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What Details Do You Need to Send Money Outside the UK and Receive Money to the UK From Abroad?

Written by, Marija Petkova

Updated May, 23, 2022

If you travel to the UK on a more regular basis or have friends and family there, you’ll need to learn how to send money to a UK bank account. 

In this blog post, we’ll go over what details do you need to transfer money and how receiving money from abroad in the UK works. We’ll also provide some tips on how to make the process go as smoothly as possible. 

Let’s dive in.

What Details Do You Need to Transfer Money To a UK Bank Account?

To send money to a UK bank account or send money abroad from the UK, you will need:

  • Your account details 
  • The full name of the beneficiary and their address 
  • Beneficiary’s bank code – usually the Business Identifier Code (BIC)
  • Beneficiary’s IBAN (International Bank Account Number) 
  • Country and/or region of the beneficiary’s bank

If you’re sending money from the UK, you’ll have to provide proof of identity as required per anti-money laundering regulations. When wiring money, always double-check the information you provided. It can be difficult to get your money back if you send it to the wrong bank account.

You can also take advantage of the “confirmation of payee” system to check if the bank account number you provided matches the name of the recipient. 

Receiving money from abroad in the UK

The sender can wire money in pound sterling or local currency. If the recipient’s bank account is in a different currency, the money will be converted to that currency based on the most recent exchange rate before it’s credited to the account.

How much does transferring money to the UK cost?

Most banks have wire and exchange rate fees. You might be charged for both sending the money and the currency change if the recipient’s bank account is in a different currency.

Wire fees

Every time you send money to a UK bank account, regardless of whether you are sending it from the UK or a foreign bank account, most banks will charge you a wire fee (also known as a transfer fee). Wire fees are fixed and are around £7.

Exchange rates

The majority of banks in the UK charge an exchange fee of 2%-5% on the amount transferred. If possible, it’s best to send money in UK currency.

Is there any limit on how much money I can receive or send abroad from the UK?

There is no legal limit on sending or receiving large amounts of money from overseas in the UK, regardless of whether it’s a bank, wire, or an online transfer.

The most important thing to keep in mind when transferring large sums of money in the UK is that you may need to declare it for tax purposes. If you are looking to transfer money from abroad to the UK, you might want to reach out to your bank and find out whether it has daily limits. Keep in mind that if you are receiving inheritance money, there is a 7-year rule which might let you get away with taxes.

Regardless of whether you transfer money abroad or receive money from outside the UK, it is imperative to make sure that you’re complying with international money transfer regulations in the UK. However, banks and other financial institutions can impose their own limits. 

If you’re moving cash in and out of the UK, you might be required to declare it. 

Under UK law, you have to declare cash in a different currency that’s worth £10,000 and more if you take it between another country and the UK. 

How long does an international money transfer take?

The time it takes to transfer money to the UK depends on several factors, including the bank or money transfer company you use, the payment method, where in the world you’re sending the money from, and whether you initiated the transfer during a business day.

Most transfers take 1-3 business days.

Bottom Line 

Sending money to a UK bank account may seem daunting at first, but it’s an easy and quick process.

If you’re wondering how to send money to a UK bank account, the process is quite simple. All you need is the bank account details of your and the recipient’s bank account, including their BAN and SWIFT/BIC codes. If you’re on this receiving end, you might get charged a transfer fee.