How to transfer large amounts of money from the UK

Need to send a large sum of money overseas from the UK? Perhaps you’re planning on sending money home to a loved one in another country, or need to cover the deposit on a new home abroad.

Whatever your reason, you’ll need to know the best, safest and cheapest way to make your international transfer from the UK.

This handy guide covers all you need to know, including info on fees, exchange rates, security, transfer limits and how to get started on initiating your payment.

If you’re looking for a reliable and cost-effective way to transfer large sums internationally, consider the money services provider Wise. With low, transparent fees*, great mid-market exchange rates, and secure, trackable transfers, Wise makes international money transfers simple and stress-free. Plus, you’ll receive dedicated support and volume discounts when sending large amounts.

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How much money can you send abroad from the UK?

The UK government doesn’t limit the amount of money that can be sent abroad from the UK.

However, official bodies like the Financial Conduct Authority (FCA), and HM Revenue & Customs (HMRC) do monitor international money transfers to check for illegal activity such as fraud and money laundering.

Your bank or money transfer provider will be asked to collect some details about both the sender and the recipient of many international payments. Usually you’ll just have to follow the service provider’s process, and everything will be in order.

If the FCA or HMRC have any concerns about transfers they're informed of - about money laundering or tax avoidance for example - they can investigate further, which may lead to civil or criminal action if the transfer is found to break the law.

Are there any legal transfer limits?

There aren’t any legal transfer limits in the UK. 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. For example, some banks may have a transfer limit of around £25,000 to £50,000 (depending on the bank).¹

What counts as a 'large amount' when transferring money from the UK?

There’s no one set limit for what counts as a large amount when transferring money overseas.

However, amounts over £10,000 are generally considered to be a large sum, and as such are more likely to be reported or monitored by HMRC and other relevant authorities.²

How to transfer large amounts of money from the UK

You have a choice of ways to send large payments overseas, with the most commonly used options being banks and specialist money transfer providers. But the process to send a large transfer is similar, whichever method you choose.

Here’s how to transfer large amounts of money from the UK:

1. Get your recipient’s details - including their name, address, bank account number and sort code, international bank account number (IBAN) and SWIFT/BIC code for their bank.
2. Agree a payment method with the recipient, along with who will pay any fees if applicable.
3. Check the transfer limits with the bank or transfer provider.
4. Take the time to research the provider, to make sure they are legitimate, reputable and use appropriate security measures. You’re sending a large sum, so you need to make sure you and your money are protected.
5. Enter the details of the transfer if carrying out the transfer online (through a transfer website or your bank’s online banking portal). This includes the amount to be sent, the currency and other bank details for making an international transfer.
6. Check the fees and exchange rates carefully, to calculate the true cost of the transfer. It could be worth comparing a few options to see which is the cheapest.
7. Check the details of your transfer carefully.
8. Once you’re happy, confirm the transfer and get tracking details (if offered by the provider).

Documents needed for sending a large transfer

Because the laws governing international money transfers vary in different countries, you might be asked for documents related to your transfer, to satisfy local requirements.

For example, some large amount transfers might involve proving your identity, or the source of the funds.

Here’s what you may need to prove the source of funds for a few different scenarios:

Source of funds	Documents need to show:	Supporting documents
Property sale	- Amount received - Date you received the money - Property address and description - How long you owned the property - Signatures of both parties	- Final signed sales contract - Solicitor letter - Bank statements - Property register extract
Salary	- Job title - Employer’s name and address - Dates of employment - Annual salary - Dates of salary payments	- Recent payslips - Employment contract - Employer letter - Recent bank statements - Recent tax return
Investments	- Date you received the money - Amount received - Type of investment	- Investment certificates - Confirmation from bank or investment company - Bank statements
Inheritance	- Date you received the money - Amount received - Name and signature of testator - Your relationship to the testator	- Signed copy of the will - Grant of probate or court document - Solicitor letter - Bank statements
Loan	- Amount borrowed - Date you received the money - Name and address of lender - Loan purpose	- Loan agreement - 3 months of loan statements - Bank statements

Different banks may have their own requirements for international transfers, so it’s worth checking in advance to see which documents you’ll need to provide.

What are the best ways to transfer a large amount of money internationally?

If you’re sending a large amount of money overseas, you have a few options available to you. You might choose your high street bank, or a specialist money transfer service, for example.

Each option comes with its own process and costs which you’ll need to compare, to get the best available deal. Below, we’ll run through the most important things to think about when deciding how to set up your international transfer.

Is it safe to transfer large amounts of money from the UK online?

Security is one of the most crucial things to consider when choosing a method - and a provider - for your international transfer. If you’re sending a large sum, you need to be absolutely sure it will arrive safely.

Make sure to only use regulated providers, which means a company authorised to provide electronic money services - or a licensed bank.

It’s also worth checking the company’s security measures, looking for things like strong encryption, two-factor authentication and anti-fraud monitoring.

There are also steps you can take to ensure your transfer arrives safely. The most important is to check and double-check the details you hold for the recipient. If there’s a mistake or a typo, there’s a chance that the payment won’t be sent to the right place.

Fees

The next important thing to consider is how much it’ll cost to make your international transfer, and it’s not always as simple as checking the upfront transfer fee.

