In a globalized world, small businesses are engaging ever more with foreign companies. Therefore, they need to purchase goods, pay employee salaries as well as suppliers, all of which work abroad.
Banks would’ve been the first option for many businesses looking to wire funds overseas a decade ago. However, the competition is nothing like those days. Today, online money transfer services offer the same quality while significantly lowering the cost of an international transfer.
Of course, the vast spectrum of choices means businesses need to carefully weigh all options. Not all providers are transparent or deliver on their claims. That’s why below we highlight three money transfer services for small businesses to help them save hundreds of pounds.
Wise
Wise is a strong money transfer service for international and domestic transfers. Customers can wire funds to a wide range of countries, low cost & low hassle. An easy setup process, affordable services, and transparency are just some reasons why Wise is so popular. Businesses can use their bank account or credit/debit card to transfer money with no minimum limit.
However, they cannot transfer money using a check or cash. Some customers also complain about limited customer support and not being able to use certain global currencies. Another downside to Wise is that extra fees are added to the existing cost as the transfer volume moves beyond a certain limit.
Remitly
Remitly is an outstanding money transfer service, mainly focusing on transfers to countries like Vietnam, The Philippines, and other regions in Asia and Africa. Using Remitly, businesses can easily set up an account while enjoying competitive rates. Similar to Wise, there’s no minimum limit imposed on the transfer.
However, Remitly has a defined cap for most currencies, which is a challenge for small and large businesses. Unlike some competitors like Lycaremit, Remitly’s transfer fees change with the currency and are likely secretly added within the exchange rate margin. Plus, not all transfer methods are supported in every country. For instance, customers cannot use cash-pickup when sending money to Canada.
Lycaremit
In the last decade, Lycaremit has established itself as a highly reputable money transfer service. Using Lycaremit, businesses can send money to virtually every part of the world while paying minimum fees and obtaining middle-market rates. In a maximum of two days, customers can have the funds delivered to major or exotic destinations such as Bangladesh or Ghana.
A key distinctive feature of LycaRemit is that it ensures transaction security through RSA 256-bit encryption. With LycaRemit, you also have access to customer support 24/7 (including weekends & special holidays).
Bottom Line
Money transfer services offer more transparency, simplicity, and affordability than banks. They have the same level of global reach and support while supporting more pay-in and pay-out options. However, not every money transfer service will be reliable. Hence, you need to conduct some research before choosing a reliable option with a good track record.
Sensible rates and fees, shorter turnaround times, and 24/7 support are the characteristics of a reliable remittance provider. Lycaremit offers all of those benefits and more to help small businesses thrive on the global market.
