How to Transfer a Million Dollars (And Avoid Fees)

If you’re thinking about transferring a million dollars for the first time you probably have some concerns and a lot of questions. That's normal. A big transfer isn't like sending a $20 Venmo for dinner. Moving a million dollars feels like a high-stakes operation because it is and because there are lots of variables to consider before deciding how to conduct the transaction.

Each payment method takes a different amount of time. Banks limit the amount you can send in a single ACH transfer. A small typo could leave your money hanging in limbo. Payments can get frozen for compliance reviews. And we haven’t even mentioned the hefty fees that you could encounter when trying to conduct your transaction. 

This article will break down common ways to send a large amount of money, explaining cost, speed and security concerns.

Did you know? Nickel Plus allows you to send ACH transfers of up to $1 million for free. No hidden fees or strings attached. 

Main Challenges When Sending a Large Payment

Many payment processors charge percentage-based fees, often 0.5% to 1.5% per transaction. On a $1 million transfer, that's $5,000 to $15,000—gone before the money even arrives. Some providers layer these percentages on top of flat fees, compounding the cost. And if you're conducting multiple large transfers per year, the losses multiply.

And then there are the payment delays. When you initiate a large transfer, especially one approaching seven figures, your bank may freeze the transaction for review under Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations.

Common triggers include first-time large transfers, transactions that don't match your typical activity, incomplete recipient information, and round-number amounts that appear structured to avoid reporting thresholds. 

Banks may also file a Suspicious Activity Report (SAR) if the transfer's purpose isn't well-documented—which doesn't block your transfer but adds scrutiny and delays. Many reviews are completed in 24-72 hours, but your money can be held up even longer.

Below, we’ll break down the costs and speeds of many common methods for large money transfers.

Choosing the Best Transfer Method for Your Needs

Transfer Cost Comparison for Sending One Million Dollars

Disclaimer: Costs shown are typical ranges. Actual fees may vary by provider and account type.

So which of the above methods is best for your business? Below, we’ll dive deeper into the main ways to transfer large sums, considering how they compare in cost, speed, and accessibility.

Bank Wire Transfers

This manner of transferring money is ideal for businesses that need to conduct transactions quickly. Domestic payments typically settle within 24 hours and usually cost $15-$50.

International money transfers are significantly more expensive, with $50-$80 in upfront fees plus a 3-4% exchange rate markup - potentially $30,000-$40,000 lost on a $1 million transfer.

ACH Transfers

ACH (Automated Clearing House) transfers are often the most cost-effective option for domestic payments and typically run $0-$20 per transfer. 

The main drawback is transfer limits. Most major banks restrict the amount of money you can send in each ACH transaction, though these cutoffs will vary greatly depending on your financial institution and whether you have a personal or business account. (See our complete bank ACH limits comparison for details on the limits imposed by your bank.)

These restrictions come in two forms: 

- a time-based cap, like a daily or monthly limit

- a per transaction limit  

For example, untenured Citibank customers are only allowed to transfer $10,000/day. City National Bank caps transfers at $25,000. Such transaction limits mean transferring $1 million through your bank could require 40-100+ separate payments spread across weeks. 

Payment processors often impose their own restrictions or fees. For example, QuickBooks users pay an uncapped 1% fee on ACH transactions.

Nickel solves the problems caused by both transaction limits and hefty ACH fees. With our simple payment link, you can send up to $1 million per ACH transfer with zero fees, regardless of your bank's native limits. Our business-grade payment infrastructure processes large transfers as single transactions, settling in as little as 2 business days. 

Same-Day ACH

Same-day ACH typically moves funds within a matter of hours. You’ll have to pay an added $10-$25 per transfer. While it’s quicker than standard ACH, the transactions are not instant. 

These payments are capped at $1M and can reach virtually every bank and credit union in the U.S. in less than a day.

Real-Time Payment Networks

Newer systems like RTP (Real-Time Payments) and FedNow enable instant transfers up to $1 million. Funds can arrive in seconds and payments can be made 24/7, but many smaller banks haven’t yet adopted these platforms. You can check whether your institution accepts RTP here. 

