Companies wondering how to transfer money abroad for business are usually faced with two options: making cheap international payments with a specialist broker that offers money transfers for business or straightforward bank transfers abroad.
They are essentially the same service, both move your money where it needs to go. However, don't be fooled by the apparent ease of keeping your transfer in-house with your existing bank.
Extra fees and hefty charges can make this an expensive option so you should research which deal is cheapest - particularly if you anticipate making regular business transfers abroad.
For example, banks often impose transfer fees at both the origin and source of a transfer, and they can be less flexible and more expensive when it comes to regular transfers, something that could cost you a lot in the long term.
The cost of an international money transfer for business is based on its size, fees, exchange rates and any extra terms. However, you can often avoid fees and penalties by choosing an appropriate deal.
The key to finding the best deal is to establish which money transfers offer the service you need, then compare money transfer prices per package:
How to get the cheapest corporate money transfer online
First, check which providers offer their transfer service to your intended destination and currency, excluding any unsuitable business money transfer brokers.
Consider how much you want to send, taking into account your budget in úpounds sterling and how much you need in your destination currency. In general larger transfers get the best exchange rates, while some corporate money transfer brokers will also waive their fees for transfers over a fixed amount.
Compare your budget to any minimum and/or maximum transfer limits to check that your transfer would be eligible for the premium rates at each respective broker.
You should also think about what sort of transfer you want to make; is it a one-off or regular payment, does it need to go through immediately? For one off payments the exchange rate takes priority, whereas for regular business money transfer payments keeping the fees down could save you unnecessary expense.
Finally, consider how you can protect your FX international payments from unexpected or rising costs. Different specialist business money transfer brokers let you fix exchange rates ahead of a future transfer, or automatically cancel transfers for forex rates that drop below a set level.
If you're buying stock or raw materials then fixing the foreign currency amount on regular transfers can protect against shortfalls; if you're investing in overseas markets fixing the amount in úpounds sterling could be a better choice. However, you'll need to check which brokers for business money transfers can offer these services.
Once you've found a number of appropriate business money transfer services, compare their flexibility and the overall cost of their corporate money transfer packages to find the best deal for your company.
Find out more in our guides 7 top trade secrets to help you save when sending money abroad and What's the cheapest way to transfer money abroad?