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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:
| Santander charges | TransferGo charges | |
| Exchange rates | 2% to 4% of total transfer amount [Source: TopMoneyCompare] | 0.5% to 1.5% of total transfer amount |
| Transfer fees | Electronic transfer (standard): £25 Currency draft (cheque): £10 Electronic Euro transfer (non-urgent: SEPA): Free | Same day delivery: £1.99 – £2.99 Next day delivery: £2.99 30 minute delivery: £2.99 |
| Additional fees | Intermediary bank fees may apply | Transparent fees (included in the recipient amount) |
| Transfer limit | Single transfer limit: £25,000 24 hour limit: £100,000 | Subject to receiver country and delivery method |
| Transfer times (UK and Europe) | One to four working days depending on currency and payment method | Four delivery options: 30 minutes End of the same day Next working day, until noon One working day |
| Transfer times (outside Europe) |
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.
| Santander charges | TransferGo charges | |
| Exchange rates | 2% to 4% of total transfer amount [Source: TopMoneyCompare] | 0.5% to 1.5% of total transfer amount |
| Transfer fees | Electronic transfer (standard): £25 Currency draft (cheque): £10 Electronic Euro transfer (non-urgent: SEPA): Free | Same day delivery: £1.99 – £2.99 Next day delivery: £2.99 30 minute delivery: £2.99 |
| Additional fees | Intermediary bank fees may apply. | Transparent fees (included in the recipient amount) |
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:
- Log into online banking.
- Go to the ‘Payments & transfers’ tab.
- Click ‘International payments’ in the left-hand menu.
- 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
| Bank | Exchange rates |
| Santander | 2% to 4% of total transfer amount [TopMoneyCompare] |
| Barclays | 3% to 4% of total transfer amount [TopMoneyCompare] |
| Halifax | 0 – £25,000: 3.55% £25,000.01 – £75,000: 2.40% £75,000.01 – £250,000: 2.00% £250,000.01 and above: 1.50%[Halifax Exchange Margin Calculator] |
| HSBC | 1.5% to 3% of total transfer amount [TopMoneyCompare] |
| Lloyds | 0 – £25,000: 2.60% £25,001 and above: Variable [Lloyds FX Margin] |
| Nationwide | 2% to 4% of total transfer amount [TopMoneyCompare] |
| NatWest | 3% to 5% of total transfer amount [TopMoneyCompare] |
| TransferGo | 0.5% to 1.5% of total transfer amount |
Transfer fees
| Bank | Transfer fees |
| Santander | Electronic transfer: £25 Electronic Euro transfer (non-urgent: SEPA): Free |
| Barclays | Online: Free Branch or telephone: £25 |
| Halifax | Sender fees Euro: Free Other currencies: £9.50 Recipient fees USA, Canada and Europe: £12 Rest of the world: £20 |
| HSBC | EEA transfers: Free Outside EEA transfers (Non-HSBC accounts): £5 |
| Lloyds | Lloyds to Lloyds: Free Online: £9.50 Branch or telephone: £9.50 |
| Nationwide | Euro: £0 All other international payments (SWIFT): £20 |
| NatWest | Online: Free SWIFT: £15 By phone/in-branch/post: Euro (standard): £0 Non-Euro (standard): £22 Euro (urgent): £23 Non-Euro (urgent): £30 |
| TransferGo | Same day delivery: £1.99 – £2.99 Next day delivery: £2.99 30 minutes delivery: £2.99 |
Transfer limit
| Bank | Transfer limit |
| Santander | £25,000 single payment; £100,000 per day |
| Barclays | Varies based on bank account type |
| Halifax | £100,000 per day online |
| HSBC | £50,000 per day |
| Lloyds | £100,000 online |
| Nationwide | No transfer limit |
| NatWest | £10,000 per day online |
| TransferGo | Subject to receiver country and delivery method |
Transfer times – UK to Europe
| Bank | Transfer time (UK-EU) |
| Santander | One to four working days depending on currency and payment method |
| Barclays | One to two working days |
| Halifax | Payments in Euros: Next working day Payments in other currencies: Up to four working days |
| HSBC | One to two working days |
| Lloyds | One to two working days |
| Nationwide | Payments in Euros: End of next working day Payments in other currencies: Up to four days |
| NatWest | Standard: Two to four working days Urgent: One to two working days SEPA transfers: Same day |
| TransferGo | Four delivery options: 30 minutes End of the same day Next working day, until noon One working day |
Transfer times – UK/EU to rest of world
| Bank | Transfer time (Outside Europe) |
| Santander | One to four working days depending on currency and payment method |
| Barclays | Three to four working days |
| Halifax | North America, Canada, Australia, South Africa, New Zealand and the Middle East: Up to four working days All other countries: Up to 14 working days |
| HSBC | Up to five working days |
| Lloyds | Up to three working days |
| Nationwide | More than four days |
| NatWest | Standard: Two to four working days Urgent: One to two working days SEPA transfers: Same day |
| TransferGo | Four delivery options: 30 minutes End of the same day Next working day, until noon One working day |
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:
