Transferring Large Sums of Money Internationally (Best Ways)

Last Updated on October, 2024

Every day, millions of people send a HUGE $4.8 TRILLION from one country to another!!

If you’ve ever wondered how this money magic happens and want to be a part of it, you’re in the perfect spot. Whether you’re a pro or just starting out in international money transfers, this guide is your go-to resource.

We’ll explore seven of the best transfer providers to handle large sums of money when sending it across borders. Comparing cost, speed, coverage, benefits, drawbacks, and more that fit your needs and preferences.

Quick Summary

OFX, Wise, Xoom, Revolut, XE, Western Union, and Citibank are among the top choices for sending large sums of money overseas, each with their own strengths and drawbacks.

When sending large sums of money internationally, it’s important to consider factors like fees and exchange rates, transfer speed and time, global coverage, security and technology, and customer support to ensure a smooth and secure transaction.

The user’s needs and preferences should be prioritized when choosing the best method for international money transfers.

Contents

07 Best Ways to Send a Large Amount of Money Overseas
Key Considerations for Transferring Large Sums of Money Internationally
Bottom Line: Best Ways to Send Large Amounts of Money Overseas
Frequently Asked Questions

07 Best Ways to Send a Large Amount of Money Overseas

There are many options when it comes to transferring large sums of money overseas. Picking the right one matters a lot. So, we’ve rounded up some top choices to help you out.

We’ve outlined their strengths and weaknesses, from transfer fee and speed to global reach. Dive in to find the perfect fit for your financial needs.

1. OFX

OFX is a money transfer service that allows you to send more money worldwide online for no transfer costs and a little exchange rate markup. This transfer provider has a worldwide reach, with transfers accessible in more than 190 countries and 55 currencies.

OFX is excellent for moving large amounts of money globally if you’re not in a hurry and care about saving money. It’s a cost-effective choice for both individuals and businesses.

Key Features and Benefits

No Transfer Fee: OFX charges no transfer fees for transfers of any size. However, third-party banks may deduct a cost from your transfers.
Transfer Limits: OFX has a minimum transfer limit of $1,000 and no cap on the maximum limit, depending on the currency and destination.
Transfer Speed: OFX typically takes two to four business days to transfer funds to the recipient (Bank to Bank transfers only).
Single Transfer: A single transfer, also known as a “spot deal,” lets you lock in the current competitive exchange rates and then begin the process of sending money.
Limit Order: A limit order enables you to set a target exchange rate and wait for the market to reach that rate before processing your transfer.

Drawbacks

$1,000 minimum transfer limit
0.5% to 1% Markups on exchange rates
OFX does not offer same-day transfers
OFX does not provide cash pickup or home delivery options.

Curious about what this platform has to offer? Dive into our detailed OFX review by clicking here.

GO TO OFX NOW

2. Wise

Handling money in different countries takes a lot of work. Exchanging currencies often costs a lot. Especially when you travel between many nations. Wise, formerly known as TransferWise, solves this with a “BORDERLESS BANKING” solution.

Wise allows users to hold 50+ currencies with transfers between 70 countries. Facilitating quick and affordable fund transfers. The platform has an easy-to-use web page and mobile app for online transfer.

How to Set Up a Wise Account? For guidance on opening a Wise account, refer to the step-by-step instructions on How to open a Wise Account.

Key Features and Benefits

Fast Transfers: Wise’s credit and debit card transfers are nearly instant, averaging within three minutes.
Exchange Rates: Wise provides the most competitive exchange rates, targeting mid-market rates without any markup. Also, there are fee discounts for more significant amounts of money transfers.
Transfer Limits: Wise has transfer limits in place to help protect its customers and prevent fraud. International wire transfers up to 1 million USD per transfer, with no daily or weekly limit. At the same time, credit or debit card transfers are limited to 2000 USD per transfer.
Payment Options: Wise offers different payment options like credit and debit card transfers, ACH, wire transfer, and SWIFT transfers. You can also use Apple Pay and Google Pay for added convenience.
Positive Ratings: Wise has a 4.2-star rating on Trustpilot from 200,628 reviews, showing high customer satisfaction.

Drawbacks

Slower bank transfer delivery (within a week)
Some users report limited customer support options
Wise does not offer cash delivery to home or business

Curious about what this platform has to offer? Dive into our detailed Wise review by clicking here.

