The Best Ways to Send a Large Amount of Money Abroad in 2023

You can transfer large sums of money to acquaintances, relatives, or other individuals living abroad. It is essential to consider prospective fees when selecting the best option for your international transfer.

Which strategy is the most efficient for sending large sums of money abroad?

There are many optimal methods for sending a substantial amount of money abroad. You will frequently find that using a specialized money transfer service rather than your regular bank will lower overall costs and a special exchange rate. This is because technical services continually invest in novel methods for transporting large sums of money overseas, which reduces costs and enables them to transfer these savings to their customers.

The optimal method for shipping a substantial amount of money abroad depends on a variety of variables:

• The currencies and countries you’re sending money between;

• The mode of payment, as some have higher fees;

• The fees and exchange rates charged by the bank or service provider you’re using;

• The recipient’s preferable method of receiving funds.

Comparative purchasing is essential. Some banks and money transfer companies may charge you concealed fees, such as a significant markup on the exchange rate used to convert your dollars into the currency you need. This may indicate that you are paying more than you should be inadvertent.

Listed below are some of the leading international money transmission companies.

• Citibank • OFX • Wise • Revolut • Xe

Next, we’ll examine each service in greater detail, but first, let’s look at a comparison overview of each.

What about sending large quantities abroad through your bank?

When sending money through an international wire or bank-to-bank transfer with your bank, you may be subject to fees of approximately $40 per transfer. Frequently, the exchange rates you receive will be slightly inferior to those available elsewhere. This may cause you to pay more when using a bank than a specialized service provider.

Looking for the Best Money Transfer Services for Large Amounts?

OFX provides broker support 24 hours a day, seven days a week, and accepts more than 50 currencies from the United States.

Wise is an intelligent option for transparent pricing, no exchange rate markup, and rapid or immediate delivery.

Revolut – Low transfer fees, some free currency conversion at the mid-market exchange rate, and typically no transfer limits. Xe – Excellent coverage, multiple payout options, and in some regions, cash collections.

Citibank: This feature is advantageous if you are sending to another Citi account or have a Citi account that does not impose transfer fees.

1.OFX facilitates transfers to more than 170 countries in more than 50 currencies online, via the OFX app, over the phone, and with broker assistance available 24/7 if you need help navigating your payment options. No maximum transfer amount exists, but you must transmit at least $1,000 USD to use OFX.

Transfer Costs There are no OFX fees.

OFX Exchange Rates: The exchange rate used to convert your funds is marginally inflated.

Variable but common currencies typically require between one and two days.

Transfer limitations: No maximal payment limit and a $1,000 minimum payment

More than 170 countries and 50+ currencies are supported.

Is OFX secure? Yes. OFX is a reputable money transfer company with international operations.

2. Wise

Wise (previously TransferWise) utilizes the market or base exchange rate on Google and employs transparent transfer fees.

Wise facilitates personal and commercial payments to more than 70 countries by imposing no or high maximum payment limits and requiring no minimum amount.

The fees levied by Wise depend on the destination currency and the payment method used. The good news is that Wise automatically discounts frequent or large money transfers.

Spend over 100,000 GBP per month (approximately 125,000 USD). You will automatically receive a discount and be eligible for the Wise exchange rate, which is identical to the speed you can find on Google without any surcharges or additional fees.

Low transfer fees that vary by currency and payment method.
Google Transfer’s mid-market exchange rate is prudent. 50% of funds are received immediately, and 90% are accepted within 24 hours.
There is neither a minimum nor a maximum transfer limit; they are typically near 1 million GBP (or 1.25 million USD) when they exist.
70+ countries and 50+ currencies are supported

How secure is he? Yes. In addition to operating under its state licenses in the United States or through a partnership with Community Federal Savings Bank, Wise is governed and supervised by several other international organizations.

3.Revolut provides international remittances and account services to both individual and business clients. You can upgrade to a plan with monthly maintenance fees that also offers a higher level of free currency conversion, or you can select the Standard account plan with no monthly fee. The frequency of your transactions will determine your favored account type.

