Best Bank for International Transfers

Alon Rajic
Alon Rajic is the managing director of Finofin, the company behind Money Transfer Comparison. He was previously a senior manager for XLMedia PLC (LON:XLM). His financial commentary could be found on INC, Forbes, Entrepreneur, The Motley Fool,, Yahoo! Finance and more.
Read more about Alon Rajic
Last Edited Nov 23, 2022

When it comes to international bank transfers, cost and service is everything. With a large selection of banks, national or regional, antiqued or neo-banks, globally, it may prove difficult to know which is the best bank for international money transfers. In this piece we will compare the best-known banks for international transfers in UK, EU, USA, Canada, Australia and touch a few more regions in order to determine whether you should use a bank to send international wire transfer, and if you do – which is the best bank for your needs.

Can You Send Money Internationally with a Bank?

The answer is an astounding yes. All banks support international bank payments abroad to bank accounts located outside the country, and support foreign currency exchanges as a part of that transaction (while not all banks support ALL currencies, it is generally safe to say that banks can satisfy most of the customer needs in that regard).

Specifically we have sampled the following 28 global banks:

  1. ✓ UK Bank Barclays supports international bank transfers
  2. ✓ UK Bank Lloyds supports international bank transfers
  3. ✓ UK Bank Nationwide supports international bank transfers
  4. ✓ UK Bank NatWest supports international bank transfers
  5. ✓ UK Bank RBS supports international bank transfers
  6. ✓ USA Bank Of America supports international bank transfers
  7. ✓ US Bank Chase JP Morgan supports international bank transfers
  8. ✓ USA Citibank supports international bank transfers
  9. ✓ USA Wells Fargo supports international bank transfers
  10. ✓ Australian Bank ANZ supports international bank transfers
  11. ✓ Australian Bank CommBank supports international bank transfers
  12. ✓ Australian Bank Macquarie supports international bank transfers
  13. ✓ Australian Bank NAB supports international bank transfers
  14. ✓ Australian Bank WestPac supports international bank transfers
  15. ✓ European Bank BNP Paribas supports international bank transfers
  16. ✓ European Bank  Deutsche Bank supports international bank transfers
  17. ✓ European Bank  ABN Amro supports international bank transfers
  18. ✓ European Bank  ING supports international bank transfers
  19. ✓ European Bank  Banco Sabadell supports international bank transfers
  20. ✓ European Bank  Caixabank supports international bank transfers
  21. ✓ Canadian Bank  RBC supports international bank transfers
  22. ✓ Canadian Bank  ScotiaBank supports international bank transfers
  23. ✓ Canadian Bank  TD supports international bank transfers
  24. ✓HK Bank HSBC HK supports international bank transfers
  25. ✓ New Zealand Bank ANZ New Zealand supports international bank transfers
  26. ✓ New Zealand Bank Bank of New Zealand supports international bank transfers
  27. ✓ Singaporean Bank DBS supports international bank transfers
  28. ✓ Singaporean Bank UOB supports international bank transfers

The grand conclusion is that banks, or at least the majority of major banks, do support international bank payments. These banks also accept international wire transfers.

Are Banks Your Only Option for International Money Transfers?

If you are perusing to find the best bank for international money transfers because you want to save up, get better service, or simply to test “what’s out there”, there are non-bank alternatives that you must consider. Wise is a great example of a very popular startup enabling customers to transfer money to a bank account internationally without using the bank, which has been receiving positive customer reviews and is boasting tens of billions a year in turnover. These type of services are growing in popularity almost everywhere in the world, with a specific focus on UK where the international money transfer market is booming and where most international payment fintechs and currency brokers are headquartered.

To view our recommended options please view our dedicated guides:

Fees: Biggest Differentiator Between Banks

The thing that ticks most people away from banks and into a research like the one you are conducting right now is fees. Prior to delving to the burning question of which is the best bank for international money transfers, we need to make sure you understand the actual costs you are paying now and how cheap, or expensive, is a bank’s offering.

There are two types of fees incurred by banks for international money transfers – fixed bank wire fee, and a currency exchange rate markup. The fixed fee is denominated in the local currency (for example, a $30 fee when transferring money from U.S through an American bank), and the currency exchange rate markup is normally hidden i.e. not advertised by the bank and is a percentage of the entire deal.

