This paper documents sharp segmentation in cross-border financial operations across firms, with those in the top 1st percentile of the size distribution exhibiting a different pattern of internationalization than all others. Using administrative micro-level data covering the quasi-universe of France’s external positions from 2014 to 2018, we show that granular firms display no gravity, currency, or institutional biases and simultaneously engage in foreign investment and foreign funding, often with the same country. In contrast, bottom 99th firms exhibit pronounced biases and internationalize almost exclusively by raising equity capital from a single foreign country while holding no foreign assets. Large fixed costs of financial internationalization—substantially higher for foreign investing than for foreign borrowing—rationalize this segmentation and affect exchange rates. We show that exogenously identified idiosyncratic shocks to granular agents trigger capital flows that affect bilateral exchange rate with destination countries.