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Compare business money transfers

Discover some of the best ways for you to send and receive a business money transfer internationally.

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By

Rhys Subitch

&

Zak Killermann

Updated

Fact checked

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 to make an international business transfer from Ireland so you can get back to work quicker.

Compare international business money transfer services

Our table below lets you compare services you can use to send money abroad. Compare fees and exchange rates from different money transfer services, and when you have made your choice, click Go to site.

1 - 10 of 10
Updated regularly
Name Product Fastest Transfer Speed Fees (Pay by Bank Transfer) Offer
Wise (TransferWise)
Wise (TransferWise)
24 hours
From 0.41%
Go to site
View details
CurrencyFair
OFFER
CurrencyFair
Within minutes
From €3
New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
Go to site
View details
XE Money Transfers
XE Money Transfers
Within minutes
From €0
Go to site
View details
Atlantic Money
Atlantic Money
Within minutes
€3
Go to site
View details
Revolut
Revolut
Within minutes
From 0.3%
Go to site
View details
WorldRemit
WorldRemit
Within minutes
From €0
Go to site
View details
TransferGo
TransferGo
24 hours
From €0
Go to site
View details
Remitly
Remitly
Within an hour
From $2.99
Go to site
View details
OFX
OFX
24 hours
From €0
Go to site
View details
Panda Remit
OFFER
Panda Remit
Within minutes
$0
View details
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Does your business need to transfer money internationally?

There might be a number of reasons why your business needs to transfer money overseas. Here are the most common:

  • Paying a supplier or vendor
  • Paying international contractors or employees
  • Paying commercial bills

How do businesses make international payments?

Take a look at the ways you can make and request payments across borders to figure out which is best for your business. Depending on the reason for your money transfer, you may have many options at your disposal, some better suited than others.

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 such as banks.

Many specialists money transfers 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 Wise (formally TransferWise). Its account allows you to make business payments in more than 70 countries. You’ll also be able to 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.

Bank transfers

A bank-to-bank transfer may be the most familiar and well-trodden path, but it may not be what’s best for your business. International bank transfers often come with steep transfer fees and poor exchange rates. For example, a bank might charge administrative and processing fees while some money transfer services might not charge a fee at all.

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

Send a bank transfer overseas

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 tax and regulation changes so you don’t have to.

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

Send a cheque

Failing all other methods, you can send an international cheque. It’s accepted in most countries. Doing so comes with quite a few drawbacks, including comparatively lacklustre security and slow delivery times.

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

How do I find the best money transfer service for my business?

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 and most obvious option when sending money overseas. In truth, international money transfers are no longer a game for only tried-and-true players such as banks. Newer companies and online money transfer providers promise to undercut the competition to earn your business and will usually deliver your money to recipients faster than the banks can.

Take a closer look into the following areas to find the best money transfer service for your business:

  • Exchange rates. You may see a great exchange rate being advertised but you need to make sure that the rate you see is the rate that you receive. The mid-market exchange rate is the best rate you can receive – it’s the rate at which banks buy and sell a currency for. However, many banks and some money transfer services will have their own exchange rates, which are often worse than the mid-market rate. This can make a huge difference if you are regularly sending large amounts overseas.
  • Fees. Check the fees carefully. Just because there are no fees to pay, it’s more than likely that the exchange rate will have a large margin added to it. Your business transfer might be free but how much more are you having to pay because of a weaker exchange rate?
  • Discounts. Many money transfer services might offer discounts on the transfer fees or waive the fees altogether when you send larger amounts regularly.
  • Forward contracts and limit orders. Find out which, if any, tools are on offer from a provider such as forward contracts or limit orders. Forward contracts allow you to lock in an appealing exchange rate for future money transfers while limit orders allow you to wait until you find a better exchange rate and then lock it in for your transfer.
  • Compare. Finally, compare several money transfer providers before choosing one. Do your research to find a provider that offers reliable and affordable business transfers.

Let’s crunch the numbers: Sending a €10,000 business transfer to the US

Let’s say you need to send €10,000 to a supplier in the US. Here’s what you might face as far as fees and exchange rates as of 25 November 2021.

Money transfer serviceMajor Irish bank transfer
Fee€41.89€20 + additional correspondent bank fees
Exchange rate1 EUR = 1.10 USD1 EUR = 1.07 USD
Transfer speed1-2 days2-5 days
Amount receivedUS$10,953US$10,678
Verdict
  • Better value and faster
  • Slower and weaker exchange rate

Although the bank has lower fees, it is both slower and more expensive when paying your supplier in the US. If you went with the money transfer service, you’d pay a higher fee but your recipient would get the money faster. You’d also send US$250+ more than the bank thanks to stronger exchange rates.

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?

Your option for receiving 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 fewer physical locations. You’ll probably also have 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 half an 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 Ireland. On top of Ireland’s Revenue, 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 or your recipient may still be subject to additional taxes.

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

What are the hidden costs of an international business transfer?

When sending a business money transfer, you may be quoted one fee on top of the amount you want to send. But if you look closer or ask for a breakdown of this fee, it could relate to a number of hidden fees relating to the following:

  • Poor exchange rates. When dealing with popular currencies, you might get a great exchange rate from a provider. However, that same provider might add higher margins to the exchange rate on exotic currencies resulting in you spending more. Find a business money transfer service that offers the best exchanges for the currencies you use the most.
  • High fees. Is there a flat fee for your business transfer or a percentage of the total amount? And do you have to pay to receive a business transfer from overseas? Depending on the nature of your business and how you operate, you may want to compare flat fees against variable fees to find the most cost-effective option.
  • Transfer delivery speeds. Business transfers can usually be delivered within 1-5 business days. If you want your transfer to arrive sooner, then you’ll pay for a faster turnaround. While instant and same-day transfers are available with some services, you could pay more for these options.
  • Payment method. How you pay for your business transfer can make a difference to the overall cost. Sending money from your bank account tends to be the cheapest option while making a payment with a credit card could mean higher fees.

Bottom line

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

Frequently asked questions

Why do businesses use international bank transfer services?

A business with overseas interests may have large amounts of money going out and coming in on a regular basis. To order to make these business transfers cost-effective, a business may turn to a service that specialises in international money transfers rather than use a bank. These specialised services can offer the best exchange rates, fastest delivery speeds and the highest transfer limits – all at a competitive price.

Can I set up regular payments for my business?

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

How long does an international money transfer take?

The transfer delivery speed will depend on the currency and the country you are sending to or receiving from. Business transfers will generally take between 1 and 5 business days. However, instant or same-day transfers may be available.

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 an international money transfer?

When processed through a reputable bank or money transfer provider, your funds are safely tracked until in the hands of your recipient.

Is it cheaper to use a business money transfer service or my bank?

In many cases, yes. A business money transfer service tends to offer better exchange rates, lower fees and faster delivery speeds compared to banks. However, it very much depends on the currencies, the sending and receiving countries and the exchange rate offered at the time of the business transfer. A little research into your options will pay in the long run.

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