Transferring Large Sums of Money Internationally (2021 Guide)

If you want to send and receive large amounts of money from overseas frequently, you should enlist a specialist money transfer service as your ... SkiptocontentMenuMenuTableofContentsCommonReasonsforSendingLargeAmountsofMoneyOverseasRelocationBuyingaPropertyCoveringTuition&OtherEducationalCostsCompletingBusinessTransactionsCompletinganInheritanceOtherReasonsTheLogisticsofRepatriatingMoney:Howtotransferlargeamountsofmoneyoverseas?UsingaSpecialistMoneyTransferServicevs.aBankWhyShouldISkiptheBank?TheyOperateSlowlyTheyOnlyOfferBankTransfersTheyOnlyWorkwithExistingCustomersTheyRequireMoreInformationTheyChargeHigherFeesTheyDon’tSpecializeinInternationalMoneyTransfersTheBestwaytotransferlargeamountsofmoneyWhyShouldIOptforaSpecialistMoneyTransferService?TheyOfferLowerFeesTheyWorkEfficientlyTheyAreMoreTransparentTheyProvideSecurityThey’reMoreConvenientYouCanCustomizeYourExperienceOtherWaystoTransferLargeAmountsofMoneyAbroad(&WhyYouShouldAvoidThem)Conclusion:HowtotransferalargeamountofmoneyWhetheryou’resendingorreceivinglargeamountsofmoneyfromoverseas,you’llneedassistancefromabankoranothertypeofprovider.Unfortunately,theformerwon’talwaysbethemostcost-effectiveorpracticalwhentransferringlargesumsofmoneybetweenbankaccounts.So,we’reheretohelpyoutransferlargeamountsofmoneyoverseas.Thisguidewillcoverthebenefitsofusingaspecialistmoneytransferservice,howtheprocessworks,andwhyit’sworthusingoverabank.Pleasealsofeelfreetocontactmedirectlyforanyassistancewithyourtransfertoo.CommonReasonsforSendingLargeAmountsofMoneyOverseasBeforewediscussthebenefitsofusingaspecialistmoneytransferservice,youmightbewondering,WhydoIevenneedtosendorreceivelargeamountsofmoneyfromoverseasinthefirstplace?Youlikelywon’tbeinthesameareaforyourentirelife.Manyfactorscansummonyouelsewhereglobally,andyou’llneedmoneytorealizeyourfinancialandpersonalgoals.Herearesomeofthemostcommonreasonspeopleneedtosendorreceivelargeamountsofmoneyabroad:RelocationAreyouanex-pat—apersonlivinginacountrydifferentfromtheirnativeone?Ifso,youmayhavemigratedtoyournewcountryforanynumberofreasons.Youmayhavefoundworkasanartist,skilledworker,oranothertypeofprofessionalinadifferentcountryandareexploringlucrativeopportunities.Or,ifyou’renewlyretired,youmayhavebecomeanex-patbytravelingtoyournewdreamisland.Someex-patsonlyplantostayoverseasforacoupleofyears,whileothersplanonmakingtheirnewlivingsituationmorepermanent.Inanycase,you’llneedasignificantamountofmoneytofundyournewlifestyle.BuyingaPropertyIsyourlifesavingssittinginyourbankaccountreadytobespent?Ifso,youmightbeinterestedintransferringlargeamountsofmoneyabroadtomakeaninternationalrealestateinvestment.Onceyoumakethisinvestment,youcanrentyournewpropertyouttonativeresidentsandcreateasteadystreamofpassiveincome.Alternatively,youcanrenovateittogetitreadyforthemarketagainormodernizeittomakeitliveableforyouandyourfamilyinafewyears.CoveringTuition&OtherEducationalCostsDependingonwhatyouwanttostudy,youmayneedtoseektrainingoverseas.Often,aninternationaleducationwillprovidestudentswithhigh-qualityprofessors,resources,internships,andexperiencesthattheycan’tfinddomestically.Repatriationoffundsmightbeonyourmindifyouneedtofinanceyour(orafamilymember’s)internationaleducation.Tuition,roomandboard,textbooks,andothereducationalcostsaren’tcheap,soyoumayneedtotransferlargeamountsofmoneyoverseas.CompletingBusinessTransactionsSometimes,acompanyownercanconductbusinesssatisfactorilyinhishomecountry.However,dependingontheindustryyou’rein,youmayneedtogrowyouroperationsinadifferentcountry.Repatriatingmoneycanallowyoutoexpandintoalucrativemarket,openaninternationaloffice,orpurchasehard-to-findinventory.Alloftheseventuresaren’tsmall-scale,soyou’llneedalargeamountofcapitaltofinancethem.CompletinganInheritanceIfyoureceiveaninheritancefromadeceasedrelativewholivedabroad,you’llneedtocompletetherepatriationoffundstoaccessthemoney.Otherwise,youcan’tspendthefundsinyourcurrentcountry.OtherReasonsSomeothercommonreasonspeopleneedtotransferlargeamountsofmoneyabroadareto:FundaninternationalvacationPayforeventslikeweddings,religiousfestivals,orfuneralsSupportfamilybackhomePurchaseacarTheLogisticsofRepatriatingMoney:Howtotransferlargeamountsofmoneyoverseas?Repatriatingmoneyinvolvesconvertingaforeigncurrencyintoalocalcurrency.Thisprocesswilldifferdependingonyournativeandcurrentcountry.Forexample,anAmericanex-patlookingtomovetoPortugalwillneedtorepatriatefundsfromtheAmericandollar($)totheEuro(€).Somekeyfactorsthatwillimpacthigh-valuerepatriationsoffundsinclude:Theexchangerateyou’reoffered:Avarianceofonly1-2%intheexchangeratecanhikeupthecosttorepatriatefunds,especiallyifyou’retransferringmillionsofdollarsoverseas.Commissionsandextrafees:Someproviderswillimposecommissionsorextrafees,meaningtherecipientcanreceivemuchlessthanthesupposedtotalamountofmoney.Withdrawalanddepositpaymentfees:Somebanksandotherfinancialinstitutionswilllevywithdrawalanddepositfees.Thesefeescanlowerthetotalamountofmoneytherecipientgetsandpostponetransactiontimes.Fixed-ratetransferfees:Someforeignexchangeproviderswillimposefixed-ratetransferfees.However,manyofthemwillwaivetheseextracostsforhigh-valuetransactions.UsingaSpecialistMoneyTransferServicevs.aBankNowthatyouunderstandmoreabouttransferringlargeamountsofmoneyoverseasandthelogisticsbehindit,youmayfeelreadytocommencetheprocess.However,youshouldn’tbesoquicktogetstarted.Youmustfirstchooseanappropriateprovidertoassistyou.Thetwomostcommonoptionsareabankandaspecialistmoneytransferservice.Fromourexperience,aspecialistmoneytransferservicereignssupreme.We’llexplorewhybelow:WhyShouldISkiptheBank?Someconsofworkingwithbanksare:TheyOperateSlowlyBanktransferstendtobeprettyslow,astheycantakeanywherefromonetofivebusinessdaystogothrough.TheyOnlyOfferBankTransfersManybanksonlyallowyoutorepatriatefundstoanotherbank.Thiskindoftransactionisfineifyousendmoneytoafamilymemberorsomeoneyouknowpersonally.However,it’snotidealforalarger-scalebusinesstransaction.Inthiscase,you’dhavetosendmoneytoapersonalbankaccountoverseasandthenmoveyourfundsaccordingly.Whenyouselectabankasyourmoneytransferprovider,youwon’tbeabletoelectthereceivingaccountofyourchoice(outsideofanotherbankaccount).TheyOnlyWorkwithExistingCustomersInmostcases,bankswillonlyworkwithexistingcustomers.Ifyoudon’talreadyhaveanopenaccountwiththebankofyourchoice,you’llhavetogothroughthetime-consumingprocesstobecomeacustomer.TheyRequireMoreInformationRepatriatingmoneythroughabankwillinvolveanin-personvisit.Onceyou’reatyourfinancialinstitution,you’llhavetoprovidethenecessarydocumentationtoverifyyouridentityforeverytransactionyouwanttocomplete.Everytransferwillalsorequirepaperwork,whichcantakealotofprecioustimeoutofyourday.TheyChargeHigherFeesBanktransfers,especiallyinternationalones,oftenincurveryhighfees.Youmaynotlearnaboutthesefeesuntillateronintheprocess,asbankswon’tspelloutthefeesforyouupfront.TheyDon’tSpecializeinInternationalMoneyTransfersBanksarecomplexfinancialinstitutionswithmanyofferings—theydistributeloans,allowcustomerstomaintainsavingsandcheckingaccounts,andprovidecertificatesofdeposit.Banksdon’tspecializeininternationalmoneytransfers,soit’snotintheirbestinteresttoprovidethehighestqualityservices.TheBestwaytotransferlargeamountsofmoneyWhyShouldIOptforaSpecialistMoneyTransferService?Someprosofaspecialistmoneytransferservicearethatthey:TheyOfferLowerFeesSpecialistmoneytransferservicesliveandbreathetheirtrade.Theyusuallydon’tofferanyotherfinancialservices,meaningtheyfocusonsecuringyouthebestexchangeratesavailable.Aspecialistmoneytransferservice,werecommendCurrenciesDirect,willcomparetheratesofbanksandotherfinancialinstitutionstolockinthemostcompetitiveterms.Abanktransfercanincurafee(separatefromtheexchangerate)ofupto$40pertime,whileaspecialistmoneytransferservicemaybeabletowaivethisfeealtogetherforhigh-valuetransfers.Ifyouwanttosendandreceivelargeamountsofmoneyfromoverseasfrequently,youshouldenlistaspecialistmoneytransferserviceasyourprovider.Doingsocansaveyouhundredsoreventhousandsofdollarsinfeesperyear–it’sfundamentallythecheapestwaytosendmoneyoverseas.TheyWorkEfficientlyDependingonthespecialistmoneytransferserviceyouworkwith,yourtransfermaygothroughwithinafewhours.Bepreparedtowaitupto24hoursforatransfertogothrough,butthespeedaspecialistmoneytransferserviceoffersisunmatchedcomparedtothatofabank.TheyAreMoreTransparentBecauseoftheirnicheofferings,specialistmoneytransferservicesstrivetomaketheirfeesastransparentaspossibletopotentialcustomers.Theyspelleverythingoutupfronttopreventunwantedsurprisesdowntheline.Thesetransparentpracticesarebreathsoffreshaircomparedtothoseofbanks.Bankstendtoburythetermsofexchangeratemarginswithintheirtermsandconditions.Often,customersonlydiscoverbanks’outrageousfeeslongafterabanktransfergoesthrough.TheyProvideSecurityOnecriticismofspecialistmoneytransferservicesistheseeminglackofsecurity.Bankstendtogetmorecreditwhenitcomestocompletingsafeinternationalmoneytransfers,butspecialistmoneytransferservicesarejustassecure.Themajorityofspecialistmoneytransferservicesaretrustworthyprovidersthatreceiveauthorizationfromtheappropriateregulatorybodies.Theexactregulationwilldependonthecountrythattheserviceoperatesin.However,somecommongoverningauthoritiesthatregulatetheindustryincludethe:FinCEN(FinancialCrimesEnforcementNetwork)intheUSFCA(FinancialConductAuthority)intheUKASIC(AustralianSecuritiesandInvestmentsCommission)inAustraliaThey’reMoreConvenientMakingthetriptoyourlocalbankistediousandanunnecessaryhassle.Mostspecialistmoneytransferservicesoffertheirservicesonline.Youcansendorreceivelargeamountsofmoneyfromoverseaswithouteverleavingyourhouse—simplyhopontoyourdesktopcomputerandinitiatetransfersasyouplease.Youwon’teverhavetowaitforbusinesshourstobegin,asyoucanmakeatransferinthemiddleofthenightiftheneedarises.Somespecialistcompaniesevenhaveauser-friendlymobileapp,meaningyoucanrepatriatefundsasnecessaryfromyourphoneortablet.Asanotherlayerofconvenience,youcanuseanonlineservicetosetupregularpayments.Thisbenefitwillcomeinhandyformanypurposes,asitwillallowyouto:RepatriatefundstofamilymembersoverseasregularlyPaythemortgageonyourinternationalvacationhomeHandlerecurringeducationalfeesYou’llneverhavetowasteyourtimemakingtediousmanualpayments,andyoucancanceltherecurringpaymentsatanytimeifyounolongerneedtomakethem.YouCanCustomizeYourExperienceSendingandreceivinglargeamountsofmoneyfromoverseasisn’tataskyoushouldtakelightly.Completingthejobincorrectlycancauseyoutolosefunds,payhighfees,orsendthefundstothewrongrecipient.Youshouldhaveaknowledgeablecompanyonyourside.Specialistmoneytransferservicesofferexpertguidanceandatailoredexperiencetohelpyoufeelmoreconfidentaboutrepatriatingmoneysafelyandefficiently.OtherWaystoTransferLargeAmountsofMoneyAbroad(&WhyYouShouldAvoidThem)Banksandspecialistmoneytransferservicesaren’tyouronlyoptionsforsendingandreceivinglargeamountsofmoneyfromoverseas.However,they’reoftenthemostreliable.Below,youcanreadaboutsomeothermethodsandwhywedon’trecommendthem.Prepaidcreditcards:Thesenderwillloadaprepaiddebitcardwithcash,andthereceivercanwithdrawthemoneyusingthecard.However,thismethodoftencomeswithpriceyactivationandmonthlyfees.Largewiretransfers:Wiretransfersaregenerallysafe,butitcanbedifficulttoverifyifthefundsactuallywentthroughifyou’resendingthemoneytosomeoneyoudon’tknowwell.AmobileapplikePayPal:PayPalletsyousendmoneyabroadandchangeyourpreferredcurrency,butyou’lloftenhitdailylimitsonhowmuchyoucansend.Conclusion:HowtotransferalargeamountofmoneyOverall,transferringlargesumsofmoneyinternationallyisn’tcomplicatedwithaspecialistservice.Whileabanktransfercomeswithhighfeesandlongerdeliverytimes,aspecialistserviceismoreconvenientandjustassecure.Readytogetyourlargemoneytransferwiredtoday?Youmightwanttotakethetimetoresearchaspecialistservice—itcouldsaveyoumoremoneyandtimethanyouthink.Doyouneedtosendorreceivelargeamountsofmoneybutdon’tknowwheretostart?ReachouttoCurrenciesDirectforpersonalizedmoneytransferservicestoday!Therepatriationoffundsistheirspecialty,soyoucanrestassuredtheywillhandleyourhard-earnedcashappropriatelyandgetittowhereitneedstobe.VisitCurrenciesDirectMattWoodleyMattisaveteranofthemovingindustry,arecognizedmovingexpertandisthefounderofMoverFocus.MattholdsaBachelorofCommerce(BCom)majoringinFinanceandMarketingandBachelorofArts(BA)majoringinEconomicsandHistory.HealsohascompletedtheEiM(EssentialsinInternationalMoving)coursefromtheFIDIAcademy.HisadvicehasbeenfeaturedinReader’sDigest, YahooFinance, MSNMoney,BusinessNewsDailyandTheSpareFootBlogGo.Readmore.Searchfor:PinterestRSSTwitterTop31InternationalMovingCompaniesInternationalMovingQuotes:15QuestionsToAskYourMoverTop10InternationalMoneyTransferServicesinAustraliaTop30InternationalShippingCompaniesThe10BestInternationalMoneyTransferServicesTheTop10MoneyTransferCompaniesintheUKforSendingMoneyAbroadTop5InternationalMoneyTransferServicesinCanadaThe5BestCreditRepairCompaniesOf2021AGuidetoTransferring$1Million+InternationallyTop5InternationalMoneyTransferServicesinNewZealandWise,formerlyTransferWiseReviewShippingHouseholdGoodsOverseasInternationalRemovals:TheBest20OverseasMoversInTheUKTorFXReviewCurrenciesDirectReviewTop13InternationalMoversinSingaporeInternationalRemovalists:Top13MoversinAustraliaXEMoneyTransferReviewInternationalMovingCosts:10CostsToConsiderHowtoMovetoNewZealand:2021LivingCosts&RelocationGuideOFXMoneyTransferReviewHowToSendMoneyOnlineInstantly:FindTheBestWayThe5BestRegisteredAgentServicesof2021InternationalWireTransfers:HowBankWiresWorkWorldFirstReviewWhatisaBillofLading?GetInTouchContactUsJobsMoverFocusAboutUsPressMentionsInternationalMoneyTransferSendMoneyOnlineShippingCompaniesPoliciesPrivacyPolicyTerms&ConditionsSitemapFollowMoverFocusLinkedInPinterestRSSTwitter