If you need to make an international payment, it's a good idea to check how much it will cost you. In this guide, we'll look at the fees, exchange rates, and other important information you need to know about making international transfers with Starling Bank.
Founded in 2014¹, Starling Bank is a digital bank primarily offering checking, business, and multi-currency accounts. Starling is fully FSCS regulated and has been named Best British Bank in the British Bank Awards² for four consecutive years.
With Starling you can send money in 20 currencies to 38 countries³ and manage your money on the go with the mobile banking app.
Before we dive into the specifics of making an international money transfer with Starling,Here's a quick example.
Imagine you want to send £1,000 to a friend in France, with the money arriving in EUR. That's how much it would cost with Starling compared to another provider like Wise.
| Star⁴ | Weise⁵ | |
|---|---|---|
| fee | £4.00 | £3.69 |
| delivery fee | £5,50 | - |
| exchange rate | 1.1685 | 1.16939 |
| amount sent | £990,50 | £996,31 |
| amount received | 1157,39 € | 1.165,07 € |
It is possible to pay a lower delivery fee with Starling Bank, but this type of transfer is sent via local partners and may be slower. There's no reference either, so it's harder to track the payment and you can't recall it if a mistake was made.
In addition to fees, it's important to keep a close eye on exchange rates when comparing international money transfer costs.
The good news is that Starling, like Wise, calculates the real mean price. This is the fairest interest rate you can get, without the expensive mark-up that banks tend to charge. Remember, you can always check what the mid-market rate isWise currency converter.
However, there are restrictions on when you can get this rate when making international transfers with Starling. We'll take a closer look at that shortly.
Starling Bank international transfer fees
Here's a quick rundown of the top fees and charges you need to know about making international money transfers with Starling Bank. This includes costs for sending and receiving money internationally.
| Starling Bank international transfers | Fees⁴ |
|---|---|
| Send Payments - Wire Transfer/Currency Conversion Fee | 0,4 % |
| Send payments - delivery fee | From £0.30 - local network payment £5.50 - SWIFT bank to bank payment |
| receive payments | 2% conversion fee (when paying in EUR)⁶ |
Starling Bank exchange rates
As mentioned above, it is always important to check if there is a markup on the exchange rate before making an international transfer. Just because upfront payments seem low doesn't mean there aren't "hidden fees" when the exchange rate is unfavorable.
Luckily, like Wise, Starling Bank is one of those rare examples that doesn't add a premium to the exchange rate. This means you're getting the fairest rate, which should help keep the cost of your transfer down.
However, there is a catch. Starling does not offer this course on weekends when the FX market is closed. So if you want to send money abroad on a Saturday or Sunday, you can use Starling's 'special weekend exchange rate⁷', which adds a 0.5% markup.
Additional fees at Starling Bank
Starling is fairly open and transparent about its fees and charges, but there are some additional costs that you might want to know about.
These mainly relate to sending an international bank transfer. You're aware of Starling's fees, but there may be additional fees charged by your recipient's bank for processing the payment⁶. In addition, when you send money through the SWIFT network, it is likely that other banks will be involved along the way. Each may charge their own fees, which are beyond the sending bank's control.
A cheaper and more transparent alternative - Wise
If you regularly send money abroad, look for the cheapest way to do it. Because a few euros more in fees or a bad exchange rate can quickly add up over time.
Wise is a great alternative to your bank, even if you have relatively low fees and fair exchange rates like Starling Bank. You're guaranteed low, transparent fees for fast, secure transfers, and you'll always get the middle rate — even on weekends.
Open a multi-currency Wise accountand you can also hold more than 50 currencies simultaneously, andreceive money from abroadfor low to no fees with convenient local account details.
There are those tooWise debit card, a contactless international card for spending in more than 200 countries that automatically converts currency at the best rate every time you spend.
Join Wise
How do you make an international money transfer with Starling Bank?
If you've done your homework, compared fees and exchange rates and are ready to make your first international money transfer with Starling Bank -Here's how to do it³:
- Go to Payments in the Starling Banking App.
- Select "Send money" and then "Exchange rates" - here you can see what the current exchange rate is to convert GBP to your chosen currency.
- Select the currency and enter the amount you want to send in GBP. Alternatively, you can enter the amount you want the recipient to receive in their own currency. The app automatically updates the amount to be paid and the amount received to account for fees and exchange rates.
