How to send large money transfers with Wise 2025

About Wise money transfers

Wise supports high amount transfers for personal and business customers. Wise payments have low, transparent fees, and use the mid-market exchange rate. Transfers are fast and safe, and you can pick from multiple payment methods to process your payment in the way that suits you best.

Wise has high transfer limits, usually around the equivalent of 1 million GBP (1.7 million CAD or so). Wise limits vary based on the currency you’re sending to and from, and also the payment method you choose.

You’ll see the limit that applies to your specific currency when you start to set up the payment, and can easily get in touch with the Wise high value transfers team if you have questions.

Is Wise safe for large amounts?

Yes, Wise is safe for high value transfers for individual and business customers.

Wise is a digital first provider with strong security measures in place. Here are some of the safety measures you might want to know about:

• All funds are safeguarded, held in dedicated accounts at top tier institutions away from Wise’s operating capital

• There are 24/7 manual and automatic anti-fraud processes running to make sure your money is secure at all times

• Wise accounts have 2 factor authentication so you and only you can get into your account

• Wise is overseen by many different global bodies and offers industry leading levels of security

Is Wise regulated in Canada?

Wise is regulated in Canada by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a Money Service Business (MSB).

Wise large transfer fees

Wise gets cheaper for higher value transfers, as the variable fee is automatically reduced the more you send. In this context,  high value transfers are usually over the equivalent of around 20,000 GBP (about 35,491 CAD at the time of writing) as a one off payment, or per month.

Here’s how it works:

*Correct at time of writing – 28th November 2024

Because this is a percentage discount, the absolute amount saved can rack up quickly when you’re sending high value payments. Let’s look at a couple of examples for sending high value transfers, including the fees and rates available.

*Correct at time of writing – 28thNovember 2024

Related article: Wise transfer fees

Exchange rates for large transfers

The Wise exchange rate is the same as the mid-market rate, with no markup added and no hidden fees. All the costs you pay are split out for transparency and to make them easy to check and compare.

The exchange rate matters more than ever when the amounts being sent are high. Even the small differences in exchange rates can create big differences in the amount you get in the end.

Learn more about Wise exchange rates for popular currency pairs like:

• Wise CAD to USD exchange rates

• Wise CAD to GBP exchange rates

• Wise CAD to EUR exchange rates

• Wise CAD to JPY exchange rates

• Wise CAD to AUD exchange rate

Wise transfer limits

Wise transfer limits vary based on the sending currency – but the amount you can send is usually around the equivalent of 1 million GBP.

In some currencies, sending the money from a balance you already hold in your Wise account allows you to send a larger amount.

Here’s a quick look at the standard limits for sending some major currencies with Wise:

*Correct at time of writing – 28th November 2024

Wise transfer limits can also vary based on payment methods. Sending the payment from a Wise account balance may allow you to send a higher amount.

You’ll see this in the app when you set up your payment if it’s the case for your particular currency.

How long does Wise take to transfer large amounts of money?

The time it takes for a Wise high value transfer to be processed can vary depending on the details of the payment, the value, currency and how you pay. Because there are often additional checks including manual checks which need to be completed to process high value transfers safely and legally, the payment may take a short while to process.

You’ll see an estimate of the delivery time in the app when you set up your payment, you can track the transfer while it’s on the way, and you’ll always be able to reach out to the Wise team if you need extra help along the way.

Related: How long Wise international transfers take

Required documents for sending large transfers

The documents needed for sending a high value payment with Wise can vary based on the reason you need to send the money, or where it came from in the first place. Usually banks, financial service providers and specialist money transfer services like Wise are legally required to check the funds being sent have not been obtained illegally. That means demonstrating the source of the funds before it can be sent.

If you’re not sure what’s needed there’s a handy dynamic feature on the Wise landing page, showing which documents are required for the transfer based on where the money came from. Here are a few examples, of common reasons why you may need to send a high value payment:

The paperwork needed depends on the scenario, as you can see – so if you’re sending money from a property sale you may be asked for the sales contract or settlement statement, showing the property details. On the other hand, if you’re sending money from an inheritance you may provide something like a grant of probate or will showing the name of the person leaving you money and your relationship with them.

The Wise large value transfer team can help you work out what you need if you’re not completely sure of the paperwork that will apply based on your situation. Plus, you can learn more about the documents Wise needs to verify high value payments here.

How to transfer large amount of money with Wise

When you send a payment with Wise, the recipient does not have to have a Wise account themselves. Instead, you can make a Wise transfer to their bank account.

Sending transfers with Wise is easy, and can be done on the Wise website or via the Wise mobile app. You’ll need to make sure you’ve got any documents that may be required for verification handy in advance, but getting everything started can be done in just a few steps.

