HomeHow to Make International Payments for Business

How to Make International Payments for Business

This page overviews how to make international business payments. It is a shortcut to figuring out how to choose a money transfer company for sending and receiving business funds internationally. You will learn how to save money, achieve a faster transfer time than banks offer, get the mid-market rate for popular currency pairs, and access features like spot contracts and mass payments.

Money Transfer Comparison
Fill in the form and we’ll find you the best rates.
United Kingdom

We understand that getting the best deal with international money transfers can be confusing. Therefore, we list every method open to businesses to give you the lay of the land. Then we will provide the best money transfer companies for sending funds internationally. This means you will have access to the best methods for sending and receiving money internationally by the end of the guide. Spoiler alert – the options we recommend include TorFX, Xe, and Airwallex.

What are international payment systems?

Now let’s delve deeper into how international payment systems work. This will give you an overview of the process and the formats in which money can be sent around the world in a business context.

What are the international business payment services?

This section looks at the various types of international business payment services. These are the systems that 3rd parties use to provide the required financial infrastructure for businesses worldwide.

  • Payment processing companies: these are services that allow businesses to accept customer payments. Payment processing companies handle transactions that ensure customers can use various payment methods to complete the checkout process. The fee for the service varies, so businesses need to find one that offers a competitive rate.

  • Money transfer services: specialist transfer providers offer businesses a modern and competitive method of sending money worldwide. They come with advanced features like mass international payments and forward contracts. Some of the best business money transfer services include VertoFX and TorFX.

  • Cash flow management services: cash flow management looks at the money inputs and outputs to optimize the business strategy. These services track how money flows through a business and provides suggestions on how to improve cash flow to help keep the business balances healthy. Poor cash flow is one of the top reasons a business goes bankrupt, which is an important aspect of running a successful company.

  • Gateway service providers: payment gateways are similar to payment processing companies listed above. They handle transactions by taking the recipient's credit card or bank information and communicating with the merchant’s bank to deliver the funds. The quality of a gateway service provider depends on the type of payments they facilitate, the fees, and the transfer sizes they can handle.

  • Online payment tools: businesses need various tools to facilitate online payments. This might be a way of creating user accounts, checkouts, and handling the transactions. The payment processing companies typically provide the payment tools. However, SaaS companies also offer tools that allow eCommerce websites to handle transactions.

What international business payment options are available?

Now let us turn our attention to the most commonly used international business payment options. This list is a great starting point for businesses that want to learn about the available options to improve the financial infrastructure of their operation.

Money transfer companies

Specialist money transfer providers simplify the process of sending money between people, entities, and businesses. They usually operate online only and therefore do not have high overheads. It means they can pass the savings down to the customers through low fees and currency conversion rates that match the mid-market rate. Also, the top-tier money transfer companies are regulated and offer fast processing times.

Steps to get started: you can start sending money with money transfer companies by checking out our Companies page to select a service that matches your requirements. Next, register for an account and enter the recipient's details to send them money. Many money transfer companies allow you to create an account and send money within a few minutes.

Top 3 money transfer companies

Company nameTransfer feeOur review
TorFXNo transfer fee10/10 – Read our TorFX review
VertoFXNo transaction fee6.9/10 – Read our VertoFX review
Xe$2.99 per transfer10/10 – Read our XE Money Transfers review

The companies above were chosen because they provide low fees, or in the case of TorFX and VertoFX no fees, and they are trusted among the customer base. These options also offer business-related features to automate payments.

Multi-currency accounts

Multi-currency accounts typically allow users to receive and send money in multiple currencies. The bank or money transfer companies offering this service are great for international businesses. This means they can receive funds in the buyer’s native currency, which is a positive for them.

Users can usually convert currencies between the accounts. However, the rate is set by the bank or money transfer company. So, businesses should check the rates for the currency pairs of interest to determine if they will be getting a good deal. Money transfer companies like Wise aim to match the mid-market rate for most currency pairs.

Steps to get started: you can receive a multi-currency account by visiting our Companies page and looking for a service that offers a multi-currency account. Below is a table that is your shortcut to 3 companies that offer these account types. In most cases, you receive a multi-currency account just by opening an account.

Company nameTransfer feeOur review
WiseNo transfer fee with balance transfers9.9/10 – Read our Wise review
VertoFXNo transaction fee6.9/10 – Read our VertoFX review
Xe$2.99 per transfer10/10 – Read our XE Money Transfers review

These money transfer companies are recommended for businesses who want to open multi-currency accounts because they come at no extra charge. Also, these services offer good currency conversion rates. It allows businesses to convert currencies within the account without being stuck with lousy rates.

Online payment gateways

Ecommerce store owners need a simple way of accepting customer money that is automated and offers a range of payment options. Online payment gateways are the services that complete this task and contribute to a smooth checkout experience.

Online payment gateways work by reading customer credit card information and communicating with their bank to ensure they have enough funds. The appropriate funds are deducted from their accounts and sent to the merchant’s bank account.

