Business International Money Transfers

Compare international money transfers to find the best one for your business today.

Last updated on July 21st, 2022 at 05:07 pm by Cate Cook

Compare business international money transfers

Whether you’re making a one-off transfer overseas or looking to send money internationally on a regular basis, it’s important to find the best exchange rate and lowest fees for your business transfer. With Savvy, you can compare transfer providers and the business tools available in Australia today to help you find the best deal for your international transfer needs. Start your transfer journey with Savvy today.

site-logos Xe
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 1-3 days From $0 100
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most money

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site-logos OFX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $250 1-3 days $0 50+
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OFX offers speed, security and simplicity with no hidden fees, total transparency and real people support 24/7

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site-logos Wise Money Transfer
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 1-3 days From 0.41% 53
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Send money cheaper and easier with Wise with no hidden fees.

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site-logos TorFX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $200 0-2 days $0 35
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Excellent exchange rates with no transfer fees. Trusted by over 55,000 customers. Awarded Canstar’s 5 star rating 2018-2021.

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site-logos SingX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 0-2 days From $0 30
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SingX offers live exchange rates with no mark ups and only charge a nominal fee shown to you upfront

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site-logos Remitly
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 0-2 days From $0 21
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countries

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More information about business international money transfers

How do I compare business international money transfer providers?

If you’re looking to send money overseas from your business, some of the main points you should consider when comparing international money transfer options are:

Exchange rates

When considering exchange rates, it’s important to aim to get your international business transfer as close to the mid-market rate as possible to be sure you’re getting the best deal. This rate is halfway between the buy rate and sell rate on the international money market and represents the most affordable rate you’re likely to receive.

The exchange rate you’re offered will vary substantially between providers; however, using an international money transfer specialist will be far cheaper than using a conventional bank. This is because banks typically add a larger margin onto their exchange rate, meaning you’ll get less overseas currency for each dollar you spend. The larger the amount you intend to send, the more a high exchange rate will benefit you, which is why you should compare transfer service providers with Savvy regularly.

Fees charged

There are many international transfer and remittance companies which will give you the mid-market rate for your business transfer with little to no markup or margin added. They simply charge a small fee to complete your business transfer. This could either be a set fee ranging from $6 to $15 or based on a percentage of the transfer amount (typically 0.4% up to around 0.5%).

Another fee model used by international money transfer providers on business accounts is to charge no fees at all but to add a margin to the transfer amount. For example, some providers offer free transfers over a set amount, such as $10,000, but will add a margin to the exchange rate. In general terms, a set fee (with small markup) is cheaper for a larger transfer, and a percentage fee (with potentially no exchange rate markup) is the cheapest option for smaller transfers.

Look at the following example comparing the cost for a business to send $1,000 to the UK for how varying fee structures can make a difference to the amount which is received overseas:

Fee model used Fees charged Exchange rate offered Total AUD converted Total GBP received
Set fee plus full markup
$30
0.5433
$970
£527.00
Set fee plus smaller markup
$15
0.5593
$985
£550.91
No fee plus small markup
$0
0.5618
$1,000
£561.87
0.5% fee and mid-market rate
$5
0.5678
$995
£564.88

Country and currency availability

Ensure the provider you choose for your international remittance offers transfer services to the country you require and is also able to handle the amount of currency you wish to move. Not all providers support all countries or currencies, and large transfers to more remote or less connected nations could prove more difficult if the company you choose doesn’t specialise in business transfers to the continent of your choice.

Transfer limits

Many companies have international transfer limits on how much you can send, although these are generally less restrictive than daily limits imposed by some banks. Minimum transfer limits may start at $200 for business users. Maximum limits also vary widely, ranging from $25,000 up to $1.5 million.

Speed of transfer

The time it takes for your transfer to be sent through most international money exchange business providers will be within two to three days. If you need to get money overseas quickly, some companies offer a guaranteed same-day or instant service, although this may cost more in some situations. Instant cash transfers are also available if your payment is urgent, but this is an expensive method of transfer and not offered by most providers.