- Choose a payment method - a SWIFT bank-to-bank transfer or a local network payment - and verify that you agree to all fees and charges.
- Select an existing payee or create a new one using their bank and other details (we'll show you exactly what you need in the next section).
- Double check all the details and confirm the payment.
There are two important things to remember when setting up Starling Bank international transfers. First, you can only send money in the destination country's currency. So you can send EUR to France but not USD³.
There are also restrictions on when you can send money. Because the foreign exchange markets are closed at weekends, Starling Bank can only process international payments³ at the mid-rate Monday through Friday³. If you wish to ship on weekends, an additional surcharge will be added to the tariff.
What do I need for an international money transfer with Starling?
To send money abroad with Starling Bank,You need the following⁸:
- Recipient's name and bank details
- HerInternational Bank Account Number (IBAN)- Calculate allIBAN number for Starling BankHere.
- For SWIFT payments, your bank's Business Identifier Code (BIC) or SWIFT code.
What do I need to receive an international money transfer with Starling?
To receive money into your Starling Account from abroad, you must provide your recipient with the same details as above. These are your IBAN, SWIFT/BIC code and your standard account number and sort code. Check your IBAN number with ourIBAN-Checkerand we'll tell you if it's the right format.
How long does an international bank transfer with Starling take?
How long international payments take to arrive depends on the method you chose to send the money.
If you have chosen SWIFT, you can expect the payment to arrive within 1-3 days⁹. For low-cost payments through Starling's local partner network, your recipient may have to wait longer - although the bank does not specify a specific time frame for this.
There may also be delays with payments made over the weekend. Unless you're willing to lose some money on the more expensive "weekend special" rate, you'll have to wait until Monday to start processing your payment.
And that's pretty much it - everything you need to know about international transfers with Starling Bank. We've covered fees, exchange rates, how to actually arrange your payment and how to receive a payment from abroad too.
You should be ready to make your first international transfer. Just make sure you've compared fees and rates first so you can be sure you're getting the best possible deal.
Sources used for this article:
Sources checked on August 19, 2021.
This publication is for general information purposes only and is not intended to cover all aspects of the topics covered. It is not intended as advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action based on the content of this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Past results do not guarantee a similar result. We make no representations, warranties or guarantees, express or implied, that the content in the publication is accurate, complete or current.
FAQs
International Wire Transfer Starling Bank: Fees, Rates and Transfer Time? ›
Priority delivery via SWIFT is usually the quickest option and it will take anywhere between one and five working days, depending on the country you're sending to. Alternatively, you can transfer via a local partner network, which may take a little longer and won't include a payment reference for the recipient.
How long does Starling international transfer take? ›Priority delivery via SWIFT is usually the quickest option and it will take anywhere between one and five working days, depending on the country you're sending to. Alternatively, you can transfer via a local partner network, which may take a little longer and won't include a payment reference for the recipient.
How long will international wire transfer take? ›International wire transfers usually take two business days, but depending on the destination and when you send the transfer, it can take up to five days.
How much does Starling charge for international transfers? ›About our fees
We apply a 0.4% fee to the currency conversion and a small delivery fee to cover our costs.
Transfers usually take 1-3 business days. An international transfer can take longer though, depending on the bank and country you're sending the money to. It's also worth noting that transfers made on a weekend, a public/bank holiday, or after the currency cut-off time will be processed the following business day.
How long does an international transfer from US to UK take? ›To transfer money from the US to the UK, you can use a bank or a money transfer company. It normally takes 2-4 working days for your money to arrive. Money transfer companies are normally a cheaper and more efficient option. Some money transfer companies also offer guidance on exchange rates and timing.
Is Starling good for international payments? ›Starling is great for travel. You can use your Starling card in a whole load of countries – almost anywhere you see the Mastercard logo, in fact! Unlike a lot of other banks, we don't add fees or charges when you use your card overseas.
What is the fastest international wire transfer? ›Fastest: Remitly
Remitly is a high-speed money transfer service for sending funds internationally. For example, for bank transfers from the US to India, users can expect money to arrive in their recipient's bank account in just a few minutes.
One of the main reasons for delays to international wire transfers are the fraud prevention processes and procedures put in place by banks. The SWIFT network requires transfers to pass through up to three correspondent banks before arriving at their destination.
Why is my international wire taking so long? ›Online bank transfers might take a long time for a number of reasons, including global events or natural disasters, bank holidays, different currencies, weekend delays, missing paperwork, time differences, different banking regulations, fraud detection processes, and the risk profile of the sender.
