When sending large amounts of money to the US from the UK and other countries, it is important to take into account the best exchange rates, the fastest methods and the services with the lowest transfer fees. Typically, money transfer services tend to work out cheaper than bank transfers but within those services, some work out to be more cost-effective than others.
Why Transfer Large Amounts of Money to the US?
There are plenty of reasons why you may need to transfer large amounts of money to the US, both for personal and professional purposes. Whether you are purchasing a property, paying tuition fees or transferring large sums of money to a family member, there are plenty of possible reasons you may need a safe, cost-effective and fast way to transfer these funds.
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What are the Best Services for Transferring Large Sums of Money to the US?
Depending on your priorities, there are many recommendable money transfer services available for sending large amounts of money to the US from the UK. CurrenciesDirect has one of the best reputations for competitive exchange rates. For example, if you wanted to send 1 million GBP, this would work out as around $1,333,059.
Halo Financial, WorldFirst and Currency Solutions are also known for competitive rates and cost-effective solutions for sending large amounts of money. The majority of money transfer services base their exchange rates on the mid-market rate and then deduct a further small margin. Banks are known as one of the least cost-effective methods as they offer poor exchange rates.
TransferWise is another favourite. To send 1M GBP to the US, the transfer fee for TransferWise works out at around 0.22% of the amount transferred (i.e. approximately 2,195.19 GBP. However, TransferWise promises one of the most competitive exchange rates on the market. If the transfer is more than £100,000, the fee will be 0.1% less on the amount that is over the threshold.
Transferring Large Sums of Money to a Company in the US
When transferring large sums of money for business purposes to US-based companies, using a specific intermediary company or money transfer service is the best approach. This can save businesses a lot of money by offering the best exchange rates available, reducing transaction fees and ensuring the safe transition of large amounts of money.
What are the Cheapest Ways to Send Large Sums of Money to the US from the UK?
For some services, transfers are more cost-effective the more money you are wanting to send. For example, Halo Financial does not charge any transfer fees for transfers of more than £5000. They also offer a competitive exchange rate and take one of the smallest margin percentages on the market. Currencies Direct also does not typically charge transfer fees. However, it is worth checking with your bank (both the bank you are sending from and the recipient bank account) as they may charge specific fees.
How Quickly Can I Transfer Large Amounts to the US?
When sending money to the US, there are many services offering very fast solutions. Currencies Direct, Halo Financial and WorldFirst all offer same day transactions. Currency Solutions offers transactions within 2 days. Bank transfers, depending on which bank, can take around 2-5 business days.
Transferring Large Sums of Money to the US via Bank Transfer
Whilst many think of bank transfers as their first option when transferring large sums of money, this is actually an erroneous choice. People tend to depend on their bank out of familiarity and convenience. Yet, bank transfers have a reputation for offering one of the poorest exchange rates on the market. When transferring large amounts of money internationally via a bank transfer, you incur high transfer fees and expose yourself to uncompetitive rates.
Sending Large Sums of Money to the US via PayPal
It is not typically advised to send large sums of money to the US via PayPal due to the limits placed on the transaction amount. Although there is not typically a limit on the total amount you can send from your PayPal account, there tends to be a limit per transaction meaning it is not the most convenient way to transfer large sums. Additionally, PayPal does not offer a very competitive exchange rate as this is where they earn their commission.
If you are planning to transfer more than $10,000 from overseas, this transfer will need to be reported to the US government. Additionally, it should be noted that when sending large amounts of money to the US, you will need to provide specific documentation. This tends to be a valid form of photo ID in addition to a proof of address (such as a utility bill or a recent bank statement).