No matter what the size or nature of your business is, at some point you’ll probably need to send or receive payments across international borders. Here we discuss the key factors you need to consider when choosing a provider for business to business money transfers.
Why use a money transfer company for your business?
With transfer costs of up to 10%, using your bank for business money transfers is usually too expensive to be a long-term solution. The same can be said for most high street money transfer services.
Depending on the amount you’re sending or receiving, choosing the wrong provider could make a difference of hundreds or even thousands of pounds to your bottom line. That’s why a specialist money transfer provider is the best option for your business.
Digital companies have used innovative technology to make the international transfer of business funds faster, cheaper and easier than ever before. As a result, it’s worth looking at digital-only providers instead of traditional choices like Western Union or Ria.
How to choose the best money transfer service for your business
Regardless of your trade, you’ll want a money transfer service that suits your company or organization’s business needs. To keep profits up and losses low, be sure to consider these factors:
Before you do anything else, find out if the money transfer service supports the currencies you plan to trade with or send. Choose someone who supports not only your current needs, but also the territories that you’re most likely to expand to as your business grows.
It’s really easy to underestimate small variations in cost between providers, but bear in mind that a “small” difference soon adds up when you’re sending thousands of pounds. With all money transfers, the final cost depends on a number of factors. These include:
- The exchange rate.
- Transfer fees.
- Additional transaction fees and charges, often from intermediary banks on SWIFT transfers.
Here’s something to bear in mind about exchange rates. Always check the real exchange rate (the mid-market rate) before you send money. If a company offers you “zero fee transfers”, they are probably hiding the real cost of a transfer by giving you a poor exchange rate and pocketing the difference.
Azimo charges a single, low fee and gives you a great exchange rate as well. Taking into account the combined cost of the exchange rate and the fee, Azimo is usually the best value money transfer provider on the market.
How long international business payments take is key for both you and your suppliers. Depending on the countries and currencies involved, the delivery method and the day of the week, your business transfer can happen instantly or take a week or longer.
If time is of the essence, be sure to go with a money transfer service that offers the fastest service. Azimo, for instance, offers instant or one-hour delivery to 80+ countries.
Sending business payments overseas shouldn’t be complicated. Whether you use a website or a mobile app, look for a service provider that simplifies the process of making and receiving business payments.
That’s everything from a smooth registration and continuous service updates to clear messaging across all of their communications. Azimo’s website has won multiple awards for usability, and the Azimo apps have near-perfect scores on both the App Store and Google Play.
From limit orders to forward contracts, be sure to research what extra features the money transfer provider offers. Even if they don’t have these products, get to grips with little details such as how much money you can send per transfer and which countries you can send money to.
The smallest features could have a huge impact on your business, so it’s worth knowing what’s on offer beforehand.
To help you, we’ve put together 8 things to know before making your first Azimo Business transfer.
As we mentioned before, there are a lot of small providers on the market who occasionally offer eye-catching deals, and they can be a great option for some businesses. However, if something goes wrong, trying to get in touch with them can be a real hassle.
Before leaping to any conclusions, read online reviews on trusted sites such as Trustpilot and find out how the money transfer service fares in terms of customer service.
Azimo Business has customer service assistance in 8 languages and dedicated account managers who help businesses with all aspects of their money transfers.
When choosing a corporate money transfer service, make sure they have the latest encryption and fraud-detection technology, and that they’re regulated by the proper authorities.
Whether you’re receiving or sending money, you’ll want the peace of mind that it’s safe every step of the way. For more information, discover 8 reasons why your money is always secure with Azimo.
Azimo Business is the faster, cheaper, safer way to make business payments overseas. Download the app on iOS or Android and start sending cash to suppliers and contractors around the world. Get your first five transfers fee-free, at an exceptional exchange rate. Register today to start sending funds to your business contacts.