The best ways to send money abroad for UK businesses
Do you own a business in the United Kingdom and need help sending money overseas in Pounds or a different currency?
Stay tuned to discover the best ways to send money abroad for UK businesses, regardless of the purpose of payment.
One major challenge faced by business owners in the UK is sending money overseas quickly. They sometimes have to pay really high transactional fees or wait longer for the recipient to get the money.
With many fintech companies in the UK, you can now transfer funds right in the comfort of your home without surcharges or hidden fees.
Whether you want to send money to the USA, Canada, France, South Africa, or Nigeria, feel free to choose from any of the platforms below.
Direct debit
Direct debit is the most common way businesses send money overseas from the UK. It involves visiting a bank in person to complete the international funds transfer form. The bank will require the recipient's bank SWIFT code, address, and IBAN (account number).
All UK banks, including HSBC and Barclays, offer direct debit to business owners.
The transfer time frame varies depending on the receiving account's currency and verification demand. This often takes less than 24 hours.
OhentPay
OhentPay is a user-friendly payment platform designed for personal and business use, with a strong emphasis on international transactions.
Here’s why OhentPay stands out:
- Flat-rate fees: Just £1.50 per transaction for personal accounts.
- Global reach: Supports 40+ currencies and operates in over 190 countries.
- Fast transfers: Direct bank transfers with quick processing times.
- Secure and reliable: FCA regulated, PCI DSS compliant, and SOC 2 certified.
- Easy to use: Intuitive platform for seamless account management.
- Support you can count on: Dedicated UK-based customer support.
With support for over 40 currencies and global availability, it’s perfect for freelancers collaborating with international clients. Currency exchange services make receiving payments in multiple currencies straightforward, with no hidden fees.
Quick transfer times mean freelancers get paid promptly, and robust security ensures peace of mind.
While there aren’t specialized freelancer packages, OhentPay’s simplicity, global accessibility, and transparent pricing make it a dependable choice.
Wise mobile app or website
Wise is an FCA-regulated international money transfer platform with over 10 million users worldwide. They facilitate cross-border payments, both for UK residents and business owners.
You can initiate the transaction through Wise’s official website or mobile app, which is available for Android and iOS devices.
To get started, sign up on the platform right on the app or website and load your Wise account with sufficient funds via debit/credit card, bank transfer, or Swift.
You can be sure of quick, secure, and hassle-free transactions when you choose Wise for funds transfer outside the United Kingdom.
Depending on the amount you want to send or the recipient’s country, you may need to verify your identity by providing a photo of a valid ID document.
LemFi
The United Kingdom is one of the countries supported by LemFi International Payment Service. They help send money to over 20 countries, including China, the USA, Germany, France, India, and Nigeria.
We recommend them for their zero fees on transfers to any country outside the United Kingdom. Also, LemFi accounts have no minimum balance.
If you encounter problems sending money internationally via LemFi, don't hesitate to request further assistance, as they offer 24/7 live support.
TransferGo
With over 7 million users, TransferGo facilitates money transfers via their Android and iOS mobile app. They process international transfers to any country in just a few minutes.
If you are looking for a way to pay salaries to your remote workers or make any business payments, TransferGo is your go-to.
Their transactional fee is 90% lower than other international money transfer platforms. TransferGo is unique because you can schedule transfers, ensuring you don't miss important payments.
To send money overseas on TransferGo, you must register and verify your ID card/document, which takes less than five minutes.
Western Union
Trusted since 1851, Western Union is the oldest way business owners in the UK send money overseas.
You can pay for the international money transfer service from your bank account via cash or a valid debit/credit card.
If you choose the cash option, you will have to visit a Western Union agent to deposit the funds. Regardless of your choice, you can track the payment on Western Union's official website or through their mobile app using your MTCN.
You will receive an email once the recipient can access the funds.
OFX
Businesses of all sizes rely on OFX for international payments. They allow business owners to make secure transactions, including money transfers from the UK to most foreign accounts.
You can use OFX to process global payments in over 50 currencies. Their UK offices are located in London and Dublin. However, you can send money internationally from any location using a PC, smartphone, or tablet.
