It can be daunting to send a lot of money abroad. So when you make a large transfer, we make things as easy as possible.
Here are some tips to help you get started.
Understand your banking limits, or pay in-branch
Your bank might limit the amount of money you can send per day, or per transfer. Those limits might differ if you’re sending online, over the phone, or in-branch.
If you’re sending online or over the phone, your bank might limit the amount you can send in one go. That means you’ll need to send several smaller transfers over the course of a few days instead — and you might miss out on the rate.
Your bank might let you send a bigger amount if you go in-person, to your branch. So it’s often quicker, and simpler, to set up larger transfers in-branch. You can download a PDF with all your transfer details to make this easier.
Tip: Contact your bank to find out your limits for sending money.
Verify your identity beforehand to avoid delays
When you send money with Wise, we’ll ask to verify your identity. We do this by checking your photo ID and address. It usually takes about 2 working days.
If you set up your transfer before getting verified, we’ll do these checks before we send your money. So to avoid delays, get verified beforehand.
After you pay for your transfer, we might need to see more documents. That’s because when you send a large amount, we need to verify where the money came from. It could be a scan/screenshot of your bank statement, a property sale agreement, or a pay slip.
Tip: Get verified before making your first big transfer.
Choose whether to send money now or lock in the rate later
When you’re sending large amounts abroad, even small changes in the exchange rate can make a difference to how much you get on the other side.
For transfers above 20,000 GBP (or the equivalent in your currency), you can choose between 2 options: send money now with the current exchange rate, or watch the rate and lock in a rate when it’s right for you.
If you’re not in a rush and want to see how the rate changes over time, it’s best to lock in the rate later. This option lets you set everything up in advance and wait until the rate’s right for you. As soon as you’re happy with the rate, you can lock it and start your transfer.
Or if you need to send money quickly, and you’d like to get the current exchange rate guaranteed, you can choose to send money now instead.
Tip: Subscribe to rate alerts — we’ll email you when the exchange rate is best.
Send us proof of your joint account
If you’re sending money from a joint account, send us proof that you’re one of the account holders. It’s quicker to do this before you set up your transfer.
By sharing proof that your account is in the same name used on your Wise account, and has the same account number as your transfer, you’ll help us keep your transfer moving smoothly.
Tip: Send us a scan or screenshot of a recent bank statement with your name and account details.
Need more help? Get in touch with our team of large transfer experts.