Transferring a Large Amount? Here's What You Should Know

Are you looking to invest? Planning on purchasing property overseas? Like any other money transfer, high-value transfers are quick and simple.

Xe Consumer

May 15, 2020 4 min read

We’ve said it before: there are a few details that can have a big impact on how you make your money transfers. One of the most important factors is how much money you want to transfer.

Many people use Xe to make frequent transfers of smaller amounts of money, for things like mortgage fees, sending money to loved ones, or educational bills. But some of you might have more exciting, out-of-the-ordinary plans for your transfers.

Are you looking to invest? Planning on purchasing property overseas? Or do you just want to transfer your USD to EUR so you can build up your funds for potential future travel? Whatever your goal is for your transfer, we’re here to answer your questions and give you what you need to make your money transfer experience as seamless as possible.

What should I know about transferring USD to EUR?

Here’s the good news: just like any other money transfer, making a high-value transfer is quick and simple. Let us answer your questions.

  • How do I make the transfer? Do you have an account? Have you sent a money transfer before? Initiating a money transfer from USD to EUR is no different than initiating any other transfer—which is a quick and simple process.

  • How long will the transfer take? Your EUR transfer will be complete within 48 hours. In most cases, the funds will be received within 24 hours of us sending your transfer.

  • Are there any fees? Good news: the only fee you’ll need to pay is the initial wire fee to provide the money for your transfer. Since we send our transfers through a domestic channel, you won’t be charged any incoming or intermediary bank fees—unlike the fees you incur when you transfer through a bank or other institution. After that single upfront fee, you’ll be completely done.

  • Can I cancel? Yes, you can call and cancel a transfer after you’ve confirmed it. However, because we buy the currency at the time of confirmation (to ensure you’ll get your currency at your quoted rate), when we sell the currency back to the market, there could be a difference in the rates, which could lead to an additional cost for you. Moral of the story? If the markets are moving, double-check everything before you hit confirm!

  • What keeps my money and information secure? With 24 years in the currency business, we take our customers’ security very seriously. We are owned by the NASDAQ-listed Euronet Worldwide, and we adhere to rigorous regulatory standards for every country we operate in.

The bottom line: even if you're transferring a large amount, you can still rest assured that your transfer will be quick and low-cost.

Do I need to provide anything extra?

Depending on the size of your transfer, we may ask you for an additional piece of documentation to provide evidence of source of funds (SOF). If we need this from you, we’ll let you know quickly—you’ll typically receive an email from us within 24 hours of confirmation.

SOF documentation lets us know where the money comes from before being sent to us. The most common sources of funds are savings and house sale.

  • If your money’s coming from your savings, you can provide a bank statement that shows that funds have been in the account for at least 3 months.

  • If your money’s coming from house sale proceeds, you can provide the property sale document or agreement.

Why do I need to pay by wire transfer?

One detail might have stuck out to you earlier in the piece: you will need to provide your money for the transfer via wire transfer. This is because ACH direct debit and card payments can’t make payments of this size, and checks and bank drafts can’t provide this payment either.

If you’ve never sent a wire transfer before, don’t worry. As soon as you confirm your transaction, you’ll receive an email with instructions on wiring. Make sure to keep the following things in mind before your transfer:

  • Funds for the wire need to come from a bank account in your name, and

  • Some banks can’t arrange a wire transfer if you aren’t in the same country, and some banks require you to arrange the transfer in person, at the physical bank branch. Check on your bank’s requirements before you transfer!

Once you’ve sent your wire transfer, you won’t have to wait too long. Wire transfer is one of the quicker methods of payment. We typically receive our customers’ USD funds within 24 hours (and often sooner).

We hope we’ve been able to answer any questions you’ve had about your upcoming transfers. Ready to make your transfer? Visit our Money Transfers page to get started.