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 Transfers

      Halo Financial

      International Money Transfers

    • Exchange rate €1.1783 rate updated 14.02.17
    • Amount you'll receive €12,489.98 when transferring £10,600.00
    • Description

      Thanks to their genuine focus on customer service, Halo Financial has been awarded Feefo Gold Trusted Merchant Status, receiving a 5/5 customer star rating. The highly qualified team at Halo can offer you a unique combination of financial expertise, competitive exchange rates and efficient payments. Halo Financial is authorised and regulated by the FCA under the Payment Services Regulations 2009.

    • 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
    Bank to Bank transfers only
    • Provider International Money Transfers

      Currencies Direct

      International Money Transfers

    • Exchange rate €1.1780 rate updated 14.02.17
    • Amount you'll receive €12,486.80 when transferring £10,600.00
    • Description

      Receive bank-beating exchange rates and fee-free, overseas money transfers with the added benefit of Currencies Direct’s ‘best rate guarantee’. Currencies Direct were the UK’s first currency specialist for overseas money transfers, with thousands of regular users and a 5* review rating on Trustpilot. Choose from a selection of over 60+ currencies and receive free guidance from their currency experts. Unrivalled local market knowledge with over 20+ global office locations.

      more provider details
    • Go to site

    5* Rating

    5* 'excellent' rating on Trustpilot

    Great for
    Free transfers and bank-beating exchange rates
    Transfer over the phone, 24/7 online or via their app
    Get ‘best rate guarantee’ on all your transfers
    But be aware that
    Minimum transfer is £100
    Payment by debit card and bank transfer only
    • Provider International Money Transfer

      FC Exchange

      International Money Transfer

    • Exchange rate €1.1778 rate updated 14.02.17
    • Amount you'll receive €12,484.68 when transferring £10,600.00
    • Description

      FC Exchange has been helping customers with their international money transfer requirements for over 10 years. They offer exceptional customer service and each customer has their own account manager to guide them through the process of sending money overseas. Customers can transact online or over the telephone in over 50 currencies and with their Best Exchange Rate Guarantee, FC Exchange help customers get the most for their money every time they transfer.

      FC Exchange is a Global Reach Group company and is authorised by the Financial Conduct Authority.

      more provider details
    • Go to site

    5*
    Rating

    5* 'excellent' rating on Trustpilot - over 600 reviews

    Great for
    Secure the exchange rate for up to two years in advance
    One-off or regular payments with a Best Exchange Rate Guarantee
    Transact online or over the telephone with a dedicated dealer
    But be aware that
    Payments by bank transfers only
    Minimum transfer amount of £1,000
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