Virgin Money UK international transfer: Fees, rates and transfer times

Virgin Money has over 6.6 million retail and business customers in the UK.¹ Like many banks and financial service providers, you can make an international money transfer with Virgin Money.

In this guide, we’ll walk you through the process of making an international transfer with Virgin Money, and discuss fees, exchange rates and more.

Also, there are alternative ways to transfer money abroad, like with the money services provider Wise. With Wise, you can send money to more than 160 countries.

Please see the Terms of Use for your region.

How does an international transfer with Virgin Money work?

With Virgin Money, you can only make international transfers by visiting a Store.²

You have a few different payment methods available with Virgin Money:²

• CHAPS payment
• SWIFT payment
• SEPA payment

Make sure to take all the bank details needed for sending money with you as well as your account details and an ID. If you want to make a CHAPS payment, you need to pre-fill the CHAPS form before going to the Store.²

There are also cut-off times when you should make the transfer in a Store to get the same-day or next-day payments, depending on the payment method you use:²

• Same-day CHAPS payment – request made before 4.00pm
• Same-day SWIFT payment – request made before 10.30am
• Next-day SEPA payment – request made before 11.00am

📚 Read more: CHAPS, BACS, SWIFT and Faster Payments Explained

Which currencies Virgin Money supports?

You can make international transfers in most of the major foreign currencies:²

• Euros (EUR)
• Australian Dollar (AUD)
• Canadian Dollar (CAD)
• Japanese Yen (JPY)
• Singapore Dollar (SGD)
• United Arab Emirates Dirham (AED)
• Indian Rupee (INR)
• and more.

Are there any limits to the amount that you can transfer with Virgin Money?

Since all international transfers with Virgin Money are made in a Store, there isn’t a limit on how much you can send.²

How long does a Virgin Money international transfer take?

It depends on the payment method (CHAPS, SWIFT, SEPA) and if you manage to request a transfer before the cut-off time described above. In general, up to two days but some payments can arrive same-day.²

What are the fees when you want to transfer money overseas with Virgin?

Here’s an overview of what an international transfer costs with Virgin Money:

Virgin Money international transfer	Fee
Transfer fee²	CHAPS – £25 SWIFT – £25 SEPA – £20
Exchange rate²	Mid-market rate + markup

The fees are straightforward enough, but depending on the amount you’re sending, a margin of up to 2.50% applies to the mid-market exchange rate, making the payment more expensive.²

But, if you value transparent fees and want to avoid exchange rate markups, consider sending money with Wise. You’ll get a low transfer fee, no hidden costs, and the fair mid-market exchange rate.

Learn more about international transfers with Wise

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What is the exchange rate you get with Virgin Money?

Virgin Money adds a margin of up to 2.50% to the fair mid-market exchange rate, depending on the amount you send.²

Here’s how they explain it:²

“When you send an International payment in a different currency from your current account, a foreign exchange rate will be applied. Our standard foreign exchange rate is based on the market exchange rate, plus or minus a currency conversion cost which is detailed in the table below.”

And here you can find the table showing different markups to the mid-market rate based on the amount you’re transferring:

Transfer amount	Margin added for converting foreign currency
£0-£25,000	2.50%
£25,001-£50,000	1.70%
£50,001-£100,000	1.55%
£100,001-£250,000	1.20%
£250,001-£500,000	0.95%
£500,000-£1,000,000	0.65%

How can you contact Virgin about international transfers?

You can contact Virgin Money through your online banking or the app.

If you’d like to ask questions in person, then you can find the closest Store. Or you can call 0800 121 7365 or +44 141 951 7315 from outside the UK.³

Wise – Money for here, there and everywhere

Want low fees, great exchange rates and an easy way to send money worldwide? Open a Wise account online in just a few clicks, and you can start sending money to over 160 countries.

You can send payments worldwide for low fees and mid-market exchange rates. There’s even a Wise card for spending in over 150 countries, where your pounds are automatically converted to the local currency at a great rate.

There aren’t any monthly fees with Wise, and you can open an account for free.

Sign up with Wise today 🚀

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees. Eligibility is subject to verification of customers' identity.

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Virgin’s money transfer service is provided by World First, and the product offered is much the same as World First’s own. It’s a good, quite flexible service that has some useful features like letting you lock in an exchange rate for transfers to be made in the future. What’s more, there are few fees apart from the exchange rate, and even the exchange rate should be competitive compared to that offered by other banks.

But if you want the best exchange rate of all, you’ll have to look elsewhere.

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Sources used:

1. Virgin Money UK - corporate profile
2. Virgin Money UK - making payments
3. Virgin Money UK - contact

Sources last checked on date: 28-Sep-2023