Safest way to send large amounts of money: What are the options?

Sending a large sum of money across countries can feel like a daunting task. You’ll need to research and select secure money transfer options to make sure you have the safest way to send a large amount of money, with the most reasonable fees, rates and delivery time.

This guide looks at the safest way to transfer a large amount of money to or from Ireland, including using large sum wire transfers from your bank, or using a low cost, secure alternative like Wise. Wise offers high value transfers which have progressive fee discounts, a dedicated support team, and fast delivery times.

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What does a "large amount" mean in money transfer terms? 🤔

Before we delve into the safest way to transfer large sums of money from Ireland, let’s define what we really mean here.

A ‘large amount’ is subjective - and ultimately what’s considered a large amount by one bank or provider may vary compared to another. You may find that banks have pretty low limits for online and digital payments, for example - but you can send large amounts in a branch.

With AIB for example, the daily limit for phone and digital payments in the SEPA area is 10,000 EUR¹. The same limit applies for other international transfers. Beyond this, you’ll find your transfer is considered to be a large amount, and you’ll likely need to go to a branch to set it up.

With digital payment services like Wise, or foreign exchange services like OFX², limits can be higher - or there may not be any limit at all. This is because these services are optimised for international payments and have systems in place to verify and check even high value transfers digitally.

Large amount transfers: examples

Some common times you might need to send a large amount transfer can include:

• Repatriating money from an overseas property sale
• Bringing an overseas inheritance back to Ireland
• Relocating and moving your assets with you, including savings and investments
• Moving your business abroad, or back to Ireland
• Getting a large overseas loan for business or personal use.

What is the safest way to transfer large amounts of money abroad?

So - what is the safest way to send a large amount of money abroad?

As long as you select a reputable and licensed service, your payment should be safe. However, different options have their own features, fees, pros and cons.

Here are a few options to consider:

Make a bank wire transfer

The natural option may be to send your payment using a bank transfer or wire. This is reliable, familiar and safe. However, it may also be expensive, slow and a bit of a hassle if you can’t get your transfer arranged digitally because it exceeds your bank’s digital transfer limits.

Before you decide to send a high value bank wire look at the fees and exchange rates. Rates in particular matter when sending a large amount of money.

If your bank adds a markup on the exchange rate, there’s an extra percentage fee added to the mid-market rate to calculate the rate you’re quoted. This might look insignificant but it quickly adds up on high value transfers, and is often the largest single fee you pay, as well as being the hardest to spot.

Choose a foreign exchange specialist

An alternative is to use a foreign exchange specialist which offers international transfers, usually to personal and business customers.

As this is their core business, foreign exchange specialists may have no upper limit on the amount you can send, to encourage individual and business customers to transact freely.

They can let you send money online and through an app, and may also offer transfers with no upfront fees.³ Exchange rate markups may still usually apply though, so you’ll want to check the rate you’re quoted carefully by the provider you pick, to see what fees may be added there.

Again, as with wire transfers, the fees added to the exchange rate can mount up fast if you’re sending a lot of money, or transferring regularly, and as markups are variable and can change by currency, it’s worth checking before every payment so there are no surprises.

Use a payment institution like Wise

For a low cost high value transfer check out payment institutions like Wise. Wise allows customers to transfer to 140+ countries, with the mid-market rate and low transparent fees.

That means you don’t need to scrutinize the exchange rate to spot extra costs - the fee you pay is clearly stated as a separate line so you can check and compare before you transfer.

When you make a Wise high value transfer you can also benefit from progressive fee discounts. This means you pay less on individual or cumulative payments over the value of 20,000 GBP (about 23,500 EUR) over the course of a month.

Plus, there’s a dedicated help service if you have questions - just complete an online form to get a call back from the team.

How to ensure maximum security when sending large amounts abroad?

Choosing a safe provider for your high value payment is important - there are also a few other steps you can take to make sure everything goes smoothly.

Check which documents your provider will need to process your payment. Usually you will be asked to prove the source of your money, but the exact paperwork depends on how you’ve acquired the money you’re transferring.

If it’s from a property sale you may need a solicitors letter confirming this, for example, and payments from your salary might require proof of income and bank statements showing the money going into your account.

If you’re using digital payment services then be careful when you set up your provider account, and when you initiate the transfer, to use a secure connection, and an account you have set up using 2 factor authentication. This can give assurance that nobody else can see your transfer details as the money is being processed.

Step-by-step to safely send large sums of money

As we’ve seen, you’re likely to need to provide some documents to the bank or your transfer provider, to allow them to legally and compliantly process your payment. Gather up the documents you need, select the right provider or bank for your personal needs, and then take the following steps:

1. Check the limits on payments with your preferred service - you may need to go to a branch to initiate your payment, for example
2. Set up your payment online, in app, by phone or in a branch depending on your preference - check and double check all the recipient’s information for safety
3. Upload or show the required documents when prompted, to allow your payment to be processed
4. Ask or check for a delivery estimate so you’ll know when your money will arrive
5. Track your payment once it is processed, through the provider’s app or website - you can often ask for an email notification so you know when the payment settles.

FAQ: Sending secure money transfer from Ireland

How much money can I legally transfer internationally from Ireland?

There’s not usually a legal limit on the amount you transfer from Ireland set by the government. What you can find are limits set by banks or payment institutions you'll use to make your transfer.

Do I need to pay tax on large money transfers from Ireland?

Whether outgoing payments are taxable depends on where the money has come from, the purpose of the payment and the value - get official tax advice if you are unsure of your obligations.

How long do large international money transfers take? ⏰

International transfers made with banks usually use the SWIFT network which can mean a delivery time of 3 - 5 days. Specialist providers may be able to move your money quickly - often in 24 hours or less.

The timescales vary a lot depending on the currency and country, but you can get a delivery quote from the provider you pick before you pay.

What documentation do I need for transferring large sums abroad?

You will usually need to prove the source of the funds you are transferring. This may mean providing proof of an inheritance or property sale if that’s where the funds have come from, or proof of your income and investments if you’re repatriating the profits from investing, or your savings from salary.

Moving a large sum of money to or from Ireland doesn't have to be a headache - and it doesn’t have to cost the earth either. Compare your options with your bank against specialists like Wise to see which offers the best balance of speed, cost, convenience and security for your specific payment.

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