When you move abroad, you'll probably move more money in one go than at any other point in your life: house sale proceeds, savings, a deposit on a new home. Small differences in exchange rates and fees add up quickly on large sums, so it's worth understanding how transfers work before you send anything.
Where the cost actually is
The cost of a transfer has two parts:
- The fee: what you're charged to send the money
- The exchange rate margin: the gap between the rate you get and the mid-market rate (the rate you see quoted online)
The margin is usually the bigger cost, and it's often hidden. A transfer advertised as "no fee" can still cost more than one with a fee if the rate is poor. Always compare the amount that will actually arrive.
Your main options
- Your bank: convenient for small amounts, but the rate margin is often wider.
- Online transfer services: good for regular smaller transfers. Check limits on large amounts and how fast money arrives.
- Specialist currency brokers: suited to large one-off sums, like a house sale. Check the rate on the day, whether you get an account manager, and how they're regulated.
Tools for large transfers
Specialist providers often offer ways to manage exchange-rate risk on big amounts, such as:
- Forward contracts: fix today's rate for a transfer you'll make later, useful if you know the amount and date
- Limit orders: send automatically if the rate reaches a level you set
These can protect you from a bad move in the rate, but they also mean you won't benefit if it moves in your favour.
Is my money safe?
Check that any provider is properly regulated where it operates. In the UK, look the firm up on the Financial Conduct Authority (FCA) register. Ask how your money is protected while it's in transit, for example whether it's safeguarded in a separate account.
Banking in your new country
- Open a local account early. You'll usually need it for rent, salary and utilities, and some banks need proof of address or a residence permit first.
- Keep a home account, if your bank allows it, for pensions, rental income and bills you still pay there.
- Check your cards. Some banks close accounts for customers who move abroad, so ask before you go.
- Think about an international account to bridge the gap while local banking is set up.
Questions to ask a provider
- What amount will arrive, after all fees and the exchange rate?
- How do you compare with the mid-market rate?
- How are you regulated, and how is my money protected?
- Can you fix a rate for a transfer I'll make in a few months?
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This guide is general information, not tax, legal, financial or immigration advice. Rules change and every situation is different. Expat Confidant introduces you to independent specialists who can advise on your circumstances. Last reviewed November 2026.