international business transactions

International money transfers for large corporations

Optimising international business transactions with multiple service providers.

The growth of international money transfer services has created more ways to manage international currency transfers, but a lot of businesses may be under-utilising them.

Dependence on legacy accounting systems, or even just a habitual reliance on international bank transfers, can be a significant drain on your cash flow. With fintech entering the world of international business transfers in force, it might be time for you to start looking at upgrades.

Use the table below to compare dedicated money transfer providers for your business. You can customise the transfer amount to compare providers that will suit your transfer needs.

Instantly compare some of the best international money transfer services

Rates last updated December 17th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Bank Account to Bank Account
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in over 30 currencies. Once registered, you'll be assigned an account manager who can provide support and guidance.
WorldFirst International Money Transfers
AUD 2,000
1 day
Online, Phone, Bank Account to Bank Account
Use code FINDER20 for $20 credit towards your next transfer*. Conditions apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
*Offer valid for one-time use and only applies to transfers of AUD$10,000 or more.
OFX (Ozforex) International Money Transfers
AUD 250
1 - 2 days
Online, Phone, Bank Account to Bank Account
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
WorldRemit International Money Transfers
AUD 1
Within an hour
Online, Bank Account to Bank Account, Cash Transfer
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
Global Reach (formerly FC Exchange) International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
XE International Money Transfers
AUD 10,000
1 day
Online, Bank Account to Bank Account
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees.
FlashFX International Money Transfers
AUD 200
1 day
Online, Bank Account to Bank Account
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees.
Exclusive: InstaReM International Money Transfers
AUD 200
1 - 2 days
Online, Phone, Bank Account to Bank Account
Exclusive: finder customers receive $15 off their first transaction. T&Cs apply.
InstaReM offers simple and quick international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction, plus finder customers receive $15 off first transfer (T&Cs apply).
TransferWise International Money Transfers
AUD 1
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
Remit2India International Money Transfers
AUD 50
Same day
Online, Bank Account to Bank Account
Instant transfers to India from anywhere in the world with $0 transfer fees.
New customers who create an account with Remit2India and make a transfer of AUD$500 or more for the first time will receive a complimentary $25 Coles/Myer e-voucher. Click 'Go to site' for T&Cs.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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Large corporations

The Australian Taxation Office (ATO) considers a corporation with an annual turnover of $250 million or more to be a large business. Businesses of any size will often need to send money across borders. However, large corporations, and multinationals in particular, have additional obligations, as well as opportunities in the form of transfer pricing, large forex investments and more.

Airwallex in 2017

Airwallex was created with the sole aim of finding the most cost-effective way to conduct any international money transfer, with a special focus on business transfers. Its foundation is machine learning software that re-calculates each transfer to find the optimal route.

In May 2017, this startup completed its series A funding with over $16m in investment. It’s active right now, with features including:

  • Transfers at mid-market exchange rates: Quite possibly the best rates anywhere.
  • Business APIs: API programming tools are available for businesses to let them create their own end-to-end international payment solutions. The APIs are developed on RESTful architecture, comprehensively documented, fully supported and specifically designed to be efficiently integrated into almost any system.
  • Scaling fees: Fees are calculated in real time based on the current rates and the nature of the transfer. Intermediary fees are included in the calculation without any additional fees.

Airwallex exchanges take the form of spot trades, and current rates will be locked in when you schedule a transfer in advance.

None of the following information should be construed as financial advice. Instead, it’s simply intended to help you consider the possibilities offered by money transfer services beyond the banks, and to think about how you’ll start using them.