Businesses need to find an online payment gateway that charges a competitive fee, offers multiple payment options for customers, and allows for a fast checkout process. In the table below, you will find three online payment gateways that we recommend.

Steps to get started: online businesses can get started with payment gateways by setting up the infrastructure. This means hosting it on a 3rd party server or preparing your own server. Next, you will need to integrate the payment processor into your website. Each online payment processor has its specific steps that you can find out by reaching out to customer service or reading their FAQ page.

Company nameTransfer feeOur review
PayPalAround 1%Read our PayPal review
SkrillNo transaction fee (high markup)Read our Skrill review
Payza2.90% + $0.30 for recipientRead our reviews

The online payment gateways above were chosen based on their popularity. Customers worldwide have heard about these brand names and therefore would not hesitate to trust them for completing a checkout process. This is especially true of PayPal, which is used by a large portion of online consumers.


Companies can make international business payments with apps if one is provided by the money transfer company they are using. Business money transfer apps can be downloaded from the App Store or Google Play platforms. Also, you can log in using the same credentials when creating an account with the company.

Typically, apps provide the same functionality as their website counterparts. You can send money using the same transfer methods and access features like inspecting transactions. Also, apps have login security protocols to protect user accounts, including fingerprint scans, biometrics, and 2-factor authentication.

Steps to get started: to begin sending business funds via an app, you need to visit our Companies page and look for a service that offers a mobile app. Most top-tier money transfer companies provide apps as part of their service. Next, download the app from the Google Play or App Store platforms.

Company nameTransfer feeOur review
WiseNo transfer fee with balance transfers9.9/10 – Read our Wise review
TorFXNo transaction fee10/10 – Read our TorFX review
Xe$2.99 per transfer10/10 – Read our XE Money Transfers review

The money transfer companies chosen above offer mobile apps with excellent customer reviews. This indicates a high level of functionality and glitch-free experience. For instance, Wise has a user score of 4.2 stars out of 5 on Google Play and 4.6 on the App Store.


Sending money with banks is the traditional way of doing business. Most counties worldwide have regulated banks that are part of the SWIFT network. This allows banks to settle payments, but the fees are not competitive. For wire transfers, expect to pay $20 to $50 per transfer. Also, the processing time can take 2-7 business days, depending on the amount sent and the currencies used.

Banks have higher overheads and a lack of updated features compared to money transfer companies. For instance, it can take days to open a new account, and you may need to visit a physical branch. Whereas with money transfer companies like WorldRemit, you can open an account within 3 minutes and execute your first transfer within 5 minutes.

Steps to getting started: business customers can begin by opening a business bank account. The rules for opening a business account depend on your selected bank. Also, you may require to visit a physical branch to open an account. You may also need to specify what currencies you will be using to open a multi-currency account.

Company nameTransfer feeOur review
Wells Fargo$16 per transferRead our Wells Fargo review
Chase$40Read our Chase review
Bank of America$45Read our Bank of America review

The banks above were chosen because they are some of the biggest names in banking. Many US-based businesses use these banks, serving millions of private customers. They have solid reputations and large asset reserves, which means you can trust them with your money. However, as the table suggests, their fees are high compared to top-tier money transfer companies.

Forex brokers

Forex brokers have access to currency exchange marts to buy and sell currencies. Businesses can use Forex brokers to get the best currency exchange rates. This is important for international businesses that want to reduce costs by lowering the markup margin they have to pay.

Forex brokers are a good choice if they use a money transfer company offering excellent features but bad FX rates. Therefore, you can continue utilizing the benefit of the money transfer company while getting good FX rates from the broker.

Step to getting started: you can get started with Forex brokers by researching the top options and giving each one a try. Look for one with a good reputation for getting the best FX rates for businesses. Also, look for a Forex broker that can easily be integrated with your business.

Company nameTransfer feeOur review
Saxo BankLow8/10

The Forex traders chosen above are some of the most trusted entities in the industry. Also, they charge low fees for trading currencies on your behalf. You can trust them to get competitive rates so your international business can thrive without losing profit when converting currencies.

Challenger banks

As the name suggests, challenger banks are an alternative to mainstream, larger, and more established banks. They typically do not have a physical branch and offer a digital-only experience. They usually offer lower fees, better savings rates, and lower running costs. For example, a US-based challenger bank, Chime, offers an APY of 0.50%, while street banks offer an APY of 0.04%.

Challenger banks also have an edge in terms of features and functionality. The technology-based approach offers businesses more ways to send money while keeping costs low and transfer times short.

Steps to get started: to begin, visit our Guide to Challenger Banks to select an option that matches your business needs. Then you will need to open an account completed online and usually verified on the same day. Next, you can play around with the features and learn the user interface to determine if the bank matches your preferences.

Company nameTransfer feeOur review
RevolutFree between usersRead our Revolut review
Monzo0.26 GBP fixed fee, and 0.35%Read our Monzo review
GoHenry$4.99 per monthRead our challenger bank reviews

The challenger banks chosen above were selected because they offer reasonable fees for international business transfers. Also, Revolut and Monzo are popular with excellent reputations in the industry. You can trust them for regular business transfers for many currency pairs.

