After investing countless evenings and weekends into your side hustle, your hard work is finally paying off. Revenues have enabled you to recoup your initial investment, allowing you to focus on scaling your company.
As you take your business international, though, you’ll face a significant obstacle – the cost of money transfer. Every time you pay an outsource or purchase equipment, you’ll have to exchange currencies on the Forex market.
As a savvy entrepreneur, you already know banks offer poor value. Losing up to 5% of each transfer will starve an organization of badly-needed capital.
However, consumer-focused money transfer companies – like TransferWise – might not be the best choice for your business.
If you frequently send large amounts of international transfers, you’ll need specialized tools, competitive conversion rates, and robust customer service. In today’s article, we’ll cover five money transfer firms that cater to the specific needs of SME clients.
Top 5 Best International Money Transfers Companies
Choosing a money transfer firm is a vitally important business decision. If you go with the wrong provider, they could cost you thousands of dollars annually.
After conducting intensive research, we’ve shortlisted 5 best international money transfer companies that do an outstanding job of serving business clients. Check them out below.
Compared to the competition, Moneycorp is a money transfer veteran. This London-based company has been providing businesses an alternative to the banks since 1979.
In that time, they’ve forged relationships with 15 rock-solid liquidity providers. These arrangements allow them to offer some of the best rates in the industry. Need to send cash to multiple accounts daily? Their platform provides functionality for mass payments.
Finally, the Forex market is a shaky place these days. From the Trump trade wars to Brexit, it’s near impossible for the average business owner to know where prices are headed. Moneycorp keeps an unblinking eye on markets so they can offer actionable advice to their customers.
2. Currencies Direct
Currencies Direct is another player that has had skin in the game for decades. They have moved money for over a quarter million unique customers since their founding in 1996.
In the 20+ years, they’ve been in business, they’ve continually adapted to the needs of their customers. One growth area: seller accounts. The rise of e-commerce has made selling on Amazon and other platforms an accessible business. However, e-merchants get skinned every time they use Amazon currency tools or PayPal to repatriate profits. Currencies Direct provides a unique solution – local collection accounts. Rather than pay extortionate rates through the previously-mentioned players, sellers pay far more favorable prices with Currencies Direct.
Currencies Direct doesn’t stop there, though. They also employ dedicated dealers – these professionals work with you to optimize your payments process. By analyzing priorities, finding efficiencies, and flagging risks, they will save you money upfront, and in the long run.
In 1998, Matthew Gilmour was shocked at how badly Australian banks were gouging entrepreneurs on international money transfer. So, working from his garage in the northern suburbs of Sydney, he launched OzForex.
Fast forward 20 years. Now known as OFX, this money transfer firm has become a favorite among business owners who regularly transfer significant sums. In 21 years, OFX has amassed more than one million customers and moved over 119 billion USD in capital.
What can OFX offer your business? They can process expedited payments to vendors and outsourced employees. They offer the capability to send up to 500 transfers at once. And most importantly, they offer hedging tools.
With markets as rough as they are, a transfer worth 10,000 USD could plunge to 9,700 USD tomorrow. Maintain confidence in your operation with forwarding contracts. Through this tool, you’ll be able to lock in a fair exchange rate. No matter what the market does, your receiver will get the agreed-upon amount, guaranteed.
Not long after people started using the World Wide Web, XE.com came into being. Word spread fast that this site made it easy to know the real rate of exchange. For years, it became an indispensable tool for entrepreneurs worldwide.
Unbeknownst to many, XE opened a Forex trading platform in 2002. Buried in a hard-to-find menu, not many site visitors knew about it. That changed in 2015 when XE.com got acquired by Euronet. Months later, they moved its currency exchange tool to the front page. A couple of years later, they merged HiFX into XE, giving it added functionality.
Today, XE offers entrepreneurs several advantages. First, their APIs allow businesses to plug into decades of XE’s currency capabilities into their payment systems. Second, XE’s employees know more about currencies than many experts in finance. When planning payments and other money moves, you’ll gain access to their unique insight.
Of all the international money transfer companies on this list, CurrencyTransfer.com is easily the youngest. Founded in 2014, this startup is earning raves from scores of businesses, as its Trust pilot score of 4.8/5 attests.
They aren’t a traditional money transfer company. Rather than being a brokerage, they’ve positioned themselves as the Hipmunk of money transfer. They aggregate a list of brokers, allowing you to compare and contrast rates.
They also offer the same hedging tools as Currencies Direct and OFX. You can request forward contracts, as well as stop-loss orders.
Want Record-Breaking Profits? Mind Your Margins
Money flows to those who are financially literate. By turning your back on those who gouge your business, you’ll hang on to more revenue. The more income you have, the more you can re-invest. The more you re-invest, the higher your profits. And so it goes.
It all starts by taking care of the little things, like money transfer. By using the above providers, you’ll save thousands of dollars that will help your business reach its full potential.