Can I use Starling Bank in USA? ›
Just like in the UK though some ATM providers might charge you a fee for withdrawing cash from their machines. With the Starling Bank account you do not pay any fees to use your debit card for purchases worldwide outside of Europe.
What is the maximum transfer for Starling? ›What is the Faster Payments limit? The Faster Payments scheme has a £1,000,000 per transaction limit.
How long does Starling Bank take to process? ›on average, in 2 days; and. within 5 days for 99% of customers.
How long does it take for a SWIFT transfer to go through? ›A SWIFT payment generally takes 1-4 working days.
Before your funds are credited to the recipient, they will undergo anti-fraud and anti-money laundering checks, which takes time. Some banks may also route your money via an intermediary bank if there is no direct relationship between your bank and the destination bank.
Domestic wire transfers are often processed within 24 hours while international wire transfers can take between 1-5 business days. Wire transfer times may also vary depending on designated cut-off times, federal regulations, as well as weekends and bank holidays.
What is the best day to transfer money internationally? ›The best day of the week to transfer money internationally
Mondays often experience the lowest number of trading in foreign exchange market. Therefore, you may expect the least fluctuation in price.
It typically takes 1 to 3 working days to transfer money from a UK to a US bank account. The time taken varies because some US banks are a bit slower than others at clearing your funds. International money transfers also have daily cut-off times.
What is the best way to send money to England from us? ›An international bank transfer is usually the best way to transfer money to the UK. It can be done through a bank or money transfer specialist. There are no legal limits on how much money you can send to a UK bank account.
What is the fastest international shipping from UK to USA? ›DHL Air Express is the fastest way to send parcels from the UK to the USA, with a transit time of just 1-2 working days. This is a premium, fully tracked, courier collection service. Parcel Monkey Air Express offers a cheaper option for express parcel delivery to the US.
Can Starling receive international transfer? ›You can receive Sterling and Euro payments from abroad straight into your Starling account. The person or organisation sending you money will need to send the payment to you using your IBAN and the BIC, which you can find and easily share with them from the Account Details section in our app.
Why is Starling Bank so good? ›
Summary - 4.8/5. Overall, Starling Bank have a great deal to offer UK customers, especially since they are one of the only challenger banks to offer interest, and have one of the most effective methods of saving money through 'Goals'.
How long does a 100k wire transfer take? ›Transfers typically happen quickly. Generally, domestic bank wires are completed in three days, at most. If transfers occur between accounts at the same financial institution, they can take less than 24 hours. Wire transfers via a non-bank money transfer service may happen within minutes.
Can international wire transfers take longer than 5 days? ›If the wire transfer is being sent between the same financial institution, the transfer will usually take less than a day. International transfers can take up to 5 days to process. If you're in a time crunch, it's best to check with your financial institution regarding processing times for your specific transfer.
How do I avoid international wire transfer fees? ›- Ask the Bank to Waive the Fee.
- Use Multi-Currency Accounts.
- Make Cross-Border Payments.
- There's No Reason to Pay Wire Transfer Fees.
You can contact your bank and ask for a wire trace once you have the SWIFT number. The bank will use it to determine whether the money has been transferred or is still waiting.
Can an international wire transfer take a month? ›International wire transfers should take around two working days, but times vary based on several factors, such as the bank and the destination of the recipient.
What can I do if I haven t received my international wire transfer? ›If the bank initiated the transfer, notify the bank immediately so that it can investigate your claim. If you first contact the bank by phone, it is a good practice to follow up in writing. If you wired the funds through a third party (e.g., Western Union), contact that party to find out what their procedures are.
Is Starling Bank UK residents only? ›You can apply for a Starling account as long as you're over 16 and live at a UK address. As you'd expect, we welcome all nationalities and you don't even have to be a UK tax resident.
What country is Starling Bank? ›We built Britain's first digital bank.
One hard-won banking licence later, we set about giving people a new way to spend, save and manage their money (and take better care of the planet, too).
Examples of high value payments include a flat or house deposit, or perhaps for a new car. With Starling, you won't need to go to a bank branch or fill out lots of paperwork. You can make the payment without fuss or fees.
Can Starling hold multiple currencies? ›
One business card, multiple currencies
Use a single debit card to manage your business finances in multiple currencies. If you want your foreign card transactions to come from your foreign currency business account, go to the 'Card and Currency Controls' section in the app and turn it on with a tap.