Drill-down: Cost of Transferring Money Between Banks Internationally

USA Banks: International Wires

BankInternational Wire Sent in USDInternational Wire Sent in Foreign Currency
Bank of America$45$0
Chase (JPMorgan)$40/$50$5 under $5,000, $0 over $5,000
PNC Bank$40/$45$40/$45
US Bank$50$50
Wells Fargo$30$30

UK Banks: International Wires

UK BankNon-SEPA Wire OnlineNon-SEPA Wire (Phone)Non-SEPA Wire (Branch)
Lloyds£9.50 (+£12/£20 if opt to cover correspondent fees)£9.50 (+£12/£20 if opt to cover correspondent fees)£9.50 (+£12/£20 if opt to cover correspondent fees)
RBSStandard: Free, Urgent: £15Standard: £22, Urgent: £30Standard: £22, Urgent: £30

Australian Banks: International Wires

BankFees – Sent in AUDFees – Sent in Foreign Currency
ANZ Bank$18 / $32 in-branch<$10,000 $9, >$10,000 $0
Commonbank$22 / $30 in-branch$6 / $30 in-branch
Macquarie Bank (OFX)$15 below $10,000, >$10,000 no fees<$10,000 $15, >$10,000 $0
NAB$30 / $30 in-branch$10 / $30 in-branch
Westpac$20 / $32 in-branch$10 / $32 in-branch

European Banks: International Wires

BankSEPARest of World
BNP Paribas€0 Standard / €0.50 Urgent / €7 to Switzerland€7 – €100
Societe Generale€0 online / €1.80 in-branch0.10% of Transfer Volume, Min €26, Max €70 (+€20 to cover correspondent fees)
Deutsche Bank

Standard: €0

Urgent: €0.60

1.5% (min €10)
ABN Amro

Standard: €0 online / €16 in-branch

Urgent: €5.50 online / €21.50 in-branch

Standard: €9 online / €25 in-branch

Urgent: €18 online / €34 in-branch

ING€0€6 (+ other fees to cover correspondent fees)
Banco Sabadell€0 Standard / €0.75 Urgent0.75% (Min €22)
CaixabankStandard: €0 <€20,000, 0.4% > €20,000 (min €3.95)

Shared costs: 0.6% (min €15)

Cover costs: 0.7% (min €27)

Canadian Banks: International Wires

BankPayment Fees
RBC Royal Bank (Canada)$6 <$1,000, $10>$1,000
Scotiabank (Canada)$1.99
TD Bank (Canada)Up to $25

Does Bank Cost Changes Based on Desired Speed?

Some banks will charge more in wire fees for a speedy transfer. For example a normal transfer that takes up to 5 business days would cost $x and a speedy transfer of up to 2 business days will cost $2x.

Average International Bank Transfer Costs

While it appears there is not a major difference between the best bank for international transfers and the worse one (just 50 US dollars difference or about), the actual heavy cost of conducting an international bank wire is the cost of currency conversion. Since transferring money through a bank to an account abroad also include currency exchange, that is another fees which is hidden for the most part because people don’t know it and don’t recognize it as being the biggest component in costs. This is how transferring 10,000 Pounds, Euros, US Dollars, Canadian Dollars, and Australian dollars would actually cost (spoiler: it’s a lot more than $50).

Banks inSWIFT Bank Fees (Wire)Exchange Rate MarkupAverage Exchange Rate MarkupAverage Cost on 10,000 Transfer

When factoring these two types of fees, our international money transfer fees research has determined, that sending money through a bank internationally is expensive. Whether transferring from UK to Spain, from USA to UK, from UAE to USA, from Switzerland, from Israel… banks remain expensive almost across the board.

Cheapest, Best, Banks for International Bank Transfers by Country

As per our research, consisting of the 28 aforementioned major banks and credit unions, these are the best and cheapest banks for international money transfers:

  • In the UK, NationWide was the cheapest bank out of those we tested at a margin of 1.6% on the GBPUSD and 2% on the GBPEUR, and hence we believe it’s the best bank for international transfers from UK. Outside of the largest banks as per our research, we could indicate neobank Virgin Money with margins as low as 0.4% on some currencies (but it’s only available to HNW and businesses).
  • In the USA, Bank of America was the cheapest bank out of those we tested at a margin of 2.5% to 2.7%, and hence we believe it’s the best bank for international money transfers from USA.
  • In Australia, Macquaire bank (using foreign exchange specialist OFX as its payments partner) was the cheapest with a margin of 2.1% to 2.3% and hence we believe it’s the best bank for international money transfers from Australia.
  • In Europe, ABN Amro, a Dutch bank, appears to have the best foreign exchange rates with as low as 0.67% on EURUSD (but as high as 1.98% on EURHUF), and hence we believe it is the best bank for international money transfers from Europe.
  • In Canada, TD Bank has the best USDCAD rates at 1.8% margin and while it is expensive on other currencies (>3% margin), we still believe it is the best bank for international money transfers from Canada considering the fact USDCAD transfers make up to 95% of that market.
  • A notable mention for a global bank outside the above regions would have to be HSBC, which is also the winner of our best international bank account in UK for its zero wire fees policy between HSBC accounts and excellent margins in HK with as low as 0.91% on HKDGBP.

