How to send large money transfers with Wise [2024]
Wise is trusted by over 16 million individual and business customers globally, to move money around the world securely, with low fees and the mid-market exchange rate. Sending a high value transfer can be worrying – but with Wise you can rest assured that your money is safe, and you may even qualify for an automatic discount on fees for sending large money transfers.
So – whether you need to make a large transfer for a one off purchase like a downpayment on a new property, to move an international inheritance or to invest, or you’re looking for high value business transfers, Wise can help.
This guide covers all you need to know about sending large value money transfers with Wise including fees, features, speed and safety.
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Key points: Wise large transfers
- Wise offers international transfers for personal and business customers with high payment limits that vary by currency
- Customers sending high value payments, or sending money very frequently, may qualify for automatic discounts on Wise fees
- Wise high value transfers can be arranged online or in the Wise app, conveniently and quickly
- Wise is fully licensed and regulated for the services it offers in the US and wherever else it trades
About Wise money transfers
Wise supports high amount transfers for personal and business customers. Wise payments have low, transparent fees, and use the mid-market exchange rate. Transfers are fast and safe, and you can pick from multiple payment methods to process your payment in the way that suits you best.
Wise has high transfer limits, usually around the equivalent of 1 million GBP (1.3 million USD or so). Wise limits vary based on the currency you’re sending to and from, and also the payment method you choose. You’ll see the limit that applies to your specific currency when you start to set up the payment, and can easily get in touch with the Wise high value transfers team if you have questions.
| Wise large transfers pros | Wise large transfers cons |
|---|---|
| ✅ High transfer limits ✅ Mid-market exchange rates ✅ Discounts on Wise fees for high value transfers ✅ Transfers are fast and secure ✅ Dedicated customer support teams for high value payments | ❌ Wise fees apply which vary based on currency and value of payment ❌ You’ll need extra documents for verification ❌ You can’t pay by check – digital methods like ACH, wire and card only |
Is Wise safe for large amounts?
Yes, Wise is safe for high value transfers for individual and business customers.
Wise is a digital first provider with strong security measures in place. All funds are safeguarded, and there are 24/7 manual and automatic anti-fraud processes running to make sure your money is secure at all times.
Is Wise regulated in the US?
Wise is regulated in the US by FinCEN (Financial Crimes Enforcement Network) and renews its registration annually. Wise holds state licenses to trade in many US states, and is supervised by regulatory authorities in each of those states. In other US states and territories, Wise operates in partnership with Community Federal Savings Bank, which is supervised by the Office of the Comptroller of Currency.
Wise large transfer fees
Wise gets cheaper for higher value transfers, as the variable fee is automatically reduced the more you send. In this context, high value transfers are usually over the equivalent of around 100,000 GBP (about 128,000 USD at the time of writing) as a one off payment, or per month.
Here’s how it works:
| Transfer value (per month) | Wise variable fee discount |
|---|---|
| Up to 100,000 GBP or currency equivalent | No discount |
| 100,000 GBP to 300,000 GBP or currency equivalent | 0.1% |
| 300,000 GBP to 500,000 GBP or currency equivalent | 0.15% |
| 500,000 GBP to 1 million GBP or currency equivalent | 0.16% |
| Over 1 million GBP or currency equivalent | 0.17% |
Because this is a percentage discount, the absolute amount saved can rack up quickly when you’re sending high value payments. Let’s look at a couple of examples for sending high value transfers, including the fees and rates available.
| Sending amount | Exchange rate | Wise variable fee | Received amount |
|---|---|---|---|
| 200,000 USD to GBP | Mid market rate | 0.46% | 155,543.46 GBP |
| 2 million USD to GBP | Mid market rate | 0.35% | 1,557,143.88 GBP |
| 200,000 USD to EUR | Mid market rate | 0.45% | 182,109.28 EUR |
| 2 million USD to EUR | Mid market rate | 0.34% | 1,823,194.26 EUR |
*Correct at time of writing – 13th March 2024
Related article: Wise transfer fees
Exchange rates for large transfers
The Wise exchange rate is the same as the mid-market rate, with no markup added and no hidden fees. All the costs you pay are split out for transparency and to make them easy to check and compare.
This can mean that the rate you get is better than that offered by a provider which uses an exchange rate markup. And since the amounts being sent are high, even the small differences in exchange rates can create big differences in the amount you get in the end.
Learn more about Wise exchange rates for popular currency pairs like:
- Wise USD to GBP exchange rates
- Wise USD to EUR exchange rates
- Wise USD to JPY exchange rates
- Wise USD to AUD exchange rate
- Wise USD to CAD exchange rates
Wise transfer limits
Wise transfer limits vary based on the sending currency – but the amount you can send is usually around the equivalent of 1 million GBP. In some currencies, sending the money from a balance you already hold in your Wise account allows you to send a larger amount.
Here’s a quick look at the standard limits for sending some major currencies with Wise:
| Currency | Wise sending limit |
|---|---|
| USD | Up to 1 million USD in most cases |
| GBP | Up to 5 million GBP |
| EUR | Up to 1.2 million EUR |
| CAD | Up to 1.5 million CAD |
| JPY | Up to 1 million JPY |
Wise transfer limits can also vary based on payment methods. Sending the payment from a Wise account balance may allow you to send a higher amount. You’ll see this in the app when you set up your payment if it’s the case for your particular currency.
How long does Wise take to transfer large amounts of money?
The time it takes for a Wise high value transfer to be processed can vary depending on the details of the payment, the value, currency and how you pay. Because there are often additional checks including manual checks which need to be completed to process high value transfers safely and legally, the payment may take a short while to process.
