Mozo guides

How to send large international money transfers

business owner looking over international payments

Whether you just bought property in Bali or invested in a business in Shanghai, if you’re looking to transfer a large sum of money overseas, we’ve got some great tips here to help you get the most bang for your buck.  

In this guide, we’ll explain the best options to make a large money transfer, the key features you should keep an eye on and the fees that could sting at the last moment if you ignore the small print.    

IMT provider options for large money transfers

Banks

Your bank is one of the most convenient options for sending money overseas. You’ve already got an account with them, you trust their services, and an international money transfer should be easy as pie. But is it that simple? Let’s dig a little deeper.

Pros.

  • Big brand name you recognise and find trustworthy.
  • Might already have an account with them.

Cons.

  • Charge a high fee for making the transfer and don’t generally offer the best exchange rates. For a large amount, this could mean a lot less value for your Aussie coin.
  • Many banks have a cap on the maximum amount you can send in one day. 

Fx Specialists

When you start comparing the best exchange rates for the currency you’re looking to transfer, you’ll find that some of the top deals are from companies you may never have dealt with before. These are foreign exchange agencies, which are companies that focus solely on international money transactions (IMT) and are therefore ‘specialists’ in the area.   

Pros.

  • Offer some of the most competitive exchange rates at a low (or no) exchange fee, making a large money transfer extremely cost effective.
  • Generally don’t have an upper limit on the amount of money you can transfer at a time.

Cons.

  • Probably the biggest negative of transferring with a foreign exchange agency is they are unfamiliar. The good news is, all providers listed on Mozo are licensed by the government so you needn’t worry about getting stuck in a money scam.  

Features that matter

Now that you’re aware of your top options for making a large overseas money transfer, here are some of the key considerations you should keep in mind while picking an IMT provider.

Exchange rate. This is possibly the most important deciding factor when it comes to sending money overseas, especially when you’re making a large transfer. Remember that even a tiny difference in rates can have a huge impact on your final value.  

Forex fee. While some providers have a standard fee no matter how much money you’re transferring, others charge a percentage of the total amount. Bonus tip: Many foreign exchange specialists offer to waive charges if you transfer a large amount.     

Transfer limits. As we mentioned in the pros and cons of the various IMT provider options above, when you’re transferring a large sum, you’ll need to watch out for any transfer limits a provider may have because if you end up making multiple transfers to send your money, you will get stung by multiple exchange fees as well.  

How to make a large international money transfer

Ready to kickstart the process? All you’ve got to do is follow the steps below for a quick, simple and cost effective money transfer.

Step 1: Compare IMT providers
Depending on the currency you’re looking to transfer, you’ll have a different set of providers that you can choose from. For an easy side-by-side comparison of FX providers, head over to Mozo’s IMT hub. Enter the amount you’re looking to transfer in the tool, and see who’s offering the best exchange rates at the lowest fee. If you feel like you need additional details about the provider before you can make a decision, click on the ‘more info’ button. Or check out Mozo Expert Choice Awards IMT winners.

Step 2: Go to provider’s website
After you’re happy with the provider, click the ‘go to site’ button to head over to their website directly. Here you’ll need to sign up for an account and provide some personal information including your contact details and account information.  

Step 3: Read the fine print
Considering exchange rates are subject to constant fluctuations, make sure you double check all the details including the final rate you’re getting, the fees you’ll be charged and the time it will take for the transfer to be completed.

Step 4: Book the deal
All done? If you’re satisfied with the final details, then go ahead and book the deal. You’ll need to confirm the amount you’re sending and then transfer the money to the provider’s account. They’ll then send the money to the overseas account nominated by you. This generally takes around 2-5 days but the time can vary based on the provider and the currency.

Still looking for more information on overseas money transfers? Read our IMT guides and case studies to be better informed on the best ways to send your money under different circumstances.

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Maria Gil
Maria Gil
Money writer

Maria Gil writes across all of our personal finance areas here at Mozo. Her goal is to help you think smarter about money and have more in your pocket. Maria earned a journalism degree in Florida in the United States, where she has contributed to major news outlets such as The Miami Herald. She also completed a masters of digital communications at the University of Sydney. When Maria isn’t busy with all things finance, you can find her tucked away reading fantasy books. She is also ASIC RG146 (Tier 2) certified for general advice.