Studies have shown that global corporations transmit $23.5 trillion annually and lose at least $120 billion in high fees. That is a lot of dollars to be losing every quarter!

To know how to transfer millions of dollars internationally, you must first select a provider that offers low remittance costs, a seamless interface, and speed. This is highly important because the typical cost of sending money internationally is around 6.65%, according to the World Bank Organisation.

Although it is the obvious thing to visit a bank to transfer huge amounts of dollars, banks have proven to be the most expensive option. They charge nearly 13.4% of the total transferred amount; therefore, you’ll spend around $134,000 on fees for just a million dollars. Let’s not even get started with the hidden fees that many providers use to trap their respective clients.

The good news is that there is a suitable way to transfer millions of dollars internationally without high fees. If you’ve been looking at how to transfer millions of dollars internationally, this article explores everything you need to know. At the end, we’ll reveal the best among the rest!

Stick around and find out how!

Key Takeaways On ‘How to Transfer Millions of Dollars Internationally‘

• Transferring large amounts of money often comes at a high cost.
• Traditional banks charge some of the highest fees, as high as 13.4%, meaning you could lose over $134,000 per million-dollar transfer due to transaction costs and hidden charges.
• Many providers incorporate hidden fees into their transaction process, thereby inflating the transfer charges at the end.
• Digital payment providers are one of the best alternatives to transfer large amounts internationally.

Common Challenges in Transferring Large Sums Internationally

Here are some of the common challenges you may face when performing large amounts of money transfers internationally through the bank or any other traditional financial institution:

1. High Transaction Fees

A major challenge that comes with transferring large sums is the high transaction fee that comes with it. Banks and traditional financial institutions charge heavy fees for large transactions. They’ll also offer a markup exchange rate and hide certain costs, thereby reducing the actual amount the recipient will receive.

2. Slow Processing Times

In actuality, before a traditional wire transfer can be processed, it must navigate a complex set of bureaucratic hurdles (commonly known as red tape), such as intermediary banks, compliance checks, and cross-border transaction approvals. These processes can take several business days, therefore increasing the number of days it takes for the money to reach your target recipient.

3. Exchange Rate Fluctuations

Due to market changes, currency exchange rates usually affect the value of the transferred amount. Additionally, most banks offer unfavourable rates, which may drastically reduce the value of the amount. This is particularly unpleasant when you’re converting one currency to another before making the transfer.

4. Compliance and Regulatory Barriers

Different countries have varying financial regulations, each stricter than the other. These conflicting regulations are not often properly handled by traditional financial institutions. They may require you to submit complicated documents, which can cause unwarranted delays, account freezes, or more for your business.

5. Limited Accessibility

Another point to keep in mind is that many traditional institutions are not capable of handling every client’s demands on international money transfers. This is due to the diverse and complicated paperwork, regulation compliance, and many more.

While bank account transfers and other traditional methods are good, other modern strategies are suitable, convenient, and faster for handling large money transfers without high fees.

If you aim to send money abroad without paying such high fees as cost, check out the next section for a detailed analysis of suitable providers available for your needs.

How to Transfer Millions of Dollars Internationally in 3 Ways

To understand how to transfer millions of dollars internationally, you’ll need to first select a suitable method.

In this section, we’ve highlighted the three best ways to transfer money across borders without high fees.

Let’s dive right in!

1. Digital Payment Providers

Digital payment platforms use advanced financial networks to facilitate transfers across borders. They offer minimal fees, real-time processing, speedy delivery, and more. Also, you don’t have to go through the limitless paperwork that usually comes with the traditional banking method.

Here are some of the digital payment providers that are best used to transfer millions of dollars internationally:

Benefits:

• Lower fees compared to traditional banks.
• Fast transaction processing.
• Enhanced security features to prevent fraud.
• Transparent exchange rates and no hidden charges.

Shortcomings:

• Some platforms may have country restrictions.
• Requires account verification and compliance approval.

2. Cryptocurrency Transfers

Cryptocurrencies are another popular means to transfer large amounts of money internationally. Through exchange platforms, you can send your dollars to any verified cryptocurrency address without relying on traditional banking systems. For this method, the money is transferred through a solid and infallible blockchain network.