GO TO WISE NOW

3. Xoom

Xoom, from PayPal, is a helpful app for sending money within your country or abroad. It works in over 160 countries.

First, sign up and get the app on your phone. Then, you can send money through the app or the website. You can use Xoom with your bank account, debit card, credit card, or PayPal balance. There’s a fee for transfers, usually starting at $4.99. If you want to pay a bill, prices can vary.

Xoom takes your security seriously, using 128-bit solid data encryption to keep your info safe. So, you can trust that your personal and financial details are well-protected.

Key Features and Benefits

Fast and secure transfers: Transfers are fast, typically taking minutes. However, overall speed depends on the currency, destination, and payment method.
Worldwide reach: Xoom supports transfers to more than 160 countries worldwide.
Low transfer minimums: Xoom has low transfer minimums (starting from $10), making sending small amounts of money easy.
Multiple transfer options and delivery methods: Xoom lets you send money in various ways. You can use international bank transfers, credit/debit cards, or mobile wallets.
The recipient doesn’t need to use Xoom: The recipient can get the amount in their bank account or mobile wallet, even if they don’t use Xoom.

Drawbacks

Transaction fees can be high
Delivery takes extra time for some destinations
Documentation is required for higher amounts
Exchange rates may be poor

Curious about what this platform has to offer? Dive into our detailed Xoom review by clicking here.

GO TO XOOM NOW

4. Revolut

Revolut is a mobile financial service. It has multi-currency accounts and payment cards. It lets you send money, trade stocks, and get insurance. There are five plans for users: Standard, Plus, Premium, Metal, and Ultra. Each plan has different benefits and costs.

With support for 25+ fiat currencies in 150 countries, users can access 55,000 ATMs globally for fee-free withdrawals. While not a traditional bank, Revolut provides a flexible and convenient way to manage finances internationally.

Key Features and Benefits

Transfer methods: Revolut offers different ways to transfer money, such as bank transfers, SWIFT, and peer-to-peer transfers.
No markup Exchange Rate: During the weekdays, Revolut matches the mid-market rate without any markup. However, a 1% markup is added on weekends, depending on the user’s subscription.
Transfer Limits: Most currencies have no transfer limits. Any exceptions will be shown in the app. High amounts may require extra checks.
Transfer Speed: Revolut transfers to other Revolut accounts are instant. Global transfers typically take 1-2 business days, with real-time tracking. Weekends and holidays may cause delays.
Fee-free ATM withdrawals: Revolut accounts let you take out cash funds for free from 55,000+ ATMs. You can also get up to $1,200 monthly without fees from ATMs outside their network.

Drawbacks

Some users report difficulty contacting customer service
Fees for specific transactions or account types may vary, influencing the overall cost.

Curious about what this platform has to offer? Dive into our detailed Revolut review by clicking here.

GO TO REVOLUT NOW

5. Xe

Xe, part of the Euronet Worldwide group, has been a significant player in global money transfer since 1993. It caters to individuals and businesses, allowing users to send funds from the US to 190 countries through its online platform or app.

Xe provides a diverse range of supported countries and efficient digital payment options. However, it’s essential to be aware of exchange rate markups. Despite this, Xe is a secure and established choice for large global money transfers.

Key Features and Benefits

Transfer Speed: Card payments can arrive within 24 hours. Meanwhile, bank payments take 1 to 3 business days.
Transfer Fee: No fees when transferring through bank or wire transfer. Card payment fees can range between 0.4% to 3% depending on currency, destination, and value.
Transfer Limits: There’s no minimum amount necessary to transfer. With a $500,000 maximum limit for transfer online transactions, there’s lots of room to transfer all the money you need.
Multiple transfer options and delivery methods: Xe offers various ways to send money, including bank transfers, debit/credit card payments, and mobile wallet transfers.
The recipient doesn’t need to use Xe: The recipient can get the amount in their bank account or mobile wallet, even if they don’t use Xe.

Drawbacks

Exchange rates include a markup of 0.5% to 2%
Transfer fees might apply if you pay by card
The recipient can’t collect their payment in cash

Curious about what this platform has to offer? Dive into our detailed Xe review by clicking here.

GO TO XE NOW

6. Western Union

Western Union allows you to send money online internationally. You can send money to over 200 countries and territories.

