Cheapest Ways to Transfer Money from Europe to UK

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So, you have made the big decision. You are moving your life—and your savings—across the Channel. Whether you are relocating from Berlin, Paris, Madrid, or Rome to the bustling streets of London or the rolling hills of the Cotswolds, you have a financial logistical puzzle to solve. You have Euros in your pocket, but you need Pounds to buy your coffee, pay your deposit, and ride the Tube.

It sounds simple, right? You just log into your bank app, type in the amount, and hit “send.”

Stop right there.

If you do that with a traditional bank, you might as well open your window and throw a handful of cash out into the wind. Traditional banks are notorious for what we call the “invisible tax” on currency transfers. They might tell you the fee is low, but they are eating your lunch—and your dinner—on the exchange rate.

We have seen expats lose hundreds, sometimes thousands, of Euros simply because they chose the wrong method to move their money. It is painful, and frankly, it is unnecessary.

In this no-nonsense guide, we are going to expose the Cheapest Ways to Transfer Money from Europe (EUR) to UK (GBP). We will peel back the curtain on how banks profit from your ignorance, introduce you to the fintech disruptors that are saving people millions, and help you keep your hard-earned money where it belongs: in your pocket.

The Great Bank Heist: Understanding the “Spread”

To understand how to save money, you first need to understand how you are being ripped off.

When you look at Google to check the exchange rate (say, 1 EUR = 0.85 GBP), that is called the Mid-Market Rate. It is the “real” rate that banks use when they trade with each other.

However, when you ask your high-street bank (let’s say, Deutsche Bank or BNP Paribas) to send money to Lloyds or Barclays, they don’t give you that rate. They give you a “Retail Rate” (maybe 1 EUR = 0.82 GBP).

The Math of Misery

It looks like a small difference, doesn’t it? Just a few cents?

Let’s say you are transferring €10,000 for a car or a rental deposit.

Real Rate (0.85): You should get £8,500.
Bank Rate (0.82): You get £8,200.

Poof. £300 just vanished. That is a flight ticket home or a week’s worth of groceries, gone instantly. And that is before they charge you the £20 “Swift Fee.”

Our mission today is to get you as close to that Mid-Market Rate as humanly possible.

The Golden Rule: Avoid Swift Transfers

The traditional banking network runs on a system called SWIFT. It is old, clunky, slow, and expensive. It involves your money bouncing through “intermediary banks” like a pinball machine, with each bank taking a small bite of fees along the way.

The Strategy: To get the cheapest transfer, you need to use services that bypass SWIFT entirely or use local bank networks. This is where the fintech revolution comes in.

Contender 1: Wise (The Industry Standard)

If you ask any seasoned expat how they move money, 9 out of 10 will say one word: Wise (formerly TransferWise). They didn’t just change the game; they reinvented it.

How It Works

Wise doesn’t actually send your money across borders.

You pay Euros into Wise’s bank account in Europe.
Wise’s UK bank account pays Pounds into your UK account.
The money never actually crosses a border, which cuts costs dramatically.

Why It Is Usually the Cheapest

The Real Rate: Wise is legally committed to giving you the exact Mid-Market Rate (the one you see on Google). They do not mark it up.
Transparent Fees: They charge a small, visible fee (usually around 0.4% – 0.6%). You know exactly what you are paying before you hit send.
Speed: fast transfers, often arriving in seconds.

Verdict: For transfers under €20,000, Wise is almost unbeatable on price and transparency.

Contender 2: Atlantic Money (The Heavy Lifter)

There is a new kid on the block that is making waves, specifically for people moving larger amounts of money (e.g., for a house deposit or salary).

The Fixed Fee Model

While Wise charges a percentage (0.5%), Atlantic Money charges a flat fee of £3 (or €3), regardless of whether you send €100 or €100,000.

The Math

Send €1,000: Wise is cheaper (fee ~€5 vs Atlantic €3).
Send €100,000: Wise fee is ~€500. Atlantic Money fee is… €3.

Verdict: If you are moving a serious chunk of cash (over €1,000), Atlantic Money is mathematically the cheapest option on the market right now. The only downside is their app is simpler and has fewer bells and whistles than Wise.

Contender 3: Revolut (The Convenient Hybrid)

We mentioned Revolut in our banking guide, but it is also a powerhouse for transfers.

The “Free” Allowance

If you have a standard Revolut account, you can exchange a certain amount of currency (usually £1,000/month) with no fees at the real exchange rate.

If you have a Premium or Metal plan, you often get unlimited fee-free exchange.

The Weekend Trap

There is a catch. Revolut charges a markup (usually 1%) if you exchange money on the weekend (when forex markets are closed).

Strategy: Only initiate transfers between Monday and Friday.

Verdict: Unbeatable for smaller, regular monthly transfers if you already use the app for your daily banking.

Contender 4: OFX and Currencies Direct (The Human Touch)

Sometimes, you don’t want an app. You want to talk to a human being, especially if you are transferring €200,000 for a property purchase. You are nervous. You want reassurance.

The Broker Advantage

Companies like OFX, Currencies Direct, or TorFX are “Currency Brokers.”

Personal Dealers: You get a dedicated account manager.
Limit Orders: You can tell them, “Only buy Pounds when the rate hits 0.86.” They watch the market for you.
Forward Contracts: You can lock in a rate today for a transfer you need to make in 6 months. This protects you if the Pound suddenly gets stronger.

Verdict: Not always the absolute cheapest on small amounts, but invaluable for huge, life-changing transfers where you need expert guidance and rate locking.

