Transferring a larger amount of money from the UK? Here is the Answer!

Do you want to send any large sum of money abroad from the UK? For example, you could be sending money to a loved one who lives in another country, or maybe it could be for the payment of a deposit on some new house abroad.

Whatever the reason, find out about the best-most secure, cheapest method to send your cash for international transfer from the UK.

This concise and valuable guide provides everything you will need to know about international money transfers, including the fees, exchange rates, how secure your money will be, limits on how much you can send, and also what you need to do to initiate your payment.

You may want to look further into Speed Remit if you are after a specialist service to transfer money with lower but transparent fees, appropriate fair exchange rates, and dedicated security measures.

How Much Money You Can Send to Other Countries from the UK

The UK government does not set limits on the outward remittance of funds from the UK.

However, there are official bodies like the FCA (Financial Conduct Authority) or HMRC (Her Majesty's Revenue and Customs) that monitor these international money transfer services for any illegal activities, including fraud or money laundering.

However, there are official bodies such as the FCA (Financial Conduct Authority) and HMRC (Her Majesty's Revenue and Customs) which monitor these international money transfer services to check for any kind of illegal activity including fraud and money laundering.

Such international payments often require the provider to obtain a bit of information about the sender and receiver, but generally, that process is nothing more than following the service provider's procedure, and all should be fine.

FCA and/or HMRC may decide to initiate further investigations if any concerns arise with notified money transfers related to money laundering or tax avoidance and may result in civil or criminal proceedings in case of transfer found guilty of illegality.

Are there any limits in law for transferring money?

There are no legal transfer limits. Thereby theoretically, you can send almost anything overseas. However, the transfer service provider you use usually places a daily/monthly/yearly sending limit on the amount. Mostly, banks have international money transfer limits of anywhere between £25,000 to £50,000, depending on the bank.

How do you transfer a large amount from the UK?

There are a number of ways to send money from the UK; most commonly banks and renowned money transfer services.

However, the method you choose does not change the fact that the transfer process is practically the same regardless.

Looking, how to send money overseas from UK? Read below:

·        Get the details of your beneficiary- name, address, account number and sort code, international bank account number (IBAN), and SWIFT/BIC code for their bank.

·        Agree upon the method with the recipient, specifying who pays any fees incurred.

·        Ask transfer limits from the bank or transfer provider.

·        Research the transferring provider as it should be a pretty genuine and reputed source that uses appropriate safety measures. You are sending a large sum, so make sure you and your money are protected.

·        If carrying out the transfer online (i.e. using a transfer website or bank's online banking portal), you must enter the details for the transfer, such as amount to be sent, currency, and other bank details to be able to make an international transfer.

·        Compare different ways for possible savings; also check fees and exchange rates carefully to determine the exact transfer cost.

·        Carefully check the details of your transfer.

·        Once you are satisfied, confirm transfer and get tracking details (if provided by the provider).

Documents required to be submitted for large amounts transfer

Mostly, banks and international money transfer providers have their own requirements in terms of asking documents for a transfer. Some documents may be required to identify you or check where the money came from.

It is worth contacting individual banks because every bank has its own guidelines on what are the documents required for international transfers.

What is the best method to send large amounts of money abroad?

You can find a list of methods, meeting everyone's needs or taste, whether banks, specialist money transfer services, or more. Each of these methods comes with a lot of differences in the procedures they adopt and some costs involved. Therefore, each will need to be compared to determine the best available deal for international transfer. We will now provide a lesson on the most important factors to take into consideration when planning your foreign transfer.

Security: the utmost requirement

The most important point is that money should be as secure as possible while being transferred. Simple commonsense makes it clear that sending in cash large amounts is not too secure through the mails. But how to find that the bank or money transfer service is really secure? Surely, you will have to look for the reviews and rankings of the provider to make sure you are on the right place.

Your international transfer fees: next question worth asking

Now to compute the real cost of a transfer, you need to include the following:

·        Upfront transfer fees: These can be very different among the various international transfer providers, so do your research and compare prices. It may save you a lot of money.

·        Intermediary and receiving bank fees: Most banks and some international transfer providers, get the money to the intended recipient by way of the SWIFT network. That means the funds transfer will be borne along by some intermediary banks, maybe 3 at most, which may charge their own fees. In addition, the receiving bank may charge a fee for receiving the payment.

·        Exchange-rate mark-up: Some banks and providers hammer in a margin to the mid-market exchange rate. This is all to make it more expensive for you to go through with the transfer.

·        Other hidden charges: These might be tracking charges, cancellation fees, return fees, or something else.

Exchange rates: Aspect to be watched out

Additionally, it is also important to check and compare the exchange rates that different international payment providers use. This, however, can sometimes become really tough as the rates change all the time. This makes it tough for you to identify whether you got a good deal on the exchange rate for your transfer or not.

The best way to get assurance that the exchange rate given to you is fair would be to compare it with the mid-market exchange rate using a trusted converter that adheres to that rate.

This is the rate that banks trade currencies on between themselves and the one you will find if you go on the internet searching for the currency pairing of interest.

However, for the most part, banks and international transfer services will not grant retail customers the mid-market exchange rate when they are making an actual transfer.

They instead impose a markup on that mid-market rate. The profit is theirs, so you are possibly giving away money you did not need to. And when the amount being sent is rather large, it soon becomes quite a substantial portion of the total.

What to remember when sending a large amount of money abroad?

Before hitting 'send' on your transfer, here's a handy checklist of tips and important things to consider:

·        Double-check the recipient info so as not to make any mistakes.

·        Only use respected providers - make sure they're FCA-regulated providers. Also, check reviews on sites such as TrustPilot. If you're not sure, go with a big name like Speed Remit.

·        Calculate how much the transfer will cost, including 'hidden' fees like the mark-up on the exchange rate. Call the bank or provider if you're not sure.

·        Carry out a small test transfer (although note that operations for larger amounts might take longer and require more documentation).

·        Be extra careful about scams, especially if you feel rushed to send an urgent transfer or handle someone unknown.

Speed Remit – Low Fees with No Hidden Charges

If you are looking for secure, transparent money transfer options, you might consider Speed Remit. The platform is technically a money services operator that are really affordable when sending large sums internationally. Instead, the transaction is more swift and secure than any other top remittance mobile app with little features.

International large amount transfers can be sent at very low, cost-effective, transparent fees. And you get the mid-market rate for currency conversion-for free. Just pay a nominal upfront conversion fee. This way, more money goes to your intended recipient and costs you less in the process.

With a security policy that comprises two-factor authentication, frontline anti-fraud specialists, and industry-leading banks, SpeedRemit.com is quite good in holding your funds secure against any threat. When it comes to business transfer, the platform also has tailor-made solutions for the transfer of large amounts overseas.