Western Union is all about ease of use, emergency transfers, and commitment to security. But watch out for complex fees. Consider checking online for better exchange rates.

Did You Know? Founded in 1851, Western Union is one of the oldest and largest money transfer financial institutions.

Key Features and Benefits

Fast Transfers Available: Cash and debit-card-funded transfers can arrive in the recipient’s bank account within minutes.
International Reach and Cash Pickup: Western Union has 500,000+ locations in over 200 countries. With their vast network, you can easily pick up cash and send money worldwide.
Funds Transfer Options: This financial institution offers domestic and international transfers using online and mobile apps, in person or by phone.
Transfer Limits: No fixed limit. Vary based on destination, transfer history, and payment method.
Commitment to Security: Western Union uses encryption and fraud prevention measures to help protect your global money transfers.

Drawbacks

It’s not the cheapest option, with fees varying by destination.
Longer processing times (3 – 5 days) for bank transfers
Sometimes, huge exchange rate markup is added based on currency

Curious about what this platform has to offer? Dive into our detailed Western Union review by clicking here.

GO TO WESTERN UNION NOW

7. CitiBank

Citibank is a significant global consumer bank with approximately 200 million consumer accounts in more than 160 countries worldwide.

While offering a comprehensive range of financial services and a vast 65,000 fee-free ATM network, it may have varying competitive rates and fees across different account types and regions.

Key Features and Benefits

Transfer Limits: Citibank’s account tiers offer varying daily and weekly transaction limits starting from $50,000 up to $500,000.
Transfer Fees: Citibank charge transfer fees for standard accounts often range from $25 to $35 for international transfers. However, certain premium account tiers or packages waive these fees altogether.
Transfer Speed: Citibank utilizes the SWIFT network for international transfers, taking 1-5 business days. Meanwhile, large international wire transfer can take up to 2-3 business days.
Mobile app: Citibank has a mobile app that allows you to handle your accounts, pay bills, card services, and deposit checks.
Flexible transfer methods: Citibank will enable you to send money online, through their app, or in person at one of their agent locations. You can also select from various payment methods, including bank transfers, cash pickups, Apple Pay, or Google Pay.

Drawbacks

Citibank adds a margin to the exchange rate if you transfer in currency other than USD
Most priority and benefits are given to premium account tier users
Once a transfer is made, it’s nonreversible

GO TO CITIBANK NOW

Key Considerations for Transferring Large Sums of Money Internationally

an individual sending a large amount of money through digital banking

Now that we’ve covered the 07 Best Ways to Send a Large Amount of Money Overseas, it’s time to get practical. Let’s dive into the essentials you must remember when handling these significant transactions. Ready? Here are the key things to keep in mind.

Fees and Exchange Rates

Remember that money transfer services have different prices, exchange rates, and transparency levels. The rates can change daily, affecting the total amount you send. So, it’s a good idea to take a moment and compare various services to find the one that suits your financial needs.

Take Wise, for instance. They offer low transfer fees and competitive real-time exchange rates, giving you more value for your money. In addition, fee discounts apply for large transfers, ranging from 0.1% for 100k–300k GBP to 0.17% for transfers exceeding 1 million GBP.

Pro Tip: Before you hit that transfer button, check out the built-in cost calculators on the transfer provider’s website for a comprehensive comparison of fees and expenses.

Transfer Speed and Time

When it comes to sending large sums of money internationally, one of the common questions is, “How soon will the recipient get the money?”

Well, the speed of international transfer can vary based on factors like destination, amount, and transfer service. Debit, credit, and mobile wallet transfers should ideally be within minutes. Instant transfers are quick but often costlier due to higher fees and lower exchange rates.

If you’re okay with a bit of a wait, a bank or wire transfer may take up to one day to a week, depending on the currency and where it’s headed.

However, some other reasons why international money transfer may take time include:

Bank holidays
Delays over the weekend
Currency conversion delays
Fraud detection and prevention measures
Slow international bank networks

Global Coverage

global money transfers made easy through a digital banking platform

It’s essential to pick a money transfer service with a wide-reaching network for smooth global money transfers without hassles. Providers differ in accessibility due to their partnerships with banks and agents.

An International transfer has diverse purposes, such as aiding families, business transactions, education funding, travel, and supporting charities. Picking a provider with a broad global reach ensures smooth cross-border transactions for these various needs.

