Transferring Large Amounts of Money

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Transferring large amounts of money is a scary experience, even for people that have done it multiple times. The larger the sum of the money you want to send, the more cautious you have to be. It’s something you can’t escape. Whether it’s for an inheritance, to buy property, to return from expatriate work or simply to help a family or friend get out of a fix.

Knowing how to send large sums of money safely and using cost-saving ways will be crucial. This article covers everything you need to know about transferring large sums of money and the different methods you can use.

Common Reasons for Sending Large Amounts of Money

The first step is figuring out why you’re sending the money. It might not seem important initially, but it could help you determine which method best suits your needs. Sending large sums of money is more common than you might think. With the Internet of Things, sending large sums of money across the globe is becoming more common. Whatever the currencies and amounts involved, every transfer has a purpose which might vary the best service to use for the transfer.


Relocation is a common reason for transferring lots of money. If you’re moving to another country for retirement or as an expatriate, you might want to move all your savings and other monetary assets to your new destination or back home.

Employees moving to a new country for work may get a relocation package that includes reimbursement of expenses and down payments on house rental, money to buy a car and so forth. A reliable money transfer service can move all that money and facilitate settling down in your location.

Property purchase

Buying a house abroad, an investment or a holiday home is another common reason for sending large sums of money for down payments and outright cash purchases. In this case, online money transfer providers are preferred. Such services let you know how much the recipient will get eliminating the guesswork and ensuring a smoother process.

Tuition and other costs

You can use money transfer services to send money to educational institutions worldwide to cover tuition and other academic expenses. One of the more commonly used options for sending tuition money and other academic costs is bank-to-bank transfers. But this depends on the country and other factors.

Business transactions

As it stands, you can run your business from anywhere in the world. You will need to cover overheads and pay salaries and wages to your employees and freelancers. You might also be considering taking up investment opportunities in other countries.

These expenses are likely to be frequent and substantial. You need a reliable service to ensure you have the funds in the right countries to easily balance your books. When transferring large sums of money for business reasons, look for providers that offer business rates. These are usually lower and can save you more money in the long run.

Other common reasons for sending money

You might also be considering sending money abroad for repatriation, paying for vacations, supporting family back home, and paying for weddings, religious festivals, funerals, and weddings.

Regardless of your reason for sending money abroad, the best transfer provider gives you the best balance of exchange rates and transfer fees. Convenience is also a huge deal.

What to Consider When Sending Large Amounts of Money

There are different methods of transferring large sums of money. Each offers unique features and benefits that suit different reasons for sending money. Here are some factors you can consider when transferring large amounts of money.

Transfer fees

Any money transfer service you use will have transfer fees. It’s one of the ways the service makes money. Traditional banks typically have more expensive transfer fees among the service providers, but that’s not to say that other services are not as expensive either. Some brokers add a fixed fee for large transfers, while others go for a percentage-based fee.

What’s most important is to clearly understand the fees you will be charged and any additional fees the recipient might incur on receiving the money. You should do extensive research and ensure you understand all the fees the money transfer service you choose charges.

Exchange rate markups

Another way money transfer services make money is by exchanging currencies. This is often referred to as a hidden fee. The Exchange rate markup is a margin added onto the mid-market exchange rate by banks and transfer providers.

Banks are once more the biggest culprits. They tend to add a higher markup than specialist providers. But it’s still important you know roughly how much you’re being charged on the exchange rate. 

Additional fees

Additional fees include credit card charges, processing fees, and any fees that the receiving bank charges for the transfer. If you need your recipient to receive a set amount, it’s important to consider these fees.

Payment method and delivery method

Most large-sum transfers will need to be done directly from bank to bank account. But this doesn’t mean you’re limited to making the transfer with your bank.

Transfer time

Transfer times are crucial for time-sensitive transfers. You have to choose a transfer service that can complete the transfer within that time frame.

In most cases, large transfers take longer to process because of the additional verification checks required to verify that you’re authorised to send the money. You should take this into account when sending the money.


 Finally, you want to consider the security measures employed by your chosen method of transfer. You want to make sure your money is delivered securely to your recipient and also make sure you don’t encounter any problems.

One of the steps you should take is to ensure you use a regulated provider. In the UK, providers are regulated by the Financial Conduct Authority (FCA).

How Much Money Can You Transfer?

Theoretically, you can write any amount with no limits. The only requirement is to have the funds in your bank account. Also, your bank or transfer provider might have their own maximum limitations to how much money you can send. These limits usually keep you from sending more than the set amount.

You can overcome this by using an alternative service that specialises in transfers for large sums. Services like Pay iO can let you send more money with fewer limitations, and you’re less likely to run into this and other obstacles.

