Not all money transfer providers allow users to send large amounts overseas. Instead of sending multiple small transfers, choose a company that offers transfers with no maximum limit when you need to send larger amounts.
Pros and cons of popular no-limit providers
Compare the pros and cons of Xe, CurrencyTransfer and OFX before making your transfer to find out which of these no-limit providers is right for you.
1. OFX
OFX offers transfers and exchanges in more than 55 currencies. If you’re a larger business looking to pay for exports or just need to transfer a larger sum to an account overseas, this service may be a good fit.
Pros
24-hour customer support
Available in more than 190 countries and 50 currencies
Offers scheduled and recurring transfers
No fees charged on money transfers
Dedicated account manager to offer advice
Cons
No cash payment or pickup. OFX only delivers funds through bank transfers.
Xe Money Transfer is a service designed to help you transfer your funds to a bank in a foreign currency. If you’re working far from home, Xe Money Transfer is ideal for getting cash to your family or making investments overseas. Given how easy it is to transfer your money to foreign companies in their currency, it’s especially ideal for business accounts.
Pros
One of the most trusted money transfer names
Competitive exchange rates will save you money in the long run
Send money to over 170 countries
Cons
Rate comparison tool not available until you’ve registered on the site
Online transfers are limited to $500,000 per transaction but transfers over the phone are unlimited
Aside from checking that a company can handle large transfers, you’ll also want to look into:
Available currencies Does the transfer provider offer the currency in which you want to send?
Speed While some providers can transfer funds almost instantly, others will take days.
Affordability This includes both the exchange rate and any fees.
Customer service Look for a company that offers phone, in-person and/or chat support. If the provider is located overseas, will it be difficult to contact customer support at a reasonable time?
Laws for sending large sums of money overseas
If you’re sending a large sum of money overseas, make sure both you and your recipient fill out the appropriate tax forms. Transfers over $10,000 need to be reported to the IRS, and your recipient may need to report the transfer as income or as a gift, depending on their country’s laws.
Compare high limit transfer services
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
When sending large amounts of money overseas, make sure you’re getting the best deal, as even the difference of a fraction of a percent on the exchange rate can cost you. Comparing the rates offered by three reputable companies like OFX, Xe and CurrencyTransfer can help you feel confident that you’re getting the best deal on your transfer.
Frequently asked questions
How do money transfer companies keep my funds safe?
Transfer companies generally use a combination of encryption and identity verification to help keep your money safe. If you’re concerned about a transfer, contact the transfer company directly to find out what security measures it takes.
How much money can I send out of the US?
There’s no limit to how much money you can send as long as you file any necessary tax forms. But if you’re sending money to a country under US sanctions, contact a professional to make sure you stay within the law.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Zak Killermann was a technical publisher at Finder who specialised in currencies and investing. Zak’s expertise was in breaking down technical finance concepts into approachable, digestible nuggets of information.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
If you need to transfer money overseas using your credit card, you can do so via your bank, MoneyGram, Western Union and PayPal. This can be useful in emergency situations, but credit card transfers are usually not a cost-effective option.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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