UK bank FX margins compared
UK banks typically add a margin of 2% to 4% to the exchange rate on a standard international payment, while some digital providers charge under 1%. The table below shows the margin or conversion fee each provider publishes on its own website, how it changes with payment size, and the date we last checked it.
Last checked: . Figures are checked monthly against each provider's own website.
Figures are indicative, taken from each provider's published information on the date shown, and may change. Always check the rate you're quoted before you pay.
Published FX margins on international payments
| Provider | Account type | Published margin or FX fee | On a £10,000 payment | Source |
|---|---|---|---|---|
| Co-operative Bank | Personal | Up to 4% up to £20,000; less than 4% above | Up to 4% | Co-op |
| Co-operative Bank | Business | Up to 4% | Up to 4% | Co-op Business |
| Halifax | Personal | 3.55% up to £10,000, down to 1.50% at £250,000+ | 3.55% | Halifax |
| TSB | Personal | 3.20% to 3.65% depending on currency (EUR 3.30%, USD 3.20%) | 3.30% (EUR) | TSB |
| Cater Allen | Personal and business | 3% | 3% | Cater Allen |
| Metro Bank | Personal | 3% | 3% | Metro Bank |
| Santander | Personal | 3% up to £10,000; 2% to £50,000; 1% above | 3% | Santander |
| Santander | Business | 3% up to £10,000; 2% to £50,000; 1% above | 3% | Santander Business |
| NatWest | Business | Up to 2.65% on core currencies; up to 3.5% on others | Up to 2.65% | NatWest |
| Royal Bank of Scotland | Business | Up to 2.65% on core currencies | Up to 2.65% | RBS |
| Lloyds Bank | Business | 2.60% up to £25,000, sliding to 1.25%–0.90% in the £500,000–£1m band (falls to 0.90% at £1m) | 2.60% | Lloyds |
| Bank of Scotland | Business | Same bands as Lloyds: 2.60% up to £25,000, sliding to 1.25%–0.90% in the £500,000–£1m band (falls to 0.90% at £1m) | 2.60% | Bank of Scotland |
| Virgin Money | Personal | 2.50% up to £25,000, falling to 0.65% | 2.50% | Virgin Money |
| Nationwide | Personal | 2.2% on payments sent (0.5% on payments received) | 2.2% | Nationwide |
| Barclays | Business | No more than 2%, lower above £25,000 | Up to 2% | Barclays tariff, March 2026 (PDF) |
| Monzo | Business | 0% to 1.80% variable fee plus a fixed fee of up to £9 | Up to 1.80% + up to £9 | Monzo Business |
| Tide | Business | SWIFT FX fee by plan: 1.50% (Free), 1.25% (Smart), 0.75% (Pro), 0.50% (Max) | 1.50% (Free plan) | Tide |
| Revolut | Business | Interbank rate within plan allowance; 0.6% over allowance; 1% outside market hours | 0.6% over plan allowance | Revolut Business fees |
| Starling Bank | Business | 0.4% conversion fee plus a delivery fee | 0.4% + delivery fee | Starling (PDF) |
Some banks, for example HSBC, don't publish an FX margin as a percentage, so they aren't included.
How we put this table together
We record the FX margin, mark-up or conversion fee each provider publishes on its own website or tariff for a standard international payment from a sterling account, worded as the provider words it ("up to" means the provider publishes a maximum). Card fees for spending abroad are a separate charge and are not shown. Fixed payment fees and charges from the recipient's or intermediary banks come on top. Only providers that publish a figure are included; we never estimate. Businesses with larger volumes can often negotiate lower margins than those published.
Last checked: . We recheck every source monthly and update this page when a figure changes.
Price is only part of the picture
The margin is the easiest thing to compare, but it is only one part of an FX service. A low margin on a badly timed trade can still cost you more than a higher margin on a well-planned one. So alongside price, we suggest you measure three things:
- FX performance: the rates you actually achieved against the market or a benchmark rate over the same period.
- Performance against your business goals and FX KPIs: for example, whether your budget rates were protected and how much certainty you had over cash flow.
- Time saved: the hours your team spends on getting quotes, making payments and reconciling them.
FAQs
What is an FX margin?
An FX margin is the difference between the exchange rate a bank gives you and the wholesale rate it gets in the currency market. It is usually built into the rate rather than shown as a separate fee, so it can be the biggest cost of an international payment.
Which UK bank has the lowest published FX margin?
On a £10,000 payment, among the high street banks in our table, Barclays Business publishes a cap of 2% and Nationwide publishes 2.2% on payments sent. Digital providers such as Starling (0.4% fee) and Tide's paid plans publish lower charges.
Do FX margins fall on larger payments?
Often, yes. Lloyds, Halifax, Santander, Virgin Money and Barclays all publish margins that fall as the payment gets bigger. Lloyds Business, for example, goes from 2.60% up to £25,000 to 0.90% at £1 million.
Why isn't my bank in the table?
We only include providers that publish a margin or FX fee as a figure on their own website. Some banks, such as HSBC, don't, so you need to ask them or compare the rate you're quoted against the mid-market rate.
How can I work out what my bank actually charged me?
Compare the rate on your statement with the mid-market rate at the time of the payment. The percentage difference is your margin. Add any fixed payment fee to get the total cost.
How often is this table updated?
We check every provider's source page monthly and show the date of the last check at the top of the table.
Is the cheapest FX margin always the best deal?
Not always. The margin is only one part of the cost. It is also worth measuring the rates you achieve against the market or a benchmark, whether you hit your budget rates and FX KPIs, how much certainty you have over cash flow, and how much time your team saves.