How to transfer large sums of money between bank accounts: US guide

Transferring large sums of money between bank accounts is a popular way to move funds in the US and further afield. However, you’ll need to understand your bank’s transfer fees and limits before initiating your first payment.

We’ll take a look at everything you need to know to transfer a large sum of money between bank accounts online and in person, including how to send a wire transfer and your international transfer options.

We'll also introduce Wise — your international money transfer alternative. Use Wise to send stress-free transfers to over 140 countries - all at the standard mid-market exchange rate.

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Can you transfer large amounts of money between banks?

You can use your bank to transfer a large amount of money between bank accounts. This typically involves a wire transfer, which is an electronic funds transfer between 2 banks.

You’ll need to give your bank teller a few key pieces of information about your recipient, including their address, bank name, and account numbers. This facilitates a secure transfer between you and your recipient.

You may also be able to send a bank-to-bank transfer through online or mobile banking, such as an Automated Clearing House (ACH) transaction.

How do you transfer large sums of money between banks?

There are several methods for transferring a large sum of money between banks, including wire transfers, domestic ACH transfers, and checks.

To send a wire transfer between banks, follow these steps:

Step 1. Initiate your payment — some banks may require you to visit in person, whereas others allow for online and over-the-phone wire transfers

Step 2. Give the teller some key information about your payment, including your recipient’s address, bank name, and bank account numbers; this can help your bank pinpoint the right account for your transfer

Step 3. Pay your bank’s wire transfer fee — this ranges from 10 USD to 30 USD for a domestic wire transfer, depending on your provider

Step 4. Track your transfer to ensure it reaches your recipient — some banks may let you follow the progress of your payment using their online banking system

You can also transfer money via a bank-to-bank ACH transaction. This is a convenient option, as you can typically initiate your payment yourself via your bank’s online or mobile banking system.

You’ll only need your recipient’s account number and routing number to complete your transfer. However, ACH transfers may be better suited to smaller everyday transactions.

If you prefer traditional payment methods, you may be able to send a personal or cashier’s check at some financial institutions. Speak to your bank for more information.¹

Can you transfer large sums of money between bank accounts online?

Some banks will let you send large transfers online, but you may need to follow some additional security protocols for big payments.

Many banks require you to visit your local branch to initiate a wire transfer. This can be inconvenient if you want to send your payment on a weekend or holiday.

Bank-to-bank transfers can often be initiated online. These transfers may be cheaper and quicker than wire transfers, but they are less suited to large payments.

Can you transfer large sums of money internationally?

You can send a large sum of money abroad to someone else’s bank account. There are several ways to do this, but the most common is an international wire transfer.

Most banks offer global wire transfers outside the US. You’ll need to provide some additional information about your recipient, such as:

• SWIFT or BIC code
• IBAN (mainly used for payments to Europe)
• ABA routing number²

You’ll likely pay a fee for any outgoing global wire payments. This could be as much as 80 USD at some financial institutions.

You’ll also pay exchange rate fees to convert your money into the right currency. Most banks add a markup to the standard exchange rate. This is charged as a percentage, so it can add a significant cost to large transfers.

Look for the mid-market exchange rate. This is the only “fair” rate for currency conversion, with no markups or hidden fees.

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What is the best way to transfer large sums of money between banks?

Although there are several ways to transfer large sums of money between bank accounts, such as a check or ACH transfer, a wire transfer is often considered the best choice.

It’s a secure transaction for large transfers in the US and abroad — and you can initiate your payment at your regular banking provider.

However, most wire transfers come with hefty transfer fees. This is because your bank will need to process your transaction for you.

What is the maximum amount I can transfer between bank accounts?

There isn’t typically a maximum transfer limit for large transfers between bank accounts. However, it’s likely your bank will set its own limits.

For example, Bank of America® limits personal international wire transfers to 1,000 USD per transfer. Business owners can send up to 5,000 USD abroad via wire transfer.³

If you send over 10,000 USD, you’ll need to report your payment to the IRS. This ensures your transaction complies with the government’s fraud prevention regulations.⁴

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What happens if my transfer gets flagged?