Transferring large sums of money internationally in 2024
Compare low-cost and safe providers to send large sums of money abroad
Sending large transfers can mean paying large transfer fees. It's always a smart idea to research a few different providers when you send money abroad, but it’s especially worth it when you send high amounts. Whether you're buying property abroad, investing overseas, or transferring an international inheritance, our guide will help you find reliable, safe, and low cost options.
What to look for when transferring large sums of money internationally
We’ll cover each of these points in detail throughout this guide - but let’s start with an overview of the key things to consider when sending a high value money transfer:
Price – including both transfer fees and the exchange rate used
Safety – how money transfer providers protect my money
Paperwork needed - documents required to process my payment safely and legally
Dedicated support - how responsive a provider is if I have questions or concerns
How much does it cost to send a large money transfer overseas?
Use our comparison data to see which service will be the cheapest option to send your high value money transfer. All you need to do is enter the amount you want to send, the currency you’re sending from, and the currency you’re sending to. Our calculator will instantly show you the cheapest provider for your specific needs based on our extensive research, plus the transfer fees you’ll pay, and the available exchange rate.
What is the Australian Dollar / US Dollar mid-market rate?
You’ll be able to find the Australian Dollar to US Dollar exchange rate using our price comparison, with a simple Google search, or with a reputable currency conversion app. Right now, the mid market rate for exchanging 1 Australian Dollar to US Dollar = 0.64955
The mid-market exchange rate is the rate used by banks and money transfer services trading on global markets. Some providers add a markup - a percentage fee - onto the rate used to convert your money from Australian Dollar to US Dollar. That pushes up the price, and is often the most expensive single fee you’ll pay when sending money.
To give an example of how this works, let's look at how a couple of different providers operate for large amount transfers. Here we’ve modelled a payment of 200,000 AUD to NZD as a quick comparison. You can see the exchange rate used, the transfer fee - and, most important of all, how much the recipient gets in the end:
| Provider | AUD - NZD exchange rate | Transfer fee for 200,000 AUD to NZD | Recipient gets | Go to provider |
|---|---|---|---|---|
| Wise | 1 AUD = 1.06353 NZD | 909.92 AUD | 211,738.27 NZD | Go to Wise |
| OFX | 1 AUD = 1.05382 NZD | 0 AUD | 210,764.33 NZD | Go to OFX |
*Fees and exchange rate correct at time of writing - 20th February 2024
This comparison illustrates why it’s important to look at both the fees and the exchange rates used for sending money overseas. On the face of it, Wise looks the most expensive, as you’ll need to pay a transfer fee. However, even taking this fee into account, your recipient would get more in the end with Wise. That’s all down to the exchange rate being used.
As you can see, Wise and OFX use different exchange rates. Wise uses the mid-market rate while OFX adds a margin to the rate used to convert your funds. OFX doesn’t have any transfer fee to pay for this transfer - but the cost has been added in the form of an exchange rate markup instead. As an exchange rate markup is a percentage fee, it can quickly add up when sending a high value payment. Use our tools to compare providers on both exchange rates and fees, to avoid surprise costs and make sure you get the best deal out there for your specific situation.
Large transfer fee breakdown
As we saw in our example, the exchange rate being used is important when sending a high value payment overseas. However, an exchange rate markup is not the only fee you’re likely to pay. Depending on the provider you select, you may end up paying any of the following charges:
Transfer fees - many providers charge a transfer fee which is usually transparently displayed when you arrange your payment. Transfer fees may be a percentage of the transfer value or a flat fee, and may vary depending on factors like how you pay
Recipient fees - your recipient’s own bank might charge a fee when the transfer you send is deposited. This money goes to the recipient’s bank, and the transfer provider can’t know in advance what the cost will be - have your recipient check with their bank directly if you’re unsure of the charges that apply
SWIFT fee - when transfers are processed through the SWIFT network, it’s common for 1 to 3 intermediary banks to partner up to move the payment through the system. This is reliable and safe, but swift transfers can also be expensive and slow, as each intermediary bank can charge a fee which is deducted from the transfer amount as it’s processed
Exchange rate markup - the exchange rate used to convert your payment to the currency needed for deposit may include a percentage fee, commonly called a markup or margin. This fee is rolled up in the rate being offered, so to calculate the costs you’ll need to compare the provider’s exchange rate against the mid-market rate for your currency pair
The costs involved in a high value transfer can vary a lot depending on the value of the payment, the provider you pick, how you pay, and the currencies involved. Shopping around is essential to make sure you get the best available deal - in our comparison, we found that Wise was the cheapest provider for transferring 200,000 AUD to NZD.