Account Types

This whole international bank transfer comparison is based on the default fees and rates applied by banks. Premium bank accounts may enjoy better fees or better exchange rates, or even a higher level of service (HNW may have for example direct access to the FX trading room and book complex trades which others simply don’t have access to).

Intermediary Bank Transfers & SWIFT

If you know how FX transfers work when using a SWIFT transfer, you realize that there could be additional fees incurred by each international bank transfer before they hit a recipient’s bank and also be incurred unexpectedly. Those fees, named intermediary bank fees and are levied by banks which “mediate” the transfer in case the bank sending the funds does not have direct relationship with the recipient of these funds.

In some cases, circumventing your bank and using a wire transfer service for international money transfers can help these type of fees to be avoided. Companies like Currencies Direct can, in some destinations, debit one bank account and credit another bank account and avoid the actual SWIFT transfer. For example if you are using Currencies Direct to transfer money from a US bank account to a UK bank account, you’d transfer the money in US dollars to Currencies Direct US and they would, automatically, credit the recipient’s bank account in UK in Pound Sterling).

Cheaper Alternative Than The Best Banks?!

In our dedicated article about the cheapest way to transfer money internationally article we have concluded that banks in general are quite expensive for international bank payments. As detailed above, there are better banks and there are worse banks, but there is no real reasoning in sticking to banks over specialist services which are, in our opinion, cheaper and better as a whole for international money transfers than even the best banks.

Specialist services have lower fees overall, as their wire transfer service is fee-free, and their currency conversion markup is much lower than of banks. They are wholesalers of currency who have lower overhead costs than those of banks, and savings is rolled over to the customer.

The only advantage banks have over commercial companies is stricter regulation and in some cases, a governmental “insurance” (for example FDIC in the US) if the funds go missing or the financial institution collapses. This is of course a significant component, but you have to remember that money transfer providers are also regulated and that they are forbidden from using any customer funds for their own needs (these funds are SEGREGATED, and the account are  marked as customer funds with the name of the customer so that if the money transfer provider collapses… funds are returned to the customer who deposited them in there).

Please note that if you are using a specialist for a transfer, costs will be significantly higher if you were to fund your transfer with a credit card or a debit card. Always make sure to fund transfers through a domestic wire transfer (a transfer to a local bank). Same goes for using providers like Western Union for cash remittance which can be potentially more costly than using a bank.

Online Transfer Platforms vs Online Banking for Payments

According to a 2017 study, 78 percent of banks in the United States offer online banking, and it’s reasonable to believe now the number is closer to 100%, but does this satisfy the need of those needing to make a bank transfer to a foreign country?

When it comes to online money transfer platforms there is a much greater functionality when it comes to international bank transfers online than using a bank’s online banking platform. For example, with a specialist provider you could set a rate alert so that you will be notified when a certain rate hits. In fact, some U.S banks and Canadian banks won’t even allow a bank SWIFT transfer via the online platform and will force you to go to the branch and transact in person. Those are added values on top of the preferable pricing.

Bank Reviews for International Payments

On our journey to find the world’s best international money transfer service, we have covered both commercial companies as well as banks (and other sorts of financial institutions and even online wallets like PayPal international payments). By covering what I mean is that we have delved into the ins and outs of each service, not only its specific fees, but also what customer think about it, what kind of functions are available online, and so forth. When choosing which bank, or service, you will use for international bank transfer, reading reviews will help you make a more wholesome and holistic decision. Especially since now you know there’s a lot of money on table in fees when to sending money internationally to a bank account.

In total, we have 80+ reviews written about a variety of leading money transfer services, as well as a few banks. These are the banks we have reviewed to date:

What our reviews tell us that even the best known banks aren’t international payment specialists in a sense that private customers and SMEs don’t have access to a private currency dealer, there is no access to sophisticated contracts like a Forward, and there is no real-time indication on the status of a transfer. In other words, the level of service provided, even by banks relatively reasonable international money transfer rates, is subpar and particularly for large amounts (if you are transferring large sums abroad or receiving large sums internationally).

Bank Criticism… Another Reason to Circumvent

If you are still fixated on the idea of finding the best bank for international money transfers, then you should consider the reasons for which you still prefer to choose an old financial establishment over a specialist in this space. Yes, banks are more convenient. Yes, they are more heavily regulated. And yes, your money is insured for the most part (that aspect is very country-specific).

