United Kingdom — Banking: International Transfers

Key facts

• The FCA regulates payment services under the Payment Services Regulations 2017; most payment providers must be authorised or registered, and banks, building societies and authorised e-money institutions need no further authorisation.
• CHAPS is the UK real-time high-value sterling interbank system, settled across the Bank of England RTGS, and processes both wholesale (including international) and retail payments such as house purchases.
• Faster Payments provides near real-time payments 24/7 and is operated by Faster Payments Scheme Ltd under Pay.UK.
• The APP scam reimbursement requirement does not cover international payments.
• Where one party is outside the UK, providers must include name and address information with the transfer.

Steps

1. 1. Choose a bank or payment service — Select a bank or payment service that offers international transfer services, such as online banks, high-street banks, or specialized services like TransferWise.
2. 2. Gather required documents — Typically, you'll need the recipient's account details, including their IBAN (International Bank Account Number) and SWIFT/BIC code.