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Tips for getting started with larger transfers

It can be daunting to send a lot of money abroad. So when you make a larger transfer, we make things as easy as possible.

Here are some tips to help you get started.

Understand your banking limits, or pay in-branch


Your bank might limit the amount of money you can send per day, or per transfer. Those limits might differ if you’re sending online, over the phone, or in-branch. 

If you’re sending online or over the phone, your bank might limit the amount you can send in one go. That means you’ll need to send several smaller transfers over the course of a few days instead — and you’ll miss out on a guaranteed rate.

Your bank might let you send a bigger amount if you go in-person, to your branch. So it’s often quicker, and simpler, to set up larger transfers in-branch. You can download a PDF with all your transfer details to make this easier. 

Tip: Contact your bank to find out your limits for sending money.​

Verify your identity beforehand to avoid delays 


When you send money with TransferWise, we’ll ask to verify your identity. We do this by checking your photo ID and address. It usually takes about 2 working days. 

If you set up your transfer before getting verified, we’ll do these checks before we send your money. So to avoid delays, get verified beforehand. Verification requirements vary by region, and you can read about them here

After you pay for your transfer, we might need to see more documents. That’s because when you send a large amount, we need verify where the money came from. It could be a scan/screenshot of your bank statement, a property sale agreement, or a pay slip. 

Tip: Get verified before making your first big transfer.

Check for a guaranteed rate


Guaranteed rates give you certainty about the amount of money your recipient will receive. They also help you avoid fluctuating exchange rates. We offer guaranteed rates for most currencies.

When you set up a transfer, your rate is guaranteed for a defined period of time, like 24-48 hours. As long as we receive your money within this timeframe, we’ll convert it at the rate you saw when you set up your transfer. If that timeframe passes before we receive your money, we’ll use the mid-market rate instead.

Tip: Subscribe to rate alerts — we’ll email you when the exchange rate is best.

Send us proof of your joint account


If you're sending money from a joint account, send us proof that you’re one of the account holders. It’s quicker to do this before you set up your transfer.

By sharing proof that your account is in the same name used on your TransferWise profile, and has the same account number as your transfer, you’ll help us keep your transfer moving smoothly. 

Tip: Send us a scan or screenshot of a recent bank statement with your name and account details

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