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The fastest and usually cheapest way to send money for a business is using a dedicated money transfer provider. You’ll need to setup an account first and depending on the amount being sent you’ll typically need to verify your account before making a transaction

Paypal fees vary depending on the location but are typically much higher than using a dedicated money transfer provider. The fees are made up of fixed fees, currency conversion fees and cross border fees.

The first thing to consider when making an international business transfer is “how does this type of overseas payment differ from a personal money transfer?”

Generally speaking, the main difference between a personal and business remittance is looking at where the funds originated and to who they are being sent. There are numerous ways to move funds from A to B, and both personal and business customers can arrange international payments over the phone, online or in-person, regardless of the method.

The term “personal money transfer” generally applies to an individual customer who endeavors to send money to another individual. Therefore, anyone setting up a personal money transfer would register as a private client when signing up with a money transfer company. 

On the flip side, customers conducting money transfers on behalf of a business should sign up for a corporate account in the interest of financial compliance. 

Whether you are a small business or a more extensive operation, companies of all shapes and sizes can benefit from the bespoke services of a B2B payment platform. This is due to the specialist approach these companies take when moving money overseas on behalf of corporate clients. As a result, B2B service providers are in a better position to offer competitive commercial exchange rates and faster processing times and support large international transfers.

There are many options for businesses to send money overseas. In this section, we will outline them and provide a few examples so you can check them out yourself. This is a good starting point to get the lay of the land when choosing an option for international business money transfers. 

• Banks: businesses use banks because they are considered safe and trusted. Banks that have been around for decades and are regulated provide banks with a safe place to hold money. Some of the best banks for businesses include Chase Bank, Wells Fargo, Bank of America, and Axos Bank. In addition, they usually come with dedicated account managers that can be used for fast and effective customer service when facing pressing issues. 
• Challenger banks: these banks are small and newer banks than the established ones that have been around for a long time. Many of these do not have a lot of physical bank branches if any. Instead, they focus on offering services digitally to cut costs. Examples of the top challenger banks include Nubank, Revolut, Chime, WeBank, Robinhood, Tinkoff, Brex, Sofi, Upgrade, and Monzo. 
• Money transfer services: one of the best ways for businesses to send money internationally is through money transfer services. They offer modern and newer financial infrastructures that provide excellent currency conversion rates, faster processing times, and lower fees. Some top money transfer services for businesses include TorFX, Key Currency, Cornerstone FS, VertoFX, and OFX. 
• Online payment gateways are methods of capturing customer payment data so that funds can be sent from their account to the merchant account. Every online business that wants to accept debit or credit cards needs to take advantage of online payment gateways. The top options include Skrill, Payoneer, Stripe, Amazon Pay, 2Checkout, and Payza. 

Peer-to-peer: This type of payment system allows money from one bank account to be transferred to another using an intermediary service. Typically, users registered to the service have a linked card or bank account. In addition, businesses can take advantage of more ways of accepting payments by offering specific apps that customers use. For instance, in the United States, Zelle and Venmo are popular peer-to-peer money transfer companies. Other options include PayPal and Google Pay.

Many of the leading money transfer providers currently operating in the remittance space offer tailored international B2B transfer services which are safer, faster, and cheaper than the cost of a traditional bank transfer. 

Leading money transfer companies such as TorFX, Wise, and Key Currency specialize in helping businesses move money around the world, offering plenty of flexible options such as spot and forward contracts, market orders, business funding, and multilingual customer support.

Due to the nature of their business, money transfer companies commit 100% of their time and effort to securing the most desirable foreign currency exchange deals for their customers.  In contrast,  banks primarily focus on other financial services such as loans, credit, and online spending.

There are countless providers to choose from, but to make it easier for our customers, we have reviewed the biggest and best in the industry. Head over to our Companies page to check out our full reviews.

Top benefits of using money transfer services for business include:

• Bank-beating business foreign exchange deals

• Fee-free transfers for larger business transactions

• Access to a specialist B2B currency exchange marketplaces

• Set up and monitor currency pairings through FX alerts

• Help with mass international payments for business

• API integration for foreign payments

• Updates on foreign exchange rates and market trends

• Business accounts for balance transfers

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.

Now let us turn our attention to the process of choosing a top-tier money transfer company for businesses. This section includes the factors that should be considered when looking for an excellent service to help with international business transfers. 

