Sending large sums of money overseas doesn’t have to be complicated. In fact, with the right approach, the process can be smooth and straightforward. Whether for family, or business, there are various reliable methods for international money transfers that can get the job done easily and securely.
This article includes tips, suggestions, and general information. We recommend that you always do your own research and consider getting independent tax, financial, and legal advice before making any important decision.
This guide outlines great ways to transfer large amounts of money abroad, while considering factors like speed, cost, security, and convenience.
When sending money internationally, there are several money transfer methods to consider, each with its pros and cons. From international bank transfers to peer-to-peer platforms, it’s important to understand how each method works to determine which one best suits your needs.
Here's a more in-depth look at three main ways to send money abroad: traditional banks, money transfer services, and peer-to-peer platforms.
Wire transfers and international drafts have long been reliable ways to send large sums of money around the world. With wire transfers, funds are directly sent from one bank to another internationally, offering a secure but often slower and more expensive process.
International drafts, on the other hand, work similarly to a cashier’s cheque, where a physical draft is issued by a bank and can be mailed to the recipient overseas, though this method is slower and less common due to advancements in digital transfers. Both methods may come with certain restrictions, such as the maximum bank transfer amounts — which can vary from bank to bank in the UK — as well as higher fees and processing times.1
Money transfer services offer a more accessible and faster way to transfer money internationally. These services usually come with lower fees compared to traditional banking methods. However, money transfer services actively compete, meaning fees and currency exchange rates can vary significantly. It’s important to compare different providers for the best deals.
Peer-to-peer international money transfers, allow users to send money to each other directly. Transfers can be sent to bank accounts or digital wallets, avoiding intermediaries, and this often leads to lower fees and better currency exchange rates.
Transfer speed, fees and exchange rates, security, and convenience — all of these factors matter when weighing up the different ways to send money abroad. This section will help break down the pros and cons to help customers choose which service is suitable for them.
The speed of a money transfer differs significantly from one method to another. Here are the differences:
Fees and exchange rates vary widely.
For secure international money transfers, banks and digital wallet providers offer strong protections through encryption, fraud detection, and two-factor authentication.
PayPal and banks continuously monitor transactions for suspicious activity. If any unusual behaviour is detected, these systems can flag the transfer or temporarily pause the account to protect funds.
Learn more about digital wallet safety.
Traditional bank transfers may require an in-person visit to a branch, which can be time-consuming and inconvenient. However, they may be convenient for customers less comfortable with technology or for sending large amounts of money.
On the other hand, easy international money transfers are made through online services like PayPal which allow users to send funds from almost anywhere, at almost any time, through both web platforms and mobile apps.
Sending money abroad with PayPal is a straightforward process that offers speed and security. Read on for specific details on these aspects.
A step-by-step guide on how to send money abroad from the UK:
Key security features. PayPal offers several layers of security, including:
PayPal's transaction fees for the UK can be seen here.