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Managing international payments is a critical part of running a business in today’s global economy. Starling Bank offers digital business accounts in the UK that simplify international transfers while keeping fees transparent and competitive. Understanding the costs involved is essential for businesses that send or receive money from abroad.
Sending Money Abroad
Starling provides two main options for sending money internationally:
1. SWIFT Payments
Direct bank-to-bank transfers
Fast and secure
Suitable for urgent payments
Delivery fee: £5.50 per transaction
2. Low-Cost Payments
Processed through local partner banks
Slower than SWIFT
More affordable for non-urgent transfers
Delivery fee: Starting from £0.30, depending on the currency
Additional transfer fee:
Starling charges 0.4% of the transfer amount for both SWIFT and low-cost payments.
Receiving Money From Abroad
Receiving international payments may also involve some costs, depending on the currency and the sender’s bank.
Key Fees Include:
Currency conversion fee: 0.4% if the incoming funds are in a different currency than your account (e.g., receiving EUR in a GBP account).
Foreign exchange rate: Determined by Starling at the time of the transaction. Exchange rates can be checked in real time through the Starling app.
Intermediary bank fees: Some transfers may pass through a third-party bank, which can deduct fees before the funds reach your account. Starling does not control these charges, and they vary depending on the sender’s bank and country.
Advantages of Using Starling for International Transfers
Starling business accounts are increasingly popular among UK businesses for international payments because:
Transparent fees: You know exactly what you’ll pay for each transfer.
Real-time exchange rates: Starling uses competitive, market-based rates.
Digital convenience: Transfers can be managed entirely through the Starling app, saving time and avoiding branch visits.
Flexible options: Choose between faster SWIFT payments or more cost-effective low-cost transfers depending on your needs.
Tips for Reducing International Transaction Costs
Compare transfer options (SWIFT vs low-cost) based on urgency and amount.
Plan transfers in the same currency as your account to avoid currency conversion fees.
Check with the sender about any potential intermediary bank fees before initiating a transfer.
Monitor exchange rates using the Starling app to maximise the value of every transfer.
Conclusion
The Starling business account is a reliable, cost-effective solution for UK businesses handling international transactions. By understanding SWIFT and low-cost payments, currency conversion fees, and potential intermediary charges, businesses can manage global payments efficiently and save on unnecessary costs. Starling’s transparent fee structure and digital tools make international banking simpler, faster, and more predictable for entrepreneurs and small business owners.
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