Compare Business Money Transfers

Updated 10th October 2019

High Street banks can an expensive choice if you’re looking to move money abroad. Luckily there are now dozens of providers offering simple and cost-effective money transfers, along with other specialist currency services. All of the providers reviewed here are regulated by the FCA.

Sort by:

OFX logo

Transfer fees

£0

Products

Spot and forward contracts

Minimum transfer

£100

3678 reviews

Source: Trustpilot

Score: 4.4/5

Features

  • Founded in 1998
  • Global presence with offices in London, Hong Kong, Singapore, San Francisco, Toronto, Sydney and Auckland
  • OFX in the UK is a wholly own subsidiary of the OzForex Group listed on the Australian Stock Exchange
  • Over £70bn traded in FX transfers
  • 24/7 customer service
  • International local banking facilities with global accounts in 197 countries

Features

  • Founded in 1998
  • Global presence with offices in London, Hong Kong, Singapore, San Francisco, Toronto, Sydney and Auckland
  • OFX in the UK is a wholly own subsidiary of the OzForex Group listed on the Australian Stock Exchange
  • Over £70bn traded in FX transfers
  • 24/7 customer service
  • International local banking facilities with global accounts in 197 countries

Currency Solutions logo

Transfer fees

£0

Products

Spot and forward contracts

Minimum transfer

£100

1935 reviews

Source: Trustpilot

Score: 4.9/5

Features

  • Founded in 2003
  • Employs over 100 people in the UK and other European offices
  • Awarded Trustpilot Best in Money category in 2016
  • Online transfer limit of £50,000 at any one time

Features

  • Founded in 2003
  • Employs over 100 people in the UK and other European offices
  • Awarded Trustpilot Best in Money category in 2016
  • Online transfer limit of £50,000 at any one time

Moneycorp logo

Transfer fees

£5*

Products

Spot and forward contracts

Minimum transfer

No minimum

2932 reviews

Source: Trustpilot

Score: 4.4/5

Features

  • Dealing in foreign exchange since 1979
  • One of the UK's largest foreign exchange dealers Group employs over 700 people around the world £33.2bn traded in 2017
  • Level 1 credit risk rating by Dun & Bradstreet (based on a scale of 1-4 with 1 being low risk and 4 being high risk)
  • Deal in over 120 currencies

Features

  • Dealing in foreign exchange since 1979
  • One of the UK's largest foreign exchange dealers Group employs over 700 people around the world £33.2bn traded in 2017
  • Level 1 credit risk rating by Dun & Bradstreet (based on a scale of 1-4 with 1 being low risk and 4 being high risk)
  • Deal in over 120 currencies

*Fees start from £5 when using Moneycorp's online platform and £15 when using their phone service.

Currencies Direct logo

Transfer fees

£0

Products

Spot and forward contracts

Minimum transfer

No minimum

3562 reviews

Source: Trustpilot

Score: 4.8/5

Features

  • Founded in 1996
  • One of the UK's largest currency firms employing over 500 people
  • $6.5bn traded in 2017
  • Level 1 credit risk rating by Dun & Bradstreet (based on a scale of 1-4 with 1 being low risk and 4 being high risk)
  • Can receive and hold funds in multiple currencies
  • Make international payments in over 120 currencies
  • Ability to send multiple payments

Features

  • Founded in 1996
  • One of the UK's largest currency firms employing over 500 people
  • $6.5bn traded in 2017
  • Level 1 credit risk rating by Dun & Bradstreet (based on a scale of 1-4 with 1 being low risk and 4 being high risk)
  • Can receive and hold funds in multiple currencies
  • Make international payments in over 120 currencies
  • Ability to send multiple payments

TorFX logo

Transfer fees

£0

Products

Spot and forward contracts

Minimum transfer

£100

3105 reviews

Source: Trustpilot

Score: 4.7/5

Features

  • Founded in 2004
  • Owned by the same parent company as Currencies Direct
  • The group employs over 450 people around the world
  • £3bn traded in 2017
  • Level 1 credit risk rating by Dun & Bradstreet (based on a scale of 1-4 with 1 being low risk and 4 being high risk)
  • Rated UK's International Money Transfer Provider of the Year in 2016, 2017 and 2018 by MoneyFacts
  • Deal in over 60 global currencies

Features

  • Founded in 2004
  • Owned by the same parent company as Currencies Direct
  • The group employs over 450 people around the world
  • £3bn traded in 2017
  • Level 1 credit risk rating by Dun & Bradstreet (based on a scale of 1-4 with 1 being low risk and 4 being high risk)
  • Rated UK's International Money Transfer Provider of the Year in 2016, 2017 and 2018 by MoneyFacts
  • Deal in over 60 global currencies