Safest way to transfer large amount of money
The safest way to send a large amount of money is to use a reputable and regulated money transfer company or bank.
Money transfer companies often operate online or through apps, and are convenient and easy to use. If you have questions or concerns you can usually talk to a member of the support team by phone or in-app chat. Digital money transfer companies have been built with safety in mind, and have lots of security measures in place to keep customers and their money safe, including both manual and automatic anti-fraud measures, secure account access and encryption. Money transfer companies which specialise in high value transfers often allow uncapped payments, and may have lower fees for sending large amounts of money. Double check the provider you pick is registered with the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL). All the information you need is likely to be displayed in a footer of the provider’s website for convenience.
Major Australian banks offer service in branches, by phone, online and through apps. It’s pretty common to find banks have maximum transfer limits for online and in-app payment, so depending on the bank you choose you might have to arrange your large value transfer in a branch or by phone. The fees for sending money overseas with a bank are often cheaper when you arrange the transfer online or through the bank’s mobile app - but being able to talk your payment through with a member of the bank’s staff can be reassuring. Banks are fully regulated, and use safe and reliable methods to process high value transfers.
How to send large amount transfers
Here's a rundown of the steps usually involved in sending a high value transfer overseas. The exact process you'll follow may vary a little depending on the specific bank or provider you choose to use.
1. Before you start your transfer
Before you start your transfer you'll need to check if any payment limits apply which may affect you. Double check with your bank or money transfer service if there are limits to the total amount you can send, or if there's a limit to the amount you can send online.
You'll also need to gather the documents needed by your bank or money transfer service. Usually you'll be asked to prove where the money has come from, to comply with international laws. Check what paperwork is needed for your specific situation, and ask your bank or money transfer service what their verification process looks like - usually you can just upload an image of the required documents online on in-app.
2. Check the fees and exchange rates
Do some research to find out which provider will be the cheapest and most convenient for your large value transfer. Use our handy tools to review the options, the exchange rates available, and the fees. Remember to check all the potential costs, and look for a service which offers the mid-market exchange rate or as close as possible to it.
3. Set up your transfer
Pick the provider or bank which offers the best deal for your specific transfer, and set up your transfer. Usually you'll be able to complete this process online or in the provider's app simply by entering the amount and currency you're sending, and the recipient's bank details. If you're required to upload any documents for verification you'll be prompted to do so at this stage. Once you've checked everything over you can choose how you want to pay, and confirm the transfer.
With digital money transfer services you can often choose to pay with a bank transfer, a card or even a mobile wallet like Apple Pay. Depending on your own bank's policies, you may have to physically visit a branch to initiate the transfer - but in many cases, the whole process can be done online without needing to leave home.
4. Double check all the information
Double check all details before you confirm a transfer.
5. Get support if you need it
If you have any questions or concerns, you'll be able to reach out to the bank or money transfer service you select. Some money transfer services - like Wise - offer dedicated support for high amount transfers so you can get all the information you need easily.
6. Track your transfer
Once your payment has been initiated, you can track it online or with the provider's app. Many services also offer you the option to receive push notifications, text messages or emails when the payment is on its way, as well as sending the recipient an email to let them know when the money has arrived.
→ Download a full guide on how to send a large amount of money
Methods to consider when transferring large sums of money
You’ve got a few different choices available when sending a high value transfer or wire. Which works best for you will depend on where you’re sending money to, how quickly it needs to arrive and a range of other factors. Some common options include:
Bank-to-bank transfers - if your own bank offers international transfers you may be able to have them deposit your payment directly with the recipient. Often sending money to another account held in the same bank has a lower fee than sending to another institution
Post Office - you can send money to more or less any country in the world through the Post Office thanks to their partnership with Western Union. There are lots of different ways to pay, and your money can be collected in cash quickly by the recipient - transfer limits apply which you’ll need to check based on the destination country
International money transfer companies - send money all over the world with an international money transfer company. Different companies have their own features and fees but you can often pay from your own bank or with a card, and have the money deposited in the recipient’s bank account
Documents needed when sending a large sum
Money transfer services and banks usually need to ask customers to provide some documents when sending high value transfers. This is to comply with global financial regulations and anti-money laundering laws. Generally you’ll need to prove your identity and also the source of the money you’re sending, to show it’s come from legal sources. You’ll usually find that whenever you’re asked to prove the source of the money you’re sending you’ll need to provide bank statements showing the money arriving in your account and then being transferred on to the payment provider. Other documents are likely to be needed, which can vary depending on the situation.