What You Need to Transfer Large Sums of Money

Sending large sums of money internationally requires some documentation. In most cases, you will need more documentation and additional security checks than when sending small amounts. It is necessary to keep your money and your account safe. Some of the documents you should have include the following;

  • A valid form of identification like a driver’s license or passport
  • Proof of where the money came from. It might include a bank statement, payslip, investment certificate etc. You can check with your transfer service to understand the documentation you need to make the transfer.
  • Source of income. You must provide payslips or bank statements to verify your income from large transfers.
  • The recipient of the funds might also need some form of identification when collecting the funds.

Methods of Transferring Large Sums of Money in the UK

You can choose from various available methods of transferring large sums of money. The method you choose can be purely preferential or based on the reason for sending the money or other reasons. Some of the common methods of sending large sums of money include the following;

Money transfer service

Money transfer services have been in operation for more than four decades. They are fast, reliable and a secure way to send large amounts of money. Pay iO is an example of such a service. They are cheaper when sending large amounts of money than traditional banks.

Most money transfer services allow you to handle all the aspects of sending the money online, including signing up, verifying and tracking the payment.

Money transfer services are safe to use and have very stringent guidelines. They are regulated by the FCA when sending money from and within the UK.

On average, sending money using a money transfer service takes between 0 to 3 days, depending on the service and the amount of money you send.

Why money transfer services are cheaper

Most money transfer services don’t own as many physical offices to maintain and usually have lower overheads. This allows the money transfer service to have lower transaction fees, and some even offer free transfers and make their money offer conversion rates.

You will also find that they offer their customers better foreign exchange rates which are closer to the mid-market rate you see on Google, because they’re more competitive and want to attract your business.

Bank-to-bank transfers

With bank-to-bank transfers, you can send foreign currency from your local bank to another bank account in the UK or abroad. However, banks typically charge higher, and you will need to cover any overseas delivery charges as well.

You can organise the transfer online, over the phone or in person. Banks have upped their technology, making setting up payments faster and more convenient.

Why and when to use bank-to-bank transfers

Most people prefer to use bank-to-bank transfers because they are familiar with their bank. They feel it is more secure to pay the extra cost and wait the extra days just for their peace of mind. But is it worth paying all that money while services like Pay iO would give you that money?

Peer to Peer transfer (P2P)

These work slightly differently. Instead of wiring the money overseas through a bank, these companies make the transfers by matching people buying one currency with others selling it in the destination county. The companies can send large transfers this way.

Often P2Ps offer faster transfer services because they are fewer banks involved. It can also reduce and eliminate common hidden fees called correspondent bank fees. This makes the process more affordable. It’s a win for the service and its customers.

Why and when to use P2P services

P2P transfers are often a good option when transferring a substantial amount of money. They are usually very transparent with the ability to calculate the cost of your large transfers before sending them. It’s crucial if you’re keen on ensuring the recipient receives a specific amount of money.

Sometimes the companies will charge a percentage-based fee. So you need to be careful of this if you’re making large transfers because the cost quickly adds up.

Cash remitters

This option is severely limited in the amount of money you can send, but they are heavily used. According to the World Bank, international remittances totalled 585 billion dollars in 2017. The transfers have since gone down because of competition, but they’re still feasible if you frequently send regular amounts of money for cash pick-up.

Why and when to use cash remitters

Money remitting services specialise in smaller amounts. But they are a much cheaper option because of their fee structure, and exchange rates are much better. You might want to consider other options if you’re sending money to Asia, Africa and South America because the services are restricted in those regions. The good news is that they rarely have a minimum transfer amount but have a maximum transfer limit.


Bitcoin and, by extension, cryptocurrency is one of the newest ways to transfer large sums of money. Unlike the previously mentioned processes, sending money by Bitcoin can be quite complicated, especially for first-timers and those unfamiliar with digital currency.

You will need to set up a digital wallet and an online wallet. You will then fund your online wallet with British pounds, which will be converted to Bitcoin and sent to the person you are paying overseas. They will also need to have a Bitcoin wallet and then convert the cryptocurrency to their local currency.

Why and when to use Bitcoin

Bitcoin can be a fast and affordable way for most sizeable transfers. But you have to be sure that you and the recipient are comfortable using digital currency. Also, cryptocurrency has more risk, especially if you don’t understand how it works. If you’re uncomfortable with the process, you should use the other options mentioned above. 


The UK offers multiple ways to transfer large sums of money. You just have to pick the best one for your transaction based on previous experiences and how comfortable you are with it. If it’s your first time, you might have a better experience working with a bank, although that means you might pay more for the transfer. If you’re looking to save money and get the fastest transfer times, online money transfer services like Pay iO are an excellent option.

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