Buy Currency

Travelex Wire: on average 3 times cheaper than other leading money transfer providers

We asked GfK, an independent market research company, to gather cost data in relation to the online services of leading money transfer providers in the UK. Using this data, we compared the cost of sending money abroad from the UK with Travelex Wire – in euros or US dollars in a range of values – against the cost of sending equivalent sums abroad using the online services of leading money transfer providers in the UK.

The pricing data used for the purpose of this analysis was obtained via online research between 1st June 2017 and 30th June 2017.

The study examined the overall cost of sending money abroad as being:

Overall cost to a customer = upfront fee + exchange rate mark up

Exchange rate mark-up = (mid-market rate – provider rate) x money transfer amount

The study examined the cost of sending £300, £500, £1,000, £2,500, £5,000, £7,500, £10,000 and £25,000 abroad in euros and US dollars respectively via the online services of leading money transfer providers in the UK as listed below.

Using the data from that study, we have identified that sending these sums via Travelex Wire is on average 3 times cheaper than sending the equivalent sums via other leading money transfer providers in the UK.

Please note that the mid-market rate used in the calculation of the average cost of sending money abroad via Travelex Wire versus other money transfer providers may differ slightly from the mid-market rate collected by Gfk, as it was collected up to 10 minutes later.

List of leading money transfer providers in the UK included in the research:

Azimo

Barclays

CurrenciesDirect

HiFx

HSBC

Lloyds

MoneyCorp

Moneygram

Nationwide

NatWest

OFX

PayPal

RBS

Santander

TransferGo

TransferWise

TSB

Western Union

WorldFirst

WorldRemit