Looking for the Best International Money Transfer for Businesses? Here's 6 of them

Whether you’re starting up, scaling up, or running an established enterprise, there are times you’ll need to send or receive payments in foreign currencies. Unfortunately, the costs of currency conversion and cross border transfers can quickly mount up - eating into the profits of even the most successful business. 

Pay less for international transactions, get better exchange rates and cut your admin time with these smart solutions.

Using an international money transfer provider vs a traditional bank

While there are pros and cons to stepping away from your normal bank when you need an international payment, you’ll often find that specialist providers offer lower fees, better exchange rates and a more intuitive service than traditional banks. As specialists in currency services, these providers focus on international payments and similar transactions. This allows them to create streamlined processes, often using an app or online service. 

Many providers operate exclusively online to keep overheads low and pass the savings on to customers in the form of low fees and bank- beating exchange rates.

Not sure if international money transfer services will work for you? Here are some pros and cons to consider:

  • International payment providers operate 24/7 via online and mobile services 
  • It’s often free to open a business account - although you’ll need to check out the full range of fees before selecting a service 
  • Specialist services use bank level security to keep your money safe
  • You’ll usually need to set up and verify an account before you can begin 
  • Different providers have a different range of services on offer, but the products available are usually less extensive than a traditional bank
  • Fees will apply to some services from international payment providers

How to choose the best service?

There’s no one best international payment provider for business. Instead the best service for you will depend on your preferences, the type of business you run, and where you need to send money to. Use our pick of services below as your starting point and compare the features, fees and account types against the options available from your regular bank to help you decide.

International money transfer companies for businesses:

1. OFX

OFX can help business customers send payments to 190 countries in 50+ currencies. The OFX Global Currency Account is designed for small businesses - and there are also solutions in place for more established organisations.

OFX does not charge any upfront fees for the account or currency services, and uses a lower margin than banks typically do for currency conversion. That can mean you save compared to sending money through your regular business bank account.

OFX Account Features

  • Receiving accounts in major foreign currencies for easy payments
  • Send international transfers all around the world with bank beating rates
  • Integrate with Xero for easier accounting
  • Start your account opening process online and complete verification with a phone call and document submission

OFX Account Key Fees

  • No monthly fees and no upfront OFX currency conversion fee
  • Exchange rates used for currency conversion may include a fee

Learn more about OFX

2. Wise

Wise (formerly TransferWise) logo

Wise business accounts are a multi-currency solution for businesses which need to manage their money internationally, with no exchange rate markups or hidden fees. Hold over 50 currencies, send and receive international payments all over the world, and benefit from low, transparent fees which are up to 19x cheaper than PayPal. 50% of payments are instant or take only an hour - and bank level security means your money is safe wherever you’re sending it to.

Wise Account Features

  • Hold and manage 50+ currencies
  • Open local accounts in 8 global currencies for fee free payments
  • Manage your account from the Wise app 
  • Use to withdraw from online payment platforms such as Stripe, make international payments, and more

Wise Account Key Fees

  • Open an account for free, or pay a one time 31 USD set up charge to access full features
  • International payments use the real mid-market exchange rate with no markups
  • 1.40 USD variable fee to send international payments
  • Free to receive international payments with local bank details in major global currencies

Learn more about Wise

3. Xe


XE offers international money transfers and hedging solutions for sole traders and micro businesses, SMEs and enterprise customers. Send a payment with the live exchange rate - known as a spot transfer - or set up a forward contract for future trades using today’s exchange rate. You can also set up a market order to arrange a payment once the exchange rate you’re looking for becomes available.

Xe Account Features

  • Spot transfers, forward contracts and market orders available for international payments now or in the future
  • XE traders and team have 25+ years of experience in foreign currency transactions

Xe Account Key Fees

  • Free to open a business account
  • Send international payments with competitive exchange rates

Learn more about XE

4. TorFX

Torfx Logo

TorFX business account holders get the support and guidance of a dedicated account manager to help them mitigate the risks involved in currency trading. You’ll be able to make

immediate transfers, as well as arranging future payments and setting market orders to move your money once the exchange rate hits your preferred value.

TorFX Account Features

  • 24/7 service with a dedicated account manager
  • No transfer fee and competitive exchange rates
  • Spot transfers, forward contracts, market orders and market insight all available
  • Call to open an account

TorFX Account Key Fees

  • No upfront fees - call an advisor to discuss and get a quote for your transfer

Learn more about TorFX

5. Revolut


Revolut business accounts are designed to suit different types of business customers, from freelancers and small business owners, to large enterprises which require more complex

 financial products. Start with a fee free to open an account, and upgrade to more comprehensive plans as your business grows. The 39.99 USD/month Grow account offers an increased range of features and higher limits, Scale accounts come with extra perks like 50 free international payments a month - and custom enterprise plans are also available.

Revolut Account Features

  • Choose the account plan that suits your business
  • Hold and exchange 28 currencies using the mid-market exchange rate up to pre-set limits for your account type
  • Open USD and GBP receiving accounts
  • Linked physical and virtual debit cards
  • Integrate with your accounting system for convenience

Revolut Account Key Fees

  • Start with a free account, upgrade as your company grows - Scale account is 149.99 USD/month
  • 3 USD per international transfer outside account allowance
  • 0.4% currency conversion markup outside account allowance

6. PayPal


PayPal is a well known global payment provider, with great e-commerce payment services as well as business account options for freelancers and other business types. Take payments online or offline, manage money across currencies and withdraw your balance when you’re ready. It’s good to know that PayPal business account fees aren’t the same as for personal customers - check out the full details before you sign up.

PayPal Account Features

  • Trusted brand with millions of users around the world
  • Flexible options to allow customers to pay through a range of cards, platforms and even cryptocurrencies
  • Online and offline payment is possible 
  • Integrate with accounting platforms, social media tools and other handy time saving options

PayPal Account Key Fees

  • 1.5% fee to receive international payment + currency conversion costs of 3%-4%
  • Fees to receive domestic payments apply - up to 2.9% based on payment type
  • Withdraw to a bank account for free, or pay 1% instant withdrawal fee for faster service
  • Dispute fees may apply, varied by currency

Whether your business is already going global or you’re planning ahead, having a simple and cheap way to send and receive international payments is essential. 

Using your regular bank is possible - it’s familiar and reliable, but it’s often not cheap or fast. Checking out and comparing some specialist international payment providers is the best way to find the one that meets your needs. You could cut your costs, get better exchange rates, and keep more of your profits while you grow your company overseas.

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By Ileana Ionescu Updated July 30th, 2021