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How to Send Large Sums of Money Overseas

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Last editedDec 20222 min read

If you’re wondering how to send large sums of money overseas, you’ll be relieved to know there are a number of options at your disposal. However, they are not all equal, and depending on the service provider you choose you may run up significant charges.

To help you avoid spending more than necessary, we’ll take you through the best options available for sending large sums of money overseas.

How to send large sums of money overseas

There are several ways to send large amounts of money abroad. The main ways are:

  • International bank transfer

  • International money transfer service

Sending large sums of money overseas via bank transfer is a safe option, however it is not a cheap one. According to a 2020 World Bank report, banks are the most expensive option for overseas payments, with fees being as high as 11% of the total transaction value. This is partly because there are a number of intermediary bank fees involved, and partly the exchange rate is often unfavorable.

For this reason, it is much better to send money overseas via a money transfer service, such as Wise. When it comes to sending larger amounts, OFX is a quick and cost-effective option. We’ll discuss the best transfer service providers in more detail below.

The best ways to send large amounts of money overseas

The best way to send a large sum of money abroad depends on your particular situation and factors, such as:

  • Which country/currency you are sending money from and to

  • Fees and exchange rates charged by your bank or provider

  • How the beneficiary wishes to receive the funds

  • How you will pay for the transfer (card, bank transfer etc.)

Both Western Union and PayPal are popular choices for sending large sums of money overseas. However, they can be expensive compared to other service providers. This is because both charge fairly high fees and don’t guarantee the best exchange rates.

Below are some of the most cost-effective options for transferring large sums of money internationally:


OFX is up there as one of the best companies for sending large sums of money overseas from the US. One of their unique selling points is their emphasis on foreign exchange transparency, and they consistently offer best exchange rates compared to banks and other money transfer companies.

They all have no flat rate transfer fees, meaning the only extra cost you have to consider is the exchange rate. As these exchange rates beat banks, and get better the higher the amount you send, sending large sums via OFX is extremely cost-effective.

OFX provides transfers from over 190 countries across over 55 currencies.


Formerly known as TransferWise, Wise provides some of the most competitive exchange rates because they match the base market exchange rate. With such a good rate, Wise makes its money by charging a small service fee that is a percentage of the amount you’re sending (with the percentage getting smaller as the amount increases). However, even with this fee, it tends to be far cheaper than competitors such as Western Union or international bank transfers.


Revolut is an online money transfer company that can cater to sending large sums of money abroad. Up to a certain amount, these transfers can be fee-free too. For example, you can send up to 1,000 USD from the US to Mexico without paying any fees.

However, to be able to do this, you will need to use the metal or premium plan as opposed to the free, standard plan. It’s therefore only a great option if you’re already a paying customer with them, or would benefit from the other services they offer by signing up.

Collecting international payments with GoCardless

Of course, if you’re looking to collect international payments, rather than send them, GoCardless could be an effective tool in your business’s arsenal. You can receive payments from over 30 countries at the real exchange rate (provided by Wise), offering a local bank debit option in each country. Accepting international payments can be expensive, but GoCardless has streamlined pricing that makes the process more affordable. In fact, GoCardless worked out at 75% cheaper than PayPal for a $5k international transfer (source: GoCardless Website - International Payment Costs).

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GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.

Over 85,000 businesses use GoCardless to get paid on time. Learn more about how you can improve payment processing at your business today.

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Interested in automating the way you get paid? GoCardless can help

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