Are you buying a property overseas or making a large investment of any kind in another country? The only question pressing your mind is the need to find a reliable company that can transfer a large sum of money from the US in the most convenient way.
With the advent of globalization and flourishing market of remittance, the need to transfer a big amount of money is also growing. Transferring a large amount of money overseas requires a secure and efficient mode of money transfer.
How to Transfer Large Amount of Money Overseas?
- Wire Transfer - A few years back, the best way to send big amount is via Bank Wire Transfer. Thorough background checks are conducted and stringent security measures are followed prior to and during the transaction. Both the sender and the receiver have to show proofs of identity in order to send and receive money respectively. These proofs of identities are scrutinized thoroughly before the transaction is approved and completed. The information sent via Wire Transfer is difficult to intercept making the transaction secure. In addition, Wire Transfer can be one of the fastest ways to send a large amount of money. The fee charged by the banks to complete the transaction depends on various factors like the bank policies and its location. The cost of Wire Transfer of a substantial amount of money can be high in a few locations. As there are no standard fees associated with Wire Transfers, you have to make sure that you investigate and shop around prior to making the Wire Transfer with a particular institution.
- Foreign Currency Check - Check transfers offered by a few money transfer services is also another option, but processing can easily take around 20 days because once the check is received in the destination country, you must deposit the check and it will take time to credit the money to your account, hence your worst enemy here is time.
- Correspondent Banks – You can send a large amount of money through any correspondent bank in US and request for electronic transfer and the money will be credited to your recipient bank account but processing time varies from each bank.
- Online Transfers - If you are looking to get a better exchange rate so that you can maximize your transfer amount, another great way to send a larger amount of money overseas is to use Foreign Exchange Services like Venstar-Exchange or OFX. Wise (formerly known as Transferwise), an online international money transfer, provides a platform to send money overseas to more than 52 countries with mid-market rates that makes it up to 89% cheaper to send money abroad. Moneycorp is one of the foreign exchange specialist company with over 35 years of experience in currency exchange offering services to individual and corporate customers. USForex is a reliable way to send money internationally and they offer good exchange rates than your bank. A plus with such companies is that each of these companies is a reliable, trustworthy and best way to send a large amount of money.
4 Things to Check When Sending A Large Amount Online
- Exchange rate - Guaranteed or indicative?
- Fees – Is it fixed or there are hidden charges?
- Delivery Period – Instant or will take several days?
- Amount Limit - What is the maximum amount that can be sent?
Is Online Transfer “Safe” for Sending Large Amount
Of course yes! An important factor to consider while sending such a large amount online is to get the best exchange rate possible. Even small variations in the exchange rate can make a huge difference if the amount is large. But the main concern should be the safety and security of the transaction. Remittance companies like Remit2India, Xoom, Wise, InstaReM, Remitly, Venstar, OFX, and MoneyCorp are just a few of the online remittance players which facilitate large remittances and are trusted by millions of migrants abroad. In this digital age, online remittance is now the best option to send even a large amount of money from the US. Online transfers provide more convenience, hassle-free, will save you time, and money with guaranteed safety and security.
Below is the list of money transfer companies which accept a large amount of remittance in a single transaction online.
For a complete guide and comparison of exchange rates, fees, the speed of delivery, and to get the best value on your dollars you can check here.