Transfer Large Sums of Money Internationally

  • Transfer large sums of money abroad using online services.
  • Incur lower fees when choosing a specialised service instead of a bank transfer.
  • Choose a secure method to ensure the safe transfer of funds.

When transferring large sums of money internationally or abroad, key concerns will always be about the maximum amount, secure payments and speed of transaction. Although there are a multitude of services available, they come with their own benefits and risks, with many incurring hidden fees. As such, it can be difficult to know where to begin. Luckily, in this guide we explore the most cost-effective, fast and secure ways to transfer large sums of money internationally or abroad.


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Best Services for Transferring Large Sums of Money Internationally

OFX, TransferWise and CurrencyFair are all trusted online services offering transfer services with varying conditions.


OFX dedicates themselves primarily to large transfers; thus, the larger the amount you want to transfer, the lower the currency fee. When transferring lower amounts, there is a fee of approximately 1%; however, for larger amounts this can decrease to 0.4% making it a very cost-effective option. Focusing on large transfers, their minimum transfer is $500.


TransferWise, though a reliable service with super-competitive rates, typically deals with smaller transactions. They offer full transparency, always declaring their flat-rate fees, and offer one of the best exchange rates on the market. For smaller transactions, you pay a small upfront fee varying from 0.5% and 2% depending on the countries involved. Although they are designed to support smaller transactions, they do offer you the opportunity to transfer up to $1 million in one transaction (country-dependent); they also allow you to send multiple transfers under the limit. When sending $100K, you look to pay around $500-$1000 in fees, guaranteeing secure and fast transactions as well as one of the most competitive exchange rates.

Currency Solutions

Currency Solutions is one of the best options on the market when sending large sums of money safely and cost-effectively. They offer no transfer fees above £3K and competitive exchange rates. They are FCA-approved ensuring secure transactions. Money can be transferred quickly and conveniently with the use of debit card or bank transfer. Payment limits are subject to the chosen payment method. There is no limit if you choose to transfer funds over the phone. However, if you prefer to send money via the online platform, transfers are capped at £20,000 (for personal accounts) and £50,000 (for business accounts).


Transferring Large Sums of Money to Another Company

When transferring large sums of money to another company, you need to trust the service that you are using. That is why it is advisable to let an intermediary company or service manage the transaction. That ensures that the transaction is safe, the exchange rate is competitive and you can save on transfer fees. When transferring from company to company, businesses can receive a higher exchange rate and avoid hidden costs of exchange fee or transaction fees. In fact, using a remittance company can help businesses save as much as 5% of their transaction costs. Outsourcing this service provides customer care and support. There are many trusted services which can help when transferring large amounts to a company.


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Transfer Large Sums Abroad to Another Company

Transfer Large Amounts of Money to the US


Transferring Large Sums of Money by Cash

There is always the option to send money in cash by putting the money in an envelope and sending it in the post. Although this is an option with no limit to how much you send nor any transfer fees, it is not the most secure of options as there is no record of the transaction. Thus, it is not recommendable, especially when sending large amounts of money.

You can also use cash-to-cash services such as Western Union or MoneyGram in which you can deposit physical cash at one of the money transfer centres. This money is then converted into the relevant currency and can be picked up by the recipient in their local money transfer centre.

Transferring Large Sums of Money Internationally via Bank Transfer

It is possible to wire large sums of money via bank transfer; however, it is not always considered to be the best option. A bank transfer typically supports transactions to most banks worldwide as long as you have the relevant numbers for both the sending and receiving banks. However, the transfer fees, depending on which bank you choose, tend to be very high. Additionally, you will need to cover any charges incurred by the receiving bank. People tend to rely on bank transfers out of convenience and flexibility. Most banks offer the option of sending money online, over the phone or in person. Also, as they regularly bank with the same service, they feel confident and secure to bank with them – even at the cost of a more expensive and slower transaction. The fees guarantee secure transactions. However, there are many services which work out as more cost-effective and faster when sending large amounts of money abroad.

It is important to note that banks do often charge higher fees fees when it comes to receiving a large amount of money from abroad. Typically, the sender will have to pay wire fees. You may also need to consider intermediate banking fees which are common for international money transfers, with the recipient often having to pay a fixed fee too to receive the funds. Some banks also add an an FX markup of up to 5%. This is why there are also specialised services designated to receiving large amounts of money from abroad.

Sending Large Sums of Money Abroad via PayPal

Sending large amounts of money via PayPal is widely considered to be a reliable and safe option, depending on how much you are wanting to send. There is a maximum transfer amount when sending a transaction via PayPal, which is $10,000 per transaction. With PayPal, you can also incur fees depending on your payment method. If you choose to pay via debit or credit card, the transfer fee will be 2.9% of the total amount being sent, plus an additional $0.30. When sending large sums of money, these transfer fees are sizeable and worth taking into account when deciding the best approach. However, if you send the money through PayPal directly from your PayPal account balance or your bank account, there is no fee to send the money.

Owned by PayPal, there is also Xoom, intentionally designed for sending money abroad and reaching up to 55 countries. Depending on the country, fees will vary. However, the maximum transfer amount is $2,999 per week which is quite limited when sending large amounts.

Sending Large Sums of Money Internationally via Google Pay

Depending on where you are wanting to transfer funds and how much, Google Pay can work out to be a good option. Available in the UK, you can send money easily to the US using Google Pay using just their mobile number or their email address. Google Pay, like other services, caps the maximum transfer amount with a maximum value of $9,999 per transaction. However, you can overcome this by sending multiple payments. They have the maximum transfer amount of $50,000 across a 5-day period, offering an added element of flexibility when transferring funds.

Risk of Poor Exchange Rate

Unfavourable exchange rate can be the key difference between what is on the surface a good deal, to what becomes a shock when you pay through the roof in hidden costs. Every payment service has its own exchange rate when converting currencies. Thus, you should always check what exchange rate they are offering as well as if they charge a conversion fee or not.