• Deposits/withdrawals: ideally, there should be multiple deposit and withdrawal methods from the money transfer service. This offers the flexibility to use the method that matches your business needs. Also, backup options are handy for ensuring the business can continue without setbacks when the primary method fails. 
• Invoicing: automated and easy-to-use invoicing tools are required for businesses. Money transfer companies should provide these tools to help businesses invoice customers to get paid. 
• Tax: business tax is a complicated problem, and money transfer companies must offer a way to summarize relevant transactions. This allows the correct transactions to be grouped so that tax information can be prepared. 
• Currency options: businesses want to offer customers a way to pay in their local currencies. Therefore, the more currencies supported by the money transfer platform, the better. In addition, it means businesses can enter new markets and provide customers with a way of paying that they are familiar with. 
• Regulated: top-tier money transfer companies will be regulated by regulatory bodies like the Financial Conduct Authority. This indicates that trusted 3rd parties have vetted them. 
• Exchange rate: poor currency conversion rates can wipe out a profit margin. Therefore, businesses want a money transfer service that can match the mid-market rate. There is no markup when converting currencies, ensuring businesses get the best rate for current market conditions. Xe is an example of a business-friendly money transfer company that provides outstanding value. 

Businesses need to find an international money transfer method that keeps the costs low, or it will eat into the profits. The most important factors to note when choosing a business transfer method are fees and the exchange rate. 

• Fees and exchange rate: the cost should match the amount sent. For instance, when sending large amounts of money, a low fixed fee is the best format. Competitive money transfer services provide a mix of fixed and percentage-based fees that match the amount you send. Also, bad exchange rates can act as another type of fee. Therefore, it is ideal to find a service that matches the mid-market rate or charges a low mark-up percentage. 
•  Speed: speed can also be another factor that contributes to cost. Generally, slower transfer methods are cheaper than faster ones. This is true for bank transfers, where a premium is charged to decrease transfer speeds. However, top-tier money transfer companies offer instant transfers without charging extra. For example, Wise offers free and fast money transfers. 
• Taxes: in most countries, commercial money transfers are subject to taxes. The amount of taxes that must be paid varies in each country. Therefore, businesses need to find out the relevant laws in the world’s regions where they are doing business. Hiring a business tax lawyer is the best way to ensure appropriate payments are made. 
• Money transfer services vs. banks: overall, business transfers with specialist transfer companies are cheaper than using banks. For instance, bank wire transfers cost $20-$50 per transfer. This fee takes a big chunk of smaller transfers. In comparison, money transfer companies have more competitive fee structures. As a result, they can offer lower fees because of lower overheads. 

In this section, we will explore the top ways of receiving business payments. Customers want to pay in a method they are familiar with, so offering more options ensures that customers do not turn away. 

• Bank transfers: many small businesses choose ACH (Automated Clearing House) processing to receive money. This is a relatively low-cost method of receiving funds from many countries worldwide. However, the funds can take 1-3 business days to process. Therefore, businesses would ideally get funds faster to alleviate cash flow problems. 
• Credit and debit cards: most online consumers love to use cards as the payment method. This means businesses must offer VISA and MasterCard as payment methods to ensure that they can accommodate many customers. However, the fee can be between 1-3% of the transaction amount, which is costly. The speed of receiving credit card payments is instant, which helps with business cash flow issues. 
• Payment gateways: businesses can use payment gateways to provide customers with additional checkout options. Some top payment gateways include Stripe, Skrill, 2Checkout, Amazon Pay, and PayPal. There are different types of payment gateways. Some act as a means of accepting credit card payments, while others allow money to be received within the service account, which can then be withdrawn using methods like a bank transfer.

Regular payments can be set up with companies like VertoFX. Using Verto’s payment scheduler allows businesses to remove inefficiencies from the system. For example, whether a business needs to pay for goods or services, setting regular payments enables them to avoid manually completing the transaction every single time.

International money transfers can be instant or take 2-7 business days – it depends on the method used. Transfers with specialist transfer companies can provide instant transfer speed. For instance, Wise offers balance transfers that take just a few seconds to process. Also, they provide a notification system that keeps both parties informed if there is a delay.

Yes, most money transfer companies offer intuitive notification systems that inform the sender and recipient about the transaction progress. Also, transaction progress is shared using various communication methods. This includes email, SMS, and app notifications.  You can usually choose what notification methods to toggle on and off.

The money transfer companies we recommend are safe and regulated. For example, regulators like the Financial Conduct Authority have given their seal of approval to every international money transfer we recommend. You should check for yourself to determine if trusted 3rd parties regulate the money transfer company you are using. 

Companies that are regulated can be trusted because the financial infrastructure is set up to keep money safe. 

Business-orientated money transfer companies allow exchange rates to be locked and sent later with spot contracts. This means that money will be sent when the desired exchange rate is achieved. The money transfer companies that offer spot contracts include TorFX and VertoFX.

Banks and money transfer companies alike set limits on how much money can be sent internationally. Also, the limits depend on the currencies used and the countries involved in the money transfer. However, business-orientated money transfer companies facilitate larger transfers while keeping the fees low. For example, TorFX only allows for transfers of over $2,000 and charges zero fees.

You can open a business account with no money at specialist money transfer services. This allows you to better understand the customer service and user interface before committing money to the account. Arguably, opening a business account with several transfer companies is a smart idea to find one that matches your different needs.