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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 so you can get back to work quicker.
Compare international money transfer services for businesses
Table: sorted by promoted deals first
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
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 India
Let’s say you need to send £10,000 to a supplier in India. Here’s what you might face as far as fees and exchange rates as of 8 August 2020.
| Money transfer service | Major UK bank transfer | |
|---|---|---|
| Fee | £0 | £20 + additional correspondent bank fees |
| Exchange rate | 1 GBP = 97.08 INR | 1 GBP = 95.77 INR |
| Transfer speed | Same day | 4 days |
| Amount received | INR 97,079 | INR 93,852 |
| Verdict |
|
|
The bank option is both slower and more expensive when paying your supplier in India. If you went with the money transfer service, not only would your recipient get the money faster, they’d also get an extra INR 3,227 thanks to stronger exchange rates and lower fees.
Banks may seem like the more convenient option, but once you set up an account 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 fewer physical locations. You’ll probably 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 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 an international business transfer?
Income from abroad is still taxable in the UK. Also 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 an international business transfer, 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 money transfer provider, your funds are safely tracked until in the hands of your recipient.
Can I set up regular payments?
Yes, many banks and transfer companies offer the convenience of recurring transfers.
Ready to compare rates?
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