So you’ve shopped around for the best exchange rates and fees on the market. That’s a great start, but there are many other important features that can save businesses time and money when sending and receiving funds from abroad.
Consider the following options when selecting a money transfer service for your business:
Look for competitive exchange rates and low fees or commission. Online money transfer services consistently offer better exchange rates than banks with significantly smaller fees, helping boost your profits. Some offer to scrap the fee entirely for large transfers.
Most businesses need payments to be fast and efficient. Avoid costly delays by considering how long it will take to move your money.
Waiting for office hours to visit a branch or speak to someone over the phone wastes time. Look for the ability to transfer money online or from a mobile app.
- Repeat transfers
If your business needs to make certain payments regularly, such as staff salaries or other bills, look for a service that allows you to set these up in advance so the transactions occur automatically.
If something goes wrong, you’ll want assistance fast. Consider what customer support systems are in place, how you can access them and during what hours they’re available.
Ensure the service uses a secure online transfer platform for greater peace of mind when handling sensitive data. For this reason, Telegraph Business Money Transfers partnered with moneycorp; an FCA authorised and regulated company which safeguards client funds from its company funds.
- Forward contracts
Can you lock in today’s exchange rate for payments that will be made in the future? Some transfer services, such as a forward contract, allow you to do this, and can be very useful if you think the exchange rate is likely to turn against you. (Please note a forward contract may require a deposit).
- Limit orders
Many services allow you to choose the exchange rate you want, then will automatically send your money when the rate reaches that target amount. This saves you from having to constantly monitor fluctuating exchange rates.
Send money securely with The Telegraph
The Telegraph has partnered with market leader, moneycorp, to give your business access to great exchange rates as well as a personal service and expert guidance on your foreign exchange needs.
Services include spot and forward contracts, and market orders. Plus, new customers can benefit from paying no fees for a month on all transfers.
Get a better deal on overseas business payments now with the Telegraph Business Money Transfer Service.