It might be the money from selling the family home, or the savings you’ve put aside for years to start a new life abroad. When a sum like that moves from one currency to another, small differences add up: a one-cent difference in the exchange rate changes what arrives by €1,000 for every £100,000 you send.
If you’re wondering, “how can I transfer a large amount of money internationally?” you have two main options: a bank or a specialist currency provider. Whichever you use, you’ll want to compare how much will actually arrive and start preparing well before the money needs to move.
That’s where having someone experienced to talk you through the process can help. Lumon has helped more than 70,000 clients send money internationally since 2000. When you’re planning a large transfer, having a currency specialist at the other end of the phone means you don’t have to navigate the process alone.
Why might you need to transfer a large amount of money internationally?
For most people, transferring a large amount of money internationally marks a major life change. It might be the savings you’ve built up for retirement finally going towards a home in the sun, or the proceeds from selling a property overseas coming back to the UK.
Either way, you’ll be exchanging a substantial sum from one currency into another. The direction the money is moving also makes a difference because exchange-rate movements can affect each transfer differently.
Sending a large sum abroad
Buying property abroad is a common reason to send a large sum overseas. And if it’s more than a holiday home, you might also be moving savings as part of a long-term dream relocation or retirement.
Bringing money back to the UK
If you sell a property abroad or receive an inheritance from abroad, the money may be held in a foreign currency. Until you bring the funds back to the UK and convert them into pounds, their value in your home currency will shift with the exchange rate, potentially leaving you with more or fewer pounds.
What is the best way to send large amounts of money internationally?
The best way to transfer large amounts of money internationally depends on your specific transfer requirements. When comparing options, look at how much foreign currency you’ll receive, as both the exchange rate and any fees affect the final amount.
Transfer fees tend to be the easiest cost to spot. A £10 fee is clearly shown on a quote, while the difference built into the exchange rate can be less obvious and, on a large transfer, can be much greater. The simplest way to compare providers is to ask for quotes for the same amount and currency, then compare how much money will arrive in the foreign currency.
Bank transfers
For many, the bank is the obvious starting point because the money is already there. You may also be able to arrange the payment without opening another account. Familiarity doesn’t necessarily mean better value on the currency conversion, though. On a £100,000 exchange into euros, compare how many euros your bank would give you with quotes from other providers.
An unusually large payment may also run into limits that you rarely encounter in everyday banking. Check how much you can send online or through your banking app before the money needs to move, as additional checks can take time to clear.
Specialist providers
A specialist currency provider offers a more focused alternative to using your bank. International transfers are what they deal with day in, day out, so you can speak to someone who understands the kind of payment you’re making and what needs to happen before the money moves.
Having someone to talk things through with can make a large transfer feel more manageable, especially if you’re working towards a specific payment date. With an overseas property purchase, for example, there may be several months between agreeing the purchase and reaching completion. A specialist can talk you through your options for exchanging the money during that time and answer questions as they come up.
You may also have more flexibility over when you exchange your money through the different currency tools specialist providers offer. If you’re happy with the current rate, you can exchange there and then. If the payment is further away, you may be able to fix a rate in advance or set a market order to exchange the currency if the market reaches a specific rate.
How can you manage exchange-rate risk on a large international transfer?
Timing plays a huge role when you’re sending a large sum abroad. Let’s say you agree to buy a property for €300,000. The price in euros might not change between signing and completion, but the amount you need in pounds can.
Over the months between signing and completion, exchange-rate movements could increase or reduce the sterling cost of the property. If the rate moved 2% against you, a €300,000 property could cost around £5,000 to £5,500 more than you’d budgeted. If it moved 2% in your favour, it could cost a similar amount less.
*The information provided in this scenario is hypothetical and is intended for illustrative purposes only. Exchange rate movements and their impact on your transfer will vary based on market conditions and the amount being transferred. This example is for illustrative purposes only.
But you don’t necessarily have to wait until completion to exchange your money at whatever rate is available at the time. There are different ways to arrange the exchange, depending on when you need the money and how you want to handle changes in the exchange rate.
- Spot transfer: This uses the current available exchange rate and is generally used when the money needs to move now or within a short period of time. You accept the rate available when you make the transfer rather than protecting against future currency swings.
- Forward contract: Fixing an exchange rate in advance gives you certainty over the sterling cost of a future payment. If you agree a rate for a property purchase several months before completion, you’ll know how much you need to pay in pounds, even if the exchange rate moves before then. You’ll usually pay a deposit upfront, with the rest due on the agreed date. A forward contract is a binding agreement, so you’re committed to the agreed rate even if the market later moves in your favour. Find out more about what a forward contract is and when to use one.
- Market orders: This lets you target a more favourable exchange rate rather than exchanging at the current rate. A limit order automatically triggers the exchange if your target rate is reached. Some providers also offer stop-loss orders, which trigger the exchange if the rate falls to a set level, helping to limit your exposure if the market moves against you. There’s no guarantee your target rate will be reached, so a limit order may never go through, and you may end up exchanging at a less favourable rate closer to your deadline. If a stop-loss order is triggered, your currency is exchanged at that lower rate, and you won’t benefit if the rate later recovers.
How much does it cost to transfer a large amount of money internationally?
The final cost of a large international transfer will depend on the exchange rate you receive, together with any fees or charges along the way.
Why the exchange rate matters on a large transfer
A fraction of a percentage point might look insignificant on an exchange-rate quote, but applied to £100,000, it could make a noticeable difference to the final amount.
Exchange rates come with plenty of jargon, but two terms are particularly useful to understand when reading a quote.