Western Union is a great example, with a vast global network spanning 200+ countries and 500,000+ locations. This ensures easy money transfers and convenient cash pickup for recipients worldwide.

Security and Technology

Security is a top priority for sending money internationally. In recent times, technology has enhanced the security of transferring money overseas through encryption, safeguarding sensitive user and financial data.

Seek service providers with solid, secure platforms, employing encryption, authentication, and anti-fraud tools to avoid risks and threats to your data and transactions.

Here are some security tips for transferring money internationally:

Use strong, unique passwords for each account, especially the ones linked to payments.
Double-check the recipient’s details before making a transfer.
Keep an eye on your account activity and report any suspicious transactions to your service provider ASAP.
Be careful who you’re in contact with
Use updated anti-virus software

Customer Support

When it comes to international transfers, go for a service provider that’s got your back with incredible customer support! Look for a team ready to help by email, phone, chat, or even social media.

Here are some factors to think about customer support when sending large sums of money:

Availability and Response Time: Time zones can be tricky, so ensure that customer support is available 24/7
Multilingual Support: Look for providers that offer customer support in multiple languages
Comprehensive Help Center: Check for FAQs, troubleshooting guides, and step-by-step instructions on their web pages.
User Reviews and Testimonials: Check reviews online and testimonials to see the experiences of other users
Educational Resources: Assess the availability of educational materials, guides, and tutorials to assist users in understanding the money transfer process.
Social Media Presence: Explore the provider’s social media channels to see how they engage with users and address concerns.

Considering these factors will help ensure a secure and efficient international money transfer experience.

Other Useful articles:

Send Money to Pakistan

Bottom Line: Best Ways to Send Large Amounts of Money Overseas

a user sending money using digital banking app

In a nutshell, when it comes to sending significant sums abroad, you’ve got some great options:

OFX: Ideal for transfer large sums, with no transfer fees but a $1,000 minimum limit.

Wise: Known for quick, affordable transfers and a borderless banking approach.

Xoom: A PayPal-backed app for fast, secure transfers to 160+ countries.

Revolut: A mobile-centric service with fee-free withdrawals in 150 countries.

XE: Simplifying global transfers to 190+ countries, but with exchange rate markups.

Western Union: Long-standing platform offering ease of use and emergency transfers to 200+ countries.

Citibank: An international consumer bank with a vast ATM network, varying rates, and fees.

Choosing a suitable method for sending large sums of money internationally is crucial. Each option has its own strengths and weaknesses, from fees, rates, speed, coverage, security, and customer support.

By prioritizing your specific financial needs and preferences, you can confidently navigate the complexities of international money transfers and make smooth and secure transactions around the globe.

Frequently Asked Questions

Yes, sending money abroad is typically legal as long as you comply with the law and avoid illicit activities such as money laundering. It is important to ensure that your transfer methods are lawful and reputable, as banks and transfer providers may have restrictions and may require specific transfer details. It is vital to be aware of and comply with any regulations or reporting obligations enforced by the respective countries involved.

The maximum amount of money you can transfer overseas may vary depending on the provider you choose. Providers like Xe and Citibank may have limitations, which can be verified on their websites. Some services may allow unlimited transfers in major currencies, but for transfers exceeding $1 million, it is important to ensure that your chosen provider can handle such amounts securely and comply with tax reporting requirements.

The cheapest app for sending money abroad varies depending on the amount being sent, currency exchange rates, and the recipient’s location. OFX, Wise, and Revolut are recommended for their transparent fees and competitive exchange rates. Tools are available to compare providers and find the best option for individual transfer needs.

No, it may be convenient and secure to send money internationally via a bank transfer if you have an existing account. However, it can be expensive with high fees and slow processing times. Banks may also use unfavorable exchange rates, resulting in a reduced amount for your recipient. It is recommended to consider alternative transfer services for faster and more cost-effective transfers.

International money transfer apps work by allowing people to digitally or wirelessly send money. To use them, you must create an account, get a quote for fees and exchange rates, select how the recipient will receive the money (bank accounts, cash pickup, or mobile wallet), provide recipient information, and pay using a card or bank transfer. These apps often include real-time tracking for users to monitor the transfer’s progress.

The most secure way to send a large amount of money is through a bank wire transfer. This method ensures funds are directly transferred from one bank account to another, offering high security and traceability. Always verify recipient details and use reputable banks to avoid scams.