How to transfer large amounts of money with Chase
Check out our helpful guide to using Chase to transfer a large amount of money, including transfer times, limits and how to make a payment.
If you’re looking to send or receive money internationally, Ria Money Transfer is one of the options you can use here in the UK and is now one of the largest money transfer services in the world.
In this guide, we’ll give you the complete lowdown on Ria - including fees, exchange rates and transfer times.
We’ll also show you how Wise might be a low-cost alternative for international money transfers - so you can send money to 160+ countries or receive money from 8+ countries at the mid-market exchange rate for only a small, transparent fee*.
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Using Ria Money Transfer, you can make and receive payments online or through the Ria mobile app. You can also arrange collections in person through a worldwide network of 500,000+ locations in 160 countries.1
From the UK, you can send to over 190 countries,2 with a large number of major currencies supported.
The transfer fee with Ria varies depending on how much money you’re sending, where you’re sending it to and the delivery method.3
The payment method can also affect the price, with bank account transfers typically being cheaper while credit/debit card transfers can be quicker. However, some credit card companies can charge a cash advance fee, so this is something to watch out for.
So, there’s no flat fee for Ria Money Transfer payments, but you can check prices in your account or on the company’s website before you send.
It’s also worth keeping a lookout for promotions and discounts, as Ria is known to offer these from time to time - especially for new customers.
Alongside the upfront transfer fee, it’s always important to check the exchange rate when making an international transfer.
Some banks and providers add a mark-up on what is known as the mid-market exchange rate, which is how they make a profit on the transaction. But unfortunately, this means that less of your money makes it to your recipient.
So just because upfront fees appear to be low, this doesn’t mean there isn’t a ‘hidden fee’.
Learn more about how Wise is working to stop hidden fees.
Ria Money Transfer claims that its exchange rates are competitive, but it also says it doesn’t match competitors’ rates. It also doesn’t claim to offer the mid-market exchange rate and only uses it as a guide4, so it’s likely that there will be a mark-up added to it.
Remember that you can always check what the mid-market rate is for any currency pairing using the Wise currency converter.
If you’re ready to set up your first payment with Ria Money Transfer, here’s how to go about it:5
Here’s what you’ll need to have ready in order to set up a payment with Ria Money Transfer:6
If you’re a new customer, you may also need to have your own valid ID to hand in order to register for a Ria account.
If someone else is sending you a transfer through Ria Money Transfer, you’ll need to give them all the details mentioned above. This includes your name, address, mobile phone number and bank account details - including your International Bank Account Number (IBAN).7
If you’ve opted for cash pick-up, you’ll need to give the sender the details of your preferred collection location. You’ll then need to take along some government-issued photo ID like a passport or driving licence, and the PIN for the transfer.7
The time it takes for your payment to arrive depends on a few factors.
Firstly, the payment method. If you fund your transfer with a credit or debit card, it’s pretty quick - taking between 15 minutes to 3 hours for the payment to be processed.8
The method of receiving the money can also affect the transfer time when using Ria.
Cash pickup is the quickest option, with the money usually being available the same day. Bank transfers can take up to 4 working days, but it varies as banks tend to have different payment processing times.8
In some cases, a transfer with Ria can take longer if the payment is flagged for a security review.
Lastly, when you send your payment can affect the delivery time. The processing of your payment may be delayed at weekends and on bank holidays, for example.8
When you submit a transfer, you should receive a confirmation email from Ria along with other email updates. For example, you’ll get a notification once your recipient has received their money.
But if you’d like to keep an eye on the transfer, you can also use Ria’s Track a Transfer Tool. All you’ll need is your order number, PIN or reference number from your confirmation email and you can immediately see where your transfer is up to.
To see previous transfers, you can login to your Ria account and look at recent orders.
If you need help or have a question, you can contact Ria’s customer service team. Here are your options:
If you regularly send money overseas, you’ll be looking for the cheapest possible way to do it. After all, a few extra pounds in fees or a poor exchange rate can soon add up over time.
Wise is a great alternative to banks and other providers, even one with competitive exchange rates like Ria Money Transfer.
With Wise, you’ll always get the mid-market rate with no mark-up for only a low, transparent fee*.
Open a Wise account and you can hold 40+ currencies at once, and receive money from overseas.
There’s also the Wise card, a contactless international card for spending in 150+ countries - which automatically converts currency at the mid-market rate whenever you spend plus a small, upfront conversion fee*.
And that’s pretty much it - everything you need to know about making international payments with Ria Money Transfer. We’ve covered fees, exchange rates and how to make your first payment.
Just remember to compare both fees and exchange rates before hitting ‘send’ - to make sure you’re getting the best possible deal on your international transfers.
Sources used:
Sources last checked on date: 17-06-2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Check out our helpful guide to using Chase to transfer a large amount of money, including transfer times, limits and how to make a payment.
Check out our helpful guide to using Nationwide to transfer a large amount of money, including transfer times, limits and how to set up your first payment.
Check out our helpful guide to using Lloyds Bank to transfer a large amount of money, including transfer times, limits and how to set up your first payment.
Read our helpful guide to find out how to transfer large amounts of money with Barclays in the UK, including transfer times, limits and fees.
Read our helpful guide on using HSBC UK to transfer large amounts of money, including transfer times, limits and fees.
Read our helpful guide on using NatWest to transfer large amounts of money in the UK, including transfer times, limits and fees.