The best companies to manage your business money transfers for 2021
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It’s a new year. You’ve got plenty of new clients and business is booming. But how do you deal with all that cash?
Well, the good news is that you don’t have to rely on expensive enterprise solutions or clunky bank services to manage business transfers. All you need is a reliable, cost-effective business money transfer service. If you’re looking for a quick primer on the best business transfer providers in Australia, MoneyAustralia’s best companies list is a great place to start.
Why use a business money transfer service?
Let’s face it. Most of us don’t have the time, facilities, or expertise to manage high-volume money transfers. Even if you have the requisite time and skills, you’ll still have to deal with the headache of managing multiple systems and dealing directly with your bank. It’s a lot of work and in the end, what you’re left with is a mountain of paperwork and no peace of mind.
A business money transfer service, on the other hand, does all the heavy lifting for you. From the time you open a new account to the time you start transferring funds, they handle all the technical details and paperwork for you.
So, what exactly is a business money transfer service? Put simply, a business money transfer service is a company that specializes in managing money transfers for businesses. It’s a bit like a bank, but with a focus on small and medium-sized enterprises.
How does a business money transfer service work?
Most business money transfer services work in the same way as any other bank. You open an account, deposit funds, transfer funds, and make payments.
However, unlike your normal bank account, a business money transfer service has a dedicated, experienced team of specialists who are there to help you with any issues you might encounter. They’ll be on hand to assist with the transfer process, answer any questions, and give you step-by-step advice on how to streamline your business transfers and save money.
Choosing the right business money transfer service
Choosing a business money transfer service is easy. In fact, you don’t even have to be in Australia to use one. You can use international services too. The important thing is to find a money transfer service that minimizes transfer risk and suits your business needs. There are three main things to consider when choosing a business money transfer service:
- How much experience do they have?
- How much do they charge?
- What are the service and support options?
To help kick-start your research, we’ve put together a quick guide to Australia’s best business money transfer providers for 2021.
- Moneycorp
Moneycorp is a big player in the business money transfer market, and for good reason. With more than 40 years of experience in the business transfer market, Moneycorp is an industry veteran. They also have a regional office in Australia, meaning that you’ll be dealing with local customer service representatives if any issues arise.
They offer a wide range of services, starting with simple, no-hassle account setup and an intuitive mobile platform. In terms of fees, Moneycorp charges a flat rate of $7.50 per transfer within Australia. They also offer a low turnaround international transfer service for businesses, which is useful for companies with clients in multiple countries.
- WorldFirst
WorldFirst is Australia’s biggest business money transfer service. They’re a household name in Australia, and they’ve been in business since 2004. Like Moneycorp, WorldFirst offers hassle-free business transfers, mobile functionality, and domestic office support.
The main difference between the two services is that WorldFirst offers a slightly more comprehensive foreign exchange service, supporting local account creation, spot contracts, forward contracts, and business transfers for 68 major currencies. If you’re frequently making large and/or high-volume payments, WorldFirst may offer you a bulk payment discount option.
- Currencies Direct
If you’re thinking of taking a more global approach with your business, Currencies Direct is an outstanding option. They have a long history in the market, and they’ve been repeatedly recognized for award winning service, receiving the MoneyAge Money Transfer Provider of the Year in 2016, 2018, and 2020.
Currencies Direct offers a range of services, including competitive exchange rates, fee-free transfers, 24/7 market updates, and forward exchange contracts. They’ve also launched a mobile app, which means you can easily manage your business transfers from your smartphone. The only downside we should note is that Currencies Direct is yet to open a local office in Australia.
The bottom line
Choosing a business money transfer service is a big decision. In reality, you can probably use any of the services mentioned above. However, it’s important to choose a service that meets your specific needs. Whether you’re prioritizing fee affordability or breadth of technical support, a little bit of research will help you get the most out of your business money transfer service.