skip to Main Content

How to Reduce the Costs of International Money Transfers

a woman smiles while holding her smartphone
  • Blog
  • How to Reduce the Costs of International Money Transfers

Reduce the costs of global money transfers and power your business expansion.

Remote work has become so popular that it’s common for businesses to need to make international money transfers to pay remote workers. However, whether it’s to suppliers, gig workers, employees or anyone else, disbursing funds internationally can get expensive. 

While paying people internationally comes with challenges, deciding not to work with suppliers and contractors from overseas can significantly hold your business back.

How can a business looking to grow its global outreach balance the potential cost of international money transfers with the benefits of a global network? By using an international money transfer gateway provider that demonstrates value in both costs and features.

How International Money Transfers Work for Businesses

International payouts come with additional complexities, including working with different banks, financial institutions, currencies and regulations.

When a business sends a cross-border payment the money leaves in their currency and has to get to the recipient in their local currency. 

If your business is paying an international freelancer in Asia who has done some work for your business, then on top of the time taken for the money to be transferred internationally, you will also have to factor in the currency conversion costs and transfer fees from these types of payments.

B2B International Money Transfers

There’s no escaping the fact that the costs involved in international money transfers can make them very expensive. And there are additional considerations for B2B transactions, which are generally dealt with via invoices and consist of more significant amounts of money. This adds to the time taken from invoicing to payment being made and can come with even more hidden costs in the form of the extra time to manage invoicing and payments processing.

Paying Remote Workers

Businesses using international workers and contractors want to pay them quickly, in their own currency and without extra fees shouldered by the worker. Businesses often go out of their way to keep the payment process smooth and painless for their workers, which can mean the business is left with extra costs.

Your guide to making mass payouts in APAC

There Is No One-Size-Fits-All Approach to Mass Payouts

This first-of-its-kind report identifies mass payout methods to drive adoption and capture market share across Asia-Pacific.

Learn More

How Businesses can Save Money on International Payments with Rapyd

With the world’s largest local payments network, Rapyd lets businesses pay workers, contractors and suppliers faster, using their preferred payment methods and in their local currencies – often with lower fees. 

Rapyd Disburse lets businesses use global bank transfers, digital wallets, cash and other payout methods to scale their global workforce. 

By cutting down on the costs involved in international money transfers, businesses can save time, money and resources with Rapyd Disburse. The best international money transfer solution for business is a streamlined solution for managing international payments. Choosing Rapyd means you’ll get the speed and security you’d expect when making domestic payments, all while building your international business. 

Free Report: Market Trends and Payment Preferences for Disbursements in the Asia Pacific Region

 

Photo by Andrea Piacquadio on Pexels

Back To Top xandr