Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
How to send a large money transfer abroad
Your bank might be more convenient, but international money transfer specialists probably offer a better deal.
It’s actually much easier than it seems to send a large money transfer abroad. Banks can be helpful, but they also tend to charge high fees and offer poor rates. Specialist money transfer providers will give you better rates and lower fees.
But there are other alternatives, and the best way to send money will depend on your specific situation. Taking things like speed, tax regulations, fees and more into consideration is also important when making your decision.
What are my options for sending a large money transfer overseas?
- International money transfer specialist
- Cash-to-cash transfers
- Bank-to-bank transfers
- International bank draft
- Cryptocurrency
1. International money transfer specialist
International money transfer providers exist to make the process of sending money overseas faster and more straightforward. They often offer some of the most competitive exchange rates for your large money transfer, and many charge far lower fees than what you’ll find at your bank.
Pros
- Typically cheaper and faster than bank transfers.
- Diverse payment options, including payment by credit card, debit card, bank account and more.
- Many transfer specialists offer step-by-step guidance for the entire process.
- Can be sent entirely online.
Cons
- Many options exist, so finding the best one may seem tricky.
- Some money transfer specialists don’t have transparent fees and exchange rates.
- You have to trust a company with your money, so vetting them is important.
Compare money transfer specialists
Table: sorted by a combination of service offering and the amount your recipient will receive
2. Cash-to-cash transfers
Being able to send money for cash pickup is a convenient way to complete your international money transfer, particularly if you or your recipient doesn’t have a bank account to receive a large money transfer. Companies that offer cash-to-cash transfers include Ria Money Transfer, MoneyGram, Western Union and more.
Pros
- Recipient doesn’t need a bank account.
- Sender doesn’t need a bank account.
- Cash transfers often get there faster than bank-to-bank transfers.
Cons
- Most cash-to-cash specialists have a maximum sending limit.
- Large amounts of cash will need to be picked up by the recipient, which could be dangerous.
- Higher fees are typically applied to cash-to-cash transfers, compared to using an international money specialist that transfers to a bank account.
3. Bank-to-bank transfers
Most banks are able to initiate an overseas transfer, but they tend to be the most expensive option. For small transfers, the familiarity and ease of using your local bank can be worth the fees and unfavourable exchange rate, but for a large money transfer, you’ll see a noticeable chunk taken from your transfer.
Pros
- You already trust your bank with your money.
- You can initiate the transfer online, in person or by phone.
- You don’t have to trust any companies with your money.
Cons
- More expensive than other options.
- Usually much slower than other options.
- Have to pay with funds that are already in your bank account.
4. International bank draft
An international bank draft is issued by a bank on behalf of the payer and allows another bank, typically in another country, to draw funds directly from the issuing bank. International bank drafts can be drawn in a foreign currency, removing the need to speculate on future exchange rates, as funds are immediately converted when the draft is created.
Pros
- Accepted in many parts of the world.
- Relatively cost effective when compared to wire transfers between international banks.
- Can only be cashed at a bank by the person listed on the international bank draft.
Cons
- Slow, as they have to be physically sent or hand delivered between countries.
- Your bank might not support the currency and country you want to send the draft to.
- Difficult and time consuming to replace if lost or stolen.
5. Cryptocurrency
If you hold cryptocurrency, you can send it to a wallet anywhere in the world. Many cryptocurrency exchanges will also let you trade cryptocurrency for fiat currency, such as pound sterling or euros. That means it’s possible to exchange pound sterling for a cryptocurrency, like Bitcoin, and then trade your cryptocurrency for a different fiat currency, like euros. But that doesn’t mean it’s a simple process.
Pros
- You can send money directly to your recipient’s cryptocurrency wallet address, removing the need for companies as intermediaries.
- Your transaction can’t be cancelled.
Cons
- Requires a lot of technical know-how to avoid errors.
- Prices can be volatile, so you could lose a lot of it in a large money transfer if the price of the cryptocurrency you’re using as an intermediary drops.
- Depending on the route you use, there may be many fees to pay.
Cryptocurrency for international money transfers: How it works
The basic process for transferring money overseas using cryptocurrency is:
- Transfer funds to an online cryptocurrency exchange.
- Use your local currency to buy cryptocurrency, which goes into a digital wallet.
- Sell your cryptocurrency for a foreign currency.
- Withdraw your funds from the exchange platform.
You’ll probably encounter percentage-based fees at each step, making cryptocurrency an expensive way to send a large money transfer.
Which option is best?
The best option, of course, depends on your specific circumstances. But, while using your bank is convenient, overall using a money transfer specialist may end up being your least expensive option and offer stronger exchange rates. To get a baseline of what your large money transfer could cost, compare a few different money transfer providers.
Frequently asked questions
Can I send cash internationally?
Technically yes, but you shouldn’t. Sending cash in the mail is extremely unsafe and risky, as there is absolutely no guarantee that it will reach your recipient.
Can I bring large sums of cash to another country?
Yes, if you want to skip the transfer specialists you can bring cash to another country. But you’ll need to check that country’s laws for any limits on how much cash you can bring into the country, and you’ll probablly need to declare it at customs. Be aware that neglecting to declare large sums of cash at customs can result in legal trouble, and both you and your recipient will probably need to file taxes declaring the transfer of cash funds.
More guides on Finder
-
Revolut promo codes for January 2021
Check out what Revolut offers and see if you can save more on this digital bank with discount codes and deals.
-
CurrencyTransfer review
The UK-based CurrencyTransfer platform lets you compare and select the best money transfer rates.
-
Neat Business review
Learn how Neat works in Ireland and what your business stand to gain with their e-payments platform.
-
WorldFirst World Account for online sellers
Read our guide to the WorldFirst World Account for online sellers, including info on supported currencies, fees and how to open an account.
-
What is dropshipping?
Read our complete guide to dropshipping to discover how it works, how to find a reliable supplier and the pros and cons of this popular fulfilment method.
-
TransferWise account for e-commerce sellers review
Receive payments in five local currencies and convert them to dozens of others using one account.
-
Review: Payoneer for online sellers
Read our guide to Payoneer and how it can help marketplace sellers save money when receiving international payments.
-
OFX Global Currency Account for online sellers review
Our in-depth review of the OFX Global Currency Account for online sellers, including supported currencies, fees, exchange rates and registration.
-
Review: Moneycorp online seller account
Your detailed review of the Moneycorp multi-currency account for online sellers, which is compatible with 14 marketplaces and can hold EUR, GBP and USD.
-
What is DeFi? Beginner’s guide to decentralised finance
Confused about DeFi? Find out how it works in this easy-to-read guide.
Ask an Expert