so slow down before you send.
- Compare the amount the recipient will actually receive, not just the headline fee.
- Use a regulated provider and check it on the Financial Conduct Authority register before sending large sums.
- Be suspicious of anyone pressuring you to move money quickly, change payment details or keep a transfer secret.
- Confirm payee details through a channel you already trust – not through a link or number in an unexpected message.
- Keep receipts and reference numbers so you can raise an issue promptly if something goes wrong.
Methodology & data sources
Corridor costs come from the Cost Saver FX corridor benchmark (World Bank Remittance Prices Worldwide (quarterly corridor survey); Provider public rate cards (Wise, Remitly, Western Union, high-street UK banks)). Each figure blends provider margin and typical transparent fees as a percentage of the mid-market rate for a £1,000 remittance. The benchmark is reviewed quarterly (last review 2026-02-01) and automatically validated (last validation 2026-10-12). Actual rates fluctuate daily and vary by amount, payment method and time of day. This is information, not financial advice, and does not constitute a recommendation of any provider.
- World Bank – Remittance Prices WorldwideQuarterly corridor surveyView source
- Provider public rate cards (Wise, Remitly, Western Union, high-street UK banks)Benchmark reviewed 2026-02-01
- Cost Saver FX corridor benchmarkValidated 2026-10-12
Cost Saver Deep Dives provide general information, not regulated financial advice. Figures are benchmarks and illustrations; check current terms with providers before acting.
