If your business receives or makes payments abroad then you could benefit from engaging the services of an international business money transfer company. Through using an international business money transfer company, you can streamline your payments, integrate with your accounting system in some cases, manage risk and reduce the costs of transfers. Below we have explored what the leading providers of international business money transfers can offer.
The table below gives a quick price comparison of the top UK providers for international business money transfers.
Company Minimum transfer amount Max fee
TorFX Not stated Not stated
Currencies Direct Below £2,000 Not stated
XE Not stated Not stated
Global Reach Not stated Not stated
moneyCorp Not stated Not stated
OFX Not stated Not stated
Transferwise Not stated Not stated
Currency Solutions Not stated Not stated
Azimo Not stated £1.99
CurrencyFair Not stated 0.6% + £2.50
Airwallex Not stated 1%
WorldFirst No minimum 0.50%
* The facts and figures included here come from each company’s website and were accurate at the time of writing but may have since changed. Also, please keep in mind these may not be apples to apples comparisons as each provider offers different solutions. This guide should be used as a starting off point for more research on your part.
Below we profile each of the companies’ services and features in a bit more detail.
Note companies are ranked in no particular order and this no way indicates one solution is better than another.
Topics
1. TorFX
Some of the features and benefits of TorFX ‘s international business money transfers.
- Suitable for import and export payments
- Can also be used to pay foreign payroll and repatriate earnings
- Competitive exchange rates
- No transfer fees
- Offers 24/7 transfers up to £100,000
- Fast transfers
- Provides expert insight and risk management guidance
- Safe and secure service
- Choice of contracts available
- Provides a dedicated account manager
TorFX offers arrange of business money services which include international business money transfers. Their business money transfer service is suitable for businesses that need to make import and export payments, run a foreign payroll and to repatriate overseas earnings.
TorFX helps businesses to counter currency volatility so that you can retain more of your money when making transfers. They offer a choice of contracts include spot contract which allows immediate transfers at the best current exchange rate or forward contract which allows you to fix your rates for up to two years. They also offer 24/7 transfers where you can transfer up to £100,000.
2. Currencies Direct
Some of the features and benefits of Currencies Direct‘s international business money transfers.
- Offers tailored international payments
- Allows you to control the costs of foreign exchange
- Fast and secure service
- Reliable service
- Caters for online sellers
- Offers risk management solutions
- Receive and hold funds in multiple currencies
- Make payments in over 120 currencies
- Integrate with your accounting system
- Provides a dedicated business team
Currencies Direct offers a range of business services which include international payments, risk management and supporting online sellers. They provide businesses with a tailored service for making and receiving international payments which allows you to better control the costs of your foreign exchange.
Currencies Direct offers businesses a fast and secure international money transfer that is a reliable service. They allow businesses to receive and hold funds in multiple currencies and enables you to make payments in over 120 currencies. Their service allows you to simply manage multiple payments as you can either upload the files or integrate it with your accounting system to make payments.
3. XE
Some of the features and benefits of XE‘s international business money transfers.
- Offers a free business bank account that allows international money transfers
- Online service
- Secure and reliable service
- Offers currency risk management solutions
- Access foreign exchange specialists
- Competitive exchange rates
- Spot transfers
- Market orders
- Forward contracts
- Offers a range of tools and market insights
XE is a payment provider that offers a range of services including business bank accounts, international business money transfers and risk management. They offer free business bank accounts which allow you to make international money transfers through their online payment service.
XE offers three types of service or contracts which are spot transfer which allows immediate and quick transfers using current exchange rates, market orders which have flexible transfer time to allow you to automatically make payments when the rates are at their best, and forward contracts to allow you to fix your exchange rates within a three year period.
4. Global Reach
Some of the features and benefits of Global Reach‘s international business money transfers.
- Provides specialist international money transfers
- Suitable for businesses from SMEs to FTSE 100 companies
- Will help you to limit your exposure
- Create currency hedging solutions
- Reduce your costs in handling multiple currencies
- Access to their experienced teams
- Streamline global supplier payments
- Competitive exchange rates
- Reduce your exposure to volatile markets
- Assist you in developing proactive strategies
Global Reach is a foreign exchange specialist that provides services to corporates, institutions and individuals. They provide their corporate services to SMEs through to FTSE 100 companies and help them to limit their exposure and to develop currency hedging solutions to reduce their costs in handling multiple currencies.
Global Reach has designed their service to help businesses to streamline their global supplier payments and access competitive exchange rates. They will give you access to their experienced expert teams who will support you in setting up the best solution for your business and reduce your exposure to volatile currency exchange markets.
5. moneycorp
Some of the features and benefits of moneycorp‘s international business money transfers.
- Offers a global payment platform
- Allows transfers to 190 countries
- Access over 120 currencies
- Make single or bulk payments
- Helps simplify payments
- Automate payments
- Offers API integration
- Has 17 offices across the world
- 24/7 access through self-service
- Offers flexible reporting
Moneycorp offers cutting edge payment solutions through its global payment platform. They offer a platform that enables businesses to make single or bulk payments in a variety of volumes. Transfers can be made to 190 countries in over 120 currencies.
