Transferring Large Sums: How to Move One Million Dollars Internationally - Inter

Moving one million dollars internationally is not a straightforward transaction and requires detailed planning. When transferring large amounts of money, key aspects such as fund security, compliance with financial regulations, and applicable fees at each stage of the process come into play.

To ensure these funds arrive at their destination without issues, it is essential to have a reliable and specialized provider. This is where Inter makes a difference. With its innovative approach and advanced technology, Inter offers a secure and efficient process for making high-value international transfers.

In this article, we will explain how to execute transfers securely and why Inter is the ideal partner for these types of operations.

What Does It Imply to Transfer One Million Dollars Internationally?

Transferring one million dollars internationally involves several important considerations. First, security is fundamental. Moving large sums of money across borders requires ensuring that the funds not only arrive at their destination but do so confidentially and securely. Additionally, the regulatory requirements are rigorous; each country has its own regulations for capital control and fraud prevention, which means adhering to specific rules both in the country of origin and in the destination country.

Furthermore, it is important to consider the associated fees, which can include processing charges and exchange rates, especially relevant when handling a sum of this magnitude.

Security and Regulations for Large Sum Transfers

The international transfer of large sums is subject to local and international regulations designed to prevent fraud and money laundering. Inter ensures that each transfer complies with these requirements and provides its customers with a secure experience that meets the current regulations in each country.

Security in International Large Sum Transfers

There are essential measures to protect funds during these transactions, notably data encryption and two-step authentication.

• Encryption ensures that sensitive information is coded and can only be decoded by authorized parties, thus protecting transaction details from unauthorized access.

• Two-step authentication adds an extra layer of protection by requiring a second verification, such as a code sent to the user’s phone, before authorizing any movement of funds.

Inter goes further in its security protocols, implementing advanced measures that ensure reliable transactions. Its super app features state-of-the-art technology that protects user information and ensures that each transfer is secure and under control.

Additionally, Inter conducts continuous monitoring and uses advanced algorithms to detect any suspicious activity in real-time, safeguarding funds and the privacy of its clients.

Compliance with International Regulations

Compliance with international regulations is vital when transferring large amounts of money, as these regulations protect both users and the global financial system. In the United States, the Bank Secrecy Act and the Patriot Act are two key legal frameworks governing high-value transfers.

• The Bank Secrecy Act requires financial institutions to record and report suspicious transactions to prevent money laundering and other financial crimes.

• The Patriot Act strengthens measures against terrorism financing by requiring financial service providers to verify customer identities and monitor unusual transactions.

Inter rigorously complies with these and other regulatory requirements, offering its customers a transparent and secure experience. The super app from Inter allows for efficient tracking of each transaction, ensuring all steps are completed according to the law and minimizing legal risks for its users.

Fees and Associated Costs

International transfers of large sums, such as one million dollars, are typically subject to various fees. These include processing charges, which vary based on the bank or service provider, and currency conversion costs if the transfer involves different currencies.

Additionally, some banks may apply extra charges for securing large-value funds. It is important to consider these costs, as they can represent a significant amount when transferring large sums.

Step-by-Step Process for Transferring One Million Dollars with Inter

Here are the basic steps to carry out a high-value transfer:

1. Document Verification: The first stage involves completing identity verification, necessary to comply with international regulations and ensure fund protection.

2. Initiate the Transfer in the App: Once verified, log into the super app from Inter and select the option for international transfer. Enter the recipient's account details and the amount to be transferred.

3. Review and Approve the Transaction: The app provides a detailed breakdown of fees and exchange rates before you confirm the operation.

4. Security Confirmation: To complete the process, you will need to authorize the transaction through two-step authentication, ensuring maximum security.

5. Confirmation Notification: Once the transfer is completed, you will receive a confirmation notification for your peace of mind.

Why Choose Inter for High-Value International Transfers?

Inter stands out as a leading option for high-value international transfers due to its focus on digital innovation, advanced security, and specialized attention.

One of the main advantages of Inter is its emphasis on personalization and efficiency. Users have access to professional assistance and real-time advice to resolve any queries and meet regulatory requirements, ensuring a smooth and secure experience. Additionally, the platform offers attractive rates and favorable exchange rates, significantly reducing costs compared to other money transfer service providers.

Download the super app and discover how its security and efficiency make transferring large sums internationally easier than ever. With Inter, you have the peace of mind of knowing you’re choosing a reliable provider at the forefront of financial innovation.

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Inter (NASDAQ: INTR) is the pioneer financial super app serving over 37.7 million consumers across the Americas. The Inter&Co ecosystem offers a broad array of services, including banking, investments, mortgages, credit, gift cards, and cross-border tools. The super app also boasts a dynamic marketplace, linking consumers with shopping discounts, cashback rewards, and exclusive access to marquee events across the globe. The company is expanding rapidly in the United States, as evidenced by its naming rights sponsorship of the Inter&Co Stadium that hosts soccer teams “Orlando City” and “Orlando Pride”. Focused on innovation and captivating member experiences, Inter&Co delivers comprehensive financial and lifestyle solutions to meet the evolving needs of modern consumers.