The “Do Not Touch” List

To save you money, we must also highlight the options you should strictly avoid.

PayPal: It is convenient, yes. But their exchange rate markup is atrocious—often 3% to 4%. On a €1,000 transfer, you are donating €30-€40 to PayPal for nothing.
Western Union (Cash Pickup): Unless it is an emergency and the recipient has no bank account, avoid this. The fees are high, and the rates are poor.
Your High Street Bank: As discussed, unless you have a specific “Global” account with perks (like HSBC Premier), standard bank transfers are the most expensive option.

Step-by-Step: How to Execute the Perfect Transfer

You have chosen your provider (let’s say Wise or Atlantic). How do you actually do it without messing up?

Step 1: Verification (KYC)

You cannot just move money anonymously. You will need to upload a photo of your ID and possibly a proof of address. Do this before you need to send the money urgently. Verification can take from 10 minutes to 2 days.

Step 2: Set Up the Transfer

Input Amount: Enter “1000 EUR”.
Check Recipient: You need the UK “Sort Code” (6 digits) and “Account Number” (8 digits). Note: You do NOT need the IBAN for domestic UK transfers, but some international apps might still ask for it.

Step 3: Fund the Transfer

This is where people get stuck. You need to give the money to the transfer service.

Bank Transfer (Cheapest): You log into your European bank and send Euros to Wise’s European IBAN. This is usually free.
Debit Card (Fastest): You enter your card details. The money moves instantly, but there is often an extra “Card Processing Fee” (0.3% – 0.5%).
Credit Card (Avoid): This often triggers a “Cash Advance” fee from your credit card provider. Expensive!

Step 4: The Wait

Once Wise/Atlantic receives your Euros, they convert them and payout Pounds locally in the UK. This often happens within hours.

Timing the Market: Is It Worth It?

We often get asked: “Should I wait for the rate to improve?”

Currency markets are volatile. Brexit, elections, inflation reports—everything moves the needle.

The Gambler’s Fallacy: Waiting for the “perfect” rate can backfire. You might wait for 0.86, but it drops to 0.84, and you lose money.
Dollar Cost Averaging: If you have a large sum (e.g., €50,000), don’t transfer it all at once. Split it into five transfers of €10,000 over five weeks. This “smooths out” the risk of a bad rate day.

Safety Check: Is My Money Safe?

It is scary sending money into the “ether” of the internet.

However, services like Wise, Revolut, and Atlantic Money are Authorised Electronic Money Institutions (EMIs) regulated by the FCA (Financial Conduct Authority) in the UK.

Safeguarding

Unlike banks, EMIs do not lend your money to other people. They must use “Safeguarding.” This means they keep 100% of your money in a separate, ring-fenced account at a major tier-one bank (like JP Morgan or Barclays). If the app goes bankrupt, your money is legally separate from their debts and should be returned to you.

Comparison Summary Table

To make it crystal clear, here is a quick cheat sheet for different scenarios:

Scenario	Best Option	Why?
Sending under €1,000	Wise or Revolut	Low fees, instant speed, best app experience.
Sending over €5,000	Atlantic Money	Flat fee (£3) beats percentage fees significantly.
Sending €100,000+	OFX / TorFX	Dedicated broker support and rate negotiation.
Need Cash Pickup	WorldRemit	Better rates than Western Union for cash needs.
Emergency (Instant)	Revolut	Instant transfers between Revolut users are immediate.

Conclusion

Transferring money from Europe to the UK should not cost you a fortune. The days of accepting terrible bank rates “just because” are over.

For the savvy expat in 2025, the strategy is clear:

Download a specialist app (Wise is the best all-rounder, Atlantic Money for big sums).
Verify your identity early.
Fund your transfer via bank transfer (not card) to save the final 0.5%.

By spending ten minutes setting this up, you are essentially paying yourself the money that the bank would have stolen. Whether it is £50 or £500, that is money better spent on exploring your new British life—perhaps a celebratory pint at the local pub?

Be smart, avoid the spread, and transfer like a pro.

FAQs: Frequently Asked Questions

1. How long does a transfer usually take?

With modern fintechs like Wise or Revolut, transfers often arrive within seconds or minutes. However, if you fund the transfer via a manual bank deposit from your European bank, it might take 1-2 working days for the money to clear before the conversion happens.

2. Do I have to pay tax on money I transfer to myself?

Generally, no. transferring your own savings from one country to another is not a taxable event (it is not income). However, if you are a UK tax resident and you transfer income or capital gains earned abroad, there may be tax implications. Always consult a tax advisor if you are moving large sums of “new” money.

3. Can I lock in an exchange rate for the future?

Yes, but usually not with standard apps like Wise. You need a Currency Broker (like OFX or Currencies Direct) to set up a “Forward Contract.” This allows you to fix a rate today for a transfer up to 12 months in the future—perfect for house purchases.

4. Is IBAN discrimination legal?

Sometimes you try to pay a UK bill with a European IBAN (e.g., a German N26 account) and the company refuses it. This is actually illegal under SEPA rules (even post-Brexit, SEPA still largely applies for Euro transfers), but it happens. Getting a local UK Sort Code/Account Number (via Wise or Monzo) solves this headache instantly.

5. Why did my bank charge me a fee even though I used Wise?

Wise charges a fee to convert the money. However, your sending bank (the European one) might charge you a “Wire Transfer fee” to send the Euros to Wise. Always check if your bank charges for domestic/SEPA transfers (usually free) vs international transfers.