3 Best Ways to Transfer Large Sums of Money Internationally

It has become a common thing for businesses and individuals to send large sums of money internationally. Huge transfers are not something to take lightly. Any mistake can lead to the loss of your money, so you have to be extra careful with your transaction process. Despite the huge number of people making such transactions, only a few of them might know the best ways to do so.

Transferring large funds the traditional way is expensive, mundane, and full of time-wasting paperwork. No one wants to be in long waiting queues, security risks, and a limited amount of transfers. Luckily, the money transfer industry is advancing and modern solutions are being invented to pave the way for easier and more convenient transactions overseas. 

If you are planning to send a large deposit abroad, check these convenient ways ahead and the things you need to know before your next transfer.

Bank-to-bank 

Some people prefer to use their banks because they already trust them, although the charges might be higher and the transactions are slower. Most banks provide unlimited international money transfer services. Double check with your bank by calling or visiting them to ask for the required information, fees, exchange rate, and procedure. 

Usually, there are two ways to send money through banks, either wire transfers or Automated Clearing House (ACH). Although wire transfers are cheaper, some banks set a limit on the funds sent using this service.

If you want a faster and easier option, Abu Sheikha Exchange provides best prices and after service support to help you transfer money or pay a bill for your imported goods. 

Cash-to-cash

Using cash-to-cash companies to send money overseas is considered the most effective way, as users don’t have to own a bank account. On top of that, it is widely used for its fast transaction which is even faster than bank-to-bank transfers. 

Some cash-to-cash service providers have a maximum sending limit, so it is better to contact them to know beforehand. If you are looking for a trusted money transfer provider who offers multiple money transfer services, Abu Sheikha Exchange is at your command. Check our money transfer services.

Peer-to-peer

Peer-to-peer companies offer websites and applications to allow users to send money anywhere online. You have to create an account on a platform of your choice and fill in the required data, including your credit card information. 

This option is widely used by businesses and freelancers to transfer/receive salaries. Using peer-to-peer can provide you with fast transactions and good exchange rates, however, not all currencies are supported. Additionally, you and the other party need to have an account on the same platform.

Why Transfer Money Abroad

Now that the world is open for everyone, there are many reasons people need to send large amounts of money overseas, including:

• Buying property: You have the desire to buy a house in your favorite country abroad and need to pay the installments

• Pay educational fees: If you or one of your children are studying abroad and want to send the tuition fees

• Salaries: If you want to send your employees their monthly payments

• Moving abroad: If you are planning to live somewhere else and want to send your money to the country you will live in

• Sending money to a friend: If you have a friend or a family member who asks for money

How Long it Takes to Send a Large Amount of Money Internationally

It depends on several factors, such as the service used, the recipient’s country, the currency - among other things. However, it usually takes between 0 to 3 days to complete a transaction. The transfer might take more than this if any complications happened during the process.

To be on the safe side, we recommend contacting the service provider and ask about the time range of transfer.

Things to Consider before Proceeding

Exchange rates

When you send money from one country to another, its value gets affected by the exchange rate. Not all service providers offer the same exchange rate, hence we advise you to do some online research.

Or you can check Abu Sheikha Exchange currency exchange services and get the best rates in Jordan. We operate in 17 different branches all week long until midnight, including weekends and holidays.

Extra Fees

Some banks and service providers apply extra fees on the service, depending on the country, the amount sent, and other factors.