With regulation by the Financial Conduct Authority (FCA) in the UK and 50 other regulators, you have consumer protection and can always trust OFX online payment services.
PayPal
PayPal is one of the most popular international payment facilitators in the UK. In 2023, their brand awareness was 96% amongst online payment apps in the country, as reported by Statista.
PayPal is ideal not only for online shopping and personal expenses but also for UK businesses that want to make seamless international payments overseas. They offer vast payment solutions for all kinds of businesses, including service providers.
With a PayPal business account, you can manage invoices, spend, and receive payments without hassles. The account has zero opening fees and can be added to your existing payment methods.
Revolut
Revolut has over 45 million users worldwide, including UK business owners. You can make international payments by generating a link, which your business associates, suppliers, and employees can click for payout.
Recipients can decide where to receive the money, whether in their Revolut account or via bank transfer.
Besides, you can own multi-currency accounts with Revolut, allowing you to receive and exchange money in more than 25 currencies without additional charges.
The app will enable you to open many sub-accounts per currency, which can help you run your business more efficiently.
Revolut also supports instant card transfers, which provide a means to send money directly to recipients’ cards in any currency. This transaction takes only a few minutes.
Paysend
Paysend allows UK businesses to send Pounds Sterling to the local currency of over 100 countries.
You must install the Paysend mobile app to get started, allowing you to transfer funds using a bank card, account number, or phone number. You can also track payments conveniently.
Before making the transfer, you can view the currency exchange rate, transaction cost, as well as how much the recipient will receive. Paysend processes each money transfer instantly and provides real-time support whenever required.
HelloPaisa
HelloPaisa is an FCA-authorized international money transfer platform known for its zero fees and great exchange rates.
They deliver money to recipients' accounts in minutes, providing a fast, secure, and reliable means for UK businesses to send money overseas.
Their partners include Axis Bank, State of India Bank, Faysal Bank, HDFC Bank, UBL, HBL, ABSA, and Standard Bank.
You can sign up for free on HelloPaisa using a valid UK passport or driver’s license. If you do not possess any of these documents, register using your country’s passport and UK permit.
TorFX
TorFX offers outstanding exchange rates on business money transfers from the UK to other countries. They process international payments worth over £10 billion yearly. TorFX has served over 425,000 individuals and businesses.
They have offices in the UK with professional financial services staff available if you need further assistance.
For seven consecutive years (2016 - 2022), TorFX won the “International Money Transfer Provider of the Year” award at the Moneyfacts Consumer Awards, making it an award-winning and trusted service. They also received the “Best Service from a Business FX Provider” award in 2023.
International money transfers on TorFX are fee-free, regardless of the recipient’s country and amount.
Remitly
Remitly is available in over 170 countries, including the United Kingdom. Remitly mobile app is reliable for money transfers from the UK to other foreign countries. It facilitates hassle-free transactions with no fees on your first transfer.
You can also monitor each transaction’s progress on your smartphone or tablet.
Xe.com
Xe simplifies business payments worldwide, providing an easy way to send money from the UK to your suppliers and employees overseas.
They stand out among other international money transfer providers due to their same-currency payments, allowing you send money overseas without currency conversion, i.e., GBP.
On Xe.com, you can register using only your email address and make instant payments or schedule money transfer to over 190 countries.
What you need to send money from the UK to any country
- Mobile device or PC (Windows, Android, or iPhone)
- Valid email address and proof of identification for registration
- An active UK account or card for payment to the remittance service
How to transfer money abroad from the UK
Here are the ideal steps for sending money abroad from your UK business account:
- Download the payment service provider's mobile app or log on to their website to get started.
- Create an account and verify your identity.
- Log in to your account.
- Navigate to the transfer section and select how much you want to send.
- Input the recipient's details.
- Make necessary payment to proceed with the transfer, sending money from your bank account or card.
- Follow the prompts.
Bottom line
International payments to business partners, associates, remote workers, and other stakeholders have become easier than ever before with financial technology innovations. Hence, you can now send money conveniently to virtually any foreign account, card, or e-wallet.
Feel free to explore any of these platforms, as they are the best ways to send money abroad for UK businesses.
Ensure you read their terms and conditions before initiating the funds transfer process.