Here’s a look at the documents you may need, based on the source of the money you’re sending:
| Source of income | Documents needed |
|---|---|
| Sending money from a property sale |
|
| Sending money from an inheritance |
|
| Sending money from your salary |
|
| Sending money from investments |
|
| Sending money from a loan |
|
What qualifies as a large amount transfer in Australia?
There aren’t any legal transfer limits in Australia. This means that in theory, you can send as much money as you want overseas. However, the transfer provider you use may set a limit on how much you can send per day, month or year. Limits may also vary widely depending on your specific account type. For example, banks tend to have international transfer limits of around 50,000 AUD - and far lower in some cases. You may need to apply to the bank specifically to increase your sending limit if your online transfers are capped.
If you’re sending a larger amount you may be able to do so by visiting a branch in person, or you might have to send the money in more than one transfer.
How long does a large amount transfer take?
Depending on the type of transfer and the specific provider or bank you pick, it could take anywhere from a few seconds to several days for the money to move. The bank or provider you pick will be able to let you know the transfer time based on your specific payment.
Wise:
Wise offers online and in-app money transfer services to United States and 80+ other destinations around the world. You'll get the mid-market exchange rate to convert your Australian Dollar, with fast transfer times. In fact, 50% of Wise transfers are instant*, and 90% get there in under 24 hours.
- Mid-market exchange rates and low fees from 0.41%
- Send money abroad quickly - transfers can even be instant
- Send in 50 currencies to 70 countries
- No cash payment options
- No branch network
How much does it cost to send money to United States with Wise?
- Transfer fees: Send money from 0.41%
- Exchange rates: Mid-market exchange rate
- Additional fees: Transfer fees vary based on destination and how you choose to pay
TorFX:
TorFX can help you make a safe bank transfer overseas in 29 currencies. Services are available online, in app, and by phone. TorFX offers instant transfers, regular payments and currency risk management products.
- Send in 29 currencies
- Pay by card or bank transfer
- Talk your transfer through by phone if you’d like to
- Exchange rates include a markup
- No cash pay in or pay out options
How much does it cost to send money to United States with TorFX?
- Transfer fees: No transfer fee
- Exchange rates: Exchange rates include a markup
- Additional fees: Third party fees may apply
XE:
You can send money online and in-app with XE from Australia, to over 105 countries. Transfer times vary based on how you choose to pay and the country you’re sending to, and XE exchange rates can include a lower markup compared to a regular bank.
- Send to a broad range of countries from Australia
- Pay for transfers with a bank transfer or card
- XE is a trusted way to send money safely overseas
- Exchange rates include a small markup
- Fees and delivery times vary based on destination and payment type
How much does it cost to send money to United States with XE?
- Transfer fees: Fees vary based on how you choose to pay, and the currencies involved
- Exchange rates: Exchange rates include a small markup
- Additional fees: Fees vary based on how you choose to pay, and the currencies involved
OFX:
OFX is a currency specialist which offers quick international transfers and currency risk management solutions for individuals and businesses. You can send payments with OFX online and in-app, or access a 24/7 phone service if you’d rather talk your transfer through.
- Arrange your payment online, in app or by phone
- Access other currency services including currency risk management solutions
- Broad range of supported countries and currencies
- Exchange rates include a markup
- Minimum transfer amount 1000 USD
How much does it cost to send money to United States with OFX?
- Transfer fees: No transfer fee from Australia
- Exchange rates: Exchange rates include a markup
- Additional fees: Third party fees may apply
CurrencyFair:
CurrencyFair can be a cheap international money transfer service with quick delivery times on many currency routes. There’s a low, flat fee per transfer, and you could also find you get a better exchange rate compared to your regular bank.
- Send in 15 currencies
- Low transfer fees
- Many currencies can be delivered on the same day, or within 1 working day
- Exchange rates include a markup
- Pay in Australian Dollar by bank transfer only, no card option
How much does it cost to send money to United States with CurrencyFair?
- Transfer fees: 2967.97 AUD
- Exchange rates: Exchange rates include a markup
- Additional fees: Third party fees may apply depending on how you set up your transfer
ANZ:
ANZ (the Australia and New Zealand Banking Group) is the second largest bank in Australia, and a major player in regional financial services. The limits to send money overseas through ANZ online banking are the same as your Pay Anyone limits. These are between 1,000 AUD and 10,000 AUD a day depending on how your account has been set up. You can send more by using phone banking if you prefer to. You can send payments to 99 countries around the world with ANZ.
