Transferring a large sum of money internationally. Header

How to transfer a large sum of money internationally?

If you’re buying a property overseas or making a large purchase of any kind in another country, you’ll need to transfer a large sum of money from the UK to the location in question.

Sounds daunting. But fortunately, there are plenty of ways to do this, either with the help of your high street bank or a specialist currency broker. But there are lots of things to consider before you arrange your transfer.

Here, we explain how to make a transfer, and why it’s important to keep a close eye on exchange rates as well as any transfer fees.

How do you transfer a large sum of money internationally?

If you want to transfer a large sum of money abroad, you need to find a bank or currency broker which can arrange the transfer on your behalf.

When the payment is made from your account, you can fix the amount of sterling that is taken, which in turn means the amount received at the other end will depend on the exchange rate applicable at the time. Or you can fix the foreign currency amount to be received, so that the amount of sterling paid by you depends on the exchange rate.

Remember too that the exchange rate you are offered when you make a large international money transfer can have a big impact on the amount that you transfer abroad.

When choosing which bank or currency broker you want to make the transfer on your behalf, always find out what the transfer fees are, as these can have a big impact on the amount you transfer. As a general rule, high street banks charge from around £15 up to £25 per transfer, while currency brokers’ fees are typically lower, from around £3 to 10, although they can be fee-free in some circumstances.

Some banks, usually those with overseas branches, also allow their customers to make fee-free transfers. There are other charges and costs to consider. You will usually have to pay a fee to the bank which receives the funds – this is typically around 0.5% of the amount transferred but will depend on which bank you use. Remember too that the exchange rate you are offered when you make a large international money transfer can have a big impact on the amount that you transfer abroad. Some specialist currency brokers use special financial tools to protect against sudden exchange rate movements. These allow you to lock into favourable exchange rates before you make the transfer.

Bear in mind, however, that there is always the risk that if the exchange rate then moves further in your favour, you won’t be able to benefit as you’ll already be locked in to another rate.

Make sure your money is safe

Ensuring sure your money is protected in the event anything goes wrong should be a top priority for anyone who is sending a large sum of cash abroad. High street banks and many of the larger currency brokers are regulated by the Financial Conduct Authority, which means money up to £85,000 will be protected by the Financial Services Compensation Scheme (FSCS) in the event that the company arranging your transfer collapses.

However, you don’t have this protection from a broker who isn’t FCA regulated, so always check whether or not the company you are considering using is regulated.

Ordered on amount received - all quotes shown are for indicative purposes only

    • Provider International Money Transfer

      HiFX

      International Money Transfer

    • Exchange rate €1.1785 rate updated 25.04.17
    • Amount you'll receive €13,670.60 when transferring £11,600.00
    • Description

      Whether you’re paying an international mortgage, making salary transfers or transferring a UK pension overseas, whatever your regular payments needs, HiFX offers the ultimate in convenience and ensures you avoid the unnecessary fees charged by the high street banks each and every time you make a payment. Automate your payments via direct debit or make transfers online whichever is more convenient.

      more provider details
    • Go to site

    5*
    Rating

    5* ‘excellent’ rating on Trustpilot from over 10,000 verified reviews

    Great for
    Over £100 billion transferred on behalf of businesses and private individuals worldwide
    Authorised by the Financial Conduct Authority
    Exclusive to MoneySuperMarket – transfer £5,000+ and you’ll be entered into a monthly prize draw to receive one of 10 £50 vouchers.
    But be aware that
    Minimum transfer £250
    No cash, bank transfers & debit/credit cards only
    • Provider International Money Transfers

      FairFX

      International Money Transfers

    • Exchange rate €1.1785 rate updated 25.04.17
    • Amount you'll receive €13,670.60 when transferring £11,600.00
    • Description

      All FairFX international payments are simple, secure and fast, with no fees and great rates on online money transfers as well as its telephone dealing service. Whether you're making regular payments or sending larger amounts, choose the service that best meets your needs. FairFX is FCA authorised, registered on the AIM market of the London Stock Exchange, and was previously named as one of 1000 Companies to Inspire Britain.

    • Go to site

    5* Rating

    5* ‘excellent’ rating on Trustpilot from over 4,000 verified reviews

    Great for
    Access a dedicated personal service through the telephone dealing team
    Free Rate Watch Service
    Send money online or through the FairFX mobile app
    But be aware that
    Minimum £100 transfer online
    Bank transfers and debit/credit card payments only
    • Provider International Money Transfers

      Halo Financial

      International Money Transfers

    • Exchange rate €1.1783 rate updated 25.04.17
    • Amount you'll receive €13,668.28 when transferring £11,600.00
    • Description Whether you're at home or abroad, Halo Financial can help make regular international payments easy. Halo Financial have developed a simple, flexible and cost-effective payment solution to help you make monthly repayments for an overseas mortgage, receiving a pension, rental income, maintenance costs, school fees, payments to family, business payments or any regular money transfer with a solution tailored to suit you. For your convenience automated orders can also be set up protecting you against currency loss and maximising your currency gain.
    • Go to site

    Great for
    Award-winning service from a dedicated, specially qualified currency consultant
    Online transfers, automatic rate watch and regular transfers services available
    Insights, updates and guides on how currency markets affect you
    But be aware that
    Minimum transfer is £250 per month
    Bank to Bank transfers only
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