To find out the true cost of a transfer, you’ll need to factor in the following:

• Upfront transfer fees. These can vary widely between international transfer providers, so doing some research and price comparison is recommended. It could potentially save you a lot of money.
• Intermediary and receiving bank fees. Most banks, and some international transfer providers, use the SWIFT network to transfer your money to the recipient. What this means is that your transfer will pass through several (up to 3) intermediary banks. They may all charge their own fee. Plus, the recipient’s bank may charge a fee for receiving the payment as well.
• Exchange rate mark-up. Some banks and providers add a margin to the mid-market exchange rate that’ll make the transfer more costly. More about it in a bit.
• Other hidden fees. These could be tracking charges, cancellation fees, return fees, or other fees.

Exchange rates

As well as looking at the upfront fees, you’ll want to check and compare the exchange rates used by different international payment providers. However, it can sometimes be hard to know if you’re getting a good deal on the exchange rate for your transfer, because rates change all the time.

The best way to make sure the exchange rate you’ve been offered is fair, is to compare it with the mid-market exchange rate using a reputable currency converter that follows this rate.

This is the rate that banks use to trade currencies between themselves, and close to the one you’ll find if you search online for the currency pairing you’re interested in.

However, many banks and international transfer services don’t offer retail customers the mid-market exchange rate when they’re making a transfer.

Instead, they add a markup to the mid-market rate, which they then keep as their profit. This could mean you end up paying more than you have to. And if you’re sending larger amounts, it can quickly add up to a significant chunk of the total.

How long does it take to transfer large sums of money from the UK?

Another aspect to consider is transfer time, especially for urgent payments. The provider should give you at least an estimate of how long it’ll take for your transfer to arrive.

On average, international transfers sent via SWIFT take between 1-5 days to arrive. If you use an online money transfer service though, it could be quicker. The transfer time generally varies by destination and payment/delivery method used.

What other things should you keep in mind when transferring a large amount of money abroad?

Before hitting ‘send’ on your transfer, here’s a handy checklist of tips and key things to consider:

• Only use reputable providers - make sure they’re authorized providers, and check reviews on sites like Trustpilot. If in doubt, stick to a name you know.
• Calculate the true cost of the transfer, including ‘hidden’ fees like the mark-up on the exchange rate. If unsure how much it’ll cost, contact the bank or provider.
• Make a small transfer first as a test (although bear in mind that the process for large transfers may be longer and require more documents).
• Be extra vigilant against scams, especially when you feel pressured into sending an urgent transfer or you’re dealing with someone you don’t know.

Common mistakes to avoid when sending large sums abroad

We’ve looked at what you should do when sending a large transfer overseas, but it’s also useful to know the potential pitfalls to avoid.

Here are some of the most common mistakes to watch out for:

• Neglecting to check and verify the recipient details - especially if it's someone you don’t know.
• Using the first provider you come across, without comparing fees and exchange rates to others.
• Getting the timing wrong. Unless the money needs to be sent urgently, it’s worth waiting for a favourable exchange rate (or setting up a rate alert). Send your transfer at the wrong time and you could lose a substantial sum thanks to a poor exchange rate.
• Not checking the small print. Some providers have hidden or hard-to-find fees, and these can make your transfer more expensive. It’s always worth checking exactly what you’ll pay, contacting the bank or company for clarification if you can’t find the information online.
• Rushing into sending a payment, due to pressure from the recipient. This could be a red flag for a scam, especially if you’re sending money to someone you don’t know.

Tax implications of sending large amounts of money from the UK

It’s always worth looking into potential tax implications when large sums of money are involved. But the good news is that you shouldn’t have to pay tax when sending a large payment outside the UK if it’s a personal payment.

Payments made for business purposes may be different, especially if sending to a country which has specific tax laws that might affect you. It’s recommended to get professional tax advice to make sure you understand your obligations (if any).

Wise – A low-cost alternative for large transfers

Looking for a secure, convenient and low-cost way to send large sums of money from the UK? Take a look at the Wise account from the money services provider Wise. It's not a bank account but offers some similar features and your money is safeguarded.

With Wise, you can send large amount transfers worldwide to 140+ countries for low, transparent fees* and you’re guaranteed the mid-market exchange rate with no markup.

Here’s an overview of the main benefits of using Wise:

Fast and easy setup with no physical paperwork Low, upfront, transparent fees* and the mid-market exchange rates Dedicated support for large transfers No monthly/annual account fees Sophisticated security and anti-fraud measures, with your money safeguarded Trackable and fast transfers to 140+ countries Low-cost spending in 150+ countries with the Wise card Earn a variable return on your GBP, USD and EUR with Wise Interest (capital at risk, growth not guaranteed.)**

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**Investments in funds are never guaranteed and your capital can be at risk. In the UK, Interest and Stocks are provided by Wise Assets — this is the trading name of Wise Assets UK Ltd, a subsidiary of Wise. Wise Assets UK Ltd is authorised as an investment firm and regulated by the Financial Conduct Authority (FCA). Our FCA number is 839689. We do not give investment advice, and you may be subject to pay tax. If you're not sure, seek qualified advice. You can find more information about the funds on our website.

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Sources used:

1. HSBC - International payments
2. Gov.uk - Money laundering supervision for high value dealers

Sources last checked on date: 19-Jun-2025