- Familiar and safe option
- ANZ will cover correspondent costs on some currency routes
- Relatively low upfront transfer fee for online payments
- Exchange rate margins are likely to apply which push up costs
- Delivery times are not the fastest available
- Correspondent charges also apply on many currency routes
How much does it cost to send money to United States with ANZ?
- Transfer fees in AUD: online 9 AUD if the payment is under 10,000 AUD, send by phone – 32 AUD
- Exchange rates: Exchange rate margins are likely to apply
- Additional fees: Third party charges may apply
Money transfer limits
Before you send a high value transfer you’ll need to check the limits that apply to make sure your payment will be possible. Limits may apply to the amount you can send in a single transfer, per day, per month or in a 180 day period. Some providers have different limits depending on how you pay, or depending on whether you’re arranging your transfer online or by phone for example. Here’s a roundup of the usual limits for some major Australian banks and providers.
| Company | Transfer limit |
|---|---|
| Wise | Varies by currency, usually around 1 million GBP or the equivalent |
| Remitly | Fully verified accounts can send 10,000 AUD a day, to 60,000 AUD in a 180 day period |
| TorFX | Unlimited |
| ANZ | 10,000 AUD a day online - you may be able to send more in a branch |
| CommonwealthBank | Up to 50,000 AUD online, on request - you may be able to send more in a branch |
Tax guidelines for large money transfers in Australia
It’s important to understand if there are any tax implications when you send a large value overseas payment. Whether or not you need to report the transfer or pay any tax will depend on the type of payment and where it’s going.
If a transfer of 10,000 AUD or more is received into an Australian bank, the bank has to report this to AUSTRAC. This doesn’t necessarily mean you need to pay any tax on it - the purpose of the payment and where the money has come from will determine this. If it’s income earned abroad which you’ve already paid tax on, and which you’re repatriating, for example, there may be no tax to pay. However, you’re advised by the ATO to retain all documentation relating to high value money transfers in case you’re asked to prove where the money came from.
As with most tax matters, it’s complicated. Getting individual tax advice is important to make sure you don’t fall foul of the law.
Which countries are popular for large money transfers?
Banks and money transfer services can support large value transfers to most countries around the world. Often people use high value transfers to send money to loved ones, invest or buy property overseas. Some of the most popular currency routes include:
The US
New Zealand
Thailand
Canada
India
Dedicated customer support for large money transfers
When you send a high value payment overseas it’s crucial that you trust the provider you use, and know how to get help should you ever need it. Some providers, like Wise or OFX, have a dedicated team that deals with high value transfers and offer personalised support and guidance. You can call OFX 24 hours a day to talk through your payments, and you’ll be able to get support from Wise by phone, email or using the in-app chat function.
Conclusion - Large money transfers
Sending a high value transfer can be nerve wracking, but it doesn’t have to be. Using our tools can help you pick the right provider for your specific needs, looking at the fees and exchange rates available, as well as other crucial factors such as safety and customer feedback. Use this guide to make the process of sending a large amount transfer seamless, and get your money moving in no time.
FAQ - Large amount transfers
How to send large sums of money overseas?
You can send large sums of money overseas with your bank or with a specialist digital provider. Specialist services can often provide lower overall costs compared to banks, as well as better exchange rates.
Is there a limit on bank transfers in Australia?
Banks may impose their own limits on transfers, which can be pretty low, particularly when sending money online. It’s sometimes possible to ask for a higher online limit, or to send more in a branch, although that may come with higher fees.
Is my information secure when sending money?
Banks and money transfer services must follow data protection laws and keep all of your personal and financial information safe. You’ll be able to view your preferred provider’s data protection policy online if you have concerns about how your data is held and handled.
What are the costs to send a large amount of money?
The costs for a large value transfer can vary a lot depending on the bank or provider you pick. You’ll need to review both the transfer fee and the exchange rate available to see the full cost - it’s common to find that transfer fees are low or even waived entirely, but an extra cost is added into the exchange rate instead. Choose a provider which uses the mid-market rate or as close to it as possible to keep the costs down.
Why was my large amount money transfer declined?
High value transfers may be delayed or declined if they go over the bank’s transfer limits, or if there’s a problem with checking your documents for verification. Double check the bank’s rules and ask for advice if you’re struggling with your payment.