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Quickest Ways To Send Money To Small Businesses Abroad

Updated on January 04, 2022 10:03 am
Quickest Ways To Send Money To Small Businesses Abroad

Everyone loves supporting small businesses. In fact, if you are ever considering running for office in the United States, nothing will give you more advantage than being a small business owner - across demographic, political, and ethnic lines.

We are willing to bet that the love for small businesses is universal. Everyone loves small businesses, except maybe big businesses?

Historically, big businesses have always enjoyed economies of scale and small businesses had close to zero chance of competing with them. Thanks to the internet, the modern digital world, and sheer human nature to solve every problem. Basically, if there is a known problem, there are people working towards a solution.

Small businesses of today can compete with the big businesses almost on every front. But if you have ever tried to send money internationally to your friends and family or to small businesses abroad, you know how cumbersome and outdated the systems are.

Traditional roadblock exists especially in the money transfer or cross-border industry. The good news is that there are many Fintech startups that are committed to solving this problem and banks and incumbent players are pumping in top dollars to innovate.

Let's take a look at some of the most popular ways to send money to small businesses abroad.

Online International Money Transfer For Small Business

When choosing a payment method to send money to small businesses abroad, there are several factors that go well beyond "When will my money transfer reach the recipient?"

The answer is not as simple as it seems. For instance, the quickest way to send money is not the cheapest or very rarely the cheapest.

Here are some of the most important factors you should also consider in addition to the speed of international money transfer: exchange rate, transfer fees, and speed.



Whether you are a big company paying a freelancer abroad or a small business paying another small business abroad, and anything in between - always put security as the top priority. Your financial service provider should have a robust security system in place.

One of the easiest ways to do it is to simply compare the top money transfer companies on CompareRemit.com. CompareRemit is the leading online comparison portal for money transfer companies, and any company listed has been vetted by the team. We have done the homework for you so that you don't have to.

Which Is The Most Popular Method Of Online Payment For Small Businesses?

PayPal is currently one of the most popular online payment platforms in the world. PayPal is synonymous with the word "payment" in the world of freelancers and small businesses. In fact, you will often hear it being used interchangeably. "PayPal me?"

PayPal is one of the most preferred payment methods for businesses because it offers affordable fees compared to the high-street banks. However, there is still a fee attached to it.

Depending on how you are making the payment: Credit, Debit, or PayPal balance, your fee can go higher. In addition to the transfer fee, they also charge a fixed fee on the foreign currency conversion.

How To Avoid PayPal Fees?

There is a reason why PayPal reigns supreme - deals with over 30 million merchants in 200 different countries. The reality is that regardless of the payment method, you will end up paying a certain amount in fees. While it is not possible to completely avoid the fees, here are a few tips you can use.

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Other Alternatives To PayPal To Send Money To Small Businesses Abroad

Xoom: Best for PayPal account holders

Switch to Xoom. Xoom is also a PayPal service, but it specializes in international money transfers. You will get a high exchange rate, zero to low fees, and quick transfer to small businesses abroad. The best part? You can also use your PayPal balance to fund your transfer.

Wise: Best for transparent transfer fees

Wise, formerly called Transferwise, offers the cost of sending money using their services upfront. In addition to being transparent with their transfer fees, they offer close to mid-market exchange rates. And several products and services that are best suited for freelancers, digital nomads, and small businesses abroad.

Western Union: Best for Cash transfers

Western Union is an incumbent in the international money transfer industry. If your recipient is in a developing country, chances are there will be a Western Union agent. So if you are looking to send cash internationally, Western Union can send money to over 200 different countries from the United States.

XE: Best for exchange rates

The exchange rate on XE.com is used by multiple services for reference, similar to what you see on Google.

Naturally, Xe offers excellent exchange rates for international money transfers and offers low transfer fees. Xe is especially for CAD to INR and USD to INR corridors.

Small World: Best for home delivery of remittances

Small World offers home delivery of remittances for select countries. If your recipient is in one of the countries on their service list, it is an excellent choice. You can get the money delivered directly to the home address of your recipient. The world is a small place indeed.

OFX: Best for eCommerce businesses

OFX offers e-commerce seller accounts that offer you competitive foreign currency conversions and transfers fee. OFX also offers greater control of your e-commerce business with tools like Limit Orders and Forward Contracts.

  • Limit Orders allow you to set a desired market exchange rate, and when that rate is triggered, you will be automatically alerted. Alternatively, you can also sign up for exchange rate alerts on CompareRemit.
  • Forward Contracts allow you to lock in the current market exchange rate for up to twelve months. The exchange rate fluctuates and locking-in save you money if the exchange rate

To sum it up - when it comes to finding the best ways of sending money to a small business abroad, three main factors determine what is best: speed of transfer, exchange rate, and transfer fees. High street banks charge you and sometimes the recipient exorbitant fees, and other traditional ways of sending money such as checks are simply outdated.

In addition, depending on the nature of your business or personal requirements, your needs will change. For instance, If you will be sending money to a supplier abroad regularly, you may want to check whether you can integrate it with your accounting software.

Different money transfer companies have different propositions. When in doubt, compare, and save on every transfer.

