6 Best International Money Transfer Services for Business in 2023
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. Maybe you have suppliers overseas, or work with contractors based in a different country. Unfortunately, the costs of currency conversion and cross border transfers can quickly mount up – eating into the profits of even the most successful business.
This guide looks at some great ways to pay less and get better exchange rates for your international payments – whether you’re an e-commerce seller, a sole proprietor, a freelancer, or a small business owner.
Top 6 Money Transfer Apps for Businesses in US
We’ll get into more detail about each of the top options for international payments for business in just a moment. First, a quick overview of the providers we’ve picked out and why they may suit you, whether you’re looking to pay staff and suppliers, or make frequent business to business international money transfers.
OFX for Business: Global accounts for ecommerce sellers and small businesses, with currency risk management solutions, one off and recurring payments in 50+ currencies
Wise for Business: Multi-currency accounts to hold and exchange 50+ currencies for freelancers and businesses of all types, with local receiving accounts for up to 10 currencies
XE Money Transfer: Send payments and access currency risk management products, with easy online services
TorFX: One off and recurring transfers, currency risk management solutions and a phone service for times you want to talk through your options
Revolut Business: Range of different price point accounts, based on the business needs, with low transfer fees and no-fee currency exchange for some account plans
PayPal Business: Huge and popular provider with a range of online and offline payment solutions, holding accounts and cards
Top 6 International money transfer companies for Businesses
| Providers | Business Accounts & Debit Cards | International Payments Fees & Rates | International Transfer Speed & Safety | Sending & Receiving Transfer Limits |
|---|---|---|---|---|
| OFX | Business accounts available for holding, receiving and sending payments Debit cards not available | No transfer fee Exchange rates include a small markup | Most payments arrive in 1 – 2 days Safe and regulated provider | Usually unlimited |
| Wise | Business accounts for holding, receiving and sending payments and business debit cards are available | Low transfer fees, and the mid-market rate | 50%+ of transfers are instant Safe and regulated provider | Limits typically around the equivalent of 1 million GBP |
| Xe money transfer | Accounts for sending transfers only – no receiving facility Debit cards not available | No or low transfer fee Exchange rates include a small markup | Delivery times vary by destination Safe and regulated provider | Usually unlimited |
| TorFX | Accounts for sending transfers only – no receiving facility
Debit cards not available | No transfer fee Exchange rates include a small markup | Delivery times vary by destination Safe and regulated provider | Usually unlimited |
| Revolut | Both accounts for holding, receiving and sending payments and debit cards are available | 3 USD transfer fee 0.4% currency conversion fee outside of plan limit | Delivery times vary by destination Safe and regulated provider | Limits may apply based on destination |
| PayPal | Both accounts for holding, receiving and sending payments and debit cards are available | 5% transfer fee Exchange rates include a 3% – 4% markup | Transfers can arrive instantly Safe and regulated provider | Variable limits apply based on payment type |
The exact services available from each of our preferred international money transfer services can vary based on your account type, and the sort of business you run.
Some accounts are more suited to sending payments only, while others are more feature packed, including options to receive, hold, spend and exchange a range of currencies. However, with such a range of options to pick from we’re sure you’ll find a provider to suit your business needs.
1. OFX for Business
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 organizations.
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 Business 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 Business Account Key Fees
- No monthly fees and no upfront OFX transfer fee
- Exchange rates used for currency conversion may include a fee
2. Wise Business
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 40 currencies, send and receive international payments all over the world, and benefit from low, transparent fees.
You’ll also get local bank details for up to 10 currencies to receive payments conveniently, and you can order debit and expense cards for yourself and your team.
50% of Wise payments are instant or arrive in seconds, and bank level security means your money is safe wherever you’re sending it to.
Wise Business Account Features
- Hold and manage 50+ currencies
- Open local accounts in up to 10 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 Business Account Key Fees
- Open a Wise 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
- Variable fee from 0.43% to send international payments
- Free to receive international payments in 9 currencies with local bank details in major global currencies (only for USD wire transfers, there is a 4.14 USD fee applied per transaction)
3. Xe Money Transfer
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
4. TorFX
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
5. Revolut Business
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 opening an account with no-fee, 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 no-fee international payments a month – and custom enterprise plans are also available.
Revolut Business 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 Business Account Key Fees
- Open an account without any fees, 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 Business
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 Business 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 Business Account Key Fees
- 1.5% fee to receive international payment + domestic payment fee + currency conversion costs of 3%-4%
- Fees to receive domestic payments apply – up to 3.49% based on payment type
- Withdraw to a bank account with no-fees applied, or pay 1% instant withdrawal fee for faster service
- Dispute fees may apply, varied by currency
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.
