How to Transfer Large Amounts Internationally

This question is a great place to start, as the threshold to be considered a ‘large amount of money’ varies from person-to-person, which can sometimes confuse matters.

For the purposes of this article, we’ll consider a ‘large sum’ to be anything over AU$20,000. 

For anything smaller, you simply won’t benefit from the majority of services being offered by firms specialising in large transfers, and you’re better off just seeking out the cheapest way to transfer.    

For those whose transfer requirements fall into the ‘large sum’ category, the total transfer amount can still vary greatly, as it can include anything from the amount required to purchase a new car from overseas, all the way up to an overseas property purchase and beyond.

Those at the higher end of that scale will need to consider what the upper limits are for transferring money out of Australia.

There are 3 main types of limits to consider when you transfer a large amount of money internationally. 

In your case, the first of these limits has a quick and easy answer, as the Australian government has no limits for how much you can send out of the country. 

As a side note, there’s also no limit to how much you can bring in, which is useful for those that are transferring large sums of money to Australia.

However, some countries do have limits for how much a beneficiary can receive.

These limits can also vary depending on your delivery option, meaning there might be a lower limit if you’re sending funds to a mobile wallet versus a bank to bank transfer. 

India is an example of a country with fairly tricky limits in place, as they have multiple channels for inward remittance, that each have varying limits. 

This is one of many reasons why having a dedicated account manager for guidance can prove hugely beneficial, but we’ll discuss this in more detail later. 

Transfer limits per provider

Take a quick look at the maximum send limits for some of Australia’s most popular payment providers.

As you can see, it’s simply not possible to send large transfers through some banks and PayPal.

In short, the easiest way to navigate transfer limits and adhere to all relevant regulations, is by ensuring your chosen provider is ASIC registered and regulated, and applies no restrictive limits of their own.  

Another consideration is whether or not you need to declare that you’re transferring large sums of money overseas.

Despite there being no limits to how much money you can bring in and out of Australia, you are still required to declare both ingoing and outgoing transfers above a certain amount. 

AUSTRAC is the governing body in Australia that supervises financial transactions, and they require that all transfers above AU$10,000 be reported to them. 

The good news is that unless you’re sending your funds as cash, then you most likely won’t have to worry about any paperwork, as your bank or money transfer company will complete this report for you. 

If for whatever reason you decide to send or travel with cash exceeding AU$10,000, then you have up to 10 business days to submit your report to AUSTRAC via its online portal on  its website. 

Be aware that other monetary instruments like cheques and bearer bonds fall into the same category as cash and are subject to reporting.

This is not uncommon and similar rules apply for other western countries like Canada and the UK. 

So now you know what classifies as a large transfer, and you’re aware of some of the potential limits and regulations, let’s look specifically at how to transfer a large sum of money and your available options. 

Let’s take a look at your options and their suitability for large transfers considering the following factors: 

• Cost
• Speed
• Security

Regarding cost, there are two things to consider with international transfers: exchange rate markups and transfer fees.

Here’s a look at the popular options at a glance, after which we’ll look at each in more detail.

Transfer method	Safe	Cheap	Good Service	Easy to Use
Banks
Mobile wallets (incl. PayPal)
Money transfer apps
Currency specialists

Customer service is particularly important for large transfers. 

As we said at the top of this article, the more you send, the higher the risk, so it’s natural that you might have some questions, want some guidance, or just be seeking a little reassurance. 

You might also be wondering if there’s anything you can do to help reduce the total cost of your transfer. 

Choose a leading currency broker and your dedicated fx expert will be able to answer all of these questions for you, putting you at ease and potentially helping you to make huge savings. 

Let’s look briefly at how currency brokers help you to make big savings compared to using your bank.

Seeing as there are several great currency brokers to choose from, you can afford to be slightly more picky by adding to your criteria. 

When you have questions about how to transfer large sums of money, it’s an added bonus to work with a provider that has a presence and local office in your country or region. 

Handily, you can use our comparison tool to filter your results by firms with local offices. 

But with all factors considered, who do we believe ​​offers the best money transfers for large amounts? 

We’d recommend using either TorFX or Send Payments.

TorFX is a significant player in the Australian money transfer scene. Choosing them will give you access to great rates, award-winning customer service, and one of the best ranges of hedging tools available. 

Send Payments is a newer and smaller provider compared to its competitors, but they’ve already earned a fantastic global reputation, earning a 99% positive review rating whilst transferring more than AU$1 billion in their first 5 years of business. 

Both firms offer extremely competitive rates and fantastic service, so if time allows, you could register with both to get a feel for their platform and customer service before making your decision.