We know that some people who make large money transfers (more than $10,000) purchase property that will become home after retirement. Others assist loved ones in distress or pay suppliers for goods for their new business venture. Whatever your reason for transferring money abroad, we’ll help to ensure it gets to where it needs to be.
Elements to consider when transferring large amounts of money
Whether your reasons for transferring large amounts of money are personal or business-related, there are various elements to consider.
The exchange rate – Getting the best exchange rate possible is one of the most important aspects of an overseas transfer. Some rates are so poor, they end up costing you money, whereas rates that are favourable could have the opposite effect and save you sizeable amounts of money.
Fees and charges – Transfer fees and charges are another element to consider. Most banks and many FX specialists add fees or charges to transfers to cover the cost of processing them. Fees vary from institution to institution, and they depend on whether you have a personal or business account.
Tax implications – Although there’s no legal limit on the amount of money you can transfer into or from the UK, there may be tax implications for large money transfers in other countries. If you’re sending money from the UK to another country, check whether that country’s laws require it to be taxed.
Institution’s reputation – Consider the reputation of the institution when you’re transferring large sums of money. With more than 40 years’ experience in dealing with personal and business FX requirements, moneycorp has long been a safe pair of hands to assist with transfers of all sizes.
Currency and country availability – Some FX specialists and other institutions offer a limited range of currencies or a limited range of countries to which they send money. Moneycorp exchanges 140+ currencies and makes personal and business payments to 190+ countries.
Speed – Unnecessary delays are the last thing you need when transferring large sums of money, so be sure to consider efficiency and speed. With moneycorp, payments reach their destination in 2-3 days, often quicker, making it a fast and efficient way to transfer a large amount of money.
For business purposes
There are a couple of elements to consider if you’re transferring large sums of money internationally for business purposes. Think about how frequently you’ll need to transfer money, the size of the transfers, and the reliability of the service. There’s no need to take unnecessary risks when you need to make bulk payments for rent, salaries, wages, utilities, and suppliers abroad.
For personal purposes
Your personal large money transfers also require consideration.
If you want to purchase property overseas, you’ll need to either make an outright cash purchase or pay a deposit plus regular instalments. Either way, you’ll want to ensure the recipient receives the required amount of money. Consider using FX specialists such as moneycorp to remove the guesswork from the process.
If you’re being transferred abroad for work, you may receive a relocation package that includes a deposit for a house rental, a deposit to hire or purchase a vehicle, expense reimbursement, and more. If you’re moving overseas for retirement, you may want to move all your monetary assets. Either way, fluctuating exchange rates will impact your payments, and so being proactive and timing your transfers well could save you money.
The way to transfer large sums of money
The way to transfer large sums of money is to use an FX specialist or another institution with a proven track. moneycorp is part of the moneycorp group, which has dealt in foreign exchange since 1979. The transfer service is available 24 hours a day.
Can this be done 100% online?
Yes, transferring large sums of money can be done 100% online. That includes signing up for and verifying an account (although this step isn’t essential), making the transfer, and tracking your payment. Moneycorp also offers you the option of making international payments over the phone.
Do large amounts take longer to transfer?
No, large money transfers do not take longer than smaller transfers. When you make an international payment with moneycorp, it will reach the intended recipient in 2-3 days.
You may find that market money hedges are best suited to one-off transactions, due to the fact that they involve a greater number of distinct steps than forward contracts.