While these payment methods allow lightning fast transfers, they come with heightened risk. Once they’re completed, these transactions are irreversible. If you’ve made a typo or sent the money to the wrong bank account, there’s no built-in mechanism to reverse the payment.

Even so, these payments are very useful when you need to send money quickly. And each method outlined above comes with its own security considerations. Below, we’ll discuss the relevant security questions and hangups for each method of moving money.

Security Considerations for Large Transfers

Understanding each payment method’s security infrastructure and how that might affect transaction delivery speed can help you pick the best manner of sending money. 

Wire and Bank Transfers

Banks provide robust protection with fraud monitoring, FDIC insurance, and strict compliance standards. Wire transfers at major institutions are heavily regulated. But large transfers via banks often trigger verification checks and documentation requests that can delay access to funds for days or even weeks, especially if you haven’t conducted a similar transaction previously. 

Once amounts reach seven figures, banks may file a Suspicious Activity Report (SAR) if the purpose isn’t well-documented. 

This doesn’t block your transfer, but it can slow things down. Expect to provide supporting documents before initiating a million-dollar transfer. Most institutions will request proof of where the funds originated, a clear statement explaining the transfer’s purpose and documentation confirming your connection to the recipient.

Payment Processor Security and ACH

While banks used to offer superior transaction protections, modern payment processors have narrowed the security gap with banks. Many use enterprise-grade encryption, insurance coverage, and real-time fraud detection tailored for large transactions. 

Nickel, for instance, combines secure ACH rails with compliance-level monitoring. This means your high-value transfers are protected, but your money won’t be tied up with the unnecessary delays that you’ll often face when conducting transactions via a bank. 

With Nickel’s $0 ACH payments, you’ll also avoid the excessive fees baked into other transfer methods and your money will typically settle within two business days: a significantly faster rate than many other banks or processors.

Real-Time Payments

As we noted above, RTP transactions allow virtually instant payments, but that speed comes with a security risk, because erroneous transactions can’t be clawed back. Even so, RTP fraud rates are remarkably low. According to the Association for Financial Professionals, only 2% of firms reported fraud on RTP or FedNow rails.

RTP networks protect transactions the following ways:

Push-only design: You initiate transfers—no one can pull money from your account without authorization. This eliminates an entire category of unauthorized debit fraud. 

AI-powered monitoring: Many financial institutions now use AI-driven fraud detection for real-time risk assessment. Systems like Mastercard Decision Intelligence assess risk in under 50 milliseconds. 

Cross-bank data exchange: The Clearing House and Federal Reserve have introduced fraud-mitigation frameworks including real-time monitoring and the Fed's ScamClassifier system to track and categorize fraud patterns across institutions.

The Bottom Line: Moving Large Sums Without Big Fees

Transferring a million dollars, or any substantial sum, shouldn't cost you thousands in fees or keep you awake worrying about security.

A quick summary:

• Nickel Plus allows you to conduct ACH transfers of up to $1M without transaction fees. For just $35/month (paid annually), you get unlimited large transfers, no hidden charges.
• Wire transfers offer speed but charge $25-50+ per transaction (and international wires can cost $30,000-40,000 in exchange markups on seven-figure transfers) 
• Traditional ACH is cheap but slow, with frustrating daily limits that force you to split large payments across multiple days 
• RTP and FedNow deliver instant settlement but require extra vigilance since transactions can't be reversed
• Bank relationships still matter for compliance review on large transfers—but shouldn't mean paying premium fees for basic functionality

The right choice depends on your specific situation: how quickly funds need to arrive, your risk tolerance, and how much you're willing to pay for the privilege of moving your own money. For businesses moving significant volume, especially those in any industry where margins are tight, payment fees compound fast. A 1% processing fee on $1 million in annual payments is $10,000 straight off your bottom line.

In many cases, you don’t need to be losing money through the fees that traditional transfer methods charge for carrying out a large payment.

Ready to Stop Overpaying? Nickel offers free unlimited ACH transfers with no per-transaction fees, no percentage-based charges, and no hidden costs. Transfer up to $1 million per transaction with settlement in as little as 2 business days.