The best money transfer deal for your business will be the one that lets you send your money abroad for the least amount.
There are two things to look for when finding the best transfer deal:
The exchange rate: This is how much foreign currency you get for your pound sterling. For example, transferring to euros at a rate of 1.12 gives you €1.12 for each pound you send.
Any transfer fees: Most transfer companies do not charge fees. However, those that do usually charge less than your bank or building society would for an overseas transfer.
Most transfer companies do not show their exchange rates and get you to apply for a personalised quote before telling you what they could offer.
How to get quotes
To do this, visit each company's website and give them the details of your transfer, including:
The currency you are transferring to
How much you want to transfer, in pounds or in the foreign currency
You usually need to give your corporate email address so the transfer company can send you a quote explaining how much your transfer costs.
What are your transfer options?
There are several types of international transfer you can choose from as a business:
Spot contract: You get offered an exchange rate and make the transfer at the same time.
Forward contract: You fix the exchange rate you get offered and agree for your transfer at a future date.
Limit order: You choose the exchange rate you want, and the transfer company sends your money if it is met.
Stop loss: Make a transfer for a future date, but agree for the transfer company to send your money earlier if the exchange rate falls to a value you set.
Money transfer for businesses FAQs
Is it cheaper to use a business money transfer or my bank?
Business money transfer companies specialise in international payments, and offer better exchange rates and cheaper fees compared to high street banks.
How long does an international money transfer take?
Most take three to five working days, although they can take up to two weeks. Check with the transfer company before you send your money.
Why do transfer companies offer different exchange rates?
They deduct their costs from the interbank rate (the rate banks use to exchange currencies with one another) to give you a personalised rate.
Can I agree an exchange rate now and send my money later?
Some transfer companies let you do this, also known as a forward contract transfer. Find out more here.
Are money transfers FCA regulated?
Yes, your money is kept separate to a transfer company's operational money, meaning you have a better chance of getting your money back if they go bust.