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Best Business Money Transfers

Byron Mühlberg, writer at
Oct 25, 2022
Affiliate disclosure

Whether you're accepting transactions or paying suppliers, freelancers, or employees overseas, there's a fair chance that making international payments is a crucial part of your business — just as it is with so many companies both large and small in the internet era.

However, many traditional solutions such as banks do a poor job of keeping up with the needs of modern businesses when it comes to spend management, payroll and accounting, FX risk management, and more. Fortunately, as we'll see, using Monito's comparison engine, you can take back control and escape hidden fees by finding the best business money transfer in real time.

In this guide, we explore four solutions that offer the best business money transfers for different types of company sizes. Then, we discuss a few tips for businesses to find the best way to make international payments.

Compare now to find the best business money transfer:

Wise: Best for Entrepreneurs

London-based fintech Wise is a world-class option for sending money internationally and frequently ranks as the cheapest way to transfer money internationally on Monito. Next to its much-loved personal money transfer service, Wise also offers Wise Business, which integrates the company's famous money transfer app and online account with a suite of business-focused solutions such as invoicing, reconciliation, and more.

Primary costs:

  • Account opening: $0 (US, Singapore, Japan, Australia, New Zealand), £45 (UK), €50 (EU), CHF 55 (Switzerland)
  • Sending international payments: 0.4% - 1%
  • Receiving international payments: Approx. $4.10
  • ATM withdrawals*: 2%

Available: European Union/European Economic Area, United Kingdom, United States, Singapore, Japan, Australia, and New Zealand.

Unique solutions:

  • Bank account details in 10 currencies: AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, and USD
  • Built-in bookkeeping workflow (integrated with Xero and QuickBooks)
  • Easy invoicing with templates
  • Batch payments (up to 1,000 recipients at once)

Max transfer limit: $1 million

Best for: Self-employed professionals, sole proprietors, entrepreneurs, and start-ups, because of its low barrier to entry and low costs to operate and manage international payments. We recommend Wise especially for sending smaller bank transfers up to $10,000 to international bank accounts, as the platform is particularly well-priced for these transfers.

More info: See our full Wise Business review or visit their website.

* Over USD 100 per month, otherwise free.

Revolut: Best for Growing Businesses

A major player in digital banking, Revolut is an online bank and fintech that serves over 12 million personal customers globally. Its business solution, Revolut Business, brings all of the affordability and ease of use that characterises its personal offering into the business world by combining excellent FX rates and a user-friendly interface with accounting and payroll solutions, FX risk management, rewards, a multi-currency account, spend management, and many more.

Primary costs:

  • Account opening: $0
  • Sending international payments: $5 (or currency equivalent) + FX margin (usually 0.4% to 1%)
  • Receiving international payments: 1% + $0.20

Available: European Union/European Economic Area, United Kingdom, United States, Singapore, Japan, and Australia.

Unique solutions:

  • Bank account details in 2 currencies: USD and GBP
  • Integrated with Xero, Slack, and QuickBooks)
  • Team collaboration and permissions
  • Business API integrations (on paid plans)
  • Supports multiple methods to receive payments
  • Forward contracts

Max transfer limit: $1 billion

Best for: Established or growing businesses with a steady and consistent cash flow will benefit most from Revolut Business' broad array of solutions and features available on its paid plans, e.g. team management and forward contracts. Its free business plan (and Freelancer plans) are a good option for smaller businesses, although they're more limited than Wise Business' corresponding offering.

More info: See our full Revolut Business review or visit their website.

XE: Best for SMEs

The oldest money transfer platform on the internet, XE Money Transfer is widely-known in the world of currency exchange. In our analysis of the costs, it's often the best business money transfer service of all. As a business owner, XE gives you a lot, from advanced FX risk management to industry-low fees and exchange rates (especially for larger transfer amounts) and a vast number of sending and receiving currencies.

Primary costs:

  • Account opening: $0
  • Sending international payments: 0.5% - 1.4% (usually around 0.9%)

Available: Globally

Unique solutions:

  • Supports transfers to and from 130+ currencies in 220+ countries
  • Spot transfers, forward contracts, option contracts, and more
  • ERP integrations (Dynamics 365, Sage Intacct, etc.)
  • Custom solutions available

Max transfer limit: $500,000

Best for: Larger and more established businesses looking for a reliable way to mitigate FX risk while paying overseas suppliers and employees.

More info: See our full XE review or visit their website.

OFX: Best for Enterprises

A specialist in large money transfers, OFX is a foreign exchange broker rather than a money transfer platform, meaning that its services are more personalized toward the needs of individual customers and businesses. This gives your business an almost unparalleled degree of support and customization when it comes to international payments, with OFX giving you a dedicated currency specialist and advanced FX solutions.

Primary costs:

  • Account opening: $0
  • Sending international payments: 0.4% - 1%

Available: Globally

Unique solutions:

  • Unparalleled FX risk management solutions
  • Dedicated account manager
  • Xero integration

Max transfer limit: $2 billion

Best for: Large and established companies with complex FX needs, e.g. those intending to make very large international payments (e.g. upwards of $50 to $100 thousand or currency equivalent) on a regular basis, etc.

More info: See our full OFX review or visit their website.

What's the Best Business Money Transfer?

To get a better idea of how Wise, Revolut, OFX, and XE compare side-to-side, take a look at the table below:







Online account & card

Online account & card

International transfer app

Foreign exchange broker

Monthly Fee





Outbound Transfer Cost

0.4% - 1%


0.5% - 1.4%

0.4% - 1%

Inbound Transfer Cost

Approx. $4.14

1% + $0.20²








Bank Details






  • QuickBooks
  • Xero
  • QuickBooks
  • Xero
  • Dynamics 365
  • Sage Intacct
  • Xero

FX Risk Management

  • None
  • Forward contracts
  • Spot transfers
  • Forward contracts
  • Market orders
  • Option contracts
  • Spot transfers
  • Forward contracts
  • Market orders
  • Option contracts
  • Limit and stop loss orders
  • Currency specialist
  • FX Risk Scorecard
Try WiseTry RevolutTry XETry OFX

Last updated: 25/10/2022

Finding the Best Business Money Transfer

Sadly, there's no international payments provider that's the best for every business in every instance. Overall, depending on your company's individual needs and preferences, many platforms could provide you with what you're looking for cheaply, quickly, and safely.

However, besides finding the cheapest transfer provider, there are a few rules to keep in mind to ensure that you save every extra dollar when making international payments for your business. These include:

  • Avoid using a credit or debit card to fund your money transfer. If you do, then check out Paysend, one of the cheapest card-to-card payment providers on the market.
  • Avoid using big banks and PayPal, which are practically never the cheapest way to send (or receive) money internationally.
  • Choose a longer transfer speed if it reduces your fees.

It's important to remember that it's impossible to send money internationally for free and that every currency exchange comes with a cost. However, not all money transfer services are created equal, and some charge you considerably lower fees than others. Monito has reviewed and compared hundreds of money transfer services to simplify your research. Compare them in real-time using our award-winning comparison engine below:

Find the best business transfer now:

FAQ About the Cheapest Way To Send Money Internationally

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

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  • Monito's experts spend hours researching and testing services so that you don't have to.

  • Our recommendations are always unbiased and independent.

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