Customers of Revolut Personal can transmit funds with reduced transfer fees and, in most cases, no transfer limit.

If you have a Metal account plan at a higher tier, you can convert your payment using the Google exchange rate, and the maximum transfer fee is 6 USD. If your account is of a lower story, you may be required to pay fair use fees for specific currency conversions.

Most payments incur transfer fees ranging from 0.3% to a maximum of 6 USD.

Rates of exchange on Revolut: Using the Google exchange rate, all Revolut personal accounts offer some fee-free currency exchanges; however, once your plan limit has been exceeded, fair usage fees will apply.

Sending a card takes a few minutes, whereas sending it to a bank account requires five business days.
Transfer restrictions: 100+ countries and 25+ currencies are typically supported

Revolut’s protection: Yes. Revolut is a transnational organization that operates in a variety of sectors. It is governed to ensure client safety. In the United States, services are provided in collaboration with some banking partners.

4.Xe is a well-known company that provides extensive foreign exchange statistics and money transactions for virtually every nation on Earth. With Xe, you can transmit money in various currencies to over 130 countries from the United States.

In addition to being a reliable and secure company, XE Money Transfer does not charge any fees for sending money abroad from the United States. Instead, they generate revenue by offering you a slightly low exchange rate than their currency converter tool displays. XE may provide better exchange rates for more significant money than institutions.

No Xe transfer fees exist.

Xe Exchange Rates: In exchange rates, there is a markup.
Transfer Velocity: Various transfer frequencies exist depending on the country and currency involved. Typically, bank deposits take several days.

You can usually send up to 535,000 USD, though the minimum and maximum amounts may vary depending on the transfer form.
Supported shipping from the United States to over 130 countries
How secure is the XE Money Transfer service? Yes. Several licenses encompass all of Xe’s services in the United States, a large and reputable company.

5.Citibank If you must conduct a wire transfer internationally through a bank, the CitiBank international transfer is a viable option for exchanging currencies.

Citibank charges a fixed fee for specific accounts (between $25 and $30, dependent on the performance), but this fee is waived for certain premium account tiers. Frequently, international money transfers between Citi accounts are free.

However, wiring large quantities of money through your bank may not be the best or most cost-effective option, given the other options we’ve provided. While banks can be convenient, comparison shopping is a terrific way to ensure you’re receiving the best deal.

Transfer Costs Depending on the sort of account, the range for standard charges is between $25 and $35.

Exchange rates Rates will be marked up.
Depositing a SWIFT transfer typically takes three to five business days.
Transfer limitations: at least 50,000 USD per day, dependent on the type of account.
Supported Nations: Citi provides services in most nations, except for a few where payment processing is prohibited by law.

Citibank protection: Yes. Citibank is a well-known, reputable, and trustworthy banking institution.

How to Send Substantial Sums of Money Globally

Sending large international payments should be easy. You may need to call a branch to set up the amount if you’re transferring funds through your bank. However, if you choose an online or digital service, you only need a smartphone or laptop to get started.

Diverse services use diverse methods to transmit money abroad. Nevertheless, the fundamental procedures are frequently identical. First, you must gather information about the individual or business to whom you are sending money.

• The name, address, and IBAN or account number of the recipient;

• The name and address of the recipient’s bank; and

• The SWIFT or BIC code of the beneficiary’s bank.

You must: transmit money internationally.

1. Create an account or sign up with your preferred provider.

2. Input the quantity you wish to send or the amount the recipient should receive.

3. Enter the recipient’s information, such as name and bank account information.

4. Examine the information provided.

5.Fund your purchase using your preferred payment method, such as a credit card or bank transfer.

6. Verify, and your funds will begin to move.

It is prudent to be aware that sending a substantial amount of money abroad may require additional documentation. This is necessary for the bank or money transfer service to comply with national and international financial regulations. The supplier will inform you of the requirements based on the payment information you provide; for instance, you may be required to demonstrate the source of funds.