How to Transfer Millions of Dollars Internationally (2021 Guide)

Specialized money transfer companies, like Currencies Direct, are another choice for overseas transfer. You have the same security provisions as ... SkiptocontentMenuMenuNomatterwhyyouneedtotransferfundsinternationally,youfirsthavetoknowhowto.Awiretransferof1milliondollarswillbeadifferentprocessdependingonifyouuseyourlocalbankorawiretransferservice.Andwhileyourbankseemsliketheobviousoption,youcanlikelyfindbetterexchangerateselsewhere.So,howdoyoutransferlargeamountsofmoneyinternationally?Keepreadingtofindout.TableofContentsBeginnerTipsforLargeTransfersShouldIUseMyLocalBank?UsingaMoneyTransferServiceCompareHighLimitTransferServicesHowImportantistheExchangeRate?HaveTime?TryALimitOrderMoneyTransferFeesTaxesonForeignAccountsAdditionalTaxandLegalConsiderationsFrequentlyAskedQuestionsHowCanIEnsureaSecureTransfer?WilltheIRSDiscoverifIDon’tReportLargeTransfers?DoINeedtoReport$15,000+GiftsIfIDidn’tReachtheLifetimeExemption?What’stheBestOptionforSendingMoneytoOffshoreAccounts?BottomLine:HowtoTransferMillionsofDollarsInternationallyBeginnerTipsforLargeTransfersBeforedivingintothemeatofthearticle,we’dliketooffersomebeginneradvice.Hereareafewtipstoconsiderbeforetransferringmoneyoverseas:Bewaretransferlimits:Certainproviderswilllimitdailyandmonthlytransfers.Selectaservicethathaslimitsornolimits,werecommendCurrenciesDirect.Readupontaxlaws:Differentcountriesmeandifferenttaxlaws.Youorsomeoneyousendfundstocouldberequiredtofiletaxes.Keepyourselfoutoftroublebyknowingtaxrequirementsaheadoftime.Dealingwithsanctions:ContactaprofessionaltohelpnavigatewiretransferstocountriesunderU.S.-imposedsanctions.There’sriskinvolved:Yourmoneyisregulatedbyfederalagencies.Theseagenciesvarybetweencountries,andsomeendeavorsareriskierthanothers.Nowthatwe’vesummarizedthemostcrucialelementslet’sdiveintohowtotransfermillionsofdollarsinternationally.Youcanobtainafreeno-obligationquotationfromourrecommendedproviderforlargetransfers,CurrenciesDirect,byclickingthelinkbelow:VisitCurrenciesDirectPleasealsofeelfreetocontactmedirectlyforanyassistancewithyourtransfertoo.ShouldIUseMyLocalBank?Yourbankiscertainlyanoption,butit’llcostyou.Theexchangeratesaretypicallyweaker,whiletheassociatedfeesarehigher.Ontopofthefluctuatingcosts,ittakesmuchmoretimetowiretransfer$1million+overseas.Ifyou’reworkingunderastricttimelimit,thisisaproblem.Andfinally,notallbankscantransfermoneytoeverycountry.Todetermineifyourlocalbankisrightforyou,callabouttheirinternationaltransferservicesspecificallyforlargesumsofmoney.UsingaMoneyTransferServiceSpecializedmoneytransfercompanies,likeCurrenciesDirect,areanotherchoiceforoverseastransfer.Youhavethesamesecurityprovisionsasyourstandardbank,butwiretransferservicesaregenerallycheaperandfaster.Large,trustedservicesallowuserstotrackmoneythroughtheprocessandoffer24/7onlineandphonesupportshouldyouhavequestions. CurrenciesDirectevenoffersdedicatedpersonalaccountmanagersforpersonalizedhelp.CompareHighLimitTransferServicesBeforedecidingonahigh-limittransferservice,youshouldresearchyouroptions.Ideally,you’llwanttoexaminecompaniesfor:Exchangerates:Exchangeratesvary—chooseacompanythatwillgiveyouthebestdeal.Lowestfees:Youcanfindserviceswithlowfeesorevennoneatall.Securityguarantee:Gowithacompanyyoucantrust,especiallywhenyouwiretransfer$1million+.Qualitycustomerservice:Sendinglargequantitiesofmoneyisnerve-wracking.Chooseaservicewiththebestcustomercare,soyoufeelcomfortableaskingquestions.Quicktransferspeeds:Whenyourmoneyisinvolved,youshouldn’thavetodealwiththeanxietyofwaiting.Manycompaniesknowhowtotransfermillionsofdollarsinternationallywithinminutes.HowImportantistheExchangeRate?Consideringyou’dliketosendmillions,areasonableexchangerateisessential.Minordifferencesinratesbetweencompaniescaneithersaveorcostyouthousands.Here’sanexchangerateexample:CompanyXquotesyouat1USD=0.990EUR,andCompanyYquoteyourrateat1USD=0.995.It’sonlyahalfacentdifference,butonawiretransferof$1million?It’sa$5,000difference.HaveTime?TryALimitOrderIfyou’renotpressedfortime,youcanusealimitordertofindthebestexchangerates.Limitordersallowyoutotargetyouridealexchangerateviaabrokerorservice,whichmonitorsrates24/7.Oncetheservicetargetstherate,they’llreachouttocompletethetransaction.Thefeesflowintothecompany,usuallypayingforthetimeittakesforinstitutionstofilloutinternationaltransferreports.Youmayfindservicesthatchargenothing,butmakesureyou’restilllookingatexchangerates.Bothservicefeesandexchangeratesshouldfactorintoyourfinaldecision.MoneyTransferFeesMoneyserviceproviderschargefeestoincreasetheirprofits.Thecostsaccountforthetimeacompanyspendsfilingpaperworkandfillingoutformsrelatedtointernationaltransfers.Asmentioned,companiesofferingfee-freeservicesmaymakeupthedifferencewithpoorexchangerates.Toensureyou’regettingthebestdealpossible,youmustexaminebothfactors.TaxesonForeignAccountsIfthere’sonethingtotakeawayfromourguideonhowtotransfermillionsofdollarsinternationally,it’sthefollowing:InformtheIRS.U.S.citizenswithoffshorebankaccountsmustsubmitaReportofForeignBankandFinancialAccounts(FBAR)alongsidetraditionaltaxstatements.ThismustbecompletedbyApril15theachyearifyouroffshoreaccountholds$10,000+atanytime.Thisstillappliesevenifyouraccountdoesn’tpresentlyreflectthisbalance.So,yes,ifyoumomentarilysendlargequantitiesofmoneyforaquickturnaroundinvestment,youstillmustinformtheIRS.Failuretocomplycanresultinseverepenalties,evenifitwasanaccident.Forgettingtodosowillresultina5%fineoftheinvolvedassetvalue.But,ifyouwaituntiltheIRSlaunchesaninvestigationagainstyou,you’relookingatuptoa50%fine.Whenfilingtaxes,you’llalsoneedtofactorinoffshorebusinessorpropertiesinyourname.AdditionalTaxandLegalConsiderationsAsyou’vegathered,awiretransferof1milliondollarsormorerequiresadditionalplanningonyourend.Theextraprepisevenmoretrueforcomplicatedsituationsorcountrieswithspecialrequirements.Insuchinstances,it’sbesttoworkalongsideataxprofessionalorfinanciallawyertoensureyoudoeverythingcorrectly.Hereareafewspecialconsiderationsthatmayrequireadditionalassistance:Accidentaltaxevasion:Havingoffshorefundsandbusinessesisapracticalwaytorestructureassetownershipwhenfacinglawsuitsorat-homedebtissues.However,ifyoufailtofilethepropertaxform,you’llfaceseriousconsequences.Gifttaxes:Ifyou’resending$15,000ormoreasagiftforanyoneoutsideyourspouse,youmustalsofileagifttaxreturn.Incertaincountries,therecipientmayhavetopaytaxesaswell.Propertyownership:Certaincountriesrequireyoutoownpropertytoopenyouroffshoreaccount.Thiscanaddup—you’llhavetopurchaseapropertyandpayforpossibleregistrationfeesassociatedwithsettingupyouraccount.FrequentlyAskedQuestionsHowCanIEnsureaSecureTransfer?Searchforaproviderthatguaranteesbank-levelencryption.Inaddition,onlysendfundstopeopleyoupersonallyorprofessionallyknow.Beawareofphishingemails