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International Transfers Over $5,000

In this helpful guide those of our readers sending $5,000 or more overseas will learn how to save money and time, by securing the very best money transfer service on the market, as we provide the top 3 service providers for your convenience.

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Understanding international transfers

There are many service providers that offer international money transfers all over the world. However, not all of them are ideal for transfers that amount to $5,000 or more, due to a number of contributing factors.

The first being percentage-based transfer fees, which increase with the size of the transaction, resulting in higher than average charges. Further to this, certain service providers support a limited number of global destinations, or employ maximum transfer limits.

In this guide, we will run through the process of choosing the best money transfer company for your needs, when sending funds amounting $5,000 or above.

How to choose the best company for a transfer of $5,000 or more

Selecting from the myriad of options available in the remittances space is no easy feat, and it is important to select the best company for your needs. We hope that the following list of factors will help you determine the most suitable transfer option for your next international remittance.

Transfer limits

If you are looking for a money transfer service that supports payments of $5,000 and above, then maximum transaction limits should be one of your top priorities. Pay attention to the daily, weekly, monthly and yearly limits offered by the service, as some companies may allow you to make a transfer of $5,000 but will apply a cap afterwards. This means if you wish to make a similar sized transfer again, you may need to wait a specified period of time.

Customers that intend to make multiple transfers over $5,000 should look out for services that facilitate mass payments of a larger size.

Fees and exchange rates

High fees and uncompetitive exchange rates will result in more expensive transfers. It makes sense to look for a fixed fee structure, rather than percentage-based fees, for bigger transfers.

For example, when sending $5,000 overseas, a fixed fee of $25 is less than 1% of the overall transfer amount. However, if you had to pay a 3% fee, then you will be charged $150 per transfer, which is significantly higher and takes away a larger chunk off the value of your transaction.

Further to competitive fee structures, understanding the value of the mid-market rate will help you avoid a poor exchange rate. Money transfer companies such as Wise and Xe offer transparent and competitive foreign exchange rates that match the mid-market value as closely as possible.

Mobile app

Using a money transfer operator that offers mobile services with intuitive functionality is a huge plus when sending large amounts of money. Many, but not all, companies have their own mobile app, so it is always worth checking beforehand. Ordinarily, the full list of product design features can be found on the app’s profile page of the online marketplace you are downloading it from.

We recommend looking at the user scores awarded to the mobile app, to get an idea of what you can expect from the user interface and core features. A score of at least 4.0 out of 5 indicates that most users are happy with the functionality and usability of the app. If the user reviews are largely negative, it would suggest you may run into glitches or face poorly designed features.

Check out our list of the Best Money Transfer Apps here

Worldwide coverage

Customers that want to send money internationally should check the worldwide coverage of a money transfer service. Some are limited to domestic transfers or just a handful of countries, while others offer money transfer services to hundreds of destinations across the world.

Check the limitations of each country. For example, if you want to send money to Nigeria and a service allows this, then there might be specific restrictions. This might be a transfer limit or a limitation of what payment methods are accepted.


Do not sign up for an account with a money transfer service before checking out their reputation. Doing a quick search allows you to spot potential red flags. Due diligence can help you spot scams or avoid an overall negative experience.

Social media websites and customer review portals like Trustpilot are a good place to start. Do not pay attention to single reviews since even the best companies can get a few bad reviews. Instead, understand the overall sentiment of a money transfer service to see if it is a good match for you.

How to reduce fees for transfers over $5,000

Transfer over $5,000 can result in high fees if you do not choose the best money transfer service for your needs. Some services will cap the fee at a specific amount no matter the transfer size. This fixed value might be $10-25, which would be expensive for smaller transfers but not too bad for ones over $5,000. You want to avoid percentage-based fee structures because they would result in significant fees when sending over $5,000.

Also, consider the payment method as there might be hidden fees. For instance, balance transfers tend to be transparent because they are offered by the service you are using. However, credit card payments are executed by companies like VISA and MasterCard. They tend to charge an extra fee, which is around 1.5-3%.

Look for companies that offer the mid-market rate, which means you will get the best exchange rate possible for transfers. The money lost can be significant for transfers over $5,000 if you get a poor exchange rate. Companies like Xe offer the mid-market rate, which means you will save money compared with companies that do not.

Find out more about the mid-market rate here

The best 3 companies for international transfers over $5,000

This section will showcase 3 money transfer companies that you can trust for a good deal when sending over $5,000. They offer a combination of excellent worldwide coverage, highly-rated mobile apps and low fees.

3. Wise

Formerly known as TransferWise, Wise is an industry leader for international money transfers. They excel in transparency and providing good value transfers for all customer types. Wise matches the mid-market rate, which is ideal for customers that want to avoid costly currency exchange services. Also, there are multiple transfer types providing customers with flexibility.

Check out our Wise review

2. Instarem

Instarem is another service that matches the mid-market rate, which is important for making large international transfers involving currency exchange. They have competitively low fees of 0.25-1% and have worldwide coverage of 150+ countries. However, you may find that for some countries, the daily transfer cap is below $5,000. This includes countries like India and Canada.

Check out our Instarem review

1. Xe

Xe has a transfer cap of $500,000 and no minimum cap, which means that most people will be accommodated. The company provides mid-market rates and offers an intuitive mobile app. It also has a global network of 170 countries with multi-lingual support. It is a trusted company that was founded in Ontario, Canada in 1993. The company claims to attract over 280 million unique visitors every year to its website.

Check out our Xe review


Overall, there are multiple viable companies that can be used for executing international transfers over $5,000. Also, with the information provided in this article, you are equipped with the noteworthy factors that will help you decide on the best money transfer service for your needs.

For further research, consider reading our guide on International Money Transfer Limits to learn more about how you can send over $5,000. You will learn about the required documents and what regulations are important.

Compare all money transfer companies with our comparison tool


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April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.