The most reliable way to send money to support family abroad is a regular payment plan arranged with a specialist currency broker, which lets you fix an exchange rate for a run of future payments so the sterling cost of your support stays predictable. On ongoing support — a monthly allowance, university costs, or help for a parent overseas — the exchange rate matters as much as the fee, because a moving rate quietly changes what your family receives from one month to the next. There is no UK limit on how much you can send, and there is no UK tax at the moment you make the transfer.
Who is this guide for?
This guide is for people in the UK sending meaningful, often repeating, sums to family living overseas. That includes parents funding a child through an overseas university, adults supporting elderly parents abroad, partners maintaining a household in two countries, and anyone helping relatives with rent, care or living costs in another currency.
It is written around larger transfers — typically from £5,000, whether as a single sum or as a series of monthly payments — where the exchange rate and the provider you choose make a measurable difference. If you are making a one-off gift rather than ongoing support, the tax treatment is different; our guide to gifting money abroad from the UK covers that case.
What is the best way to send regular money to family abroad?
The best approach for ongoing support is to fix your exchange rate in advance and automate the payments, rather than converting at whatever rate happens to apply on each transfer date. A specialist broker can set up a regular payment plan that sends the same amount to your family on a set schedule, and can attach a forward contract so the rate on those future payments is locked for up to twelve months.
Fixing the rate does two things. It removes the month-to-month uncertainty in what your family receives, and it lets you budget the true sterling cost of a year of support from the outset. For a one-off transfer, the priority is simply the margin applied to the exchange rate and the certainty that the money arrives in the right currency to the right account.
Bank, money-transfer app or specialist broker: how do the options compare?
Three routes dominate personal transfers abroad, and each suits a different situation. The table below sets out the honest trade-offs for regular family support.
| Route | Exchange-rate margin | Regular payments | Rate can be fixed ahead? | Best suited to |
|---|---|---|---|---|
| High-street bank | Wider margin built into the rate; sometimes a fixed transfer fee too | Standing order at the prevailing rate each time | No | Convenience for small, occasional sums |
| Money-transfer app | Tighter margin; fees vary by amount, currency and funding method | Often available | Rarely | Smaller everyday transfers where speed matters |
| Specialist currency broker | Typically a much smaller margin than a bank builds into its rate | Regular payment plan on a set schedule | Yes — via a forward contract, up to 12 months | Larger and ongoing support where the rate and budgeting matter |
For a single small payment, an app is often the simplest choice. For larger sums, and for support that repeats month after month, a specialist broker’s combination of a tighter margin and a fixed rate is where the difference adds up. You can compare the economics in more detail in our guide on whether currency brokers are cheaper than banks.
How do you set up regular overseas payments to family?
Setting up a regular payment plan with a broker follows a clear sequence:
- Register and verify your identity. You open an account and complete identity and source-of-funds checks. These are a legal requirement under the UK’s anti-money-laundering rules, not an obstacle put up by any one firm.
- Confirm the recipient’s details. You provide your family member’s account name, IBAN or local account number and the bank’s SWIFT/BIC. Check every digit and confirm any change by phone before the first payment.
- Agree the amount, currency and schedule. Decide how much your family receives, in which currency, and how often — for example a set number of euros on the same day each month.
- Decide whether to fix the rate. Your specialist can book a forward contract so the rate on the scheduled payments is locked, or leave the payments to convert at the rate applying on each date.
- Fund and run the plan. You fund the payments from your UK account, and each transfer goes out automatically on schedule to your family’s account.
At Cambridge Currencies each transfer is completed by phone with a dedicated specialist, so the person setting up your plan is the person you can call when circumstances change — a new term, a larger sum, a different account.
What does it cost to send money to family abroad?
The real cost of an international transfer is usually the exchange-rate margin, not the visible fee. The margin is the difference between the mid-market rate — the reference rate you can see on our currency converter — and the rate you are actually given. A high-street bank typically builds a wider margin into the rate; a specialist broker typically applies a much smaller one.
That gap matters most on recurring support, because you pay it on every single payment. A margin that looks small on one transfer is charged twelve times over a year. Watch for three things: the margin in the rate, any per-transfer fee, and whether an intermediary bank deducts a charge in transit. On the last point, sending in the currency your family’s account holds — euros to a euro account, rupees to an Indian account — helps avoid a second, unwanted conversion at the far end.
How does the exchange rate affect regular support payments?
Over a year of payments, the exchange rate moving against you can cost more than any fee. That is the core reason to consider fixing it. Because the pound’s value against another currency is driven by the interest-rate differential between the two central banks and by the wider economic picture, the rate you get in January can look quite different by December.
Worked example (illustrative). Suppose you send a child in Europe €1,500 a month — €18,000 over the year. At an illustrative rate of 1.17, that year of support costs about £15,385. If the rate drifts to 1.09, the same €18,000 costs about £16,514 — roughly £1,130 more for exactly the same help, simply because the rate moved. Fixing the rate at the outset with a forward contract removes that swing and lets you budget the full £15,385 with confidence.
