Black Friday saving continues 🥳

Get the biggest bargains of Cyber weekend

Compare international money transfers for your business

Discover some of the best ways for your business to send and receive money internationally.

Updated . What changed?

Fact checked
Promoted

OFX

OFX logo
  • Competitive exchange rates
  • Flexible transfer options
  • Transfer to 50+ currencies
Go to site

Using an international money transfer service instead of your bank when paying international employees or invoices can save you both time and money. We break down the best ways for your business to make international payments to help you get back to work quicker.

Compare international money transfer services for businesses

Use our comparison calculator to assess transfer fees, exchange rates, transfer speeds and more for your business transfer.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 0.00 0.767 USD
7,671
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
CAD 1 Same day CAD 0.00 0.766 USD
7,664
XE Money Transfer can help your business unlock international transfers. Forward contract and limit order options available. Go to site Show details
CAD 0 3 - 5 days CAD 30.00 0.744 USD
7,418
Get help sending business payments 24/7 to over 130 currencies with Western Union. Show details

Compare up to 4 providers

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 Same day CAD 0.00 0.766 USD
3,832
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
USD 150 1 day CAD 15.00 0.763 USD
3,801
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.767 USD
3,833
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
CAD 1 1 - 2 days CAD 45.00 0.77 USD
3,816
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Does your business need to move money internationally?

Take a look at the ways you can make and request payments across borders to figure out which is best for your business. Many options are at your disposal, each with their own benefits.

International money transfers for business

Money transfer providers are specialists that can get your funds from A to B at a low cost. And they’ll likely hit your account — or the account of your supplier, contractor or employee — sooner than other options.

Many specialists also offer forward contracts, limit orders and recurring transfers to save you time and money.

  • Best for: Businesses looking to send quick, cost-effective payments and benefit from additional money-saving features.

Business payments for online sellers

For a service that goes beyond directly sending and receiving payments, a business payment account with a money transfer provider may better suit your business’s needs.

One such provider is TransferWise. Its Borderless program allows you to set up local bank accounts in up to 15 countries so you can pay and get paid as though you were local.

  • Best for: Businesses looking to work with multiple currencies and accounts in multiple countries, all in one place.

Cost-effective international transfer services for online sellers

International payroll services

When you’re looking to pay your employees, you can potentially get everything handled by an international payroll service. It processes the entirety of your payroll and stays up to date on regulation changes so you don’t have to.

  • Best for: Paying your borderless employees without dealing with local tax laws and payroll regulations.

Bank wire transfer

A bank-to-bank wire transfer may be the most familiar and well-tread path, but it may not be what’s best for your business. International wire transfers often come with steep transfer fees and poor exchange rates. Bank of America, for example, could cost up to $50 or more, while some money transfer services don’t charge a fee at all.

  • Best for: Paying vendors that only accept wire transfers.

How to transfer money overseas from your bank account

Mail a cheque

Failing all other methods, you can mail a cheque. Doing so comes with quite a few drawbacks, including comparatively lackluster security and slow delivery times.

You may also run into low maximum amounts for international money orders if you decide to use USPS.

  • Best for: Times when no other option is available.

Why should I compare my options beyond my bank?

For business owners, time can sometimes be more valuable than money. You may think that because it handles your other finances, your local bank is the simplest option when sending money overseas. In truth, international money transfers are no longer a game for only tried-and-true players like banks. Newer companies promise to undercut the competition to earn your business.

Let’s crunch the numbers: Sending a $10,000 business transfer to France

Let’s say you need to send $10,000 to a supplier in France. Here’s what you might face as far as fees and exchange rates as of August 1, 2020.

Money transfer service Major Canadian bank transfer
Fee $0 $50 + additional correspondent bank fees
Exchange rate 1 CAD = 0.623 EUR 1 CAD = 0.610 EUR
Transfer speed Same day 2-5 days
Amount received EUR€6,230.00 EUR€6,069.50
Verdict
  • Better value and faster
  • Slower and more expensive

The bank option is both slower and more expensive when paying your supplier in France. If you went with the money transfer service, not only would your recipient get the money faster, you’d also save more than €160 thanks to stronger exchange rates and lower fees.

Banks may seem like the more convenient option, but once you get an account setup with a money transfer company you can send money with a few clicks.

How can I receive international payments?

How you set up to receive funds is going to depend on what type of service you go with. Banks are likely to give you the option to open the account and get started in-person, while a dedicated money transfer service will probably have less physical locations. You’ll likely also have the options of opening an account over the phone or online.

The process is a bit more involved for business accounts, so set aside at least a half-hour in most cases to get through the entire application. Make sure you have your personal details, business information and any relevant financial information you may need.

Do I pay taxes on international business transactions?

Income from abroad is still taxable in Canada. On top of the CRA’s regulations, be aware of any international tax laws that might apply — especially if you have an international bank account. While there are many treaties around the world to avoid double taxation, you may still be subject to additional taxes.

Because tax law is so involved, you’ll likely want to seek out a certified advisor to make sure everything is above board. Some international business payment solutions like FlyWire can also help you manage your business taxes.

Bottom line

While there’s no one perfect product for making international business payments, knowing how to evaluate solutions and find the best one for your business goes a long way. Compare international money transfer providers to get more details on the services they provide, how to better measure them against one another and what to do once you choose one.

Frequently asked questions

Can I monitor the progress of my funds?

Nearly all money transfer services provide a unique transaction ID that you can use to check the status of your funds. In most cases, you can do this online or by phone.

How safe is a money transfer?

When processed through a reputable bank or company, your funds are safely tracked until in the hands of your recipient. Any transfer over $10,000 CAD needs to be reported to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), but that responsibility generally falls on banks and money transfer companies. Financial institutions may also report any transactions deemed suspicious, regardless of the amount being received.

Can I set up regular payments?

Yes, many banks and transfer companies offer the convenience of recurring transfers.

More guides on Finder

Ask an Expert

You must be logged in to post a comment.

Go to site