Banks Pros It’s more convenient – you can pop into a branch, or do it online It’s a more familiar service Cons International transfer fees can be expensive It might take longer to set up the transaction – you’ll need to set up an International Bank Account Number (IBAN) and Bank Identifier Code (BIC). Foreign exchange organisations Pros It can offer better exchange rates It’s simpler to set up – you’ll usually only be asked to provide bank or credit card details and set up a password Cons Whether there are fees or not depends on the organisation The uncertainty of using a different organisation, potentially for the first time