The figures above use round, illustrative rates to show the mechanism, not today’s market. For the live rate on a pair such as GBP to EUR, and for a view on where a pair may head over the coming months, see our currency forecasts. A specialist can then talk you through fixing a rate for your own schedule.
Do you pay tax on money you send to family abroad?
There is no UK tax to pay at the point you transfer money to family abroad, and no UK limit on the amount you can send. The relevant question is inheritance tax (IHT) on gifts, and here regular support is treated more favourably than a one-off gift.
Under the “normal expenditure out of income” exemption, regular gifts you make from your income are immediately free of inheritance tax — with no seven-year wait — provided three conditions are met: the payments come from your income rather than your capital, they form part of your normal, regular pattern of giving, and you are left with enough income to maintain your usual standard of living. HMRC gives “financial support to an elderly relative” and “paying the rent for your child” as examples of exactly this kind of regular gift, as set out in the GOV.UK rules on giving gifts and the underlying HMRC Inheritance Tax Manual.
Separately, everyone has an annual exemption of £3,000 of gifts a year, plus small gifts of up to £250 per person. One-off gifts above these allowances are usually treated as “potentially exempt” and fall outside your estate only if you live for seven years — the mechanism explained in our guide to gifting money abroad. Because the exemptions turn on your own income and circumstances, a tax adviser can confirm how they apply to you.
On larger transfers, expect your provider to ask where the money came from. Confirming the source of funds is part of the customer checks required under the Money Laundering Regulations 2017, and it applies to banks and brokers alike. Our guide on how much money you can transfer abroad from the UK explains what tends to prompt questions and how to answer them smoothly.
What are the common mistakes when sending money to family abroad?
- Judging a provider on the fee alone. A “fee-free” transfer with a wide rate margin can cost more than a small fee with a tight one. Compare the rate against the mid-market benchmark.
- Ignoring the rate on recurring payments. The margin and any rate movement are paid on every payment, so they compound over a year of support.
- Sending in the wrong currency. Sending pounds to a euro or rupee account can trigger a second conversion at the receiving bank, often at a poor rate. Send in the currency the account holds.
- Not verifying the recipient’s details. Always confirm the account name, IBAN and any change of instructions by phone before paying.
- Leaving a whole year’s support exposed to the market. If your family relies on a steady amount, a moving rate is a real risk. Fixing it is a way to manage that.
Why use a specialist currency broker for regular family support?
Cambridge Currencies is a UK specialist currency broker that helps individuals and families move larger sums abroad and bring money home, with every transfer handled by phone by a dedicated specialist. For ongoing family support, that means a regular payment plan set up once and run to a schedule, the option to fix the rate for up to twelve months, and a tighter margin than a high-street bank typically applies.
Client funds are safeguarded by our FCA-authorised payment partners, Currencycloud and ScioPay, held separately at a credit institution — the protection explained on our safeguarding funds page. The same phone-based service supports specific corridors too, such as sending money from the UK to India, and everyday commitments like the running costs of an overseas property.
Frequently asked questions
How much money can I send to family abroad from the UK?
There is no UK legal limit on how much you can send to family abroad. Larger amounts simply attract identity and source-of-funds checks under anti-money-laundering rules, and some destination countries have their own limits on how much can be received, so it is worth checking the rules at the receiving end.
Is money I send to support family abroad taxable?
There is no UK tax at the point of transfer. For inheritance tax, regular support paid from your income can qualify for the “normal expenditure out of income” exemption and be immediately exempt, while larger one-off gifts fall under the annual exemption and the seven-year rule. Your family may face tax on money received under the rules of their own country.
Can I fix the exchange rate for a year of monthly payments?
Yes. A forward contract lets you fix today’s rate for future payments for up to twelve months, so each scheduled transfer converts at the agreed rate regardless of how the market moves. This is what makes a year of support predictable to budget.
What is the cheapest way to send regular money abroad?
Focus on the exchange-rate margin rather than the headline fee, because the margin is charged on every payment. For larger and recurring sums, a specialist broker’s tighter margin usually outweighs an app’s convenience, and fixing the rate protects against the market moving against you across the year.
How do I make sure the money arrives in the right currency?
Send in the currency your family’s account holds and confirm the full account details before the first payment. Sending sterling to a foreign-currency account can lead to a second conversion at the receiving bank. A specialist can confirm the correct currency and routing before anything leaves the UK.
Is sending money to family abroad safe?
It is, provided you use a regulated provider and verify every detail. Use a firm that is FCA-authorised or works through FCA-authorised partners, check that client funds are safeguarded, and never act on payment instructions that arrive by email or text without confirming them by phone first.
Related guides
- Send money from the UK to Morocco: GBP to MAD specialist rates
- Moving abroad from the UK: currency guide for emigrants
Speak to a specialist about supporting your family abroad
If you are setting up regular payments to help family overseas — a university allowance, care for a parent, or a steady monthly amount — a Cambridge Currencies specialist can talk you through a regular payment plan and the option to fix your rate for the year ahead. Every transfer is completed by phone with a dedicated specialist who knows your situation. Speak to a Cambridge Currencies specialist to set up your plan.
