Business money transfers
Many businesses need to send money, or receive payments from, overseas. International business money transfers offer a fast, easy and cost-effective way to do this.
This guide to business money transfers tells you everything you need to know about this method of sending cash abroad.
How much do business money transfers cost?
Using your bank to send money overseas can result in high commission and administration charges. Most high street banks charge at least £20 per transaction.
Together with the poor exchange rates many banks offer, these fees can push the cost of a large international transfer into hundreds of pounds.
Fortunately, you can slash the cost of international business transfers by using a foreign exchange specialist rather than a high street bank. There are lots of companies offering international business money transfers.
What are the advantages of business money transfers?
Choosing to send money abroad via a market-leading international transfer service should mean you get a lot more for your money.
If you are worried about the exchange rate moving against you, it is also possible to fix a future payment at the current rate – thereby removing the risk of the cost of the payment going up due to sterling falling, for example. And for those keen to make the most of rising exchange rates, many companies offer rate alert services and the opportunity to set the exchange rate (for example within a few decimal points of the current rate) for a transfer to be made.
In addition, many transfers can be arranged online or over the phone, and the money should generally arrive at its destination within a few days at most.
What are the disadvantages of business money transfers?
Most of the currency specialists will only arrange transfers of at least £250, while transfers of less than £5,000 may attract higher fees. Many companies will also only accept bank transfers, rather than debit card payments, for example, while some are not FCA-authorised, meaning you could end up out of pocket if something goes wrong.
Finally, it is worth noting that you will generally have to pay commission – or a fee of some kind – to transfer money overseas, whichever company you use. The good news, however, is that you can minimise this cost by shopping around for the best deal.
Finding the best business money transfer
Shopping around for the best deal can save you hundreds of pounds on larger money transfers, with the difference between the deals offered by even the more competitive players on say £15,000 hitting well over £100.
MoneySuperMarket’s international money transfer tables take the legwork out of finding the cheapest way to make an overseas business payment.
All the currency companies listed are also FCA-authorised and regulated, giving you the security you need when transferring cash in this way.