There are many money transfer services to choose from and to save you time, we have narrowed down the list to the top 3. We have spent time researching each option based on what businesses need from a competitive money transfer service. Choosing any of these is a good deal, but read the brief overviews below to help you find a service that matches your needs.
1. TorFX
TorFX is arguably the best money transfer service for businesses because they offer no transfer fees. Instead, they charge a 1-3% markup on currency conversions, and TorFX supports 60 currencies – perfect for international businesses.
Also, TorFX provides flexible transfer options for businesses, including mass payments and spot contracts. This allows international companies to wait until they get a preferred currency conversion rate before transferring funds. Customer support is another positive of TorFX since they go above and beyond when offering help.
Pros:
- No transfer fees
- Excellent customer support
- Offers business-friendly transfer options like spot contracts
Cons:
- The exchange rate is high when transferring under $2,000
- Limited to bank transfers
2. Xe
Xe is a top-tier money transfer service perfect for international businesses that want to save money on exchange rates. They have extensive global coverage of over 170 countries and accept almost any currency you can think of. This is perfect for businesses with customers worldwide and requires access to markets that most money transfer services neglect.
Xe facilitates the transfer of all sizes, which is ideal for businesses that want to process small and large transactions alike. They have a fair fee structure and do not charge a significant markup percentage. This allows businesses to send money internationally without expensive fees that would have to be paid at banks.
Pros:
- 170 countries and 65 currencies available with live rates
- Multilingual accessibility in 8 languages
- The most reliable foreign exchange tool in the industry
Cons:
- Asian and African customers cannot access Xe
- The payout options are limited
3. Airwallex
Airwallex started as a cheap method of allowing businesses to send money internationally. It also acts as a multicurrency payment gateway that will enable customers to be accepted worldwide. Therefore, Airwallex allows companies to grow without borders.
Pros:
- Transactions in the local currency are free of charge
- The currency conversions rate markup is 0.3% to 0.6%
- Customers can open global accounts and handle up to 14 currencies
Cons:
- There is no mobile app
- Limited transfer payment options
Overall, the three money transfer companies above are excellent choices for any business that needs to send and receive money abroad. The low fees and competitive currency conversion rates are the highlights that allow businesses to save money on transfers.