Services provided

Suppose you intend to transfer large amounts for business reasons regularly. In that case, it’s well worth looking at a company that offers foreign exchange business account managers as part of its customer service. Such managers can offer one-on-one advice and set up streamlined processes for your regular transfers. Companies that offer a full-service forex platform with a range of currency tools may be your best choice if you regularly need to make business transfers.

How else can I save on my business international money transfer?

There’s a variety of tools available to assist businesses with their foreign exchange requirements. These tools can save you time and money and help you avoid nasty surprises when you do your international transfers. They can also assist with forward planning and help you produce accurate budgets for your business transfer. Useful features and tools to help you budget and get an exact exchange rate include:

  • Rate guarantees – which set your exchange rate in concrete for a set number of hours or days (up to 36 hours), so you can budget accurately and know exactly what rate your transfer will go through at
  • Limit orders – which allow you to set an exact exchange rate limit for your transfer, so the transfer won’t take place until the pre-defined rate has been reached
  • Rate alerts – which send you a notification when a pre-determined exchange rate is reached
  • Forward contracts – a bit like a fixed mortgage rate, a forward contract guarantees you a set exchange rate at a time in the future when you need to make a transfer. This type of business forex contract allows contracts to be signed for payment at a set date in the future (up to 12 months or more), providing budgeting certainty around the business deal
  • Recurring transfers – the ability to send the same amount of money regularly at a set exchange rate to the same person, without having to re-enter all the recipient’s details
  • Bulk transfers – instead of paying multiple transfer fees for smaller amounts, transfer one larger bulk sum and use the available currency to pay multiple suppliers
  • Standing orders – the ability to pay someone a set amount regularly for an agreed rate for a set period
  • International business accounts – international accounts allow businesses to store funds in different currencies, nominate the currency in which a bill is paid and receive payments from a variety of sources in up to 50 different currencies. These accounts can help businesses save money on their international transfers by allowing a bulk currency transfer at a preferential exchange rate, which can then be stored in the account and used to pay bills in that particular currency when required. International accounts can be the best way to send money overseas if your business has a regular need for exchange services.

How do I make an international business money transfer?

To start sending money overseas with an international money transfer company, you’ll have to do the following:

  1. First, set up an account, just like you would when using a bank for the first time. To do this you’ll have to provide details of your business structure and identification documents for all the company directors (such as a passport and possibly a driver’s licence for each of the directors).
  2. After you compare with Savvy and select your chosen provider, you’ll be asked for your name and email address and sent a link to help you set up your account, either online or through a mobile app.
  3. Once you’ve supplied all of this information, you can start transferring money to accounts overseas (which will obviously require bank details for your recipient also).

Got more questions about business international money transfers?

Do I have to submit an AUSTRAC declaration if my business transfer is over $10,000?

No – it’s the transfer providers (not individual businesses) who must register with AUSTRAC and have the obligation to inform AUSTRAC (the Australian Government’s anti-money-laundering agency) about all transfers over $10,000 which leave Australia. Your transfer provider will advise you on what additional details may be required to ensure your transfer is AUSTRAC-compliant.

Is a bank or foreign exchange specialist better for my urgent business international transfer?

An international money transfer provider will get your funds overseas faster than a bank will, so if your transfer is urgent or you need an instant transfer, you’d be better off choosing one of Savvy’s reputable service partners rather than relying on your bank, who will likely take three to five business days to process your transfer. Their fees are also higher in most cases, with individual transfers potentially costing up to $30 or more. They can also charge receiver’s fees at your destination too (up to $30 in some cases), so keep an eye out in the small print in your bank’s terms and conditions.

Do businesses have to pay tax on international transfers?

No – the Australian government doesn’t levy a tax on international transfers, although such taxes do exist in other nations. However, if you are an Australian resident for taxation purposes, but are working overseas, any money you transfer home to your family will be subject to income tax at your normal tax rate.

What should I do if my international business transfer doesn’t arrive?

When you book your transfer, you should be sent an email or notification with a tracking number so you can see when your funds arrive at their destination. Make sure you keep all necessary receipts and contact the company’s customer service line if there is an issue with your transfer being delayed. Savvy has partnered with a range of reputable transfer service providers so you can be sure that your transfer is in safe hands.