Santander international transfers UK: Fees, exchange rates and transfer times in 2024

Santander, like many traditional banks, offers a variety of methods for making international payments, though its Mobile Banking app does not support these transactions. 

International payments can take between one and four days, depending on the payment type, with fees up to £25.00. 

While Santander offers these services, it’s important to consider other digital options like TransferGo, which may provide faster and more cost-effective solutions for international transfers.

This is how Santander compares to TransferGo:

How Santander charges for international transfers 

Just like any other traditional bank, making an international transfer with Santander comes with two main charges: transfer fees and exchange rates.

For standard electronic transfers, Santander charges a £25 fee, which is the quickest method to transfer funds internationally, especially for payments in EUR and USD that can arrive the same day if processed before the cutoff time. 

For non-urgent SEPA transfers in Euros, there is no fee, but the transfer may take longer. Currency drafts come with a £10 fee. 

These fees stand in contrast to TransferGo’s transparent and inclusive fee structure, which includes same-day delivery for as low as £1.99.

Santander international transfer exchange rates

Exchange rates are the most significant factor affecting the cost of international money transfers. 

The exchange rates offered by Santander depend on both the amount and the currency being transferred, and vary between 2% to 4% of the total transfer amount, according to a study by TopMoneyCompare.

Besides substantially increasing the cost of transfers, this markup acts as a hidden fee and may not be evident during the transfer setup. 

How does this compare to TransferGo?

TransferGo charges a small FX markup on the mid-market rate, ranging between 0.5% and 1.5% based on the destination of your transfer.

These exchange rates are among the most favourable on the market, which is why TransferGo consistently secures a 9/10 Exchange Rate Score on Monito.

In other words, TransferGo allows the recipient to receive more money compared to Santander’s exchange rates.

TransferGo also includes all the fees in the amount your receiver gets: for the transfer to go through, you just pay in the exact same amount you entered in your transfer order. 

Ultimately, there are no hidden fees when making international transfers with TransferGo.

Santander international transfer fees

Santander’s fee structure for international transfers includes different charges based on the type of payment. 

Electronic transfers come with a £25 fee, while currency drafts cost £10. 

SEPA transfers in Euros are free but are limited to non-urgent transactions. 

Compared to Santander’s fee structure, TransferGo ensures transparent and inclusive fees based on delivery options, eliminating the need for senders or receivers to cover any additional funds: 

• Same day delivery: £1.99 – £2.99
• Next day delivery: £2.99
• 30 minute delivery: £2.99 

Santander international transfer additional fees

Besides the standard transfer fees and exchange rate markups, international transfers with Santander may also incur additional charges that are not under Santander’s control, such as those imposed by intermediary banks. 

Conversely, TransferGo‘s fee system clearly displays the total amount the recipient will receive at the time of transfer setup, avoiding any unexpected deductions.

How long does it take to make an international transfer with Santander?

Santander’s international transfer times can vary significantly, influenced by several factors including the currency used and the destination of the funds. 

Here are some scenarios impacting the timing:

• Sending money outside the UK in Pounds: Next working day
• Sending money outside the UK in currencies other than Pounds, Euros, or US Dollars: Up to four working days
• Sending money within or outside the UK in Euros: One to four working days
• Sending money within the SEPA in Euros using the non-urgent method: Next working day
• Sending money within or outside the UK in US Dollars: One to four working days

In contrast to these conditions, TransferGo offers a straightforward and transparent system that allows customers to select their preferred timing before initiating a transfer:

• One working day
• By the end of the same day the transfer was created
• The next working day, until noon
• In as little as 30 minutes

How to make an international transfer with Santander step-by-step

To make an international payment with Santander via online banking:

1. Log into online banking.
2. Go to the ‘Payments & transfers’ tab.
3. Click ‘International payments’ in the left-hand menu.
4. Follow the on-screen instructions, which may include entering an OTP sent to your registered mobile number and providing necessary details like IBAN or BIC.

What information is required for an international money transfer with Santander?

When making an international transfer with Santander, ensure you have the recipient’s full name, account number or IBAN, their bank’s BIC, and any necessary routing codes or additional information required by the destination country.

How do Santander international transfers compare to other banks?

Exchange rates

Transfer fees

Transfer limit

Transfer times – UK to Europe

Transfer times – UK/EU to rest of world

Santander customer satisfaction

To choose a financial service provider it’s essential to consult feedback on independent platforms. 

Santander, a well-known financial institution, currently holds a TrustPilot rating of 1.5 out of 5 stars, based on 7,126 reviews. 

This rating places it within the ‘Bad’ category, which may point to areas needing significant improvement in terms of service quality and overall customer experience.

In contrast, TransferGo enjoys a much higher TrustPilot score of 4.7 out of 5, from a total of 34,047 reviews. 

Santander contacts

For inquiries related to international payments you can contact Santander:

• Online: Log onto mobile or online banking and use ‘Chat with us’.
• By phone: At 0330 9 123 123, available seven days a week from 8am to 6pm.
• In-person: Visit a local branch for assistance.

Summary

While Santander offers various options for international transfers, the associated fees, variable transfer times and additional charges can detract from the overall value and convenience. 

In contrast, TransferGo provides a more streamlined, cost-effective and faster alternative for international money transfers, ensuring that customers receive better value and service.

Sources

Santander international transfers info:

• Santander, International Transfers
• Santander, Payments and Transfers 
• Santander, Contact Us
  

Exchange cost estimates:

• TopMoneyCompare | Santander
• TopMoneyCompare | Barclays
• TopMoneyCompare | HSBC 
• TopMoneyCompare | Nationwide
• TopMoneyCompare | NatWest

Customer satisfaction:

• TrustPilot | Santander 
• TrustPilot | TransferGo