Compare international money transfers for your business

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

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.

Send money abroad with TorFX

Get bank-beating exchange rates and no fees when you transfer with TorFX.

  • Send money with competitive rates
  • Price-match guarantee
  • Dedicated account manager to help you
  • Send as much as you need with no maximum transfer limit
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Compare international money transfer services for businesses

Table: sorted by promoted deals first
Our table below lets you compare the services you can use to send money abroad. Choose if you want to send under or over £10,000, and you’ll be shown a list of services that can help you.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
Wise (TransferWise) Business
Within an hour
From £3.75

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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
TorFX Business
24 hours
£0

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TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Currencies Direct Business
24 hours
£0
SPECIAL OFFER ✓ https://www.currenciesdirect.com/en/info/refer-a-friend

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyTransfer Business
24 hours
£0

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CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE Business
24 hours
£0
SPECIAL OFFER ✓ Special offer: £25 Amazon voucher when you refer a friend

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XE has fast transfers with no fees and a range of foreign currency tools.
Universal Partners FX Business
24 hours
£0

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Universal Partners FX offers competitive exchange rates and same-day transfers in 100+ currencies.
CurrencyFair Business
24 hours
€3
SPECIAL OFFER ✓ No

View details
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
Wise (TransferWise) for large transfers
Within an hour
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
TorFX
24 hours
£0

View details
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Central FX
24 hours
£0

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CentralFX's dedicated team will guide you or your business from first call to final payment.
Currencies Direct
Within an hour
£0

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyTransfer
24 hours
£0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE Money Transfers
24 hours
£2
SPECIAL OFFER ✓ £25 Amazon voucher when you refer a friend

View details
XE has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Azimo
Within minutes
From £0.99
SPECIAL OFFER ✓ First two transfers free for new customers.

View details
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
CurrencyFair
24 hours
€3
SPECIAL OFFER ✓ Zero fees on your first 10 transfers

View details
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly
Within minutes
From £1.49
SPECIAL OFFER ✓ Free transfers and better exchange rates for new customers

View details
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From £1.99
SPECIAL OFFER ✓ Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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Compare up to 4 providers

Does your business need to move money internationally?

Take a look at the ways you can make and request payments across borders to figure out which is best for your business. Many options are at your disposal, each with their own benefits.

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.

Many 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. 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-trodden 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. Some banks charge up to £25, for example, while some money transfer services don’t charge a fee at all.

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

Learn what wire transfer fees major banks charge – and how to beat them

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.

Send a cheque

Failing all other methods, you can mail a cheque. Doing so comes with quite a few drawbacks, including comparatively lacklustre security and slow delivery times. You might also run into low maximum amounts for international money orders.

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

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 serviceMajor UK bank transfer
Fee£0£20 + additional correspondent bank fees
Exchange rate1 GBP = 97.08 INR1 GBP = 95.77 INR
Transfer speedSame day4 days
Amount receivedINR 97,079INR 93,852
Verdict
  • Better value and faster
  • Slower and more expensive

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.

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4 Responses

    Default Gravatar
    KadekOctober 5, 2018

    Can I not confirm today the money entered in my account, because I really need today’s money, sir?

      Avatarfinder Customer Care
      JoshuaOctober 8, 2018Staff

      Hi Kadek,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      May I know which provider you are with? What you can do is go to their website. Most providers allow you to create an account with them. You can then sign in to your account and then check the status of your transaction.

      Of course, you can also visit your provider’s contact us page. From there, you can ask them directly regarding your transaction status.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    IainMarch 5, 2017

    i have agreed a deal between two businesses for one of them to purchase goods from an EEC supplier to a buyer in China. The good will be paid for on an irrevocable LC when the good arrive in China.

    I will be paid my commission as soon as the LC payment hits the suppliers account.

    How can i protect my payments to make sure they happen as soon as the LC Payment clears in the suppliers account?

      Avatarfinder Customer Care
      noirotsteinMarch 6, 2017Staff

      You could try Halo Financial.

      They do international money transfers for businesses as well as individuals. If you create a Halo Financial account, you’ll be assigned an expert foreign exchange consultant free of charge. Since you have quite a particular need, it may be the best option, as they will be able to find a solution tailored for your requirements.

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