Sending money abroad

Lesson 9 of 14 in our free Banking & Payments guide: a 5-minute money game with the key points below.

This lesson is in the full version.

Free with a code from your uni, college, council, landlord or employer (worth £600/year). Lesson 1 of Banking & Payments is free for everyone.

Questions you'll answer

Mid-market rate: €1.15 per £1. A 'no fee' service gives you €1.10 per £1. Sending £500, how many euros do you lose to the markup?

Paying by card abroad, the machine asks: pay in pounds or in the local currency?

Myth: “A transfer with no upfront fee is always the cheapest option.” — The markup on the rate can cost more than a fee would. Compare what arrives.
Fact: “The mid-market rate is a useful benchmark for comparing services.” — It's the halfway point between buy and sell rates — the 'real' rate with no markup.
Fact: “Scammers target international students with fake 'visa fee' or 'tuition' payment requests.” — Always pay universities and the Home Office through official channels you've looked up yourself.