- Mid-market rate: The exchange rate you see quoted online is often the mid-market or interbank rate, showing what one currency is currently worth against another. Think of it as a benchmark rather than the rate you’ll necessarily receive.
- Provider margin: Banks and currency providers can offer a different rate from the mid-market rate. This difference, known as the provider margin, can vary between providers. The rate you’re actually offered determines how much foreign currency you receive for your pounds.
Say you’re exchanging £100,000 into euros. If one provider offered you €1.14 to the pound and another offered €1.13, you’d receive €114,000 from the first and €113,000 from the second. That one-cent difference in the rate you’re offered changes the amount received by €1,000.
*The information provided in this scenario is hypothetical and is intended for illustrative purposes only.
| Bank | Specialist currency provider | |
| Exchange rate | The rate offered may be less competitive than rates available elsewhere | May offer a more competitive rate than a bank, depending on the provider |
| Fees | May charge a transfer fee | Fees vary, with some providers charging no transfer fee |
| Transfer limits | Limits may apply, particularly through online or mobile banking | Some providers specialise in large international transfers, although limits can vary by provider and transfer method |
| Speed | Depends on the destination, payment method and any additional checks | Depends on the destination, payment method and any additional checks |
| Support | May be handled through your usual banking channels | May offer one-to-one support from a currency specialist |
| Before transferring | Check the rate, fees and transfer limits | Check the rate, fees, transfer limits and regulatory status |
How safe are large international money transfers?
When you’re trusting a provider with a large portion of your savings, you’ll want to double-check who you’re sending your money through and what safeguards and security are in place.
Have your paperwork ready
As part of standard onboarding and regulatory requirements, banks and currency providers may ask you for information about yourself and the money you’re sending. Having your documents to hand can help your transfer go smoothly and avoid last-minute delays.
Check how the provider is regulated
Before sending a large sum, check that the provider is authorised or regulated, and understand what protections apply to your money.
Authorised payment institutions and electronic money institutions are generally required to safeguard relevant customer funds.2 To find out how your money is protected with Lumon, please visit our safeguarding page here.
Check the bank details before sending
When you make a large international transfer, take extra care with the bank details because your bank may not always catch an error before sending the money. A single wrong digit is all it takes to send the payment to the wrong account. Once the money is gone, recovering your funds can be difficult or, in some cases, impossible.
Read the account number or IBAN, the number used to identify a bank account internationally and compare it against the payment instructions before releasing a large sum. If the bank details suddenly change, confirm the new information with the person or business you are paying using a contact method you already trust.
Watch for payment fraud and scams
Large transfers can be attractive targets for fraudsters because a successful scam can move a substantial sum in one payment. One common tactic is to intercept or imitate messages from someone you’re already dealing with, then send replacement bank details in the hope that the change looks routine.
Imagine you receive an email that appears to be from your solicitor, with new bank details, the afternoon before an overseas property payment is due. Rather than replying to the message, call the solicitor on a number you’ve used before and confirm the change directly.
Any unexpected change to payment instructions, or pressure to send the money quickly, is reason to stop and verify. If you think you’ve already sent money to a fraudster, contact your bank or provider straight away.
How to transfer a large amount of money internationally: step by step
1. Start with quotes you can compare: Get quotes for the same amount and currency, then compare what you would receive after the exchange rate and fees.
2. Prepare your paperwork: Your provider may ask you for information as part of their standard requirements. Having your documents to hand can help prevent last-minute delays.
3. Check the destination: Double-check the account number or IBAN and check whether your bank has a payment limit.
4. Confirm everything before sending: Once you’re ready to proceed, check the exchange rate and amount being converted one final time.
5. Leave room for the transfer to arrive: Build some time into your payment deadline. Cut-off times, weekends and bank holidays can affect when funds arrive, while additional checks may cause delays.
Plan your international transfer before you need to make it
The more money you exchange, the more a small difference in the exchange rate can matter. Start by comparing how much foreign currency your money will actually buy, rather than letting a low transfer fee dominate the decision.
Then think about timing. The earlier you start, the more headspace you’ll have to make decisions about the exchange rate before the payment becomes urgent. Leave it until the deadline is approaching, and you may have little choice but to exchange at the rate available on the day.
FAQs about transferring large amounts of money internationally
What is the safest way to transfer a large amount of money internationally?
Use a bank or money transfer provider whose regulatory status you have checked.
How can I compare exchange rates and the total cost of a transfer?
Ask providers for quotes based on the same amount and currency, then compare how much foreign currency each produces.
What is the maximum amount I can transfer internationally from the UK?
There is no single UK-wide maximum. Limits vary by bank and provider, so check yours before you need to make the transfer.
Can I transfer £50,000 or £100,000 in one day?
It may be possible, but transfer limits and additional checks can affect the timing.
How long does a large international money transfer take?
Transfer times vary by provider, banking route, and any checks required before the payment is released.
Is a bank or specialist provider better for a large transfer?
Neither is inherently better. Compare quotes for the transfer you need to make, paying particular attention to the exchange rate and final amount received.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Lumon or its subsidiaries, and it is not intended as a substitute for obtaining advice from the relevant professional services. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Foreign exchange transactions involve risk. Currency movements and market volatility may affect costs, cash flow and financial outcomes.
Lumon Pay Ltd, trading as Lumon, is authorised by the Financial Conduct Authority as an Electronic Money Institution (FRN: 902022).
Lumon FX Europe Limited, trading as Lumon, is regulated by the Central Bank of Ireland (Reg No: 631617).
