International Money Transfer for Business: A Guide to Selecting an Online Account for UK Business Owners
As a UK business owner or financial director, conducting business internationally can introduce complexities, particularly when managing international money transfers. Choosing a good online account for managing foreign exchange (FX) can help your business save significantly on fees and exchange rates. This guide explores several popular online business accounts that prioritise saving on FX rates, offering a comparative analysis of their key features, advantages, and disadvantages. Below, we look at international business accounts, including AirWallex, Revolut, Currensea, Ampere, Multipass, Card One Money, and Ouitrust.
Why FX Savings Matter for International Business
When your business deals with international transactions, foreign exchange fees and rates can significantly impact your bottom line. A slight difference in exchange rates or transaction fees could increase over time, especially with frequent transfers or high-volume transactions. Selecting an account prioritising low FX rates can help you save money, optimise cash flow, and streamline global payments.
Key Factors to Consider for International Money Transfers
When evaluating online accounts for international money transfers, consider the following:
- FX Rates and Fees - What are the exchange rates, and are there additional transaction fees?
- Global Currency Support - How many and in which currencies can you hold or transact?
- Ease of Use - Does the platform offer user-friendly tools like mobile apps and APIs?
- Regulation and Security - Is the provider regulated by a credible financial authority, and how secure are their services?
Top Online Accounts for Business Money Transfers
AirWallex
AirWallex is a fast-growing online platform designed for businesses handling international transactions. It offers competitive exchange rates and various payment solutions that cater to global businesses.
- Advantages:
- Provides interbank FX rates, which are often better than traditional bank rates
- Supports over 50 currencies for both payments and collections
- Multi-currency virtual accounts for international invoicing
- No setup fees and low transaction costs
- Integrated with accounting software like Xero
- Disadvantages:
- Only available to registered businesses, not individuals
- Relatively new, so not as widely trusted as older platforms
- Customer service response times can be slow during high-demand periods
Revolut Business
Revolut Business is a widely recognised solution for global business transactions. It offers competitive FX rates and allows businesses to hold and exchange multiple currencies seamlessly.
- Advantages:
- Supports over 30 currencies and offers interbank exchange rates
- Easy integration with popular accounting software
- Offers physical and virtual cards for international spending
- Advanced financial management tools, including spending analytics and budget tracking
- Transparent fee structure with competitive pricing plans.
- Disadvantages:
- Monthly fees can be high for businesses requiring advanced plans
- Limited customer support for lower-tier plans
- Some currency transfers incur additional fees, depending on the plan
Currensea
Currensea offers businesses a streamlined card solution for making international transactions with low FX rates, providing a bridge between traditional bank accounts and cheaper international payments.
- Disadvantages:
- Limited functionality beyond international payments
- No multi-currency account support – you can only link to a GBP account
- Limited to card-based transactions rather than broader banking services
- Advantages:
- Links directly to your existing UK bank account, eliminating the need to open a new account
- Uses the real exchange rate with minimal fees (0% to 0.5% FX markup)
- Easy to set up and use for small businesses or individuals
- No monthly fees for the basic plan
Ampere
Ampere helps businesses handle international transfers efficiently while maintaining low costs.
- Disadvantages:
- Limited brand recognition compared to competitors
- Not as feature-rich as some of the larger platforms like Revolut or AirWallex
- Limited customer service options
- Advantages:
- Competitive FX rates are typically lower than those of traditional banks
- They support a wide range of currencies
- User-friendly platform for managing multiple international accounts
- Tailored solutions for both SMEs and larger businesses
Multipass
Multipass is a modern international banking solution that provides global businesses with cost-effective currency exchange and seamless money transfers.
- Advantages:
- Multi-currency accounts with the ability to hold, send, and receive over 30 currencies
- Offers local accounts in multiple regions, reducing the need for intermediaries and FX fees
- Competitive FX rates with real-time exchange options
- Business cards available for international spending
- Disadvantages:
- Available only for businesses, not individuals
- Monthly fees can be high for smaller businesses
- Limited availability of physical branches or in-person support
card one money
Card One Money is a digital business account offering a straightforward way to manage international transactions with low costs.
- Disadvantages:
- Limited features compared to larger platforms like Revolut or AirWallex
- Does not support as many currencies as some competitors
- Monthly fees apply, which may not be cost-effective for small businesses with low transaction volumes
- Advantages:
- Easy setup with no credit checks required, making it accessible to new businesses
- Competitive FX rates with low transaction fees
- Integrated with payment gateways, it is ideal for e-commerce businesses
- Offers both virtual and physical cards for business spending
Ouitrust
Ouitrust is a fintech solution offering businesses a platform to manage cross-border payments with reduced FX costs.
- Advantages:
- Competitive FX rates are often better than traditional banks
- Multi-currency accounts for seamless international transactions
- Supports a wide range of currencies and international transfers
- Tailored for businesses, offering customised solutions depending on transaction volumes
- Disadvantages:
- Limited brand recognition.
- Customer service options are less extensive than larger platforms
- No physical branches or in-person support, which may not suit all businesses
Conclusion: Selecting the Best Online Account for International Money Transfers
Choosing the right online account for international money transfers can significantly impact your business's cost savings and operational efficiency. Platforms like AirWallex and Revolut Business offer robust multi-currency support and competitive FX rates for UK businesses. Currensea and Card One Money provide simpler, low-cost options ideal for smaller businesses or those with lower international transaction volumes.
Meanwhile, Ampere, Multipass, and Ouitrust cater to businesses with more specialised needs, offering tailored solutions for cross-border payments.
Ultimately, the best choice depends on your business size, transaction frequency, and the level of service you require. Consider the advantages and disadvantages of each platform to select the one that best fits your business needs.
By making an informed decision, you can minimise FX costs and optimise your international business operations.