How much do international business payments cost?

The amount businesses pay for international transfers depends on the method used, the amount being sent, and the currencies involved in the transaction. The cost for the same transfer can vary significantly between a competitive money transfer service and most banks.

Most fee formats are either fixed or percentage-based, or a combination of both. The fee format varies for each financial institution providing the money transfer service. Another cost is the markup percentage during currency conversions. This percentage refers to the difference between the mid-market rate and the rate you get during the conversion.

How to avoid paying extra for international business transfers: you can achieve zero-fee transfers by selecting companies like TorFX that specialize in business customers. Alternatively, look for money transfer services that charge a mixture of fixed fees and variable rate fees. This ensures that you pay a competitive fee for small and large transfers.

Next, you must choose a service that matches the mid-market rate or charges less than a 1% markup percentage for currency conversions. Key Currency is an example of a company that offers competitive FX rates and can handle large business transfers.

Top 5 services to make international business payments

We understand that it can take a long time to research the best ways to make international business payments. Therefore, we have narrowed down the list to the top 5 options. Choosing any one of these will be a positive for your business.


TorFX offers many business customers features, including a business health check, business funding, and mass payments. Also, you can save money by taking advantage of market orders and spot contracts to get the best rates.

TorFX does not charge transfer fees

but will charge a markup percentage of 1-3% for currency conversions. They are best for larger transfers of over $2,000, which is perfect for business use. Also, the customer service department is open Monday to Saturday and goes the extra mile to help customers overcome problems.


Useful business features like spot contracts and mass payments
No transfer fees
High-quality customer service


Limited transfer payment options
Costly smaller transactions

XE Money Transfers

Xe is considered the gold standard for accurate and competitive FX rates. Therefore, businesses can use Xe for converting currencies without relying on a dedicated Forex broker. Also, Xe is perfect for global businesses since it accepts customers from 170 countries and supports 65 currencies.

The Xe currency converter tool is the best in the market. Also, they provide multilingual access to their platform, and the included languages are English, French, Italian, Portuguese, Swedish, Spanish, Japanese, and Chinese.


170 supported countries with 65 currencies
Multilingual access in 8 languages
Best FX rates in the industry


African and Asian customers not accepted
Limited payout options


Airwallex is a Melbourne-based money transfer service that has eight offices around the world. They use local payment technologies to provide low fees. Also, their currency conversion margin is competitive at around 0.3-0.6%, depending on the currency pair involved in the transaction.

Customers receive a multi-currency account that offers 14 currencies. This enables international businesses to accept and send funds in currencies that allow them to save money. Finally, businesses using Xero accounting software can integrate with the platform, which improves the ease of importing transactions.


Competitive currency conversion markup
Allow for accounting software integration
Can open a multi-currency account with 14 currencies


Limited transfer payment options
No mobile app


OFX has an excellent reputation and simplifies the process of moving money overseas for business customers. They offer a currency conversion markup of 0.4-1.5%, which is more competitive than most banks. Also, they provide flexible transfer options like recurring transfers and forward contracts – perfect for businesses that want to automate transactions while getting a good deal.

OFX allows customers to lock in desirable FX rates, making business easier. It allows companies to manage costs when sending money internationally to pay for stock or services. Also, the experts at OFX provide daily news about FX markets.


24/7 customer service
Locked-in rates
Flexible transfer options


Payment via bank only
Higher transfer thresholds


Wise, formerly known as TransferWise, is an industry-leading money transfer company. Businesses can open a multi-currency account that enables them to convert currencies at mid-market rates. However, there is a minimal fee for the service. Also, the transfer speed is instant between Wise customers, which is excellent for businesses that want to improve cash flow security.

The Wise user interface is easy and intuitive, so businesses can start using the platform effectively from day one. Furthermore, they have a transparent fee structure, so businesses can determine whether they are getting a good deal.


Transparency about transfer fees and FX rates
Matches the mid-market rate
Can send large amounts of money


Only 61 destination countries are available
There is a 1-2 day delay for a small number of transactions

How to receive international business payments?

There are many ways to receive international business payments, including banks, money transfer services, and online payment gateways. The latter is arguably the best method because the process is automated and accepts customers worldwide. Some of the best examples of online payment gateways include PayPal, Skrill, and Payza.

To receive business payments, companies need to provide an online checkout process. This means getting a website builder or software that includes eCommerce functionality. Then add the desired payment options to the checkout process.

Summary: How to Make International Payments for Business

In conclusion, there are many methods of making international business payments. The possible options include money transfer companies, banks, challenger banks, and online payment gateways. To get the best deals consider choosing services like TorFX, Wise, and OFX. They offer the lowest fees and competitive currency conversion rates.

Consider checking out our other guides to learn more about international business payments. You can start with Money Transfers for Small Businesses and Mass Payments. These guides will help your business save money on fees and reduce the transfer time.

Related Content


Are international business payment systems regulated?
Are international business payment systems safe?
How long do international payments take?
What is a Global Payments System?
Artiom Pucinskij
Artiom Pucinskij
Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.