Transferring large sums of money overseas
Transferring large sums of money overseas takes more planning than an everyday international payment.
Mistiming a small, routine transfer might leave you a couple of pounds out of pocket. When it’s a house deposit, an inheritance, or capital for an investment, the exchange rate can make a much bigger difference to the final amount you send or receive.
Planning ahead can help you protect the value of the money you’re transferring across borders and give you more control over when and how you transfer it.
What to consider when transferring large sums of money abroad
With a small international transfer, you can check the rate, send the money and move on. When you’re transferring a house deposit or funding an overseas investment, there’s much more riding on the timing and transfer method.
As the amount increases, so do two risks:
1. Exchange-rate risk: Exchange rates can move while you’re deciding to make a transfer. Waiting could mean getting a better rate, but it could also mean getting a worse one, and it’s natural to want certainty rather than second-guessing the timing. Even small exchange-rate movements can make a big difference to a large sum.
2. Execution risk: Incorrect payment details, transfer limits, or banking cut-off times could all prevent the funds from arriving when you need them. These are avoidable risks, and getting the details right is within your control.
Both risks could add extra costs, increase the amount you need to send or, in some cases, affect whether you can afford to make the payment at all.
Reasons for transferring large sums of money overseas
Buying property abroad
You’ve found your dream property abroad and agreed the price. But when you’re making a large currency transfer, the exchange rate can move in either direction between now and payment, changing what you need to send.
Selling property abroad
Selling a property abroad can leave you with a large sum to transfer home. The sale price might be fixed, but what your proceeds are worth in sterling isn’t. Until you bring it home, the final amount isn’t guaranteed.
Inheritance
Inherit money in another currency and its value in pounds moves while it sits overseas. There’s no completion date forcing your hand the way a property purchase would, so the decision drifts while the amount you’ll actually receive keeps changing.
Investment or business
Consider an overseas investment that requires significant capital in another currency. Until you transfer, a move in the exchange rate could mean finding more sterling than expected to cover it, or less, changing what the investment actually costs you.
Retirement and relocation
Relocating or retiring abroad can mean transferring pension income or savings. The exchange rate will affect how far that money goes as you make the move and settle into life in your new country.
Luxury goods
Buying a car, yacht, or piece of art from overseas often means paying a large sum in another currency, and the price in sterling isn’t fixed until the deal completes and the money moves.
Why specialist support matters for large currency transfers
With more money at stake, the decisions you make about your transfer carry more weight.
At Lumon, you’ll have a dedicated currency specialist. If you’re waiting on a property completion, they’ll help you plan the transfer around that date, so the funds are in place when they’re needed rather than sitting exposed to rate movement or arriving late.. And if the rate moves while you’re deciding, you can call them and get a straight answer on what it means for your transfer, not a queue or a chatbot.
How your money is protected during a large international currency transfer
When you make a transfer with Lumon, your money is held in dedicated safeguarding accounts, separate from Lumon’s own funds, in line with regulatory requirements.
Safeguarding isn’t the same as FSCS protection and doesn’t protect you against fraud, so you should always check payment details carefully before sending money. Find out more below.
Lumon, your trusted currency partner
When you’re moving a larger sum abroad, who’s looking after it matters more. With Lumon, you’ll have a dedicated specialist on hand, backed by a company that’s sent money abroad for over 70,000 customers since 2000. Experience that matters when there’s more at stake.
Bank-beating exchange rates* & no hidden transfer fees
Helped over 70,000 customers since 2000
Award-winning service
International property specialists
Transferring large values from one country to another can be stressful. The team at Lumon made the process easy and inspired confidence that all the necessary security measures were in place.
What our customers are saying
Bank-beating exchange rates*
On a large transfer, even a small difference in the exchange rate can affect how much you send or receive. Our bank-beating exchange rates can help you get more from your money.
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Frequently asked questions about transferring large sums of money overseas
Is there a limit on how much money I can transfer abroad from the UK?
There’s no general legal limit on how much money you can send overseas from the UK. Your bank or transfer provider may have its own limits, though, so it’s worth checking these before you need to make a large payment.
Do I need to declare a large international money transfer?
There isn’t a general requirement to declare a transfer just because it’s large. However, tax or reporting obligations can depend on where the money came from — for example, an overseas property sale or inheritance — and your individual circumstances.
Will my bank ask where the money came from?
It might. If you’re receiving a large sum from an overseas property sale or inheritance, the size of the payment may prompt your bank to check where the money came from. Having documents such as property sale paperwork or evidence of the inheritance ready can help avoid delays.
How long does a large international money transfer take?
It depends on the provider, currency, destination and when you make the payment. Large transfers can also take longer if additional checks are needed, so if your money has to arrive by a deadline, leave time for the transfer rather than assuming it will arrive immediately.
How much does it cost to transfer a large amount of money overseas?
Two things usually make up the cost of a large international transfer: the transfer fee, if a provider charges one, and the exchange rate you receive. On a large amount, a small difference in the rate can add up fast, so the fee alone won’t tell you the real cost.
What information do I need when transferring large amounts of money overseas?
You’ll need the recipient’s payment details, which may include their name, account number, and BIC/SWIFT code, depending on where you’re sending the money. For a large transfer, you may also be asked for information about the payment or source of the funds.
Looking to transfer large sums of money overseas?
At Lumon, we connect you with a dedicated currency specialist who can help you plan your transfer around the exchange rate and any important payment dates.
That way, you have someone on hand to help you make decisions from the start of your transfer through to the money arriving.
This publication is provided for general information purposes only and does not constitute financial, legal, tax or other professional advice from Lumon, nor is it intended as a substitute for obtaining advice from appropriately qualified professional advisers. Foreign exchange services provided by Lumon are offered on an execution-only basis.