Starling is part of the Faster Payments network which means payments should be sent instantly, but occasionally it can take up to 2 hours. At Starling, we do everything we can to protect your account from fraud and keep your money safe.
How to do a bank transfer from Starling bank? ›Tap Payments. Tap Transfer between accounts. Tap Transfer on the card for the account you wish to transfer money to.
Can you use Starling bank straight away? ›If you want to start spending straight away, you can set up your card in your Apple Pay wallet or Google Pay before your physical card arrives in the post. Samsung Pay, Garmin Pay and Fitbit Pay can be set up once your card has arrived.
Is SWIFT better than wire transfer? ›SWIFT transfers offer a secure and convenient electronic global payment system. This process of international bank transfers is also more commonly known as 'wire' transfers, which have become one of the most popular ways to send money across borders.
Is SWIFT enough for international transfer? ›IBAN and SWIFT are the two common standards for sending international bank wires. Both can be used to identify a recipient's bank, so that other parties can send money to them, even across borders.
Why would a bank reject a wire transfer? ›Yes, a bank can reject a wire transfer if there is an error or missing information in the account name, account number, IBAN or SWIFT code. This could be flagged as potential fraud or mean the receiving financial institution lacks the correct information to process the wire transfer.
Do wire transfers over $10000 get reported to the IRS? ›What is the law regarding wire transfers and the IRS? Under the Bank Secrecy Act (BSA) of 1970, financial institutions are required to report certain transactions to the IRS. This includes wire transfers over $10,000, which are subject to reporting under the Currency and Foreign Transactions Reporting Act (31 U.S.C.
Do banks report wire transfers to the IRS? ›Do banks report wire transfers to IRS? Yes, it's a legal requirement for US banks and other financial institutions which initiate wire transfers to report payments of over $10,000 to the IRS.
What happens if you transfer more than 10000? ›
If transactions involve more than $10,000, you are responsible for reporting the transfers to the Internal Revenue Service (IRS). Failing to do so could lead to fines and other legal repercussions.
Can an international transfer take a week? ›Generally speaking, international bank transfers will arrive within one to five working days. Let's explore what this looks like. To send an international payment, you simply need to gather all the necessary information (IBAN number, BIC/SWIFT number, recipient's banking details, etc.)
How long should an international wire transfer take? ›International wire transfers usually take two business days, but depending on the destination and when you send the transfer, it can take up to five days.
How much can you wire transfer internationally per day? ›Is There A Wire Transfer Limit? The IRS does not impose any transfer limits on international transfers but there are reporting requirements for transfers of $10,000 or more and for individual payments made over a short period of time that add up to exceed $10,000.
Can international transfers be instant? ›Can international transfers be instant? Yes, they can if you and the recipient have accounts with the same digital money platform.
How long does Starling bank deposit take? ›Please note that cheque processing doesn't take place on weekends or bank holidays. It normally takes two working days after the cheque has been deposited for the money to show up in your account (please note, if you have sent your cheque via post it will take two working days from the point we receive the cheque).
Why has my money not been received on Starling? ›The most common reason is insufficient funds in your account or incorrect payee details. If you have sufficient funds and the payee details are correct, please get in touch with our customer service team.
Which bank does not charge international transaction fee? ›Discover Bank
Discover doesn't charge foreign ATM network or foreign transaction fees. But Discover card acceptance can be limited outside of the U.S., Canada, Mexico and some Caribbean nations. With an HSBC Premier Checking account, customers pay no foreign transaction fees. HSBC also has a worldwide network of ATMs.
An international bank transfer is usually the best way to transfer money internationally because it is secure, fast and cheaper than other methods such as cash, money orders or credit cards. A bank or money transfer company can carry out an international bank transfer for you.
What is the fastest way to wire money internationally? ›- Wise — Best for Low Fees.
- PayPal — Best for Peer-to-peer Money Transfers.
- Western Union — Best for Availability.
- MoneyGram — Best for Cash Transfers.
- OFX — Best for Large Amounts of Money.
- WorldRemit — Best Mobile Option.
- XE — Best for Business Transfers.
Why is my international wire transfer taking so long? ›
One of the main reasons for delays to international wire transfers are the fraud prevention processes and procedures put in place by banks. The SWIFT network requires transfers to pass through up to three correspondent banks before arriving at their destination.