This system, which relies on a trusted network of brokers and acquaintances to honour debts, has proved resilient, but can’t provide the speed and sophistication required by modern businesses.
Even the inter-bank systems of today, such as SWIFT or SEPA, can be too slow, too expensive, or too limited in scope. Dedicated online platforms offer the best mix of speed, transparency and security, providing competitive exchange rates, with settlement sometimes as quick as the same day.
Here’s how to pick the right international money transfer platform for your business and five of the best providers for sending money abroad.
What should you look for in an international money transfer provider?
Not all international money transfer providers are created equal. Cost, efficiency, security, and global reach are all vital considerations for businesses – here’s why they matter and how they influence which provider you should choose.
Transaction fees
Online platforms allow you to avoid costly interbank rates and tend to offer better (typically mid-market) exchange rates than banks, but transaction fees can still be high.
When comparing platforms, look for a transparent fee structure with minimal to no intermediary fees – that way, even if you’re a high-volume business, your costs for sending money are predictable, and you won’t be stung by hidden fees. For example, WorldFirst caps FX fees at 0.5% (or 0.3% for new customers signing up in 2026) and doesn’t charge receiving fees.
Transaction speed
A typical international transfer using an online platform takes around 1-3 business days to arrive in the recipient’s account, and some can even arrive the same day. This is much quicker than the 3-5 days it takes for a traditional bank transfer, and speedy settlements can give you a vital edge in the fast-moving, competitive world of international business. Some only offer same-day delivery for an additional fee, so make sure to understand both the timeframe and cost implications when comparing providers.
Security
Fraudsters and cyber criminals are devising ever more ingenious ways to exploit vulnerabilities in the international payments network, and your funds are never more exposed than during a transfer. Advanced security measures like two-factor authentication, tokenisation, and encryption provide a robust defence against criminals — so look out for providers that offer these. And make sure to check that they’re appropriately regulated and authorised.
If you choose a provider that’s authorised by the Financial Conduct Authority (FCA), you can be pretty confident that your money is secure. The FCA requires providers to meet minimum standards and comply with strict rules and principles.
Global coverage
Coverage is all about currencies and countries. The best providers allow you to make payments in hundreds of local currencies, taking advantage of competitive (rather than marked-up) exchange rates, and allowing you to transact using the actual amount stipulated on the invoice. This is good for maintaining trust with your international suppliers, as they receive their exact expected funds, which simplifies reconciliation and accounting.
Additionally, the more countries or regions the provider supports, the more options you have for expanding the worldwide reach of your business. Choosing a provider with this capacity is essential for exploiting the full potential of international payments and transfers.
Best providers for businesses to send money abroad
Here are five of our top picks for international money transfers.
WorldFirst
- Costs: £0.30 to £4 depending on currency
- Settlement speed: Around 90% of payments arrive same-day
- Coverage: Send in 100+ currencies to 210+ regions, open local receiving accounts in 20+ currencies
WorldFirst started over 20 years ago in London to eliminate the pain points of international business payments. Today, it offers a range of competitively priced solutions for making and receiving payments worldwide that do just that, with around 90% of transfers arriving the same day they’re sent. Now part of Ant International, their 30+ global offices are plugged into one of the world’s most powerful fintech networks, giving 1.5m+ businesses a global payment infrastructure few others can match – including 60+ global regulatory licenses, and $500bn+ processed to date.
With the World Account (free to open and maintain), you can make fast, quick and secure payments in more than 100 currencies to more than 210 countries and territories. You can also hold funds in 20+ currencies, allowing you to pay international suppliers using their local system – bypassing bank delays and additional fees. Alternatively, use the World Card to make instant international payments in over 150 currencies, with zero FX fees on 15 major currencies, and up to 1.2% uncapped cashback on every eligible business spend.
WorldFirst accounts and local currency accounts are free to open and maintain, and there’s no charge to receive or hold funds. Instead, WorldFirst simply charges between £0.30 and £4 per payment (depending on currency) and limits conversion fees to a reasonable 0.5% (or 0.3% for new customers signing up in 2026). Make payments over $5,000, and it’s conversion fee-free.
We also like WorldFirst’s solutions to help businesses guard against currency volatility. Namely, forward contracts, which allow you to lock in today’s exchange rates for up to 24 months, and firm orders, where WorldFirst executes currency conversions only when the market hits your ideal exchange rate.
Customer support is a highlight: real-humans are on hand across 20+ regions via webchat, phone, or email. WorldFirst also has 60 regulatory licences, ensuring it complies with local rules to safeguard your funds.
Wise Business
- Costs: From 0.33% per transfer
- Settlement speed: 95% within 24 hours
- Coverage: Hold and send 40+ currencies, local account details in 20+ currencies
Wise positions itself as an all-in-one account for sending, receiving, spending, and converting money across borders.
With a Wise Business account, you can hold funds in more than 40 currencies and create local account details in 20. Make batch payments to up to 1,000 recipients in a single click. You can also get physical or virtual multicurrency debit cards that allow you to pay and withdraw cash in 231 countries and territories.
Transfer fees are from 0.33% (depending on currency), and there are large-volume discounts for £20k+ monthly transfers. There is, however, a £50 one-off account fee.
Airwallex
- Costs: £0 to £49 per month
- Settlement speed: 93% arrive same day
- Coverage: Transfers to 120+ countries and collect funds locally in 70+ countries
Airwallex is a global payments platform built for growing businesses. It combines international money transfers with modern tools for cards, expenses, billing, and payment acceptance.
With Airwallex Business Accounts, you can open accounts with local bank details in 20 currencies, and make free local transfers to more than 120 countries. FX conversions are priced competitively at around 0.5%, with international transfers available in over 60 currencies and to over 200 countries at interbank rates, allowing you to avoid hidden charges.
Airwallex’s built-in AI-powered fraud detection solution flags suspicious transactions, and it relies on end-to-end encryption and bank-level security to keep your funds safe.
Revolut
- Costs: Tiered plans from £10 to £90 per month
- Settlement speed: Not specified
- Coverage: Hold up to 34 currencies, send to 150+ destinations
Revolut Business’s multi-currency accounts allow you to hold, send, and receive up to 34 currencies using a single platform, making it easier to operate internationally without opening multiple bank accounts.
Revolut Business provides local and global account details, so you can receive payments and make transfers in major currencies like GBP, EUR, and USD at the speed and cost of domestic payments. By holding funds in their original currency and exchanging only when needed, you reduce unnecessary FX conversions.
Revolut business does have paid-for, tiered monthly plans. Basic (£10/month) includes £1k interbank rate exchanges. Grow (£30/month) includes £15k. Scale (£90/month) includes £60k. Outside of these limits, the exchange fee is 0.6%.
Xe business
- Costs: No setup or monthly fees, but exchange rate margins apply
- Settlement speed: Not specified
- Coverage: Send in 145+ currencies and make international payments to 190+ currencies
With a free Xe Business account, you can hold, convert, and send multiple currencies from one centralised place. Where Xe differs from rivals is that it uses pre-funded balances from which you can quickly make payments when rates are favourable. It also offers scheduled payments and mass payouts, making it easier to manage things like payroll and supplier runs.
Xe is particularly strong on FX risk management. Use tools such as forward contracts, limit orders, and options to protect your profit margins against currency volatility – you also have access to dedicated FX specialists. You can integrate payments directly into ERP systems like Microsoft Dynamics 365 and Sage Intacct. Exchange rate margins are not transparently disclosed, and settlement speed is unspecified, with no same-day guarantee. Xe Business is better suited for established businesses with complex needs rather than fast-growing SMEs.
