What’s the Cheapest Way to Send Money for Small Businesses?

cheapest way to send money

In our tech driven world, finding the cheapest way to send money between small businesses in different locations is important. This blog will walk you through the different methods you can use to send money internationally, to another state or locally.

Money transfer services are critical to small businesses. They help brick and mortar stores as well as ecommerce shops. Enterprises can expand their reach and keep supply chains open.

Cheapest Way to Send Money for Small Businesses

For example, Paypal users have grown 16% from Q2 2020 to Q2 this year. You’ll learn everything you need to know. Like the different ways to transfer cash. And what role the exchange rate plays with mobile payment apps.

Bank Transfers Vs Wire Transfers

There is a subtle difference between a wire transfer and a bank transfer option. Generally speaking, the first one is quicker but less secure. It also costs more. There’s a different fee.

How a wire transfer moves money from one bank account to another one is different. With a wire transfer, an employee needs to verify the money is on hand first.

Wire transfers can take up to two days. Banks charge fixed transfer fees and an exchange rate margin. A bank transfer is more immediate for users.

SWIFT ( the Society for Worldwide Interbank Financial Telecommunications) is the network used by banks for either.

Find the Best Money Transfer Services for Your Business

There are other money transfer options. Money transfer companies specialize in international money transfer services. The cheapest way to send funds depends on several factors. Where the recipient is and how much money is being sent makes a difference to cost.

There are several other things to consider before choosing a money transfer service. Here are a few that will dictate your choice. The rate for transferring money and the overall cost matter.

  • Look to see if there’ s a minimum when it comes to funds. Compare the transfer speed in days.
  • Processing fees are important. Watch out for high currency conversion fees.
  • Check out the number of countries you can transfer to.
  • Find out if you can transfer money to customers in different ways. Like with a checking account or credit card.
  • Carefully look at the payment methods. Some only allow for transfers between bank accounts. Get information on if there’s cash pickup available from the provider.

A good money transfer company will also provide an account with decent transfer limits. They need to be big enough to keep your business running.

Cheapest Ways to Send Money

Looking for the cheapest way to send money doesn’t need to be overwhelming for your business team. Following is a list of some of the best services to transfer money. Google and Apply Pay are considered p2p services. Those are just a few of the choices available.

1. Western Union Money Transfer Service

Best for: This is an excellent money transfer service if you’re looking to send cash internationally. Western Union can move money to over 200 different countries from the United States.

You can also send money internationally with their app. Track any transfers to places like the United Kingdom in real time. Choose a payment method like in-store, the app or online.

2. Google Pay

Best for: Use with cards that are saved to your Google account. That includes credit cards and any debit card that you have synced.

Great for businesses because you can access any cards that have been saved. You can even send updates in real time, location-based notifications, and Google Voice payment. This is also recommended for bank accounts on open banking systems. These banking solutions save on cost.

3. Apple Pay

Best for: businesses looking to replace cash and physical cards. An account here puts you in good company. Apple pays accepted at more than 85% of retailers in America.

All you need to do to get started is connect your debit or credit card to the app. An account will let you use Apple cash. You can receive and send money from Messages. You can hook up a bank account from the list here.

4. OFX

Best for: better rates than the bank offers and credibility. This is one of the only money transfer companies listed on the Australian stock exchange. They are also regulated globally. There are low transfer fees with ofx. And foreign exchange market rates that are constantly updated.

5. Paypal Money Transfer

Best for: A money transfer in the United States. There’s no transaction fee when you use a PayPal balance or PayPal Cash account.

PayPal deals with over 200 global markets and 30 million merchants. There’s some information on the receiving fee numbers here. You can also take a look at Venmo business fees to see how this PayPal company can help your company. There is even a PayPal integration with Skype, and here is how to send money through Skype.

6. Wise Transfer

Wise Transfer was formerly called Transferwise.

Best for: transparency and excellent exchange rates. The website even has a calculator to determine transfer fees and other costs. Another bonus is a quick transfer using a debit card or credit card.

7. XE

Best for: small businesses looking for money transfer companies with a reputation. XE has been in business 28 years. They are the third largest company globally.

There are no monthly charges here or transfer fees. There’s no transaction fees with this provider either.

8. Currencies Direct

Best for: small businesses looking for excellent rates. You get good customer service and free transfers too. The service includes regular market updates directly to your inbox.

9. Banks

Best for: transferring funds from one account to another in the same institution. There are fees for overseas transfers. You’ll need the SWIFT number. And the name and address of the recipient.

10. Cash

Best For: This is considered the old fashioned method. However, it is very practical in some situations. Simply put, money transfers that involve going from one bank account to the next are free.

11. A Personal Check

Best for: This is an affordable option that works best when you’re transfer is for a different city or state.

