Santander Money Transfer Review

Santander Money Transfer Review
Margin Rate: 5%
Minimum Transfer: £5000
Transaction Fees: £25
FCA Regualted: FCA Regulated

Santander, as you may well know, are a bank. This means that you can’t expect the world of them when it comes to international money transfers. However, if you already have a Santander account and are looking to send money overseas easily, you can at least take a look at how they perform.

Santander offer international payments in 16 different currencies. However, you can also send abroad in GBP if the currency you wish to send a payment for is not represented. However you will, of course, be at the whim of any bank charges that may be in place in the receiving country. The problem with Santander is that they are not going to offer the best possible exchange rate. In fact, this is a bank, the exchange rates tend to be rather hideous. That being said, the ‘commission’ that Santander charge is fixed (£25.00 at the time of this review), which means that no matter how much you are sending, there will just be one fixed fee to pay.

One of the main reasons as to why people work with Santander on their international money transfers is the fact that it is simple. If you have a Santander account, you can start the money transfer process within a matter of seconds. You can even set up reoccurring payments. Sure, the cost of using this service is going to be slightly higher than some of the other companies out there that deal with international payments, but some people absolutely love the simplicity of it all.

One of the things that I absolutely loathe about Santander is the fact that the payments are not quick. Another international money transfer company may allow you to send money anywhere in Europe within a day or two. Santander may take up to three days. However, they must take a day. They really are not predictable and thus I do not recommend that you use Santander when ‘time is of the essence’.

This is a bank, so I am going to conclude this review by telling you not to use Santander unless you absolutely must do so. It is not worth the extra fees that you have to pay. Remember, the limited amount of currency options that you have available will mean that you will even have to pay rather extortionate fees on the receiving end. The high flat-rate of sending money through Santander means that you should not be using them for the smaller currency transfers anywhere. In fact, I do not suggest using them at all unless you absolutely do want the ease of the service.

Don’t get me wrong here, by the way, Santander is actually one of the better banks operating in the United Kingdom. However, they are just not all that good when it comes to international money transfers. You would think they were considering they have branches all over Europe, but they are not. Read one of the other reviews on this website. You will find countless other businesses that are far better to work with. Trust me.

Product Features

  • Banks offering International Payments: Banks offering International Payments
  • Buy Holiday Money Online: Buy Holiday Money Online
  • Cash Payments: Cash Payments
  • Make Instant Payments Under £1000: Make Instant Payments Under £1000
  • One off Large Currency Transactions: One off Large Currency Transactions
  • Remittance Providers in the UK: Remittance Providers in the UK
  • Send Regular Transfers Overseas: Send Regular Transfers Overseas
  • Commission Rate: 0%

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