However, it’s highly advised that you use stable coins (USDC, Tether, etc) to make such transfers. This will ensure that your money retains its value under the market exchange rate.

Benefits:

• Compared to bank transfers, this method has lower transaction fees.
• It has a near-to-instant processing time.
• It’s secure and fast.

Shortcomings:

• High fluctuating values.
• Regional cryptocurrency restrictions.
• Users need to understand how to operate it.

3. Offshore Banking Solutions

In simple terms, offshore banking is the practice of conducting banking transactions outside the user’s country of residence. This method is particularly beneficial for those seeking to transfer millions of dollars internationally. They often have flexible financial rules, tax benefits, and increased privacy, making them another suitable means to transfer millions of dollars without incurring high fees in the long run.

Here are some of the best countries for offshore banking: Hong Kong, Switzerland, the Cayman Islands, Germany, Switzerland, and more.

Benefits:

• Offshore banking solutions offer high security and confidentiality.
• They provide access to multi-currency accounts.
• They offer lower tax implications in certain regions. 

Shortcomings:

• Has a lengthy process for account setup.
• It requires large initial deposits.
• Although they are cost-effective, they may not always be the cheapest option compared to the other above-listed methods.

Best Method: Why Choose DSGPay for Direct & Secure International Large Money Transfers?

When it comes to moving large sums of money across borders, DSGPay offers a reliable and cost-effective solution. Unlike traditional banks that charge hefty fees and take days to process transactions, DSGPay is a fast, secure, and transparent alternative.

One of the biggest advantages of using DSGPay is its low transaction fees. There are no hidden charges, and you get competitive exchange rates, ensuring you save money on every transfer. In addition, the platform is designed for speed, enabling real-time transaction processing.

Security is another crucial factor. DSGPay employs advanced encryption and fraud protection measures to keep your funds safe. Plus, with global accessibility, you can send and receive money in multiple currencies across various countries, including the USA, UK, Hong Kong, Korea and Asian countries.

Additionally, they offer:

• Fully licensed and regulated transactions.
• Special pricing on large transactions.
• Global named accounts in more than 30 currencies.
• Favourable FX Spreads.
• Mobile application for seamless navigation.
• Access to real-time transactions and many more.

If you’re looking for a cheap way to send money internationally, DSGPay is one of the most suitable methods out there.

How to Transfer Millions of Dollars Internationally with DSGPay & Save on Fees

Here’s how to transfer millions of dollars internationally with DSGPay:

1. Sign up for DSGPay: Get started by creating an account or logging in if you already have an account on the DSGPay’s mobile application. Complete the verification process to move ahead.
2. Initiate the transfer: To do this, you’ll need to select the transfer method, choose a transfer amount, enter the recipient’s details, and select your preferred currency. Ensure you confirm each detail at this point to prevent delays.
3. Make the transfer: Review the details of your transaction before sending the transfer. Once sent, the transferred amount will be sent to the desired recipient within two business days or less.
4. Review: Watch your transaction process through DSGPay’s real-time feature. You can access it on your DSGPay dashboard.

With these few steps, you will be able to handle large money transfers on DSGPay. If you’re looking to transfer money to the US or other highly-civilized countries, DSGPay offers virtual account features for over 30 countries across the globe.

Concluding Thoughts on “How to Transfer Millions of Dollars Internationally”

Are you still confused about how to send your millions of dollars internationally? Alright, here’s a rundown version of what you need to know.

Transferring large sums of money internationally does not have to be complex or expensive. Businesses and individuals can avoid high fees, lengthy delays, and security risks by choosing the right method.

Among other highlighted options, DSGPay stands out as the best solution for how to transfer millions of dollars internationally while saving on fees. Whether you’re a business owner, investor, or high-net-worth individual, DSGPay ensures your funds move quickly, safely, and cost-effectively.

This is particularly suitable for businesses or individuals looking for international payment solutions in Asia. Highly familiar with the ASEAN and Asian markets, this is a great option for business owners, investors, students, and more!

Ready to transfer millions without the hassle?