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Whether you're supporting family back home, paying for services, or making investments, you need a reliable and cost-effective money transfer service. In your search for the best money transfer service, it is very easy to get caught in the plethora of money transfer services available. Enter Xe, a trusted name in the industry known for its great rates and exceptional service. At CompareRemit, we aim to help you find the best remittance options, and Xe stands out as a top choice for many. In this article, we'll dive deep into Xe's rate and fee structure and highlight why it's the preferred service for millions of users worldwide.Why Choose Xe for Your Money Transfers?Competitive Rates and Transparent FeesXe is renowned for offering some of the best conversion rates in the market. Unlike other providers that might offer an attractive first transfer rate to lure you in, only to raise rates for subsequent transfers, Xe maintains consistently great rates for all transactions. This approach ensures long-term savings and financial predictability for its users.No First Transfer Rate GimmicksMany money transfer services entice new customers with special rates for their first transfer. However, these rates often do not apply to future transactions, making them less beneficial over time. Xe distinguishes itself by not relying on such tactics. Instead, they offer excellent rates for every transaction, ensuring fair and transparent pricing from the outset.Long-Standing Reputation for Trust and ReliabilityWith decades of experience in the money transfer industry, Xe has built a solid reputation for being a reliable and trustworthy service. Their dedication to providing excellent rates and superior customer service has earned them a loyal user base. Whether you are transferring money for the first time or are a frequent user, Xe's consistency and reliability ensure a smooth and satisfactory experience every time.Understanding Xe’s Rate and Fee StructureXe’s rate and fee structure is designed to be transparent and user-friendly. Here's a closer look at what you can expect:Competitive Conversion Rates: Xe currency conversion rates are among the best in the industry. Whether you're transferring a small amount or a large sum, you can be sure you're getting a great deal.Low to No Fees: For smaller amounts under $250, Xe may charge you a small send fee but with no first time transfer gimmicks and great exchange rates every day, you can ensure more of your money goes to your recipient rather than being lost to high transfer fees and/or poor exchange rates.No Hidden Charges: With Xe, what you see is what you get. 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Xe's commitment to speed and reliability means that your money will reach its destination quickly and without hassle. How reliable is Xe money transfer? With a track record of millions of successful transactions, Xe has proven to be a dependable service for users worldwide.How Xe WorksIf you're new to Xe, here’s a quick guide on how to get started:Create an Account: Signing up for an Xe money transfer account is quick and easy. You can do this on their website or through the Xe app.Get a Quote: Use the Xe converter currency tool to get an instant quote on how much your transfer will cost.Transfer Money: Once you're happy with the rate, you can proceed to transfer money with Xe. 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Send Money to Mexico
How to Send Money to Mexico in 2024

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How to Send Money from the UK to Philippines

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CoinCodex forecasts a potential 9.43% rise in the GBP to PHP exchange rate over the next year, reaching approximately ₱ 78.22 at some point during the year. While exchange rate predictions provide valuable insights, they are subject to change based on various economic and geopolitical factors. Monitoring exchange rate trends regularly can help you identify favorable opportunities for sending money to the Philippines.When is the Best Time to Send Money from the UK to Philippines?Determining the best time to send money involves strategic planning and analysis of exchange rate fluctuations. Referencing forecast predictions and using comparison sites like CompareRemit can help you track the best exchange rates and promotional offers from top remittance companies. By timing your transfers during periods of favorable rates or promotions, you can optimize the value of your remittance and save on transfer costs.How to Transfer Money from the UK to PhilippinesOnce you've finished comparing and contrasting the top providers and selected the best remittance provider through CompareRemit’s Compare Tool, the next step is to initiate the money transfer. Remittance services typically offer various transfer methods, including online transfers, bank deposits, and cash pickups.Sign up: Create an account with your chosen remittance provider and complete any required verification steps.Enter recipient details: Provide the recipient's information, including their name, address, and contact details.Select transfer amount: Enter the amount you wish to send, ensuring it meets any minimum or maximum transfer limits.Choose delivery method: Select the preferred delivery method for the recipient, such as bank deposit or cash pickup.Review and confirm: Double-check the transaction details, including exchange rate and fees, before confirming the transfer.Complete the transfer: Submit your payment and wait for confirmation of the successful transfer.Top Remittance Providers for Transferring Money from the UK to the PhilippinesXe Money TransferXe offers competitive exchange rates, low fees, and fast transfers, making it an excellent choice for sending money from the UK to the Philippines. Their user-friendly platform ensures a seamless remittance experience for users.Wise Money Transfer Formerly known as TransferWise, Wise provides transparent exchange rates and minimal fees, allowing users to send money with confidence. With millions of satisfied customers worldwide, Wise offers a reliable and cost-effective solution for international transfers. Instarem Money TransferInstarem offers competitive rates, no hidden fees, and real-time tracking, ensuring transparency and security throughout the transfer process. With Instarem, users can send money to the Philippines quickly and conveniently.PassToPassTo specializes in tailored remittance solutions for migrants, offering flexibility, convenience, and personalized service. With a focus on customer satisfaction and reliability, PassTo is an excellent choice for sending money to the Philippines and beyond.Frequently Asked QuestionsQ: What are the best rates from GBP to PHP?A: As exchange rates fluctuate, it's advisable to monitor platforms like CompareRemit to find the best rates from GBP to PHP offered by various remittance providers.Q: When is the best time to transfer money from the UK to Philippines?A: Monitor exchange rate trends and utilize comparison tools to identify favorable transfer windows.Q: How can I compare money transfer services from the UK to Philippines?A: Utilize comparison sites like CompareRemit to compare money transfer services based on exchange rates, fees, transfer speed, and customer reviews.Q: What is the best way to transfer money to the Philippines online?A: The best way to transfer money to the Philippines online is to use a reputable remittance provider, ensuring competitive rates and secure transactions.Q: How can I ensure the safety and security of my money transfers?A: Choose reputable remittance providers with robust security measures in place to safeguard your transactions.

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