By Henry Williams on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

This system, which relies on a trusted network of brokers and acquaintances to honour debts, has proved resilient, but can’t provide the speed and sophistication required by modern businesses.

Even the inter-bank systems of today, such as SWIFT or SEPA, can be too slow, too expensive, or too limited in scope. Dedicated online platforms offer the best mix of speed, transparency and security, providing competitive exchange rates, with settlement sometimes as quick as the same day. 

Here’s how to pick the right international money transfer platform for your business and five of the best providers for sending money abroad. 

What should you look for in an international money transfer provider?

Not all international money transfer providers are created equal. Cost, efficiency, security, and global reach are all vital considerations for businesses – here’s why they matter and how they influence which provider you should choose. 

Transaction fees 

Online platforms allow you to avoid costly interbank rates and tend to offer better (typically mid-market) exchange rates than banks, but transaction fees can still be high. 

When comparing platforms, look for a transparent fee structure with minimal to no intermediary fees – that

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