You’ll be able to pay for your international transfer in USD – often using a local ACH or a card – and have it deposited into your recipient’s account easily. Some providers also offer your own local bank details, too, so you can get paid by clients and customers in a range of currencies.
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:
Pros:
- 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
- Some providers have additional features, like linked payment cards and local receiving accounts
- Specialist services use bank level security to keep your money safe
Cons:
- 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
What is the best way to make international payments for business?
Not sure how you should make your international business to business transfers? Or maybe you need to pay your staff overseas? Here are some of the most common ways to make international business payments.
- Wire transfer/bank transfer: Banks can usually facilitate wires all over the world – but the fees can be high and you’ll often get an inflated exchange rate
- Sending money using a credit card: This can be an expensive option as you’ll pay a cash advance fee – but you’ll be able to spread the cost across several months if you need to
- Money transfer companies: Online and in-app specialist services can often offer low fees and exchange rates which beat the banks
- Use a multi-currency business account: Having a multi-currency business account from a specialist means you can send payments, get paid, and hold foreign currency balances – this could cut your overall costs
- Sending checks: Old school checks aren’t usually a great idea for international transfers, as they take a long time to arrive of you mail them, and come with risks and costs
Before you decide how to send your international transfer, compare your own bank’s payment options against alternative services like Wise, OFX and TorFX. You may find you can get a lower overall fee with a specialist.
Looking to receive international payments? Read our guide on best ways to receive money internationally.
How do I transfer money internationally for my business?
Steps to take when sending international payments, usually varies between providers. But usually, it looks like this:
- Choose the method to send payments overseas (bank, specialist money transfer provider, PayPal, etc.)
- Choose a provider to send your payment with
- Open an account with that provider
- Setup your transfer with amount, choose the currency
- Enter your recipients details
- Choose payment method, and send your money in
- Your money will be converted and sent out
Most providers like Wise and Revolut, have mobile apps that you can easily track your transfer with. If you have the options on, they can send an instant notifications or emails too. Read our How to send money internationally guide to learn more.
How to avoid high fees on international business transfers
Sending money overseas is always going to involve paying some fees – but you may be able to cut the costs of transferring money internationally for your business with these ideas:
- Check the exchange rate your bank offers against the Google rate, to make sure you’re getting a good deal
- Look for a bank account which waives or reduces international transfer costs
- Consider getting a multi-currency account from a provider like OFX or Wise, so you can hold foreign currencies and avoid unnecessary conversion charges
- Compare your own bank against specialist services like Wise, OFX, TorFX and Xe to see if you can save money
How to choose the best money transfer service for your business
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.
Here are a few considerations when you’re choosing which service suits you:
- Does the provider support your destination country and currency?
- What’s the transfer fee, and what exchange rate will you get?
- Are there any third party fees to pay?
- How fast will your transfer arrive?
- What’s the provider’s customer service offer like, in case you have questions or problems?
Specialist services like Wise and Xe offer instant online quotes to make it easy to compare the fees and rates you can get for your transfer, while other providers like OFX and TorFX can help you with a phone service if you need to talk through your business transfer options. Depending on the payment you need to make, these can be great options for cutting your international transfer costs.
Conclusion: Best Apps to Make International Business Payments
When you’re sending an international business transfer you can usually cut your costs by using a specialist service – and having a provider which works online and in-app can also make life more convenient. Ultimately there’s no single best provider for international business payments, but it’s usually pretty easy to compare a few options to see which suits your specific needs.
Check out providers like Wise if you want to hold and convert currencies with the Google rate, OFX for a helpful online, in app and phone service, or Xe for great global coverage.
Best Money Transfer for Business FAQs
What is the best app for transferring money for business payments?
There’s no single best app for transferring money for business payments. Different providers have their own features and fees – but you can easily compare a few and get instant online quotes to see which is the best value for your specific payment.
Which money transfer app is best for small businesses?
The best money transfer app for you will depend on your personal preferences and the type of transfer you need to make. The good news is that money transfer services like Wise, OFX and Xe can often present better value than using a bank for an international payment, with intuitive ways to send money with just your phone.
What is the best way to send money to a business abroad?
To find the best way to make an international business to business payment you’ll want to review a few providers based on their coverage, speed and overall costs. Specialist services may work out to be faster and cheaper than using your normal bank.
What is the best way to make payments to foreign contractors?
When you need to pay a foreign contractor, it’s usually convenient for the recipient if you can have the funds deposited right into their bank account. That can be done through your normal bank – or you can pick an international money transfer service instead.
What is the best way to accept international payments?
Most banks will allow incoming international wires, although you may pay a receiving fee, and there could be a currency conversion charge. An alternative is to open a multi-currency business account from a provider like Wise or OFX, where you can receive payments in a foreign currency and hold them until you next want to make a payment in that currency. This can cut your overall costs.
