Last Updated on October 1, 2026
Banks price international payments per payment. The specialists price them as a percentage. Which is cheaper depends entirely on how big your payments are.
We read the published international fees of ten providers on 1 October 2026. On 1 October 2026 a business SWIFT payment cost a flat £15 online at Barclays, Lloyds and NatWest, while Starling charged £5.50 plus a 0.4% conversion fee.
What each provider charges
| Provider | Account cost | Conversion | Sending | Receiving |
|---|---|---|---|---|
| Wise Business | No monthly fee; £50 one-off for multi-currency account details | From 0.24% | Varies by route and currency | Free on local rails in nine currencies including USD and EUR |
| Starling | GBP free; USD account £5 a month, EUR £2 | 0.4% | SWIFT £5.50 flat; local rails from 30p | Not published |
| Revolut Business | £10 to £90+ a month by plan | Interbank within a monthly allowance (£1,000 on Basic), then 0.6%, plus 1% outside market hours | £5 beyond the plan’s free transfers | Not shown |
| Monzo Business | £0 to £25 by plan | Variable 0% to 1.80% until 31 October 2026 | Fixed fee up to £9 now; from 1 November 2026 under £0.80 for most currencies, up to £11 | EUR converted at 1%, capped at £1,000 |
| Airwallex | £0 with £10,000 monthly deposits or balance, else £19 | 0.5% majors, 1% others | Local rails to 120+ countries included; SWIFT £10 to £20 | Not shown |
| HSBC | Currency account £60 a year | Not published | £17 by Business Internet Banking | SEPA 20p; £6 for other currencies at £100+ |
| Barclays | Tariff account | Not published | £15 by its e-channels; SEPA £0.54 | Free under £100; £6 at £100+ |
| Lloyds | Euro account £24 a year; other currency £60 | Separate margins sheet | £15 online; £28 at a branch | £2 up to £100; £7 above; EEA euro free |
| NatWest | Currency accounts available | Margin applied, rate unspecified | £15 online; SEPA 50p | Not published |
| Payoneer | $29.95 a year only if you receive under $6,000 | 0.5% between balances | Receiving-focused | 1% by EU or UK bank transfer |
The margin is the fee that matters
A flat £15 on a £20,000 supplier payment is 0.075%. The same payment through a 1% conversion margin costs £200. The banks mostly publish the flat fee and leave the margin unpublished, while the specialists publish the margin and skip the flat fee. For large payments, ask your bank for the rate it will apply and compare it against Wise’s 0.24% or Starling’s 0.4% on the day. For small frequent payments, the flat £15 is the tax, and local-rail routes at 30p to free win.
Receiving is priced too
Barclays and HSBC charge £6 to receive a payment of £100 or more in most currencies (SEPA euro credits at HSBC cost 20p), and Lloyds £7 above £100. Monzo converts incoming euros at 1%, capped at £1,000 per payment. Wise gives you local account details in USD and EUR so customers pay you as a domestic transfer, which is how it makes the receiving fee disappear.
Who holds the money
Wise and Airwallex are e-money institutions: client funds are safeguarded, and FSCS deposit protection does not apply. Starling and Monzo are banks, and Revolut’s UK business accounts now sit with Revolut Bank UK. If large balances will sit in foreign currency, read FSCS protection on business accounts first and keep the float lean.
Dates to watch
Monzo’s business fee page already carries its 1 November 2026 change: a fixed fee under £0.80 for most currencies, up to £11 for some, replacing today’s structure. Revolut’s extra 1% applies outside market hours.
Price one real month: count your payments out, their sizes, and what arrives in foreign currency. Under about £2,000 a payment the specialists win on the published numbers; above it, the bank’s unpublished margin is the number to extract before you decide. The best business bank accounts UK page prices the domestic side of the same account.
Questions
What is the cheapest way for a UK business to send money abroad?
For local-rail payments, Wise from 0.24% conversion, Starling at 30p plus 0.4% conversion, and Airwallex with local transfers included were the cheapest published routes we read on 1 October 2026. A SWIFT payment cost a flat £15 online at Barclays, Lloyds and NatWest.
Does Wise Business have a monthly fee?
No monthly fee on the pages we read. Opening is free, account details in other currencies cost a one-off £50, and conversion starts at 0.24%.
Is money with Wise or Airwallex FSCS protected?
No. Both are e-money institutions, which safeguard client funds. FSCS deposit protection does not apply. Starling and Monzo are banks with FSCS cover, and Revolut’s UK business accounts now sit with Revolut Bank UK; our FSCS page has the detail.
What is changing at Monzo on 1 November 2026?
Monzo’s business fee information says international transfer pricing changes on 1 November 2026: the fixed fee becomes less than £0.80 for most currencies, up to £11 in some cases, replacing the current fixed fee of up to £9 with a variable 0% to 1.80%.
