Man makes a money transfer for his business from the airport

International money transfers that won’t break your business’ bottom line

Information verified correct on March 23rd, 2017

Safely and affordably manage your international business payments with money transfers.

For an increasing number of businesses, the days of dealing only within the domestic market are long gone. From suppliers and customers to sourcing and selling products, a modern business must regularly send and receive funds from overseas. But if you aren’t sure how to get the best value for your money, sending funds overseas can become a significant business expense. Read on to learn about the most-cost effective ways to send international business transfers.

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.

Because banks offer a diverse range of financial products and services, their exchange rates can be among the weakest around. Poor exchange rates and high fees — as high as $64 per international transfer — can take up a sizable chunk of the amount you’re sending.

Money transfer services, however, specialize in one thing: sending money overseas. Their work with large volumes of currency means they can beat the banks with competitive exchange rates and minimal to no fees — all good news for your bottom line.


Compare international money transfer services for businesses

Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds overseas with our money transfer partners.

Rates last updated March 23rd, 2017

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Ofx Logo

Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
World First Foreign Exchange
Exclusive offer: $0 transfer fee ... Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.
USD 500 1 day
Rates are always
changing, click to check
your price today
Go to site More
Wyre International Money Transfers
No transfer fees for finder... No transfer fees for readers. Make transfers with Bitcoin.
Rates are always
changing, click to check
your price today
Go to site More
Payoneer International Money Transfers
Ideal for worldwide business payments ... Ideal for worldwide business payments to more than 200 countries and 150 currencies.
USD 20
Rates are always
changing, click to check
your price today
Go to site More
OFX International Money Transfers
Send safe... Send safe, no-limit transfers with no fees and competitive exchange rates.
USD 150 1 day
Rates are always
changing, click to check
your price today
Go to site More

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Case study: James' business transfers

For the past 25 years, James has bought kitchen and bathroom supplies for his homewares store from France. Whenever he’s needed to make an international payment, he’s gone to his bank for a wire transfer. He recently saw an ad for an online transfer service offering significantly better exchange rates than his bank, James decided to compare their fees on a $1,000 payment to France to see which offers the best financial solution for his business.

Major US bankMoney transfer service
Exchange rate1 USD = 0.858 EUR1 USD = 0.877 EUR
Transfer fee$45$5
Transfer methodWire transferOnline bank account transfer
Transfer speed1–3 business days3 business days
Total euros received

With an online money transfer service, James discovers that he can save $40 in fees and send an extra €19 to France.

Which services will let me send international business transfers?

There’s no shortage of providers that allow you to manage your overseas business transactions with international transfers. Major US banks like Wells Fargo, Chase and Bank of America offer this service, as do global brands like HSBC and Citibank.

If you’d prefer to save money with an online transfer provider, you still have several options — OFX, World First, WorldRemit and more. Use our comparison calculator above to weigh their fees and features.
How to buy or start a business overseas

Laws and Legal documents you need when transferring large sums of money

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How should I compare money transfer services?

While exchange rates and transfer fees affect how much you’ll pay, you’ll also need to consider how quickly your money needs to get to where it’s going, among other factors.

  • Exchange rates. Money transfer services skew exchange rates to make a profit. To discover who offers the better rate, look for a company that’s close to the mid-market rate — or the rate banks and transfer services use when trading among themselves.
  • Transfer fees. Find out exactly how much you’ll need to pay each time you send a transfer. Fees will vary depending on where you’re sending the money, how much you’re sending, and even your payment method.
  • Transfer options. In addition to forward contracts and limit orders, some companies offer the convenience of scheduling recurring transfers. Learn which offer them, how easy they are to use and whether they come with extra fees.
  • Transfer speed. If your transfer is urgent, make sure there’s an expedited option.
  • Available currencies. How many currencies does each provider support? Is your currency available?
  • Customer support. If something happens with your transfer, you’ll want help without a hitch. Some services offer live chat in addition to phone and email support.

Money transfer methods for $1000 and $5000 infographic

What is the mid-market rate?

The mid-market rate is what your money’s actually worth compared to another currency. “Mid-market” refers to the midpoint between worldwide supply and demand for that currency. Use this rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best deal.

Case Study: Forward Contracts

Many online transfer companies offer flexible transfer options like limit orders and forward contracts to save you both time and money. Limit orders are transfers that are sent only when the conditions you specify are met, such as your currency reaching a certain exchange rate.

Similarly, a forward contract allows you to secure the current exchange rate for a transaction that will take place up to a year into the future.

Say Bob knows he’ll need to pay his regular French supplier $10,000 in three months. The current exchange rate is 1 USD = 0.88 EUR. But Bob is certain the rate is going to drop within the next three months, and so he places a forward contract to lock in the current rate.

Bob’s hunch proves correct. Three months later, the best rate available on the foreign exchange market is 1 USD = 0.86 EUR. But with his forward contract in place, he sends the $10,000 overseas at his locked-in rate of 1 USD = 0.88 EUR. Which means Bob can send an extra €200 to his supplier just by planning ahead.


Frequently asked questions

In what currencies can I transfer funds?

Most companies support major currencies, like euros, British pounds, Canadian dollars, Singapore dollars, Japanese yen, Swiss francs, Australian dollars, Hong Kong dollars and Indian rupees. But available currencies vary by provider, so shop around for a money transfer service that offers the currencies you need.

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.

Can I set up regular payments?

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

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. 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.

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US International Money Transfers Offers

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HiFX International Money Transfers

Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.

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World First Foreign Exchange

Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.

TransferWise International Money Transfers

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.