Transferwise logo

Transfer fees

Varies

Products

Spot contracts

Minimum transfer

No minimum

73959 reviews

Source: Trustpilot

Score: 4.6/5

Features

  • Founded in 2010
  • Employs over 1300 people around the world
  • Transfers over £3bn every month globally
  • Transferwise converts money at the midmarket exchange rate and charges a transparent upfront fee
  • Ability to send money to 70+ countries
  • Offers a free multicurrency account to send, spend and receive in over 40 currencies with the real exchange rate. Comes with a free debit card

Features

  • Founded in 2010
  • Employs over 1300 people around the world
  • Transfers over £3bn every month globally
  • Transferwise converts money at the midmarket exchange rate and charges a transparent upfront fee
  • Ability to send money to 70+ countries
  • Offers a free multicurrency account to send, spend and receive in over 40 currencies with the real exchange rate. Comes with a free debit card

WorldFirst logo

Transfer fees

£0-£15*

Products

Spot and forward contracts

Minimum transfer

No minimum

523 reviews

Source: Trustpilot

Score: 4.3/5

Features

  • Founded in 2004
  • One of the UK's leading money transfer companies employing over 600 people globally
  • Used by 150,000 global businesses
  • £70bn transferred since 2004
  • No minimum or maximum transfer value for businesses

Features

  • Founded in 2004
  • One of the UK's leading money transfer companies employing over 600 people globally
  • Used by 150,000 global businesses
  • £70bn transferred since 2004
  • No minimum or maximum transfer value for businesses

*Fee structure depends on amount of business conducted

Our guide to business money transfers

We live in an increasingly interconnected world, and that’s no more true than in business. Today even the smallest firms often do business across borders, exporting or importing goods and services every day. While that has huge potential benefits, it also poses a major question: how do you move money effectively?


Money transfer solutions are one of the big growth markets in so-called ‘fintech’, and there’s now a huge number of options on the market for businesses of every size. So what money transfer facilities are on offer, and how do you choose the best one for you?

Why would I need money transfers?

Regardless of the type of business you’re running, it’s likely that you’ll have to deal with other firms in other countries. Whether you’re buying or selling goods or services, you may need to make purchases or take payments in or from other currencies. Money transfer services allow you to do this easily and cost-effectively.


However, there’s a large range of money transfer services on offer, and they’re not all as good as the next. Your choice of provider will depend on a range of factors, determined by things like the type of transaction you need to carry out.

Can’t I just use my bank?

Of course, you could just transfer money using your bank - every major bank is set up to allow this pretty easily. However, there are some pretty good reasons why this might not be a good idea.


The first of these is price. The rates you pay to move money internationally with your High Street bank are likely to be much higher than those offered by a dedicated money transfer service. Depending on the amount you’re sending or receiving, this could make a difference of hundreds or even thousands of pounds.


Transfer fees are also likely to be more expensive when using a bank to send money compared to a money transfer company. In fact, some money transfer companies even offer free transfers as part of their service.


Speed is another key consideration. If you’re using your bank to move money, you can often expect to wait as much as a working week for funds to clear, depending on the type of transfer you’re carrying out. With a money transfer service, however, you can generally benefit from much quicker transactions, even at lower rates.

How do I choose the best money transfer for my business?

There’s a range of key factors that you should consider when choosing a money transfer service. These include:


Price. There are two important things to understand when considering the price of a money transfer service. The first is the transaction cost. Some providers will charge a flat fee per transaction, which may vary depending on the currencies being used or the speed of the transaction. Perhaps more important, though, is what’s known as the ‘spread’. In simple terms, the spread is the variance in price when compared with the mid-market rate. For example, if you’re buying Euros and the price to buy one Euro is £1.16, and the price to sell one Euro is £1.10, then the spread is £0.06 and the mid-market rate is £1.13. Good money transfer solutions will give you a small spread, meaning you pay as close to the mid-market rate as possible.

Services offered. Remember that simple money transfers may not be the only currency service you need. Depending on the requirements of your business (for example, if you want to hedge against currency fluctuations), you might also require spot or forward contracts, or the ability to set stop losses. These additional services are not offered by all money transfer services.

Currencies offered. This might seem like an obvious one, but you should check to see that your desired currencies are supported by your potential choice of transfer service.

Account types. The last couple of years have seen a growth in the number and accessibility of holding accounts in which businesses and consumers can store different currencies. These can be very useful, for example providing you with local bank details into which you can receive multi-currency payments.

Transaction types. Do you need to make recurring payments in different currencies - the equivalent of standing orders? If so, check that your provider offers these, as they are not universal.

Integration. Finally, as with all of your services, check whether your money transfer provider integrates properly with other software you’re using. Ideally, you should be able to easily reconcile transactions made through your money transfer service with your accounting provider.