Compare business money transfer services

Discover some of the best ways for you to send and receive a business money transfer internationally.

Updated Sep 14, 2021. What changed?

Fact checked

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 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	Fastest Transfer Speed	Fees (Pay by Bank Transfer)	Learn More
Wise (TransferWise) Business	2 days	From £3.75	Go to site View details	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	loading Fetching your data...
VertoFX Business	24 hours	£0	Go to site View details	Special offer: New customers get $100 trade credit after their first transaction. T&Cs apply. VertoFX sends money via bank transfer at competitive rates and fees in 35+ currencies.	loading Fetching your data...
TorFX Business	24 hours	£0	Go to site View details	TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.	loading Fetching your data...
CurrencyFair Business	24 hours	€3	Go to site 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.	loading Fetching your data...
Currencies Direct Business	24 hours	£0	SPECIAL OFFER ✓ https://www.currenciesdirect.com/en/info/refer-a-friend Go to site View details	CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.	loading Fetching your data...
CurrencyTransfer Business	24 hours	£0	Go to site View details	CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.	loading Fetching your data...
XE Business	24 hours	£0	SPECIAL OFFER ✓ Special offer: £25 Amazon voucher when you refer a friend Go to site View details	XE has fast transfers with no fees and a range of foreign currency tools.	loading Fetching your data...
Universal Partners FX Business	24 hours	£0	Read review View details	Universal Partners FX offers competitive exchange rates and same-day transfers in 100+ currencies.	loading Fetching your data...

Compare up to 4 providers

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 money transfer, you may have many options at your disposal, some better suited than others.

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

One such provider is Wise (formally TransferWise). Its account allows you to make business payments in more than 70 countries. You’ll also be able to 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 transfers

A bank-to-bank transfer may be the most familiar and well-trodden path, but it may not be what’s best for your business. International bank transfers often come with steep transfer fees and poor exchange rates. Some banks charge £20+, for example, while some money transfer services don’t charge a fee at all.

Best for: Paying vendors that only accept bank transfers.

Learn what 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 tax and regulation changes so you don’t have to.

Best for: Paying your borderless employees without dealing with local tax laws and payroll regulations.

Send an international banker’s draft

Failing all other methods, you can send an international banker’s draft. It’s accepted in most countries. Doing so comes with quite a few drawbacks, including comparatively lacklustre security and slow delivery times.

Best for: Times when no other option is available.

Learn about how an international banker’s draft works

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 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 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 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. Just because 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 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 money 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 14 September 2021.

	Money transfer service	Major UK bank transfer
Fee	£1.49	£17 + additional correspondent and recipient bank fees
Exchange rate	1 GBP = 101.09978 INR	1 GBP = 99.82 INR
Transfer speed	Same day	4 days
Amount received	INR 1,010,847	INR 996,503
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 14,344 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 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 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.

When you do a significant amount of business in another country, it can be useful to open up an account with one of the local banks. An international bank account can lower certain costs and make managing invoicing and payments easier.
Being able to hold multiple currencies will allow you to send and receive money like a local. For example, by sending invoices out in a local currency, you can let your payee know exactly what’s due and they don’t risk coming up short because of hidden conversion fees. You can also hold the funds in an international bank account until advantageous exchange rates arise before transferring them back to the UK.
Several payment acceptance services allow you to get paid by credit card. By using a full-service program like Flywire, you can get both payment processing and invoicing solutions, which includes the ability to accept credit cards.
You can also look into setting up with providers that are a little less hands-on like Skrill or Stripe. With these types of payment acceptance services, you’ll need to do a bit more work when it comes to invoicing.

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 guidance and regulations can be confusing for businesses with foreign income, you’ll likely want to seek out a business accountant 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 to 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 to 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 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 offered, how to better measure them against one another and what to do once you choose one.

Frequently asked questions

Why do businesses use international bank transfer services?

A business with overseas interests may have large amounts of money going out and coming in on a regular basis. To order to make these business transfers cost effective, a business may turn to a service that specialises in international money transfers rather than use a bank. These specialised services can offer the best exchange rates, fastest delivery speeds and the highest transfer limits – all at a competitive price.

Can I set up regular payments for my business?

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

How long does an international money transfer take?

The transfer delivery speed will depend on the currency and the country you are sending to or receiving from. Business transfers will generally take between 1 and 5 business days. However, instant or same day transfers may be available.

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 an international money transfer?

When processed through a reputable bank or money transfer provider, your funds are safely tracked until in the hands of your recipient.

Is it cheaper to use a business money transfer service or my bank?

In many cases, yes. A business money transfer service tends to offer better exchange rates, lower fees and faster delivery speeds compared to banks. However, it very much depends on the currencies, the sending and receiving countries and the exchange rate offered at the time of the business transfer. A little research into your options will pay in the long run.

Thank you for your feedback!

Rhys Subitch

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Rhys Subitch is the loans editor at Finder, guiding Americans toward smart borrowing decisions. With over half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info in the lending sphere. They make frequent appearances on Finder's YouTube channel to talk through loan topics that range from the very basics to the latest government assistance programs. Before specializing in lending, Rhys was a personal finance writer for Finder’s credit cards, insurance, banking and mortgage verticals. They hold a BA in sociology and a certificate in editing from the University of Washington, Seattle.

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4 Responses

KadekOctober 5, 2018

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

finder 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

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?

finder 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.