In summary, large international transfers require excellent exchange rates, easily accessible customer service, and plenty of relevant experience with high-value transactions.
High-street banks can provide this service, but often struggle to match the best rates on the market. Specialist providers are a better choice, ranging from traditional FX brokers to more modern app platforms.
The more prepared you are, the better chance you have of enjoying a smooth and cost effective process. Let's get into it.
Planning to receive a large incoming transfer? Take a look at my guide titled 'How to receive international payments' to see things from another perspective.
Does your business process lots of cross-border payments? My 'International business transfers' guide is for you.
My 5 tips for making large currency transfers
1. Understand the true cost of your transfer
That means you might not be getting the best deal, even if your provider is offering 'no fees'.
Example: fees on a large transfer of £700,000 to AED
Service type | Exchange rate | Fees | Total Cost |
|---|---|---|---|
Money transfer specialist | 1 GBP = 4.676 AED | £0 | £7,000 in exchange rate markup (1%) |
High-street bank | 1 GBP = 4.815 AED | £0 | £28,000 in exchange rate markup (4%) |
^ Exchange rates are indicative, taken in February 2025. Markup percentages also estimated (both could be lower depending on the provider)
A bad exchange rate can wipe out any savings from fees and then some. When the transfer amount is substantial, the difference between 1.12 and 1.13 could be tens of thousands of pounds.
That's why you need to focus on the combined effect of fees and rates, to know how much currency you're getting for your money. That's what really matters.
2. Get your documents ready
They will almost certainly request documentation to prove everything is above board, ruling out fraud or money laundering.
To help this go smoothly, I recommend you prepare the following documents:
✅ Proof of identity (one is usually sufficient)
Passport
Driver's Licence
National Identity Card
Other Government-Issued ID
✅ Proof of address (one, sometimes two often required)
✅ Source of funds (sometimes required)
✅ Transaction information (sometimes required)
3. Seek experience in your specific transaction type
For example, a very common reason for making a large currency transfer is to buy or sell a property abroad. Of course, transferring funds is just one part of a more complex process, with all sorts of dependencies and moving parts.
By using an FX broker like TorFX, Key Currency, or Regency FX, you'll be able to chat with experts who have been involved in many such transactions. This expertise goes beyond property purchases - into business deals, inheritance tax matters, pension transfers and beyond.
Some firms even have FX traders specialising in luxury yachts, race horses, imported cars and more!
So when getting quotes from various brokerages, be sure to share some detail about your transfer to see how much experience they have with customers like you.
4. Make sure transfer limits don't restrict you
That's why for transfers over £50,000, it can be smart to enquire with a currency broker. Contact customer services and you'll usually be able to agree a deal for any size of transfer, well beyond £1million.
Wise is becoming more suitable to larger transfers, but they do still apply a limit of £1million when sending from a UK account.
In order to send money overseas with all these services, you first need to transfer your GBP to your chosen money transfer service. They'll then convert it and send it to the recipient.
Depending on the amount, you might need to do this in multiple chunks. Your bank might request documentation relating to the purpose of the transfer. Another reason to plan ahead...
For example, with Lloyds Bank, there is usually a £25,000 daily limit for online transfers, and £100,000 daily limit for telephone banking transfers.
You could also consider visiting a branch and setting up a CHAPS transfer,. This would have a higher limit and might remove the need to transfer multiple sums over a period of days.
5. Prioritise risk management
Let's take an example.
If you agree to buy a 200,000 EUR apartment in Portugal in April, that might cost £170,000 at the time.
However, if by August the funds haven't been transferred, and the exchange rate has changed, that same 200,000 EUR apartment might now cost £175k, or £165k.
The risk we talk about is the uncertainty about future exchange rate changes, and what that could mean for you.
With larger transfers, there can often be substantial time lag between agreeing a price and sending funds. This time lag creates risk. There are, however, methods available to reduce the risk/uncertainty.
Forward contracts allow you to lock in an exchange rate for a future transfer. If the rate gets worse, this is excellent. However, if it improves, the forward contract was unnecessary and will have wasted a bit of money. Some people like to set up a forward contract for half their transfer amount, so that any volatility in exchange rates is less impactful on the overall transaction.
Best companies for larger overseas payments
Take a look below, read my reviews, and click through to view the official websites.
Broker-style money transfer services
These companies tend to be big on customer service, with support teams just a phone call away.
"TorFX's 5-star service handles most currency needs, especially relating to overseas property, emigration & retirement. Friendly phone support, no-obligation advice & no max transfer limit."
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"Regency's UK-based account management team has vast experience. Get support on all kinds of transfers, from overseas property transactions to business payments & more."
"Key Currency offers a personal service with a dedicated account manager. There are no transfer limits or fees which is perfect for larger send amounts."
"Cambridge Currencies is a boutique UK-based currency broker helping clients send funds globally. Expect personable service & competitive rates from this new industry entrant."
App-style services with high limits
These companies have fantastic apps, and are increasingly giving pre-sales support to larger clients.
"Over 16 million customers use Wise, mostly for their excellent mobile app, transparent fee structure & use of mid-market rates. Now increasingly used for larger transfers."
"Xe has over 30 years of currency exchange experience, and is one of the most reputable names on the market. 200 countries, 100 currencies, & funds often received in seconds."
Bonus tip: Double check everything
This one probably goes without saying, but here is a checklist of questions to ask yourself, and to make sure you're got right. This will help avoid issues and extra costs, which are extra significant when your transfer is high-value.
Compare the exchange rate you've been quoted to the mid-market rate. What is the effective percentage markup you're having to pay?
Check fees. Many brokers offer zero fees, but companies like Wise give you the mid-market rate and charge fees on top.
Factoring in both exchange rates and fees, how much will each option cost?
Is the exchange rate you've been quoted guaranteed, or will it change if you come back to make your transfer in a few hours or days?
Contact customer services. Are you confident that they are accessible and responsible should you need anything?
When will you make your transfer? Early in the day, and early in the week is best. Evenings and weekends can cause delays if you miss the required cut-off times for processing.
Check that your chosen provider has the necessary regulations to faciliate your transfer.
Have you confirmed the recipient details, including that the receiving bank account matches the currency you're converting to?
Have you considered phasing the payment over time to balance out the effect of exchange rate fluctuations?
This is not an exhaustive list, but is a decent sense check to make sure your transfer stays on track.
More handy FX guides
You can never do too much reserch into your high-value transfer. Take a look at these guides I put together to learn more about tackling the currency transfer market.
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