Best Business Money Transfers Providers 2024

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In our guide, we explain how businesses can save money on their international payments as well as provide a comparison tool so you can compare the best business money transfer exchange rates. Corporate currency specialists give businesses the best exchange rates and can save up to 4% on international payments compared to commercial bank accounts. 

Best Business Currency Exchange Providers

Currencies Direct: Best for customer service

Currencies Direct can help control the cost of foreign exchange and expand your global reach with fast, low-cost, secure and reliable international payments and risk management.

Currencies Direct Review
Currencies Direct

Name: Currencies Direct

Description: Currencies Direct is a specialist award-winning currency broker that can help you send large amounts of money abroad. They were founded in 1996 and are now part of a group that processes around £10bn in international money transfers per year. 

Are Currencies Direct a good currency broker?

Yes, Currencies Direct offer a good service for large international money transfers. They are a well-established and competitive currency broker for buying a property abroad or for international business payments at bank-beating exchange rates.

Pros

  • Great for large currency transfers
  • Get a dedicated account executive to help with transfers
  • You can send money over the phone or do transfers online

Cons

  • Better for large transfers
  • Pricing
    (4.5)
  • Market Access
    (4.5)
  • Online Platform
    (3)
  • Customer Service
    (4.5)
  • Research & Analysis
    (4)
Overall
4.1

TorFX: Best for large currency transfers

TorFX can help with import/export payments, foreign payroll, overseas earnings to repatriate, sending money abroad and help hedge currency volatility by offering highly competitive exchange rates, no transfer fees, expert insight
and risk management guidance.

TorFX Review
TorFX

Name: TorFX

Description: TorFX is a currency specialist and currency broker founded in 2004 offering foreign exchange conversion services in 40 currencies. TorFX converts and transfers around £7.5 billion a year and is based in Cornwall, UK.

Summary

A good choice if you are buying a property abroad and want bank beating exchange rates and personal service to help with the tansfer.

Pros

  • Personal service
  • Bank beating exchange rates
  • Currency forwards

Cons

  • Not great for small transfers
  • Pricing
    (4)
  • Market Access
    (4.5)
  • Online Platform
    (4)
  • Customer Service
    (4.5)
  • Research & Analysis
    (3.5)
Overall
4.1

Global Reach Partners: Best for business currency transfers

From SMEs to FTSE 100 companies Corpay works with companies to understand the risks that could impact your business. Their experienced team will evaluate the extent of foreign exchange exposure, develop multi-currency hedging solutions that are aligned to your budget levels, or simply help streamline global supplier payments.

Corpay Currency Transfer Review
Corpay

Name: Corpay

Description: Corpay is a currency broker that manages money transfers and currency exchange for corporate and business clients. Founded in 2001 in Canada, they have grown steadily and now handle more than £5bn in transactions each year. The platform covers all major currencies plus a host of ‘exotics’ and has an impressive 97% satisfaction rating on Trust Pilot.

Summary

Corpay is one of the few currency brokers that also offers currency options. Whilst they do provide excellent exchange rates for currency transfers, this also means they can help with personal and business currency exposure hedging.

Pros

  • Excellent exchange rates
  • Currency hedging facilities
  • Personal service

Cons

  • Suitable for large clients only
  • Exchange Rates
    (4.5)
  • Available Currencies
    (4.5)
  • Online Platform
    (4.5)
  • Customer Service
    (5)
  • Research & Analysis
    (3.5)
Overall
4.4

Key Currency: Good personal service for businsses

As well as providing quick and easy payment solutions for businesses Key Currency can help active manage currency risk that can improve budgeting and protect profit margins against currency fluctuations.

Key Currency Review
Key Currency

Name: Key Currency

Description: Key Currency is a currency broker that specialises in large foreign exchange transactions for individuals or businesses sending large amounts of money abroad. Key Currency was founded in 2015, has around 50,000 customers and transfers over £2billion a year overseas in 42 currencies.

Is Key Currency safe to use?

Yes, we rate Key Currency as a good currency broker for sending large amounts of money abroad, with competitive exchange rates, personal service and good research.

Pros

  • Good for large amounts
  • Personal service
  • Lots of research and FX commentary

Cons

  • Only good for large amounts
  • Pricing
    (4.5)
  • Market Access
    (4.5)
  • Online Platform
    (3)
  • Customer Service
    (4.5)
  • Research & Analysis
    (4.5)
Overall
4.2

OFX: Best for zero transaction fees

OFX helps businesses of all shapes and sizes and offers a Xero integrated multi-currency account that lets businesses pay and get paid in over 50 foreign currencies.

OFX Review
OFX

Name: OFX

Description: OFX is a leading currency broker offering currency services to more than 55 countries around the world. Originally known as OzForex, it was launched by Matthew Gilmour in 1998 as an information only website. Since then, it has grown rapidly handling more than AUD$150bn transfers with more than a million customers worldwide.

