Cheapest Ways to Send Money Home from the UK (2026)

The UK has one of the highest volumes of international money transfers in the world. Immigrants sent over £20 billion home from the UK in a single year. Yet many people still use banks, which routinely charge 3–5% in hidden exchange rate margins on top of transfer fees. Here is how to keep more of your money.

The real cost of sending money: fees vs. exchange rate margin

A low or zero transfer fee does not mean it is cheap. Most banks offer an exchange rate that is 2–4% worse than the mid-market rate (the real rate you see on Google). On a £1,000 transfer, that hidden cost is £20–£40. Always compare the total amount received, not just the fee.

Best services compared (2026)

• Wise (formerly TransferWise) — uses the mid-market rate, charges a small transparent fee (around 0.4–1%). Best for most transfers.
• Remitly — specialised for corridors like UK to India, Nigeria, Philippines. Competitive rates, fast delivery options.
• WorldRemit — good for cash pickup options in Africa and Asia. Useful if recipient does not have a bank account.
• Revolut — free transfers up to a monthly limit on paid plans; uses the mid-market rate on weekdays.
• Western Union — higher fees but near-universal cash pickup network. Use only when other options are not available.
• Your bank — typically the most expensive option. Avoid for regular transfers.

Tips to get the best rate

• Transfer on weekdays — forex markets are closed on weekends; Revolut and some others apply a markup on weekend transfers.
• Avoid small transfers — fixed fees hurt more on small amounts. Batch transfers where possible.
• Use rate alerts — Wise and Remitly let you set a target exchange rate and notify you when it is reached.
• Compare on Monito — monito.com aggregates rates from 30+ services for your specific corridor in real time.

Are there limits on how much you can send?

There is no legal limit on how much you can send abroad from the UK — but large transfers (typically over £10,000) may require you to provide source-of-funds documentation to comply with anti-money laundering regulations. Keep payslips and bank statements handy if you are sending larger amounts.