Moneycorp offers three levels of services which are Simple, Complex and High-Tech. Simple offers a free account that allows low volume payments can be made 24/7 through their self-service online platform. Complex offers mass payments that can be made online or over the phone and also offers flexible reporting and flexible file format. High-Tech offers high volume payments with API access, multi-tiered accounts and multi-currencies.
6. OFX
Some of the features and benefits of OFX‘s international business money transfers.
- Designed to help save money on overseas transfers
- Transfer to 190 countries and 55 currencies
- Zero fees and low exchange rates
- Choice of transfer options
- Suitable for all types of businesses
- Online seller option
- Offers a personal service
- 24/7 support
- Secure transactions
- Provides currency market expertise
OFX offers global banking and currency transfers to businesses of all sizes including online sellers. They offer secure transfers to 190 countries in 55 currencies. Their service has zero fees and low exchange rates. They offer a personal service with 24/7 support and provide their currency market expertise to help guide you.
OFX caters for small businesses trading overseas and makes frequent overseas transfers up to £1 million a year. They also offer a service for medium businesses that trade a large number of goods abroad and need to make transfers over £1 million per year. They also cater for online sellers who require accounts to receive specific currencies.
7. Wise
Some of the features and benefits of Wise’s international business money transfers.
- Offers international business accounts
- Allows you to send and receive in multiple currencies
- Make payments and pay employees abroad
- Low fees for receiving money
- Offers a free debit card
- Integrates with Xero
- Offers over 50 currencies
- Caters for all sizes of businesses
- Offers an API solution
- Scalable solutions
Wise (formerly Transferwise) is an international money transfer provider that offers services to businesses. They provide businesses with a free bank account which allows them to send and receive payments in over 50 currencies.
Wise caters for a variety of businesses including freelancers, entrepreneurs and sole traders who can use the account as an alternative to a business bank account and benefit from reduced fees and have a debit card. SME businesses are catered for through their self-service online account so they can make single or batch payments. They also cater for large and enterprise-level businesses who need to make payments over £200,000 per month through their API solution.
8. Currency Solutions
Some of the features and benefits of Currency Solutions’ international business money transfers.
- Offers intelligent currency management solutions
- Fast and secure international payments
- Easy to use
- Offer excellent rates
- No fees on transfers over £3,000
- Spot contracts
- Forward contracts
- Provides specialist market knowledge
- Dedicated portfolio manager
- Register online or over the phone
Currency Solutions offers international money transfer solutions to businesses and individuals to allow them to better manage their currency through an intelligent management solution. They enable businesses to make fast and secure international payments that are easy to set and make. You can apply online or over the phone for an account.
Currency Solutions offer excellent rates and don’t charge fees on transfers over £3,000. They provide a dedicated portfolio manager with specialist market knowledge. They offer a choice of solutions which include spot contract for instant payments at current exchange rates or forward contracts where you can fix the exchange rate for a period.
9. Azimo
Some of the features and benefits of Azimo‘s international business money transfers.
- Assists in reducing the cost of international business payments
- Pay suppliers and staff around the world
- Pay business expenses
- Designed for small businesses
- Fast and low-cost transfers
- Covers over 180 countries
- Supports over 60 currencies
- Has an iOS and Android app
- Offers the first five transfers fee-free
- Transaction fee is £1.99
Azimo is an international payment and transfer provider that offers transfer facilities to over 180 countries in over 60 currencies. Their payment service allows you to pay suppliers and staff around the world and simplify your international business expenses. The claim to offer rates that are up to 90% cheaper.
Azimo offers a simple and fast service for small businesses with low-cost international transfers. They charge a transaction fee of £1.99 but they offer the first five transfers free of charge. They provide their users with a choice of iOS or Android app to help them manage payments on the go.
10. CurrencyFair
Some of the features and benefits of CurrencyFair‘s international business money transfers.
- Offers international payments up to eight times cheaper than the banks
- Transfers from over 150 countries
- Trades in 22 currencies
- Fast transfers
- Provides world-class support
- Allows you to exchange currencies immediately
- Enables you to choose a rate and wait for a match
- Customisable system
- Multi-user access
- Access the platform from any device
CurrencyFair offers an international business money transfer service that allows businesses to pay employees around the world, pay international suppliers and receive international payments. They claim to offer international money transfers up to eight times cheaper than the banks.
CurrencyFair offers fast transfers that are often made within 24 hours. They allow businesses to make and receive payments from over 150 countries in 22 currencies from any device. They offer a platform that allows you trade in two ways – immediate exchanges using bank-beating rates, or allows you to select an exchange rate and wait until it can be matched.
11. Airwallex
Some of the features and benefits of Airwallex‘s international business money transfers.