Summary

OFX is one of the largest and most trusted currency brokers for large transfers with offices in more than 55 countries around the world. A good choice for sending large amounts of currency internationally.

Pros

  • Bank beating exchange rates
  • Personal service
  • Online or telephone transfers

Cons

Better for larger transfers

  • Exchange Rates
    (4.5)
  • Available Currencies
    (4.5)
  • Online Platform
    (4.5)
  • Customer Service
    (5)
  • Research & Analysis
    (4)
Overall
4.5

❓ Methodology: We have chosen what we think are the best corporate currency brokers based on:

  • 20 years in the commercial currency brokerage industry
  • Interviews with the business money transfer provider CEOs and senior management
  • Over 17,000 votes in our annual awards
  • Analysis and testing of the platforms and pricing

Compare Business Money Transfer Accounts

Corporate Currency BrokerNumber of CurrenciesMin TransferForward ContractsSame DayCurrency OptionsGMG RatingGet Quote
Currencies Direct Currency Broker40£10012 months✔️
(4.1)
Request Quote
TorFX Currency Broker40£10024 months✔️
(4.1)
Request Quote
Key Currency Currency Broker42£1,00012 months✔️
(4.2)
Request Quote
OFX Currency Broker55+£25012 months✔️
(4.5)
Request Quote
Global Reach Currency Broker30+£3,00024 months✔️✔️
(4.4)
Request Quote

How To Compare Business Money Transfer Exchange Rates

These are the questions you need to ask to get the best business currency exchange rate:

  1. How from from the mid market are your exchange rates?
  2. Does that include all fees?
  3. Do you offer currency forwards?
  4. How long does a currency transfer take?

If a broker does not tell you how far their exchange rates are from the mid-market avoid as they may widen the price.

Always ensure that your currency exchange broker confirms that rates are fixed. You may find that when you compare currency rates you get a preferential rate for your first trade.

The foreign exchange industry is very opaque in terms of pricing with some currency brokers still not offering fixed and transparent exchange rates.

So our comparison tables allow you to compare currency rates by showing how far from the mid market a currency broker set their client exchange rates.

🧑‍🎓 Top Tip: Get your account open first in plenty of time

Why? All money transfer brokers have to conduct identity checks so opening an account can take some time.  Make sure you don’t miss a great exchange rate and get your account in place well ahead of a transaction.

Hedging Business Currency Exposure Through Currency Forwards

Here is a forward contract hedge example that demonstrates how a currency forward can be used.
In this example we will look at a UK based business who’s European subsidiary will be receiving EUR 750,000 for a new contract and how a FX forward can be used to hedge the exposure.

The EUR 750,000 will be main in monthly instalments over the next 12 months and is guaranteed revenue.

In this forward contract hedge example we will assume that the company has budgeted in their profit forecasts based on the current exchange rate so they need to hedge the EUR 750,000 exposure in case the GBPEUR rate moves against them.

  • This can be done by a series of currency forwards to settle in monthly intervals.
  • This means that each month the company will be able to convert EUR 62,500 into GBP at the exchange rate on the day the contract was signed.
  • Enabling them to accurately budget their profit forecasts.
  • If the exchange rate moves against them they do not have to worry about a decrease in profits.
  • However, as it is a hedge they will not benefit if the exchange rates moves in their favour over the course of the year.

Business Currency Exchange Provider FAQs

Money transfer companies offer exchange rates that are much better than banks and because they specialise in foreign exchange the process is much more user friendly.  Most established currency brokers do not charge a commission or any fee for paying the money to an international beneficiary.

Business money transfer providers make money on exhcnage rate spreads. That is the difference between the buy and sell price of a currency. To find out how much this is, you need to ask: “How far from the mid market is my quote”. 

For more inforamtion on understanding how business currency exchange services make money read our guide: How to compare exchange rates.

You can use our currency quote comparison tool to request quotes from multiple business currency exchange providers in one go. You can then quickly see which currency broker is going to give you the best exchange rate.

For currency broker transfer fees see our comparison table.

You can find the live mid market exchange rates on site such as Google Finance or Yahoo Finance. To look up an exchange rate simply type the exchange rate you want to compare and search for it online.

⚠️ FCA Regulation

All business currency exchange services that operate in the UK must be regulated by the FCA. The FCA is the Financial Conduct Authority and is responsible for ensuring that UK corporate currency specialists are properly capitalised, treat customers fairly and have sufficient compliance systems in place. We only feature business money transfer providers firms that are regulated by the FCA, where your funds are protected by the FSCS.

Always ensure that a corporate currency broker is registered with the FCA. You can check the FCA register here for authorised firms.

This article contains affiliate links which may earn us some form of income if you go on to open an account. However, if you would rather visit the business money transfer providers via a non-affiliate link, you can view them directly here:

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