What should I know before making a large transfer?

Written by Currencies
Updated 11 months ago

As large payment specialists, our clients trust us with the big things in life – like transferring money to buy a house abroad. That’s when rock-solid reliability and award-winning one-to-one support is more important than ever.

For anyone new to Currencies Direct, or making large transfers, here are a few tips to get you started.

Check your bank’s limits – you might be able to increase them

  • Banks can limit the amount you transfer, or spend, in a day. 
    It may be possible to increase these limits, at least for a short period (e.g. 24hrs).
  • Banks may let you send more money if you visit the branch in person
  • It can help to show them a copy of your transfer details.

See also:
How do I download a transaction statement

Avoid delays – do the ‘paperwork’ in advance
When you set up your Currencies Direct account, you’ll be asked to verify your identity. This usually takes up to two working days.

In some cases we’re also required to verify where the money has come from. So we may need to see more documents after you pay for a transfer, such as an image of your bank statement, property sale agreement, pay slip etc.

Allowing a few working days for this, before you need to send your transfer, will help avoid delays.

Send money now? Or set the rate later?
Small changes in exchange rates can make a big difference when you’re sending large amounts. Our large-transfer experts will give you currency market insights, so you can choose to fix the exchange rate now or set a target rate to reach before you make your transfer.

Send proof of your joint account before your transfer
Sending money from a joint account? Before you set up your transfer, send us proof that your account is in the same name as your Currencies Direct account and has the same account number as your transfer.

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