You’ll see an estimate of the delivery time in the app when you set up your payment, you can track the transfer while it’s on the way, and you’ll always be able to reach out to the Wise team if you need extra help along the way.
Required documents for sending large transfers
The documents needed for sending a high value payment with Wise can vary based on the reason you need to send the money, or where it came from in the first place. Usually banks, financial service providers and non-bank money transfer services like Wise are legally required to check the funds being sent have not been obtained illegally. That means demonstrating the source of the funds before it can be sent.
If you’re not sure what’s needed there’s a handy dynamic feature on the Wise landing page, showing which documents are required for the transfer based on where the money came from. Here are a few examples, of common reasons why you may need to send a high value payment:
| Reason for payment | Examples of documents needed |
|---|---|
| Sending money from a property sale | Final sales contract signed by both parties Letter from a solicitor, auditor or regulated accountant Bank statements showing you received the money Extracts from the property register |
| Sending money from an inheritance | Signed copy of the will Grant of probate or court document Letter from a solicitor Bank statements showing you received the money |
| Sending money from your salary | Recent payslips Salary section of your contract A letter from your employer saying how much you earn Last 3 months of bank statements |
| Sending money from investments | Investment certificates, contract notes, or statements Confirmation from your investment company, bank, or dividend payer Bank statements showing you received the money |
| Sending money from a loan | Your loan agreement 3 months of loan statements Bank statements showing you received the money |
The paperwork needed depends on the scenario, as you can see – so if you’re sending money from a property sale you may be asked for the sales contract or settlement statement, showing the property details. On the other hand, if you’re sending money from an inheritance you may provide something like a grant of probate or will showing the name of the person leaving you money and your relationship with them.
Large value business payments may also need documents to support them. In some cases – such as sending a payment from investments or a loan – the business documents you need will be fairly similar to those needed by a personal customer. If you’re sending funds accrued through business revenue you’ll need paperwork like bank statements or audits instead.
The Wise large value transfer team can help you work out what you need if you’re not completely sure of the paperwork that will apply based on your situation. Plus, you can learn more about the documents Wise needs to verify high value payments here.
How to transfer large amount of money with Wise
Sending transfers with Wise is easy, and can be done on the Wise website or via the Wise mobile app. You’ll need to make sure you’ve got any documents that may be required for verification handy in advance, but getting everything started can be done in just a few steps.
Here is how to send large amounts of money with Wise:
- Log into your Wise account, tap Send money
- Enter how much you want to transfer, or how much you need the recipient to get
- Confirm the way you’ll pay, and review the fees and exchange rates offered – any relevant discount will be automatically included in the quote generated
- Enter the recipient’s personal and banking details – check them carefully
- Upload the required documents
- Fund your payment using one of the listed options – usually ACH, card or bank wire
- Confirm and your payment will get started – you can track the transfer in the Wise app, and you’ll hear from the Wise team directly if documents are needed to move your money
Tips on making large money transfers
Sending a high value payment can be stressful. There are a few things you can do to make sure everything goes as smoothly as possible:
- Check if your own bank has payment limits which may stop you from funding the Wise transfer
- Check if the recipient’s bank has any limits which may stop the payment being received
- Check the Wise transfer limits for the specific currency you need – you may need to send your money in more than one transfer if it exceeds the limit
- Have your documents handy so you can easily photograph and upload them if the Wise team ask for verification paperwork
Wise payment methods for high amount transfers
Wise offers different ways you can use to pay for your transfer. From the US you can select to pay by:
- Bank debit (ACH) – often one of the cheaper options, but this may take a day or two to arrive with Wise
- Wire transfer – can be cheap, and often fast
- Debit/credit card – usually a very fast option but the fees may be higher compared to an ACH or wire
- SWIFT – usually when sending USD from overseas, fees may be high from your own bank
- Wise Account balance – very fast to get moving, often with low fees
Wise customer support for high amount transfers
The easiest way to get in touch with Wise is to log into your account on the Wise app and start an in-app chat.
You’ll be able to speak to someone 24/7, and if you need a phone number to escalate your question you’ll be able to find that here too.
Wise has a specific high value transfer customer support team who will reach out to you if you need support at any stage of the process.
Conclusion: Transferring large sums of money with Wise
Wise is safe to use for high value payments, for yourself or your business. Wise transfer limits are set high, although they do vary by currency. You’ll get the mid-market exchange rate to convert your currency, and high value transfers may even qualify for a discount on the Wise variable fee which applies.
Before you send your Wise high value transfer you’ll need to make sure you have the documents required for legal verification processes – but after that the transfer is fairly easy to set up, and you’ll be able to track your money every step of the way once it’s moving.
Wise large transfers FAQs
Does Wise have a transfer limit?
Wise has a transfer limit which varies by currency. In some cases, the payment method also matters. If you run into a Wise transfer limit when you set up your payment, you’ll see a message on the screen letting you know. You can then split your payment into several smaller transfers if you need to.
What is the maximum amount you can transfer with Wise?
The Wise limit is set according to the currency you fund the payment in usually. To give some examples, you can normally send up to 1 million USD from dollars, or up to 5 million GBP if you’re paying in pounds, and up to 1.2 million EUR for euro transfers.
How to increase Wise transfer limit?
If you’re trying to send a transfer that’s higher than the Wise transfer limit for that payment you might be able to make several smaller transfers, or choose a different way to pay if higher limits apply for different payment types. If you’re ever stuck the Wise high value transfer team can help advise you – just open an in-app chat to get the help you need.
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