The fastest and cheapest way depends on the amount and your bank
You have four main routes: your UK bank's international transfer service, a specialist money transfer company, a peer-to-peer service like Wise, or a US-based service if you have access to one. Your UK bank will almost always be the slowest and most expensive. Specialist transfer companies and Wise typically arrive in 1–3 business days and charge 1–3% in fees or exchange markup, while your bank may charge £15–£40 plus a worse exchange rate. The right choice depends on how much you're sending, how quickly you need it there, and whether you want to avoid currency risk.
Before you start, you'll need the recipient's US bank details: their full name, account number, routing number (a nine-digit code), and the bank's name and address. If the recipient doesn't have these, ask them to check their cheques or log into their online banking—most US banks display the routing number on their website under "wire transfer information".
Key Takeaways
- Your UK bank's international transfer is the slowest option (5–10 business days) and usually costs £15–£40 plus a poor exchange rate, but it requires no new account or signup.
- Wise, OFX, and Remitly charge lower fees (1–3%) and deliver money in 1–3 business days, but you must create an account and verify your identity before your first transfer.
- You need the US recipient's full name, account number, routing number, and bank name and address; ask them to check their cheques or online banking if they don't know these details.
- Exchange rates vary by provider and update throughout the day; lock in a rate before you send if the provider offers it, because rates can shift between when you initiate and when the money arrives.
- Transfers under £500 often cost proportionally more in fees, so for small amounts a peer-to-peer app may be cheaper than a bank wire.
Using your UK bank's international transfer service
This is the simplest option if you already bank in the UK and don't mind paying more. Log into your online banking or visit a branch, select "send money abroad" or "international transfer", and enter the recipient's US bank details. Your bank will quote you an exchange rate and a fee (usually £15–£40) before you confirm. The money will leave your account immediately, but it typically takes 5–10 business days to arrive in the US because the transfer passes through one or more intermediary banks.
The downside is cost. Your bank's exchange rate is usually 2–4% worse than the mid-market rate (the real rate you see on Google or XE), and the flat fee is high for small transfers. For example, sending £1,000 might cost you £30 in fees plus £30–£40 in hidden exchange-rate markup, totalling £60–£70. For amounts under £500, this makes your bank uncompetitive.
The upside is that you need no new account or identity verification beyond what your bank already has. If you're sending a large amount and speed doesn't matter, this is the path of least friction.
Specialist transfer companies: Wise, OFX, and Remitly
These services exist to move money internationally cheaper and faster than banks. Wise (formerly TransferWise) is the largest and most transparent. You create an account online, verify your identity with a photo ID and proof of address, and then enter the recipient's US bank details. Wise shows you the exact mid-market exchange rate and its fee (usually 0.5–1.5% depending on the amount) before you send. Money typically arrives in 1–3 business days.
OFX and Remitly work similarly: you sign up, verify your identity, enter the recipient's details, and choose a delivery speed (standard or express). OFX charges 1–2% and delivers in 1–3 days. Remitly charges 1–2% and offers both standard (3–5 days) and express (same-day or next-day) options, though express costs more. All three show you the fee and exchange rate upfront before you commit.
The catch is that identity verification takes 10 minutes to an hour, and you can't send money until it's complete. If you're in a hurry, start the verification process as soon as you decide to use the service. For repeat transfers, these services are much cheaper than your bank: sending £1,000 costs roughly £10–£15 in total fees and markup, compared to £60–£70 with your bank.
Peer-to-peer apps: Wise, PayPal, and Revolut
Wise also functions as a peer-to-peer app if both you and the recipient have Wise accounts. You send money directly from your Wise account to theirs, and it arrives in minutes. However, the recipient must already have a Wise account, which most US-based people do not. If they're willing to open one, this is the fastest option.
PayPal allows you to send money from a UK PayPal account to a US PayPal account or to a linked US bank account. Fees are 2.9% plus £0.30 per transaction for transfers to a bank account. The money arrives in 1–3 business days. Revolut works the same way if both parties have Revolut accounts; transfers between Revolut users are instant and free, but sending to a US bank account costs 1–2% and takes 1–3 days.
These options are worth considering only if the recipient already has the app or is willing to download it. For a one-off transfer to someone who doesn't use these services, a specialist transfer company is simpler.
