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Compare business money transfers and international payments for your business

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

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XE

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  • Send money to 130+ countries
  • Competitive exchange rates that are often better than banks
  • XE has transparent fees which are only charged on some transfers
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Using an international business 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 so you can get back to work quicker.

Compare international business money transfer services

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

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX International Money Transfers (Business)
24 hours
$0

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Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
Wise (TransferWise) International Money Transfers Business
Within an hour
From $8.16

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Enjoy high maximum transfers into more than 20 currencies, while saving up to 90% over local banks.
Dunbridge Financial
Dunbridge Financial
24 hours
$0

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Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
CurrencyTransfer for Business
24 hours
$0

View details
Increase business efficiency with zero transaction fees and same-day transfers.
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Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Dunbridge Financial
Dunbridge Financial
24 hours
$0

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Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
CurrencyTransfer
24 hours
$0
SPECIAL OFFER ✓ Minimum transfer of $1,000 for Finder readers (normally £5,000)

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Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE
Within minutes
$3

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XE has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From $2.26

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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Instarem
Within an hour
$1

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Use code HAPPY22 to get USD 22 off your first transfer. Valid for transfers over USD 250 and till 31 January 2022. T&Cs apply.
Instarem offers zero transfer fees on all transfers.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

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Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From $1.99

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Use code Take10USD to get $10 off when you spend $20. Valid till 31 January 2022. T&Cs apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
MoneyGram
Within an hour
From $0

View details
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
OFX International Money Transfers (Business)
24 hours
$0

View details
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
$0

View details
Increase business efficiency with zero transaction fees and same-day transfers.
Western Union
Within an hour
From $0

View details
Western Union sends money online to friends and family in 200+ countries around the world.
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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 business money transfer, you may have many options at your disposal, some better suited than others.

International money transfers for business

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 specialist money transfer 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 that can 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 business money transfer provider may better suit your business’s needs.

One such provider is Wise. 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

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. Typically, banks like Wells Fargo and Chase can charge upwards of $50 for an outgoing wire transfer.

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

Send wire transfers through money transfer companies to save money

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.

Read our international payroll guide to compare your options

Mail a check

Failing all other methods, you can mail a check. 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.

Explore business resources

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 business 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 business 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 business 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. While it might seem that 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 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 business 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 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 July 23, 2020.

Money transfer serviceMajor US bank transfer
Fee$0$25 + additional correspondent bank fees
Exchange rate1 USD = 0.859 EUR1 USD = 0.821 EUR
Transfer speedSame day2-5 days
Amount receivedEUR€8,593EUR€8,189
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 €400 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 for my business?

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 business 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 the US. On top of the US IRS, 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.

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. A bank transfer 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 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 business money transfer?

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.

Can I monitor the progress of my funds?

When processed through a reputable bank or company, your funds are safely tracked until in the hands of your recipient. And if you’re sending money internationally, federal protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees up front and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.

Can I set up regular payments?

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

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