Here is how to send large amounts of money with Wise:

1. Log into your Wise account, tap Send money

2. Enter how much you want to transfer, or how much you need the recipient to get

3. Confirm the way you’ll pay, and review the fees and exchange rates offered – any relevant discount will be automatically included in the quote generated

4. Enter the recipient’s personal and banking details – check them carefully

5. Upload the required documents

6. Fund your payment using one of the listed options – usually card or bank transfer

7. Confirm and your payment will get started – you can track the transfer in the Wise app, and you’ll hear from the Wise team directly if documents are needed to move your money

Tips on making large money transfers

Sending a high value payment can be stressful. There are a few things you can do to make sure everything goes as smoothly as possible:

• Check if your own bank has payment limits which may stop you from funding the Wise transfer

• Check if the recipient’s bank has any limits which may stop the payment being received

• Check the Wise transfer limits for the specific currency you need – you may need to send your money in more than one transfer if it exceeds the limit

• Have your documents handy so you can easily photograph and upload them if the Wise team ask for verification paperwork

Wise payment methods for high amount transfers

Wise offers different ways you can pay for your transfer. From Canada you can select to pay by:

• Wire transfer – can be cheap, and often fast

• Debit/credit card – usually a very fast option but the fees may be higher compared to a wire

• Direct debit (EFT) - usually takes 1–2 working days for the money to leave your account, and then 3–4 working days for it to reach Wise

• Interac e-Transfer - can take from 30 minutes to 2 working days to arrive, but may take longer depending on your bank

• Wise Account balance – very fast to get moving, often with low fees

Can I receive large amounts into my Wise account?

Yes. You can receive large value transfers to your Wise account using your local and SWIFT account details.

In most cases, there are no limits on how much you can hold in a Wise account, or how much you can receive into your account using local details.

Related: How to receive money internationally with Wise

How to receive large amounts of money into Wise Account

With a Wise Canada account you can get local and SWIFT account details in a selection of currencies, to receive money to your account.

In most currencies, it’s free to get paid into your Wise account by others, although a couple of key fees do apply which it’s worth knowing about:

• There’s a 6.11 USD fee per transaction for receiving USD wire transfers

• There’s a 10 CAD fee per transaction for receiving CAD SWIFT payments

In both cases, there are other ways to receive payments to your account with no fee - such as by asking the sender to send a non-SWIFT/non-wire payment in a local currency, for example.

Wise customer support for high amount transfers

The easiest way to get in touch with Wise is to log into your account on the Wise app and start an in-app chat.

You’ll be able to speak to someone 24/7, and if you need a phone number to escalate your question you’ll be able to find that here too.

Wise has a specific high value transfer customer support team who will reach out to you if you need support at any stage of the process.

If you have questions, dedicated help is available for high value transfers, which you’ll be able to connect to through the Wise app or by emailing [email protected].

Large amount business payments

Wise Business customers in Canada can also send secure, fast and low cost international payments, including high value payments to 160+ countries. You can send money to a recipient’s bank account, or if they also use Wise, you could send your transfer to the recipient’s Wise account in any of the supported receiving currencies instead.

You’ll be able to benefit from the mid-market exchange rate, with volume discounts on fees if you send around 35,491 CAD or more in any given month.

Let’s look at an example of sending a high value payment to a contractor in the UK, who also has a Wise account. The process for the sender is simple:

1. Prepare any documents you may need to support the source of funds

2. Ask the recipient for their Wise UK account details - you’ll need an account number and sort code

3. Log into your Wise account online or in app

4. Tap Send Money and enter the payment details

5. Add the recipient's Wise UK account information

6. Review everything and confirm to send your payment

If the Wise support team needs any documents from you, they’ll get in touch and you can simply upload an image of the documents needed. Plus, if you’re sending a payment in GBP, to your recipient’s Wise GBP account, the recipient won’t pay any Wise receive fee, so the costs can be as low as possible for you - and free for the recipient.

Required documents for large business payments

Large value business payments may need documents to support them. In some cases – such as sending a payment from investments or a loan – the business documents you need will be fairly similar to those needed by a personal customer. If you’re sending funds accrued through business revenue you’ll need paperwork like bank statements or audits instead.

Here’s a summary of some common documents which may be asked for:

How to track your large transfer with Wise

Once your payment is on the way you can track it by logging into your Wise app. Just log into the app, find the transfer and tap on it, to be taken to the tracking page.

With large value payments it helps to know that it may take up to 2 days for Wise to receive the money, depending on how you pay, and the processes of your own bank or card issuer. Once the payment has been received, Wise will process it as soon as possible for deposit to your recipient’s account.

If you ever have any concerns with your high value Wise payment, open an in app chat to get support 24/7 from live agents.

Conclusion: Transferring large sums of money with Wise

Wise is safe to use for high value payments, for yourself or your business. Wise transfer limits are set high, although they do vary by currency. You’ll get the mid-market exchange rate to convert your currency, and high value transfers may even qualify for a discount on the Wise variable fee which applies.

Before you send your Wise high value transfer you’ll need to make sure you have the documents required for legal verification processes – but after that the transfer is fairly easy to set up, and you’ll be able to track your money every step of the way once it’s moving.

Wise large transfers FAQs

Does Wise have a transfer limit?

Wise has a transfer limit which varies by currency. In some cases, the payment method also matters. If you run into a Wise transfer limit when you set up your payment, you’ll see a message on the screen letting you know. You can then split your payment into several smaller transfers if you need to.

What is the maximum amount you can transfer with Wise?

The Wise limit is set according to the currency you fund the payment in usually. To give some examples, you can normally send up to 1 million GBP if you’re paying in pounds, with no limit at all on CAD transfers.

How to increase Wise transfer limit?

If you’re trying to send a transfer that’s higher than the Wise transfer limit for that payment you might be able to make several smaller transfers, or choose a different way to pay if higher limits apply for different payment types. If you’re ever stuck the Wise high value transfer team can help advise you – just open an in-app chat to get the help you need.