What to look for in a dedicated international money transfer service

There are now dozens of well-established international currency transfer services, and they’ll typically offer more competitive terms than bank transfers. Some features to look out for when your business needs to transfer money internationally are:

  • Waived transfer fees: It’s relatively easy to find money transfer services that will waive transfer fees for certain transactions, or generally just don’t have any. However, check to ensure that they aren’t making up for this by offering lower exchange rates.
  • Rate matching: It’s also common to find transfer services that will match or beat the exchange rates of their competitors

Features that may benefit large businesses and corporations

Some features to consider when your corporation is comparing money transfer services are as follows:

  • Flexible worldwide destinations: You can send the money where it’s needed. Unlike most banks, money transfer services don’t typically maintain a strict list of destination countries. This is important for large corporations that may need to send money all over the world. Be sure to check each provider’s roster of destination countries when comparing money transfer services.
  • Large transfer limits. Large corporations will typically need to transfer bigger amounts of money internationally. As such, it’s important to look for a money transfer provider that allows you to make large transfers. For example, some providers may not allow transfers over $50,000.
  • No fees or set transfer fees. Some providers will charge a percentage based transfer fee, meaning the larger the amount you transfer, the higher the fee. For large corporations that typically need to make regular, large transfers, this can be quite expensive. Instead, look for a provider that charges a set fee or no fees.

Compared to banks, many money transfer services offer similarly customised and secure services, such as:

  • Different transfer options: For example, single or recurring payments.
  • Limit orders: To execute trades at a pre-set rate.
  • Forward contracts: For locking in the current exchange rates.
  • Advice: Specialised advice, focused on your transfer needs. If transfer services are providing tailored financial advice, their agents will usually be as qualified as bank advisers, in line with Australia’s strict standards.

However, more flexible or non-standard solutions might be a lot harder to replace. As such, it might be worth re-assessing the value of individual services as you bring in newer methods, and integrate them with the old.

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Are money transfers safe?

Yes. Money transfer providers in Australia, such as OFX, are regulated by The Australian Securities and Investments Commission (ASIC) and need a Financial Service License, just like a traditional bank or financial institution. When selecting a money transfer provider for your business, it’s important to check whether the provider has a current Financial Service Licence. This should be clear on the provider's website.

Money transfer providers will also verify the identity of all users prior to completing a transfer, to protect against fraud and money laundering. It’s an industry standard for money transfer providers to have a Secure Socket Layer (SSL) Encryption on their platform as a minimum, which creates a secure connection with your browser and monitors for suspicious activity.

The advantages of bank services

Banks might be able to offer a wider breadth of services. For example, banks can usually make available forward contracts to hedge against currency fluctuations, along with bank-exclusive investment products that pay dividends into foreign currency business savings accounts.

Bank advisers naturally tend to have a thorough understanding of their own products, which can help them identify solutions that someone outside the particular bank might not be able to find.

However, as time passes, it might become more cost-effective to move some services in-house, while looking outside for specialized solutions, as needed.

For example, a business might look at nailing down a longer-term investment strategy with outside help, and then taking advantage of the Airwallex APIs to help carry it out and keep up with everyday needs like cash repatriation and overseas business expenses.

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Money transfers for large businesses in summary

The next step is for you to use the table above to compare money transfer providers. Click through the providers to source up-to-date quotes before making your decision.

The rapid growth of fintech providers like Airwallex, and the wide range of exceptionally competitive international money transfer services, means that all businesses should be constantly re-evaluating their international currency processes. These types of providers can offer up many of the same services as banks, in addition to obvious savings from much more competitive exchange rates and reduced fees.

Automation can also go a long way to reducing the costs, and as time passes it’s more likely that seeking out advisory services on a case-by-case basis, or bringing it in house, might be a much better use of resources.

While the banks will naturally have to keep playing a central role in your operations, it may be worth looking further ahead, carefully re-evaluating your arrangements going forward, and looking for the flexibility to use alternative services where needed.

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International Money Transfer Offers

Important Information*
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in over 30 currencies. Once registered, you'll be assigned an account manager who can provide support and guidance.

WorldFirst International Money Transfers

Use code FINDER20 for $20 credit towards your next transfer*. Conditions apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
*Offer valid for one-time use and only applies to transfers of AUD$10,000 or more.

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

WorldRemit International Money Transfers

An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.

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