How to choose a money transfer service for your business

How to choose a money transfer service for your business

Posted: Fri 18th Jun 2021

Whether you're a single-person enterprise or budding start-up, the chances are you'll need to send or receive payments across international borders.

From paying freelancers overseas to transferring funds to suppliers, you'll want to send money abroad safely, quickly and at the lowest cost possible. Continue reading to discover the key factors you need to consider when choosing a service for business-to-business money transfers.

Why use a money transfer company for your business

With transfer costs of up to 10%, using your bank for business money transfers is usually too expensive to be a long-term solution. The same goes for most high street money transfer services. That's why a specialist money transfer provider is the best option for your business.

Based on sending 12 annual payments overseas, you could save up to £1,000 by avoiding banks and providers like PayPal.

Digital companies have used innovative technology to make the international transfer of business payments faster, cheaper and more accessible than ever before.

As a result, it's also worth looking at digital-only providers instead of traditional choices like Western Union or Ria.

How to choose the best money transfer service for your business

Regardless of your trade, you’ll want a money transfer service that suits your company or organization's business needs. To keep profits up and losses low, be sure to consider these factors:

The range of currencies

Before you do anything else, find out if your money transfer service supports the currencies you plan to trade with or send. Choose someone who supports not only your current needs but also the territories that you’re most likely to expand to as your business grows.

The total cost of the transfer

It's easy to underestimate slight variations in cost when comparing one provider with another. However, small differences can quickly add up when you're sending thousands of pounds. With all money transfers, the final cost depends on several factors. These include:

  • The exchange rate

  • Transfer fees

  • Additional transaction charges, often from intermediary banks on SWIFT transfers

Here's something to bear in mind about exchange rates. Always check the real exchange rate (the mid-market exchange rate) before you send money. If a company offers you ‘zero-fee transfers’, it is probably hiding the actual cost of a transfer by giving you a poor exchange rate and pocketing the difference.

The delivery speed

How long international business payments take is vital when sending and receiving funds. Prompt transfers help maintain healthy relationships with your team and suppliers around the world.

Depending on many factors, including the receiving country, currency and day of the week, delivery speeds can vary massively. It could be the difference between an instant payment and one that takes up to a week.

So if time is of the essence, be sure to go with a money transfer service that offers the fastest service. That's instant or one-hour delivery to as many countries as possible.

Keep it simple

Sending business payments overseas shouldn't be complicated. After all, you've got a business to run, including things like creating freelancing contracts and expanding into new markets. Whether you use a website or a mobile app, look for a service provider that simplifies the process of making and receiving business payments.

That's everything from a smooth registration and continuous service updates to clear messaging across all communications.

Ask about additional features

From limit orders to forward contracts, be sure to research what extra features your money transfer provider offers. As your business grows, you may have different payment options.

Even if it doesn’t have these services, get familiar with the little details such as how much money you can send per transfer and which countries you can send money to.

The smallest features could have a considerable impact on your business, so it's worth knowing what's on offer beforehand.

Customer service

As we mentioned before, many small providers on the market occasionally offer eye-catching deals, and they can be an excellent option for some businesses. However, if something goes wrong, trying to get in touch with them can be a real hassle.

Find out which languages they can offer guidance in and what hours their helplines are open.

Before choosing a provider, read online reviews on trusted sites such as Trustpilot, Monito and NerdWallet. Discover what real customers have to say about their customer service.

Don’t forget about security

When choosing a corporate money transfer service, make sure it has the latest security features. That means market-leading encryption and fraud-detection technology to keep your transfers safe.

Check if your provider uses secure technology like MasterCard SecureCode, Verified by Visa and CyberSource to keep your transactions safe.

Finally, ensure your provider is regulated by the proper authorities domestically and overseas. For instance, UK financial institutions should have a Financial Conduct Authority (FCA) number displayed on their website. They should also be registered with Her Majesty’s Revenue and Customs (HMRC) as a money transmitter.

Whether you're receiving or sending money, you'll want the peace of mind that it's safe every step of the way.

Choose Azimo Business for your company

Azimo charges a single, low fee and gives you a great exchange rate as well. Considering the combined cost of the exchange rate and the fee, Azimo is usually the best value money transfer provider for your growing business.

Azimo offers instant or one-hour delivery to 80+ countries and territories. Even better, Azimo Business has customer service assistance in eight languages and dedicated account managers who help businesses with all aspects of their money transfers.

Azimo's website has won multiple awards for usability, and the Azimo apps have near-perfect scores on both the App Store and Google Play.

Azimo Business is the faster, cheaper, safer way to make business payments overseas. Download the app on iOS or Android and start sending cash to suppliers and contractors around the world. Get your first five transfers fee-free and at exceptional exchange rates. Register today to start sending funds to your business contacts.

Ade Bankole is the resident expert on money transfer and financial affairs at Azimo, Europe's leading digital money transfer company.

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