How to avoid exchange-rate risk and lock in a rate
Exchange rates move constantly. If you initiate a transfer at 9 a.m. and the rate shifts by 0.5% by the time the money arrives three days later, you've lost money. Most specialist transfer companies let you lock in a rate for 24–48 hours before you send the money. Wise, OFX, and Remitly all offer this. You see the rate, click "lock this rate", and then have a set window to send the funds. If you don't send within that window, the rate expires and you must accept a new one.
Your UK bank does not usually offer rate locks. The rate you see when you initiate the transfer is the rate you get, but the actual exchange applied may differ slightly by the time the money settles. For large amounts (£5,000 or more), the difference can be significant. If you're concerned about rate movement, use a specialist service that locks the rate, or send the money immediately after initiating the transfer so the rate has less time to shift.
What happens if the transfer fails or takes too long
Transfers occasionally fail because the recipient's bank details are wrong, the account is closed, or the receiving bank rejects the transfer for compliance reasons. If this happens, the money returns to your UK account, usually within 5–10 business days. Your bank or transfer service will notify you of the failure and the reason. Check the recipient's details, correct any errors, and try again.
If a transfer is taking longer than expected, contact your bank or transfer service and provide the reference number (sent to you when you initiated the transfer). They can check the status with the receiving bank. Delays of 1–2 extra days are common, especially if the transfer passes through multiple intermediary banks. If it's been more than 10 business days since you sent it, escalate to your bank's international payments team.
Specialist transfer companies respond faster to inquiries than banks. Wise, OFX, and Remitly all have live chat support and can usually tell you the status within an hour. Your UK bank may take 1–2 business days to respond.
Comparing costs across providers for different amounts
| Amount | Your UK Bank | Wise | OFX | Remitly |
|---|---|---|---|---|
| £500 | £30–£40 fee + £20–£25 rate markup = £50–£65 | £3–£5 fee + £5–£8 rate markup = £8–£13 | £5–£8 fee + £8–£12 rate markup = £13–£20 | £5–£8 fee + £8–£12 rate markup = £13–£20 |
| £2,000 | £30–£40 fee + £80–£100 rate markup = £110–£140 | £10–£20 fee + £20–£30 rate markup = £30–£50 | £20–£30 fee + £30–£50 rate markup = £50–£80 | £20–£30 fee + £30–£50 rate markup = £50–£80 |
| £10,000 | £30–£40 fee + £400–£500 rate markup = £430–£540 | £50–£100 fee + £100–£150 rate markup = £150–£250 | £100–£150 fee + £150–£250 rate markup = £250–£400 | £100–£150 fee + £150–£250 rate markup = £250–£400 |
These figures are estimates based on typical rates and fees as of early 2024. Actual costs vary by the exact exchange rate on the day you send, the provider's current fee structure, and the amount. Always check the fee and rate with your chosen provider before you send, because they change frequently.
Frequently Asked Questions
Do I need a US bank account to receive money from the UK?
Yes, the recipient must have a US bank account. You cannot send money to a US address or a person's name alone; you need their account number and routing number. If the recipient doesn't have a US bank account, they must open one first. Most US banks allow non-citizens to open accounts online or in person with a passport and proof of address.
How long does it actually take for money to arrive?
Your UK bank: 5–10 business days. Wise, OFX, Remitly: 1–3 business days. Peer-to-peer (Wise to Wise, PayPal to PayPal): minutes to hours. Times vary based on the receiving bank's processing speed and whether the transfer is sent on a weekend or holiday. Business days do not include Saturdays, Sundays, or US federal holidays.
What if I send money to the wrong account by mistake?
Contact your bank or transfer service immediately and ask them to recall the transfer. If the money has already arrived in the US account, recovery is difficult and depends on whether the receiving bank cooperates. Your bank can ask the US bank to reverse the transfer, but the US bank is not obligated to comply. Prevention is easier: double-check the account number and routing number with the recipient before you send.
Can I send money if I don't have a UK bank account?
No, you need a UK bank account to initiate a transfer from the UK. If you're a UK resident without a bank account, open one first. If you're not a UK resident but have a UK bank account (such as an expat account), you can use it to send money abroad. Specialist transfer companies may allow non-UK residents to send money if they verify their identity, but this varies by provider.
Is there a limit to how much I can send?
Your UK bank may have daily or monthly limits on international transfers; check your online banking or call them. Specialist transfer companies also have limits, usually £10,000–£50,000 per transaction depending on your account age and verification level. If you need to send more, you can make multiple transfers or contact the provider to request a higher limit.