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INTER & CO PAYMENTS, INC., doing business as Inter (“Inter”), is a financial technology company, a registered money services business (MSB) and a licensed money transmitter, not a bank (NMLS ID #907330). Massachusetts Foreign Transmittal Agency (License #FT114374-100). Rhode Island Currency Transmitter (License # 20203960CT). Click here to access our NMLS licenses.

Banking services are provided by Community Federal Savings Bank (“CFSB”), Member FDIC and deposits are held by CFSB and Wells Fargo Bank, Members FDIC. Inter is not a depository institution, deposits held at CFSB and Wells Fargo are not eligible for FDIC insurance.

The Inter US Checking account is provided by Continental Bank, Member FDIC. Inter US Checking accounts are FDIC-insured up to US$250,000. Inter US Checking account funds are eligible for FDIC insurance up to the allowable limit through Continental Bank, Member FDIC, and other program banks. Coverage is subject to aggregation of all of each account holder's funds held on deposit at Continental Bank or at each of its program banks. Funds generated through Inter's payment processing services are generally available in the Inter US Checking account balance immediately after a payment is processed. Fund availability times may vary due to technical issues. Inter is not a bank. Inter US Checking accounts do not provide monthly paper statements and do not issue physical paper checks. Inter US Checking accounts are not interest-bearing accounts.

FDIC deposit insurance coverage only protects against the failure of an FDIC-insured deposit institution. If you have an Inter US Checking account, up to US$250,000 of your balance may be covered by FDIC insurance on a pass through basis through Continental Bank, Member FDIC, subject to aggregation of the account holder's funds held at Continental Bank and if certain conditions have been met.

Please see your account information to know where your account is maintained. Inter US Checking accounts at Continental Bank are only available for US residents, upon informing a Social Security or Individual Taxpayer Identification number.

For more information regarding your Inter Account, view the Inter Account Agreement at https://us.inter.co/compliance?interandco-account-agreement .

For more information regarding your Inter US Checking account, view the Inter US Checking Account Agreement at https://us.inter.co/compliance?inter-us-checking-account-agreement .

For more information regarding FDIC insurance, please visit the FDIC website at https://www.fdic.gov/resources/deposit-insurance .

To provide you with the Inter Account and the Inter US Checking account, we share your information with CFSB and Continental. View the CFSB Privacy Notice here and the Continental Privacy Notice here for details.

Mortgage services are provided by Inter US Finance, LLC (NMLS ID #1161874), an affiliate of Inter & Co Payments, Inc.

Securities brokerage services are provided by Inter&Co Securities LLC, Member FINRA/ SIPC , an affiliate of Inter & Co Payments, Inc. and a wholly-owned subsidiary of Inter&Co US Holding. View important information and disclosures here .

If you have any questions or concerns regarding any transaction, please write to us at 501 Brickell Key Drive, Suite 202, Miami, FL 33131, or by email at help@inter.co or by calling us at 1-888-305-7264 .

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The Inter US Mastercard® Credit Card is issued by Continental Bank, Member FDIC, pursuant to a license from Mastercard International Incorporated and may be used wherever Mastercard debit is accepted. The Inter US Mastercard® Credit Card is issued by Continental Bank, Member FDIC, pursuant to a license from Mastercard International Incorporated, and may be used wherever Mastercard is accepted. For more information about the Inter US Mastercard credit and debit cards please see the applicable cardholder agreements here .

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The Inter Mastercard® International Debit Card (“Global Card”) is issued by the international branch of Banco Inter S.A. in the Cayman Islands, authorized to operate as a category “B” banking institution by the Cayman Islands Monetary Authority – CIMA (“Cayman Branch”), pursuant to a license from Mastercard International Incorporated, linked to a US dollar checking account in the Cayman Islands maintained by the Cayman Branch (“Cayman Account”). For more information about the Cayman Account and the Global Card offered by the Cayman Branch, see the Cayman Account and Global Card Agreement, available here .

The Inter Mastercard® International Credit Card (“Global Credit Card”) is issued by the Cayman Branch, pursuant to a license from Mastercard International Incorporated. For more information about the Global Credit Card offered by the Cayman Branch, see the Global Credit Card Agreement, available here .

The Cayman Account, Global Card and Global Credit Card are offered by the international branch of Banco Inter S.A. in the Cayman Islands, an affiliate of Inter, and are not features of the Global Account nor are they offered by Inter & Co Payments, Inc. The Cayman Account, Global Card and Global Credit Card are not available for U.S. customers.

The Cayman Branch will gather your information in order to offer you the Cayman Account, the Global Card and the Global Credit Card. Personal data will be subject to the Data Protection Act of the Cayman Islands, as well as the General Data Protection Law. To learn more about how we protect your personal data, see our Privacy Policy, available at https://inter.co/politica-de-privacidade/ .

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