How often are the rates updated on your website?
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.
What factors do I need to consider when choosing an international money transfer provider for my business?
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:
Currency. Most banks and IMT providers will offer business transfers for major currencies and many even offer services to more exotic destinations. But don’t assume that because Bank A has a great rate for USD it means that it will have the best rate for YEN. Be sure to compare rates and providers based on your choice of currency so that you get the most competitive rate for the currency you need to transfer to.
Fees. Some IMT provider will charge a flat fee for a business transfer, and others will charge a fee based on a percentage of the transfer amount.
Transfer speed. It usually takes between 1 - 3 business days for a IMT to a standard major currency. Be sure that you factor this in when timing any international payments.
Transfer limits. Some IMT providers will have minimum and maximum transfer limits depending on the type of business payment you are making.
Bank or foreign exchange specialist, which will be better for my business?
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.
I don’t recognise any of these FX brands, can I trust them with my money?
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.
What’s the difference between a spot rate and a forward contract?
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.
Do I need to set up an account to make a business transfer?
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.
What will I need to set up a business money transfer to an overseas bank account?
You will need to provide the following information:
Full name and address of the recipient’s bank
Recipient’s name, address and account number
SWIFT/BIC Code
The amount and currency you wish to send
Where can I find more information about business transfers?
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.
