Need to make an international payment for your business? Mozo’s time-saving comparison tool lets you compare today’s exchange rates and fees from foreign exchange specialists and banks providing business IMT services in Australia.
Read moreHaving a good system in place to send money overseas for your business could save you money where you need it most, and understanding the best way to transfer money overseas comes down to choosing the right foreign exchange option for you.
Foreign exchange specialists typically offer the lowest exchange rates and fees, and for business purposes, can offer specialised advice in managing your company’s foreign exchange needs.
On the other hand, if you’re after speed and convenience, using your business bank account to directly transfer funds over could be a good option. Just remember, banks are often more expensive than foreign exchange specialists and could charge higher fees.
Whether you’re sending money overseas to pay for business supplies, or need to pay overseas employees for their hard work, having a regular international money transfers in place can save you time, stress and even money. Start by deciding between using a foreign exchange specialist or bank to transfer your money from the table below, and then click the blue ‘Go to site’ button where you’ll be directed to the provider’s website where you can set up an account.
The good news is some IMT specialists provide the option of working with a business account manager, who can help you set up planned transfer dates and fix exchange rates in advance, so look out for these features.
Running a business is expensive, and you want to make sure you’re maximising your profits by cutting out unnecessary costs wherever possible.
Fees on international money transfers can vary from $0 and $32, and if you’re making multiple transfers a month, your costs could really add up. Not to mention, the difference between foreign exchange rates offered by banks and IMT specialists can vary substantially, so keeping an eye out to see the where the lowest rate is could save your business a pretty penny.
There is nothing stopping you from setting up an business account with multiple IMT specialists so that you have the option to choose which provider has the best exchange rates at the time you need to make your business money transfer. But don’t leave this to the last minute. While the account set up process is generally very easy with online IMT providers, you will still need to allow time to link up your business bank account and get the business details and ABN verified.
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^See information about the Mozo Experts Choice International Money Transfers Awards
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If you're an Australian business owner who needs to pay overseas suppliers on a regular basis or make a one off international purchase for equipment or stock, you'll want to make sure you get a decent exchange and an efficient transfer of your funds.
That's why you need to understand all the ins and outs of money transfers so that you can choose an international money transfer provider with confidence. The
Money experts at Mozo have pulled together all the info you'll need here in one place.
Just as you have plenty of options when it comes to your day-to-day business banking, you’ll also have options when transferring money overseas to a supplier or local overseas office. You can use a bank or you can opt to use one of the online foreign exchange specialists. Here are some of things you should factor in:
As outlined above, there are many factors to consider when selecting a provider for your business money transfers. If you are only going to be transferring small amounts, you may find that your existing bank offers you convenience.
But generally speaking, the most cost-effective solution for overseas business transfers is using a foreign exchange specialist, especially if you are dealing in large amounts of money or frequent overseas payments. They often have lower fees and more competitive exchange rates than the banks. You can see for yourself by using our tool above to see the difference in cost between providers for transferring the same amount of money.
We update the exchange rates on a hourly basis but foreign exchange rates do fluctuate and there is likely to be a difference to the ‘live’ price you are given by the international money transfer provider at the exact time of your business transfer.
All of the online foreign exchange providers that we list on Mozo are authorised by ASIC here in Australia. Most operate globally and have transferred many millions of dollars safely for some of the world’s biggest businesses as well as individuals. You can read an indepth review on each international money transfer provider here on our site.
A spot rate is the rate that you will get ‘on the spot’ at the time of making your enquiry. The rates that we publish on our site are the ‘spot rates’ for each provider. Some foreign exchange specialists will also have additional services where they will let you lock in a rate for in some time in the future. This is called a forward contract.
Yes, prior to being able to make an overseas business transfer you will need to have an account set up with the bank or international money transfer provider. This is usually a straightforward process of completing an online application form and verifying business details and ABN.
You will need to provide the following information:
If you still want to read up on information regarding some of the options for your business, prior to making a choice, head over to our business transfer guides section. The Mozo Moneyvators have written detailed guides on all aspects of transferring money overseas for small and big businesses.
