TransferWise, for the Global Business
Small businesses don't always mean local businesses. We all know we live in a global economy.
We are often asked by our customers what is best way to send money internationally. There isn't one answer that works for all situations, but the best solution we've found that covers most situations is TransferWise .
TransferWise lets you setup a Borderless account that can then route money to any of their supported currencies. Pretty cool. Below is a visual from their website to help you see how it works.
You can send money from one TransferWise account to another, as in the example above, or from your TransferWise account directly to a bank using the usual accounting number / SWIFT codes.
The cost to transfer money using TransferWise is quite reasonable . You can experiment using this tool to see what fees you would incur.
The process to set up an account takes a few days and is quite easy to do. You may want to talk to your bank to see what options exist as a comparison but make sure you compare apples to apples and know what both sides will send/receive.
Here's a little video that explains how some of the tricks of the trade work in the exchange business.