When the recipient is in another country, these transfers get tricky. Banks could charge fees for cashing the check. The funds might need to be exchanged into local money. That costs. Delays also occur when banks need to verify the funds.

12. A Bank Draft,Cashier’s Checks, Money Orders

Best for: Transfers in foreign currencies you get through the post office.

You can get them through banks too, but they cost more. You can buy bank drafts and money orders in the currency you’re sending the cash to. Usually, money orders are for small amounts. These choices all take a little more time but are traceable.

13. Email Transfers

Best for: Businesses who don’t have the bank account number of the recipient.

These act like electronic checks. The transfer isn’t done by email, just started this way. There’s a security question that makes these types of money transfers secure.

PayPal is a similar choice.

14. Zelle

Best for: people looking to use an app their bank doesn’t have for transfers.

You can use Zelle to send money even if your financial institution doesn’t use it. However, this tool is already found in over 1000 banking apps. You can transfer money between people you know. Even if they deal with a different bank.

What’s the Cheapest Way to Send Money Internationally?

Sending money internationally may have different costs. Here are a few options for an international money transfer.


Best For : This app offers industry-leading exchange rates.

They also have lower fees than other money transfer and bank services.


Best For: a prepaid debit card and bill payment options.

Get the app at either the App Store or on Google Play. Send money internationally to over 450,000 locations.

Small World

Best For: Delivery to a home address. This is a bonus for remote work.

Send money internationally with competitive exchange rates. They deliver to a checking account or other bank accounts in more than 90 countries. Get local language support too. That’s important in case there are any issues.


Best For: The ability to lock in an exchange rate for as long as two years.

This company offers a forward contract. You can provide a deposit and lock in an exchange rate to look after future business.


Best For: Sending money internationally with multi-lingual support.

There’s no minimum amount on how much you can transfer.

How do you Send Money to Developing Countries?

Sending money internationally also includes developing countries. The United Nations estimates that 800 million people get money this way. Some of it comes from family members who have migrated to work.

There are some issues. They include:

  • a foreign bank might mark up their fees and the exchange rate. These factors affect the final price.
  • a service like this might have a lengthy process.
  • the service might have high transfer limits.

We have listed some of the cheapest ways to send money above. Here are three that stand out for developing countries.

  • OFX is a good choice. Exchange rates can be fixed for up to one year.
  • Western Union is another good company. Cost is important when transferring money to developing countries. They have a check fees button on the website. And all of the account transfers are encrypted.

Google Pay makes the list. Here’s a table of contents that includes a useful link on the countries you can transfer to. PayPal is another option as the internet reaches more countries.

How can I send money abroad for free?

There are a few things you need to look for if you want to send money abroad for free. Try your bank first. Some will allow you to transfer overseas without any fees.

Some of the companies use conversion rate to make money in place of fees. Look for a company that has express fees and economy fees. The last one is often free.

There’s often limits on the amount you can send for free.

WorldRemit offers no fees on the first transfer. All you need to do is use the code free. Email transfers are another option. There are other ways to send money for free. Banks work but you need to stay on top of the rules for each.

Which money app has the lowest transfer fee?

The app with the lowest transfer fee is WorldRemit. This company offers lower than average rates. The fee is determined by factors like the amount, the destination and how you are sending the cash. The amount it will cost you is displayed on the transfer interface. For example, a $2000 transfer to Nigeria from the US costs $17 dollars.

What is the best way to send large amounts of money?

Several different websites rate XE as the best way to send large amounts of money. The business section offers alternatives to a bank. They offer a competitive exchange rate and you can pay international invoices quickly. Small to medium businesses can also use their tools and technology to pay overseas suppliers.

How much money can I legally send overseas?

This all depends on transfer limits. Some services limit how much money you can send in one year or over 180 days. OFX supplies some even more detailed answers. They report that most of the major currencies like the American dollar don’t have restrictions with their service.

Other currencies such as the Yuan from China or the Rand in South Africa can be subject to governmental regulations.

Reasonable Costs

Other services impose transfer limits to keep their costs reasonable. You might be limited to how much you can send in 24 hours or the course of one week. Some companies will limit how much you can send over a month. Find out if the services have an option to use debit cards. The provider should also have information on using a debit or credit card.

How can I send money to my business abroad?

You will need an international money transfer. You can use a bank as a provider or a special service like Western Union. They offer different ways to send money like online and with the app. Pay with Visa credit cards or your bank account. You can create a business account and use PayPal too.

Image: Depositphotos

Rob Starr Rob Starr is a staff writer for Small Business Trends and has been a member of the team for 7 years. He is a graduate of Ryerson University in Toronto with a Bachelor of Journalism degree. His print credentials include employment with various Toronto area newspapers and three works of fiction: The Apple Lady (2004), Creekwater (2006) and Sophistry By Degrees (2008) published by Stonegarden Press In California.