- Offers a business bank account that allows international transactions
- Receive, pay and hold money in multiple currencies
- Supports transactions in over 130 countries
- Allows over 23 currencies
- Assistance in hedging against currency fluctuations
- Competitive exchange rates
- Batch payments
- Integrates with Xero
- Allows virtual debit cards
- Integrates with online stores
Airwallex offers a business bank account that allows businesses to make international money transfers. The account has no monthly account fees but other fees and charges apply. The account allows you to receive, pay and hold money in multiple currencies and enables you to hedge against currency fluctuations. They support payment transactions in over 130 countries and over 23 currencies.
Airwallex has no international fees and provides competitive exchange rates. They also allow customers to set up virtual debit cards to pay for employee expenses. Their platform allows you to automatically sync your currency transactions with Xero to ensure your accounts are up to date.
12. WorldFirst
Some of the features and benefits of WorldFirst‘s international business money transfers.
- Offers a global payment platform
- Business foreign exchange and international trade
- Make faster and cheaper payments
- Transparent pricing
- Competitive rates
- Spot contracts
- Forward contracts
- Supports businesses of all sizes
- Offers same-day transfers
- Award-winning service
WorldFirst offers a global payment platform that enables businesses to access foreign exchange and trade internationally. They aim to make international supplier payments faster and cheaper for their customers. They provide their services to businesses of all sizes and offer same-day international transfers where possible through their online platform.
WorldFirst provides transparent pricing and competitive rates for international transfers. They offer spot contracts that allow you to make instant transfers at current currency exchange rates as and when you need to. They also offer forward contracts that allow you to fix the rate of your currency transfers over an agreed period.
FAQ
What is the best way to transfer money internationally?
Sending money internationally with an international bank transfer is the best method to use. It is the most secure and the quickest, but it can be more expensive than alternative options.
There are several ways in which you can send money this way. A bank is the most traditional and can send directly from one bank account to another.
However, banks and or bank accounts are not necessarily needed for all forms of international transfers.
Money transfer companies operate alongside the banking industry and can carry out the same task as the banks do but send the money outwith of bank accounts.
Can you use PayPal to transfer money internationally?
Yes, PayPal has several methods that make sending money abroad relatively easy and straightforward, and neither a bank, bank account, or even a PayPal account is needed.
The basic method is simply sending money from one PayPal account to another PayPal account, even if that involves the need to transfer money abroad.
In addition, PayPal has added a service called Xoom, which essentially offers the same services as money transfer companies.
With Xoom, you can send money to a foreign bank account from your PayPal account. You can use your credit or debit card to send money to various other locations, including companies that deal with international money transfers. The recipient does not even need to have a PayPal account.
However, with all international money transfers, you may be subject to transfer fees and exchange rates on one or both ends of the transaction.
How much do banks charge for international transfers?
This can differ greatly from bank to bank as they each have the ability to create their own fee structures for their services.
Generally speaking, most UK banks tend to charge a base fee of 3% to 4% of the amount you intend to transfer.
This is generally much more expensive than what a company that specialises in money transfers tends to charge.
What is a SWIFT payment?
A SWIFT payment is an international money transfer that is sent via the SWIFT network.
The acronym SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications. In banking and financial usage, SWIFT is another word for an international money transfer, as they are used to send money abroad.
SWIFT’s global payment system essentially acts as a messenger service for over 11,000 banks and other financial institutions across more than 200 countries. As a result, the SWIFT network is among the largest financial networks in the world.
Each bank is assigned a SWIFT code, sometimes called a CIC code, and this basically acts as the institution’s phone number, so the messenger service knows where to send the message. Or, in this case, to which bank the money transfer is to go.
How much money can I send internationally?
This is a bit of a tricky and murky question that actually has an easy and straightforward answer, with several qualifiers to remember.
Simply put, in the UK, there is no law restricting or limiting the amount of money that any individual or business can send or receive from overseas.
However, many transfer companies, banks, and financial institutions create their own policies that govern this, and as such, it genuinely is determined by those entities.
It is also worth noting that, while there is no law regulating the amount that can be sent or received via an international transfer, every international transfer will be monitored by the FCA and the HMRC for fraud monitoring purposes.
Is Wise a UK bank?
No, Wise is not a UK bank.
Formerly known as TransferWise, Wise is not a bank at all. Wise is actually considered a Fin-Tech, or financial technology company. In the financial and banking sector, Wise falls into the category of being a non-bank payment provider. The company labels itself as an e-money institution.
Wise was founded by Estonians Kristo Käärmann and Taavet Hinrikus in the UK and is London- based, with its headquarters in Shoreditch.
How good is Wise?
Whether Wise is a good money transfer service or not can genuinely only be determined by those who have used and relied upon it.
By those individuals, Wise is considered to be among the best international money transfer services in the market today.
It is a favourite choice of expats and digital nomads that need to send money and also use it as a payment method. It routinely is stated that Wise offers some of the best exchange rates.
Wise has been awarded an Excellent score of 4.6 out of 5.0 on Trustpilot with over 150,000 reviews.