- Free B2B international payments
- Send money to 200+ countries in 35+ different currencies
- £100 trade credit for new users. T&Cs apply
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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 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|
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 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.
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.
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.
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.
When processed through a reputable bank or money transfer provider, your funds are safely tracked until in the hands of your recipient.
Yes, many banks and transfer companies offer the convenience of recurring transfers.
Saving enough money to guarantee yourself a comfortable retirement can be complicated. If you’re thinking of investing, a SIPP can be a viable option.
Learn more about the Crypto.com platform in our complete review.
Defined contribution, or money purchase, pensions are the most common way to save for retirement. Here’s what you need to know.
Find the best charge card for your business.
Learn how to compare international money transfer services so you can get the best exchange rates and lowest fees.
Saving time on expense reports and streamlining your cash flow are just a couple of the many perks you could enjoy with a business credit card. Compare interest rates and check your eligibility today.
How to navigate the tricky waters of global payroll management.
Robo advisors are a hassle-free solution to those looking to invest, without the need to research your own investments.
Discover how opening a business bank account could benefit your e-commerce business.
Binaryx offers an intuitive interface for investors to trade a range of crypto and fiat assets.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.