Short Answer. Yes! You absolutely can use CurrencyFair for business purposes. And you absolutely should.
According to the World Bank, $529 billion was sent internationally in 2012. The big banks are taking a big slice of that pie with their exorbitant upfront fees. They also have HUGE hidden fees in their terrible exchange rates. Have you considered using an international money transfer bank alternative? This can save your business thousands on money transfer fees. Therefore, you should use CurrencyFair for international money transfers for business. Large and small.
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
Reasons to Use CurrencyFair Business Accounts
- Transfer up to €1,000,000 at a time!
- Safe, secure and regulated.
- Pay overseas suppliers and freelancers cheaply, safely, securely.
Lower Fees – Better Exchange Rates
Compare CurrencyFair money transfer quote to the big banks. CurrencyFair global money transfers can save your business a fortune in fees. This can help reduce your business overheads with paying for overseas suppliers, freelancers etc. This is especially important if you are a startup or a small business where every penny counts. Take me for example. I pay overseas freelancers through CurrencyFair directly to their bank. Compared to PayPal or the big banks I can save over 20% of the total cost. More in my pocket. Less in the banks pocket.
The big banks use Telegraphic Transfer (TT) to send money overseas to your foreign currency bank account. There are extra costs involved in this type of transfer. Both the sending and receiving banks charge you a large fee.
Using CurrencyFair avoids Telegraphic Transfers. CurrencyFair can ‘match’ a transfer in the opposite direction. Therefore, currency may never leave the country. Inside it is swapped within the CurrencyFair system or marketplace. This is how CurrencyFair can avoid the large fees and charge you up to 85% less fees.
Let’s look at a few examples of money transfer costs. CurrencyFair vs the Big Banks. Below are two screen shots showing the costs of transferring AUD$10,000 to Euro.
The first thing you should notice is the big bank’s upfront fee. A very large AUD$20 fee for processing the overseas payment. St George also notes that there may be other fees by the receiving bank. I have found that the receiving bank fee can be as high as €20.
Big banks can charge you up to AUD$50 (currency equivalent) before you even send money abroad.
CurrencyFair fees are far more straightforward. In this example the fee to send money overseas for your business transaction would be AUD$4. If you have an urgent overseas transaction for your business, you can take advantage of CurrencyFair’s Priority Transfer option. The CurrencyFair priority transfer attracts a slightly higher transaction fee. This additional priority transfer fee is still considerably lower than the big bank transfers.
With overseas money transfers for business, every penny counts. Especially for regular global money transfers for business. Have another look at the example above. CurrencyFair is offering a much better exchange rate than the big banks.
In this example, the when sending AUD$10,000 to Euro you receive €362 more than St George. Consider this being a monthly business supplier transaction. In exchange rate hidden fees alone, you would save €4344 using CurrencyFair for business over one year.
|Provider||AUD Sent||EUR Received||Rate Offered||Fees||Hidden Fees|
|Big Australian Bank 1||10000||6332||0.63449999999999995||AUD$20++||AUD$571|
|Big Australian Bank 2||10000||6292||0.63049999999999995||AUD$20++||AUD$610.35|
*Accurate of of 21st March 2016
Regular Business Money Transfers
Regular money transfers for overseas business transactions are invaluable for businesses of all sizes. This can save you time and hassle, allowing you to concentrate on more revenue generating activities.
- The large banks rarely offer regular overseas money transfers for business. Certainly it is not available through their online banking web application.
- Business transactions through CurrencyFair can be set up as regular overseas money transfers quite easily. This can be organised through CurrencyFair’s web app. All you need to setup is the standing order with your local bank to send money to CurrencyFair’s local bank used for their Business Trust.
- Learn how to set regular global money transfers with CurrencyFair. Or watch a YouTube video on CurrencyFair that also shows you this neat feature.
Creating a CurrencyFair for Business Account
The following are simple steps on how to setup your business account with CurrencyFair. Then you can begin saving money with your specialised business money transfer service.
- Go to the dedicated CurrencyFair Business landing page.
- Click ‘Create Account’ button on the top right hand side.
- Enter your company email address and unique password for your CurrencyFair business account.
- Click ‘Create Business Account’ button (shown below) to create your account.
- Fill out company details such as primary contact, registered company name, registration number etc.
- CurrencyFair may call to confirm your details to complete creation of your new CurrencyFair business account.
- You are now ready to save your business from super high fees on your global money transfer needs.
How it Works
Below I outline the basic steps to transfer money globally using CurrencyFair, while avoiding hidden bank fees.
- Add source and destination bank account details in your CurrenyFair business account.
- Create a transaction within CurrencyFair and transfer money locally to CurrencyFair with their local bank details provided.
- Exchange to your destination currency when your money transfer funds has reached CurrencyFair.
- Transfer locally out of CurrencyFair to the destination account.
To learn more on this process have a look at the iCompareFX CurrencyFair YouTube videos.
Business Customer Testimonials
CurrencyFair’s business customers come from all parts of the world. From Switzerland to Australia and the UK to Ireland, these businesses spending less on ridiculous bank fees when transferring money worldwide to their suppliers.
Below are just a couple of the testimonials that CurrencyFair business customers have given.
The big banks are not the best way to pay overseas suppliers for businesses large or small. Consider using CurrencyFair for your business. Does your company need to make small business money transfers.. or large one off international money transfer for business? CurrencyFair can cater to your small or large CurrencyFair business needs.
- Learn how to save even more with your first CurrencyFair transfer.
- Get a more in depth feel for CurrencyFair features.
- Could TransferWise service your business needs?
- Or maybe OFX (formerly OzForex).