Business Remittance Services
By ExchangeRateIQ
1 week ago
Categories : News Posts

What is a business transfer?

No matter what the size of business you are running, you will find the need to make transfers internationally to your exporters, freelancers or to pay your employee working abroad. These transfers can be a one-off occasion or you need to do them regularly depending on your business requirements.

These days, companies are trying to avoid bank transfer because they take longer to reach the recipient and also their exchange rates are lower comparing to real-time rates as they have high fees as well as profit margin. Businesses are now using the services of international money transfer companies which offer customized services, great rates as well as fast transfers. Using money transfer services is a smart way to save money which businesses often pay for fees and profit margins to banks.

Pros and cons of business transfers:

Pros:

  • The international money transfer companies offer the best value to your money with high exchange rates and low transfer fees.

  • The companies offer professional services to businesses where you can also manage the foreign exchanges effectively.

  • A number of services available such as forward contracts, market orders, etc.

Cons:

  • Some money transfer service providers have minimum and maximum transfer limits on a yearly basis which might not work for the large scale businesses.

  • These are online transfers and many times technical issues arise which delay the transfers.

Things to look for while choosing money transfer provider for your business:

Being ourselves the business owners, we feel that you are looking for the most efficient methods to save and make money. So when you are going to select a money transfer service provider, consider to looking the following features which will help you to differentiate in each service. These differences will help your recipient receiving money faster and results in saving more money due to high exchange rates and low fees.

  • Exchange rates:

    This is the first thing you should look while selecting a provider. You can take your own time to calculate the fees, rates and profit margin of multiple providers and select the one which offers you the best value of your money. A few cents of difference in the exchange rate will save you thousands of dollars because the higher exchange rates, the lower fees you pay to the companies for their services.

  • Transfer fees:

    Companies always have fees associated when you make the international money transfer and there might be some hidden fees which will be charged when you complete the transaction. There are even money transfer companies that waive the transfer fees if you comply with certain criteria. In fees, you will find multiple fees such as currency exchange fees, sending and receiving fees, cancellation fees, credit card/debit card fees, etc.

  • Transfer method:

    The companies have multiple transfer options including phone transfer, invoices, and transfers using the mobile app, in person or through any other online mode. You should select the one which you rely the most upon and the amount also reach to the recipient faster.

  • Turnaround time:

    This is the time taken by the companies to exchange currencies and process it to your recipient. It starts when you complete the transaction and end when your amount receives by the recipient. You must make sure that the remittance floating time should be least so that your recipient receives amount faster. Some providers also allow you to track the transaction so you can have look at what is the status of a transfer.

  • Transfer limit:

    Many companies have minimum and maximum transfer limits which will affect your business. If you have to send a higher amount, you either have to choose another service provider or have to wait till the next day, week or month to transfer more amount. This will also lead to an increase in the transfer fees for the users.

  • Pickup services:

    The companies offer online transfers as well as cash pickup services for business money transfers. You can use any of the services which suit the most to your recipient.

FAQs:

What is a spot deal?

Foreign exchange spot deals refer to the trades where both the parties transact at the spot exchange rate. This rate can be locked and converting one currency for the other within 24 hours of booking the deal.

What is a limit order?

A limit order is when you select an exchange rate on which you would like to transfer your money. So the money transfer company will lock the deal when the rate reaches your goal and make the transfer.

What is a forward contract?

The deal which allows you to lock the exchange rates and let you transfer money in future (between 1 to 3 years depending on the company’s policies) is called forward contract. This will protect you from unexpected exchange rate movements.

XE Money Business Transfer

Why use the services of XE Money?

XE Money is a part of Euronet Worldwide which is formidable leaders in currency exchange. It is the third-largest money transfer business in the world which offer simple, reliable, and friendly transfer service. With its services, you can transfer money to your global businesses with it as it has no minimum and maximum transfer limit. It also offers 24*7 customer services to users with other amenities such as:

  1. You can trust it.

  2. Have flexible credit terms.

  3. Market professionals provide their services

  4. It offers fast and easy transfer services

  5. It is safe as well as secure

  6. It also offers multiple foreign exchange tools to calculate currency transfer.

Products offered by XE Money to businesses:

  • Spot contracts

  • Market orders

  • Forward contracts

Services offered by XE Money to businesses:

  • It allows you to make international payments to businesses of all sizes irrespective of business type.

  • It allows end-to-end payment solutions enabling clients to send thousands of payments in a single file

  • You can also become a partner with XE Money to provide international payment services to your clients.

TransferGo business transfers:

TransferGo offers its business transfer to its users where you can send money to approximately 47 countries without paying excessive bank fees. The company offer different services to financial services, platforms, E-commerce companies, logistics or any other international business. You will get the benefit of many personalized services when you make business transfers through TransferGo, for example, e-wallets, recurring transfers, payroll, ERP, CRM, etc.

Overview of TransferGo Business Transfer:

  • It offers fast transfers which deliver amount in 30 minutes.

  • TransferGo made easy and simple APIs.

  • It has cheap foreign exchange rates which saves 90% of fees while sending money abroad.

  • It is highly secured and licensed by Authorised Payment Institution regulated by the FCA and supervised by HMRC.

  • It offers modern technical solutions which are inspired by most positive integration experiences.

The process to make a transfer:

  • Book a transfer

  • Make a local payment

  • As soon as the company gets the details of the receiver, it transfers money to which reaches the other ends in an hour.

  • Check transfer with an API call.

InstaReM Business Transfers:

InstaReM multi-currency transfer payments at a time in local currencies to recipients in 55+ countries. With the ability to set up multiple transactions in one go, a business user can make transfers to multiple beneficiaries in multiple currencies at the click with the help of InstaReM. For SMBs, making regular payments overseas to vendors, suppliers and service providers can do so quickly, transparently and at Zero-Margin FX Rates with the help of InstaReM.

Other benefits:

  • Zero-Margin FX Rates

  • Fast & Easy Transfers

  • Safe & Secure Money Transfers

Xendpay Business Transfers:

Either you are paying to your suppliers, freelancers or invoices, or importing and exporting, make your business money go further with Xendpay Business. You can pay up to £4,000 per annum, with low set fees. You can send money with 3 simple steps:

  • Register yourself.

  • Provide the documents of your company to Xendpay.

  • After complete registration, you can start transfers.

OFX Business Transfers:

OFX Business transfer offer transfers to small businesses, medium businesses, and online sellers. OFX offers 24*7 customer support to its clients with Personal service, currency market expertise, secure transactions, low margins, and low fees.

It offers money transfer services to 190 countries in 55 different currencies.

Australia

Belgium

China

Europe

France

Germany

Hong Kong

India

Indonesia

Ireland

Italy

Japan

Malaysia

Mexico

New Zealand

Philippines

Sweden

Switzerland

Taiwan

Thailand

CurrencyFair Business Transfer

CurrencyFair wants people to stay in control of international cash flow which will help your business to grow. You will get better rates, faster payments as well as a simple and convenient online platform with CurrencyFair to send money online to other businesses or making business payments. It also offers to receive money from abroad efficiently and easily. Besides this, one can choose the exchange rates at which they want to send money abroad and get the best rates.

The company offers its services in 140+ countries and 80+ currencies so that you can transact across the globe with best exchange rates and transfer fees.

You can select any of the above-listed companies depending on the needs and requirements of your business. You can also get in contact with the companies to customize the APIs if you have a large number of transactions annually.

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