How to send money abroad cheaply

Sending money abroad does not have to cost much, but the default choice — using your everyday bank without checking — is almost always the most expensive. With a little method you cut the cost considerably, whether you are sending to family, paying a foreign invoice, or moving money between your own accounts.

The recipe has three steps. First: find the mid-market rate for the currency pair before you send, so you know what a fair rate looks like. Then: choose a provider that uses the mid-market rate and states the fee clearly — Wise is built around exactly this, with dedicated accounts for euros, British pounds and US dollars when you send often in a particular currency. Finally: never let the receiving side convert for you.

For anyone who sends regularly or works internationally, it pays to hold a multi-currency account rather than converting every time — that is the whole point of a multi-currency account for freelancers. If you run a business with foreign suppliers, business payments and invoicing is the relevant guide.

The deeper explanation of why "fee-free" rarely means free is in the best way to send money abroad, which goes more thoroughly into the rate markup banks add. One small tip: always check what the recipient actually receives, not just what you send — it is the difference there that reveals the real cost.

Compare on total cost, use mid-market-based services, and batch large transfers. This is not financial advice — terms and rates change.