Does the above reasons satisfy you to an extent you’d be happy to pay, in certain situations, as much as x10 more on an international wire transfer with a bank compared to a specialist service? Could you justify shelling thousands of pounds, dollars, Euros, CAD or AUD on a large international bank transfer? Could you justify opting to use a bank that has very little availability and is the vast opposite of “close up and person” or “bespoke”? How about supporting a financial giant that is sitting on its laurels and shows little regards for its customers? (the last one being a blanket statement about banks… but it’s usually very true).

Below are some highlights from our article UK Bank Scandals on MTC Magazine:

  • In 2014, Lloyds was fined £218 million after adjusting the London interbank offered rate, or LIBOR, for the Japanese yen. It also tried to artificially adjust the rates for the British pound and the American dollar. Much of this was in an attempt to manipulate the market and to provide benefits to some of the preferred clients that Lloyds has been working with in recent years.
  • RBS was also fined £399 million in late 2014. This came after the group assisted some customers in efforts to adjust foreign exchange rates to their benefit.
  • Barclays engaged in some activities to adjust LIBOR rates in recent time. In 2012, Barclays settled on charges stating that it had adjusted LIBOR rates. The bank had been engaging in this activity since around 2005. Several inaccurate rates were sent to investors for their benefit. Barclays was fined a total of £59.5 million for its actions as well as $360 million US from American enforcement agencies for the same issues.

American banks are just guilty of being involved in scandals. The biggest scandals involving US banks include the Enron scandal, the WorldCom scandal, and the subprime mortgage crisis:

  • The Enron scandal was a major scandal that involved the collapse of the energy company Enron. The scandal also involved several major US banks, including Citigroup, JPMorgan Chase, and Merrill Lynch. These banks were accused of helping Enron to hide its debt and artificially inflate its stock price.
  • The Worldcom scandal was a major scandal that involved the collapse of the telecommunications company Worldcom. The scandal also involved several major US banks, including Citigroup, JPMorgan Chase, and Merrill Lynch. These banks were accused of helping Worldcom to hide its debt and artificially inflate its stock price.
  • The subprime mortgage scandal was a major scandal that involved the collapse of the subprime mortgage industry. The scandal also involved several major US banks, including Citigroup, JPMorgan Chase, and Merrill Lynch. These banks were accused of helping to create the subprime mortgage crisis by offering loans to people with poor credit histories and then selling those loans to investors.

Similarly, Australian banks. The biggest scandals involving Australian banks include the Commonwealth Bank financial planning scandal, the Westpac life insurance scandal, and the NAB foreign exchange scandal.

Dissatisfaction with Banks Grows

If we look at online reviews some of those “best banks” that we have compared on this article, we can see how customers are satisfied or dissatisfied. Please note those are general bank reviews and aren’t specific to international bank transfers:

  • Barclay Reviews: 1.4 / 5 stars on TrustPilot.
  • Lloyds Bank Review:  1.5 / 5 stars on TrustPilot.
  • Nationwide Bank Review:  1.7 / 5 stars on TrustPilot.
  • NatWest Bank Reviews: 1.4 / 5 stars on TrustPilot.
  • RBS Reviews: 1.4 / 5 stars on TrustPilot.
  • Bank of America Reviews: 1.4 / 5 stars on TrustPilot.
  • Chase Reviews: 4 / 5 stars on TrustPilot (!).
  • Citibank Reviews: 1.3 / 5 stars on TrustPilot.
  • Well Fargo Reviews: 1.2 / 5 stars on TrustPilot.

True for Nov 22, 2022.

In fact, we have even issued a survey in Australia asking customers whether their trust in banks have eroded. It is clear that disproportional high fees from banks, for international wire transfers or other services, does have that impact.

To summarize things, we believe that the future is in the hands of Fintechs. The right question should be not “which bank is best for international money transfers” but rather which is the best way to transfer money internationally.

Dual Currency Bank Accounts

If your intention is to receive an international bank transfer to your account, then a good choice globally would be HSBC, rated best international bank account in UK, which has no fees on international wire bank transfers between HSBC accounts, savings accounts in 16 different currencies, and an online system geared for internationals.

On the flip-side, HSBC’s FX margins are high at 2.75% on any currency exchange, not very competitive compared to the best bank alternative for receiving international bank transfers – Wise, offering accounts in 8 different currencies with FX margins of just 0.5% for most currencies and rated #1 best multi-currency account. With Wise you can issue a multi-currency debit card, but not invest the funds. There are additional alternatives for receiving bank wires internationally which are very bank-like: Revolut and Monese, both pertaining to provide customers with bank-like accounts which include savings and investing.