.Ifyoureceiveanemailortextrequestingmoney,don’timmediatelyclickit.Reachouttothecontacttodeterminethelegitimacyoftherequest.Ifeverythingchecksout,headtotheproviderwebsitetofinishthetransaction.WilltheIRSDiscoverifIDon’tReportLargeTransfers?Yes.Moneytransferservicesandbanksallreportlargetransfers.Andit’snotjustthe1milliondollarones,either.Somehavereportingthresholdsaslowas$1,000.So,ifyoudon’tfiletaxesaccordingly,thegovernmentstillknowsithappened.DoINeedtoReport$15,000+GiftsIfIDidn’tReachtheLifetimeExemption?Yes.Eachyearyou’vegivenagiftof$15,000ormore,youmustfileagifttaxreturn.What’stheBestOptionforSendingMoneytoOffshoreAccounts?We’vefoundCurrenciesDirecttobethebestoption(youcanreadourfullreview).They’reaEuropeancompanywithaproventrackrecordofhavingtheirclients’backs.Theymaketheprocesssimpleandeffectivewhilehavingsomeofthebestbenefitsaround.Thecompanyworkswith120countriesand60currencies,withawebsiteoptimizedfortenlanguages.Theyoffertheircustomerscompetitiveexchangeratesandzerootherfeesforsendingandreceivingfunds.Recipientswillhaveaccesstoyourmoneybetween24and48hours.CurrenciesDirectisidealforthosewishingtosendlargesumsofmoney,astheirminimumtransferthresholdis$100.BottomLine:HowtoTransferMillionsofDollarsInternationallyWhenitcomestosendinglargesumsofmoneyoverseas,youwanttoensureyou’remakingthebestchoices—orit’llcostyou.Payattentiontolocalandinternationaltaxlawstoavoidlegaltroubleandfines. Incomplicatedsituations,enlistthehelpofataxprofessionalorlawyer.Doyourresearchtofindthebestavailabletransferservice.Ifyouchooseyourbank,bepreparedtopayexorbitantfeesandexperienceslowtransferspeeds.Anddon’tgoforthefirstmoneytransfercompanyyoufindoffGoogle!Takealookatallyouroptionstogetthebestexchangerates,minimizefees,anddeliveryourfundspromptly.VisitCurrenciesDirectMattWoodleyMattisaveteranofthemovingindustry,arecognizedmovingexpertandisthefounderofMoverFocus.MattholdsaBachelorofCommerce(BCom)majoringinFinanceandMarketingandBachelorofArts(BA)majoringinEconomicsandHistory.HealsohascompletedtheEiM(EssentialsinInternationalMoving)coursefromtheFIDIAcademy.HisadvicehasbeenfeaturedinReader’sDigest, YahooFinance, MSNMoney,BusinessNewsDailyandTheSpareFootBlogGo.Readmore.Searchfor:PinterestRSSTwitterTop31InternationalMovingCompaniesInternationalMovingQuotes:15QuestionsToAskYourMoverTop10InternationalMoneyTransferServicesinAustraliaTop30InternationalShippingCompaniesThe10BestInternationalMoneyTransferServicesTheTop10MoneyTransferCompaniesintheUKforSendingMoneyAbroadTop5InternationalMoneyTransferServicesinCanadaThe5BestCreditRepairCompaniesOf2021TransferringLargeSumsofMoneyInternationallyTop5InternationalMoneyTransferServicesinNewZealandWise,formerlyTransferWiseReviewShippingHouseholdGoodsOverseasInternationalRemovals:TheBest20OverseasMoversInTheUKTorFXReviewCurrenciesDirectReviewTop13InternationalMoversinSingaporeInternationalRemovalists:Top13MoversinAustraliaXEMoneyTransferReviewInternationalMovingCosts:10CostsToConsiderHowtoMovetoNewZealand:2021LivingCosts&RelocationGuideOFXMoneyTransferReviewHowToSendMoneyOnlineInstantly:FindTheBestWayThe5BestRegisteredAgentServicesof2021InternationalWireTransfers:HowBankWiresWorkWorldFirstReviewWhatisaBillofLading?GetInTouchContactUsJobsMoverFocusAboutUsPressMentionsInternationalMoneyTransferSendMoneyOnlineShippingCompaniesPoliciesPrivacyPolicyTerms&ConditionsSitemapFollowMoverFocusLinkedInPinterestRSSTwitter