The cheapest international money transfer service for your business will depend on your specific needs. Some transfer services, like OFX and Airwallex, cater to larger businesses with bigger transfer amounts, while others, like Wise, Xe and Payoneer, might make more sense for small to mid-size businesses, startups or smaller transfer amounts.
When comparing these services, the two most important fees to look for are fixed transfer fees and foreign exchange rate (FX) markup.
Here is a side-by-side comparison of some common fees to compare when choosing the best business-to-business (B2B) international money transfer service — we did the research so you don’t have to.
Wise doesn’t charge any monthly fees but does have a two-fold fee when transferring money internationally: 1) a percentage-based fee starting at 0.57% and 2) a fixed-rate fee ranging from $7.94 to $35, depending on the currency and other factors. Wise, however, offers free transfers between Wise accounts in the same currency and does not mark up the exchange rate. It’s a solid option for small businesses and startups.
Wise international business transfer fees
Percentage-based fee starting at 0.57%
A fixed fee based on currency, typically ranging from $7.94 to $35
Airwallex charges a competitive foreign exchange margin, typically between 0.5% and 1%, depending on the currency. It supports batch payments, APIs and multi-currency accounts and is ideal for high-volume or scaling international businesses. There’s no monthly fee, and transfers between Airwallex users in the same currency are free.
Like Airwallex, OFX doesn’t charge a transfer fee, but instead makes money on the foreign exchange margin. There’s no monthly fee and 24/7 support, but a relatively high $1,000 minimum transfer amount. For this reason, OFX is best for large international transfers.
Most international business transfers with Xe are free, but transfers under $500K between the same currency do incur a fixed transfer fee, depending on the currency. All fees are clearly displayed to you before making a transfer, so you won’t bump into surprise charges. Xe does mark up the foreign exchange rate by around 0.5% to 2% and supports just under 200 currencies, making it a solid choice for businesses making international transfers to many countries, or for large same-currency transfers.
Xe international business transfer fees
Around 0.5% to 2% foreign exchange rate markup
Fixed flat fee for same-currency transfers under $500K
Payoneer
Payoneer caters to businesses that need to make cross-border payments to freelancers, marketplaces and global contractors. It does come with slightly more fees than some other providers, but has no monthly fee as long as you make at least one transaction per year, supports over 190 currencies and allows for mass payouts. If your recipient also has Payoneer, fees are generally less than with transfers to a third-party bank or other method.
Payoneer international business transfer fees
Up to 1% transaction fee for Payoneer recipients and up to 3% for external transfers
Up to 3.5% foreign exchange rate markup
Hot tip
Some platforms like Wise and OFX let you set up rate alerts or lock in an exchange rate for future transfers. This feature is especially helpful if you regularly pay international partners and want to avoid volatility.
International business money transfer cost example
Let’s say your US business needs to transfer $10,000 to France. There are many variables that can affect the exact transfer cost, but let’s assume the lowest possible fees for each money transfer service listed above, and let’s say that your recipient does not have the same money transfer service your business uses.
Here’s an example of what it could cost to make this transfer using different services. As you can see, OFX, Xe, Wise and Airwallex costs are similar, while Payoneer fees are a bit higher. However, if you primarily pay overseas freelancers or contractors, Payoneer might be worth it for additional perks like access to contractor and global workforce management tools.
Our top tips to save money on international B2B payments
Keep these tips in mind to get the best rates on overseas money transfers for your business.
Read the fine print. Just because a provider advertises $0 transfer fees doesn’t mean the service is free. Many platforms make their money by marking up the exchange rate instead. Often, the total cost of the transfer evens out no matter which pricing model a service uses. However, exchange rate markup pricing can be less transparent than flat or percentage-based fees, making it harder to know what you’ll actually pay.
Batch transfers when possible to avoid repeated fees. Instead of sending multiple small payments, try to combine them into one larger transfer when it makes sense. This reduces how often you pay per-transaction fees, especially if your provider charges a fixed fee. Not all platforms support batch transfers, but services like Airwallex, Payoneer and Wise allow you to send payments to multiple recipients at once. You may need to upload a CSV file or integrate via API if you’re doing this at scale.
Open a multi-currency account to minimize currency conversion. Every time you convert between currencies, you lose a little money due to FX markups. A multi-currency account lets your business hold and send funds in multiple currencies without converting until it’s absolutely necessary. This is especially useful if you invoice in euros but pay suppliers in dollars, or operate across different regions. Wise, Revolut Business, and Airwallex all offer this feature.
Avoid wire transfers through traditonal banks unless necessary. Bank wires are usually slower and considerably more expensive than money transfer platforms. A typical US bank might charge $30 to $60 for an international wire, plus an FX margin of 2% to 5%. On the other hand, Wise might charge under $10 in total for the same transfer. Unless you need trade finance or large regulatory support, fintech platforms are almost always the better deal.
Bottom line
If you need to make international business payments, choosing the right provider can translate to significant savings. If you’re sending over $10,000, OFX and Airwallex are hard to beat in terms of cost and transparency. Wise and Xe are also cost-effective options that can be ideal for small to mid-size businesses and smaller transfer amounts. While Payoneer costs a little more per transfer, it offers tools for paying freelancers and contractors overseas.
No, there are not any 100% free money transfer services. Some services offer zero transfer fees but charge a margin on the exchange rate. Others don’t add a margin to the exchange rate, but you’ll have to pay a transfer fee.
You may be able to find special promotions designed to attract new customers like zero fees on your first transfer.
Is it cheaper to use a bank or a money transfer provider?
Generally, money transfer providers are cheaper. Banks often charge $30 to $60 per transfer, plus have a markup fee on the exchange rate. Fintechs like Wise use mid-market rates and smaller, more transparent fees.
How long do international money transfers take?
Transfer speed can vary based on the provider, currency, country and payment method. Bank wires tend to be slower, while fintech services using local payout networks or internal systems are typically faster. Some B2B international money transfer services offer same-day transfers, but most take one to five days.
Is it legal to transfer money from personal account to business account?
Yes, it’s legal, but all money transfers from a personal account to a business account should be properly documented for tax and accounting purposes. Treat it as a capital contribution or loan, not income.
Can I send business transfers using PayPal?
Yes, but PayPal is known for high FX fees (around 3 to 4%) and transaction fees. It’s convenient but generally not the cheapest method for frequent or large B2B transfers.
What is a good exchange rate for business transfers?
The best exchange rate is what’s called the mid-market rate, or the real-time exchange rate for the currency. Some money transfer services markup the exchange rate, with a low markup rate being under 1% or 2%.
What details do I need to send an international business payment?
You’ll need:
Recipient’s full name or business name
Bank account number or IBAN
SWIFT/BIC code
Invoice or reason for transfer (in some cases)
Are international business transfers taxed?
The transfer itself isn’t taxed, but the purpose of the payment may be (such as services rendered, salary or dividends). Always check local tax rules.
Are there limits on how much I can send internationally?
Yes. Limits depend on the provider, your account verification level and destination country.
Gabrielle Pastorek is an SEO strategist and publisher at Finder, specializing in banking, investing and credit cards. She's written more than 800 articles on the site and is a quoted expert in Best Company, HuffPost, Reader's Digest, MSN and MarketWatch. She's secured interviews with key stakeholders in the consumer insights industry, including a senior director at the National Retail Federation. Gabrielle has edited several creative manuscripts and holds an MFA from the University of Pittsburgh and BAs in English and French from Ohio University.
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From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
Xe is a leading company of currency solutions and it offers competitive international money transfer options to individuals and businesses around the world.
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