The amount of money you wish to transfer online depends entirely on the purpose of your payment. While some send money online to make mortgage repayments or pay overseas employees, others may want to simply send money as a birthday gift or to split the cost of a bill. There are a number of reasons why you may need to familiarise yourself with the limits of your money transfer, and in this guide, we will outline online money transfer requirements.
Recognising how the destination impacts the limits of your transfer, will give you a better understanding of what sort of minimum and maximum amounts are able to be sent and received. We have outlined the key differences between a domestic and international money transfer below.
These types of payments can take a matter of minutes to reach the recipient’s account, due to the fact the benefactor and beneficiary are both in the same place, and sometimes you are transferring money between bank accounts with the same institution. As well as being quicker than international transfers, domestic money transfers are typically much cheaper too. This is because you are sending money to someone else – either an individual or a business/organisation – who is located in the same country as you. Domestic transfers can be made using your online banking or through a money transfer company, and details regarding the minimum and maximum limits, will be outlined by the provider. Read our guide to transferring money between
An international money transfer refers to the process of sending money to someone overseas. This can be completed online through your bank or with the help of a specialist provider. Either way, it will take longer than a domestic money transfer, depending on the service you have chosen. International money transfer specialists make it their business to send money abroad instantly, but this type of transfer is determined by the destination country/currency involved. Find out more about the rules and regulations that apply to international money transfers.
The most popular methods of transferring money online include:
Each of these methods will have their own specifications regarding limits to funds transferred through their platform. Learn about the various pros and cons of these 3 online money transfer methods.
No matter which online method you use to move money from A to B, every provider will allow different daily payment amounts. To give you a better understanding of how much money you can transfer online, we will present the guidelines of 4 top companies in each sector.
|Minimum amount (GBP)||No minimum||£1.00||£100.00||No minimum|
|Maximum amount (GBP)||Starts at £50,000 ranging to £250,000||Up to £50,000 per day||Up to £25,000 per day||Up to £50,000|
|Minimum amount (GBP)||£100.00||£1.00||£10.00||£100.00|
|Maximum amount (GBP)||No limit||No limit||£12,000 for card payments|
£250,000 for SWIFT payments
|£300,000 (or equivalent)|
|Minimum amount (GBP)||£1.00||£1.00||£1.00||No minimum|
|Maximum amount (GBP)||£1,000,000 (or equivalent)||£4,000 to £50,000 depending on payment method||Up to $25,000 (or equivalent) depending on payment method||No limits for most currencies; £500,000 per day limit for UK domestic transfers|
As you can see from this case study, transfer limits can drastically range, but this does not necessarily mean the provider offering the biggest transfer amount is the best option for you. Check out our Sending Money Online guide to identify the best ways to move your money around the world, using a service provider that suits you.
The minimum and maximum amount permitted by any online money transfer is set by the provider. It’s important to make sure that the service you pick suits your needs and supports secure transfers in your currency. Some companies specialise in transferring larger sums of money, while others are better equipped to facilitate recurring, midsize money transfers. No matter what the size of your transfer, there will always be a reliable company to assist you. Use our comparison tool today and find out how much your chosen provider can transfer for you.
April is a journalist and full-time content writer for MoneyTransfers.com. Over the last decade she has written for a number of different online and print publications. Having lived overseas in Canada and Vietnam, April hopes to see more of the world as soon as possible, with Japan at the top of her travel list. As a former expat, April has first-hand experience of managing finances from overseas. She enjoys writing about forex trends and the future of banking.