Mass International Payments for Business

Xe Business is a great option for bulk payments, covering 190 countries. Conversion rates on transfers start from 1% in most cases, and Xe has no fees - even on larger transfers or bulk amounts.

Transaction details can be imported, exported for editing and updated in the system and there is also an API that works with a number of products like Sage and different levels of Dynamics 365.

The business offering from Xe is centred around improving business functions and streamlining global transactions. The mass payment element of this offering is a very nice extension to this.

Airwallex is an all round international business transfer solution that excels in its batch payment offering. The system offered is easy to use, supports up to 1,000 payments and has a competitive exchange rate offering starting from 0.5%.

The downside is forward contracts aren’t offered, but you can get a clear idea ahead of a payment whether the amount being sent will provide value for money.

Payments can also be set up to be made by whichever method is best suited - through a bank transfer, SWIFT or a local option.

This batch payment functionality sits nicely with Airwallex’s multi-currency account options as well, meaning you can make up to 1,000 ‘local’ payments as well.

Regency FX is a managed service money transfer provider that provides a hands-on service for international money transfers.

Regency FX will work with you to make a mass payment at the best rate, this includes the use of forward contracts where necessary.

The difference between using a managed service like Regency FX, vs a digital only provider like Wise Business, is that the hands on approach can result in better results upon transfer. In effect, you are paying for the service as well.

Payoneer offers up to 1,000 but the amount you pay in fees (which can be up to 3%) might add up. There’s also no forward contracts, so currency risk is higher when using Payoneer.

Where the service shines is its ability to link into different account options and integrations, and add multiple payout options within the same batches of payments.

In particular, Payoneer feels nicely set up for supplier or freelancer payments.

Wise Business offers mass payments as part of its suite that includes multi-currency accounts.

The offering at a cost level is one of the better options available on the market, although it does come with the need to facilitate the process yourself. In comparison, Regency FX’s managed service approach costs a little more overall, but will result in most of the work (beyond organising payments) completed for you.

That being said, for growing businesses with a need to regularly pay suppliers and expenses, the offering from Wise Business fits nicely into its all round product. The company is one of the best money transfer companies in the market at the moment, and its batch payment offering is an extension of this.

Revolut Business offers multi-currency options at its core, but has the ability to also provide a platform for mass payments.

*payments on Revolut come in after thresholds are hit, for sending mass payments, we would assume these payments will always be hit as they start at $1,000.

Whilst businesses can send up to 1,000 payments and the platform is initiative; there are some areas where the account falls down. To access batch payments business will pay a monthly fee. If these payments are international, businesses will then pay a higher exchange rate after $10,000.

Overall, Revolut Business is a decent option if you already use the account - but if mass payments is at the core of what is needed for a new product, there are plenty of other, better, options available.

Sokin offers up to 5,000 batch payments in each transfer, the highest outside of companies like Regency FX where the process is managed through them as opposed to an upload.

With the convenience of the 5,000 limit however, is an extra cost. Exchange rates start from 1.5, higher than the mid-market rate offered by Wise Business and the 0.5% offered by Airwallex. Both of these also have more options within the account overall.

This being said, Sokin does offer fee-free transfers and a multi-currency account with 4 core options (USD, GBP, EUR, and CAD) and APIs to hook the account up with.

Moneycorp is a business money transfer provider operating at the very top of the market. This company has over 40 years experience in international transfers and has a network of banks that allows it to move money in bulk as needed.

The benefit of using Moneycorp for mass payments is that they will work with businesses ahead of time, years even, to determine a forex risk strategy. This strategy will include stop loss or forward contracts as well. These both allow businesses to plan payments, including regular payments, effectively.

There is also an API that can be accessed and built into existing accounting systems to aid in batch payments and the ability to pay invoices or expenses in bulk.

All-in-all, as part of a wider international transfer need, there’s a lot to like about Moneycorp’s mass transfer options.