The wire transfer is a tried-and-true method of paying international bills. In fact, in some cases, it’s the only way to pay a foreign supplier or vendor. That said, most businesses try to avoid wire transfers because the fees associated with them can be quite high.
How much is the charge for a wire transfer?
The fee a business will pay to send a wire transfer can vary substantially, and it often depends on which country you’re sending money to. It might also vary based on the institution you work with to send the transfer. The range for wire transfer is often somewhere between $25 and $100, depending on a number of factors.
If you need to pay a number of international vendors, you already know it’s not economical to spend an extra $100 for each transaction. How can you send a no fee wire transfer?
Although it’s relatively rare to find a true no fee wire transfer, there are a few ways you can knock the cost of the transfer back to $0 or next to nothing.
Is There Such a Thing as a No Fee Wire Transfer?
There are few places that offer true no fee wire transfers for businesses. You may get lucky and find a service that truly has a no fee policy. For others, however, you’ll want to be careful they’re not claiming there’s no fee and then building the fee into the foreign exchange rate they are providing you when you use their service.
It’s common practice to build a wire transfer fee into the exchange rate in a bid to recoup the loss. Always keep an eye on the rates. Are they competitive? If not, chances are you’re paying a hidden wire transfer fee.
There Is a Way to Get True No Fee Transfers
If you want to find true no fee wire transfers, you’ll want to check out various business payment apps. The best ones have options to help you save the fees on wire transfers and international payments. The very best ones also have market-leading exchange rates, which can help you save even more money.
How Does It Work?
Some business payment processing apps will allow you to get access to the best exchange rates. They’ll also allow you to waive the transaction fees for international payments, whether they’re a wire transfer or processed through an automated clearing house.
How does it work? You’ll sign up for a monthly subscription at the service tier you need. No fee wire transfers and $0 cross-border payments are often included in higher tiers.
Is It Right for You?
Consider the volume of international payments you process each month. The higher the number of transactions you process, the more likely it is you can benefit from a monthly subscription with $0 international wire transfers and better foreign exchange rates.
Take, for example, a business sending four wire transfers to an international recipient each month. This recipient resides in a country where the wire transfer fee is usually around $100 per transaction. This business is spending $400 a month on wire transfers alone.
Isn’t there something else you could be doing with $400 a month? The situation becomes more apparent as the number of transfers you send per month increases. Companies that do a good deal of international business could be spending thousands of dollars on wire transfers every month.
Get Started with a Better Solution
If you’re sending multiple wire transfers and international payments each month, it’s time to find a better solution to reduce the costs on your business. You could save your business hundreds or thousands of dollars by making a simple switch.
Get started today by talking to the experts.
The information in this article is for educational and information purposes only and should not be relied upon for decision making. Always seek the expertise of a professional advisor or accountant prior to making any decisions.