Addressing a question such as “which is the best foreign exchange service for businesses in Australia” is difficult because there is no one-fit all in the world of foreign exchange services. There’s no doubt the majority of buCosinesses in Australia, both small businesses and corporations, or at least the ones that deal with business foreign exchange payments, can benefit from using the right business FX service.

For certain businesses, or perhaps most businesses, a foreign exchange company means an online website in which they could send payments to suppliers abroad with the least fees. For other businesses, specifically those who sell abroad, it’s mostly about repatriating foreign exchange detonated business payments back into their local accounts (while paying minimal fees). For importers/exporters, a business foreign exchange service means something far more holistic – guidance on when to make the trades and hedging foreign exchange risk. Some Australian corporations even need as much as a complete, bespoke, treasury service.

Finding the best business foreign exchange is not entirely dependent on the company’s size, FX volumes, or even requirements. A lot of it has to do with the business owner’s preferences – some are tech-savvy and prefer choosing the providers with the slickest interface and best online system, while other business owners prefer to speak to a local human-being over the phone or email.

Luckily the options available for Australian small businesses and corporations in the area of business foreign exchange are quite diverse. Many of the world’s best money transfer companies (with the best corporate FX desks) are available in Australia.

Best Business Foreign Exchange for Small & Tech-Savvy Businesses

Small businesses could always rely on Wise’s app. Wise, previously known as TransferWise, is one of the largest money transfer providers in the world, serving millions of private clients and more than 300,000 business customers across the globe.

The company’s strong offering includes the following:

• * Transparent and clear pricing.

• * No hidden fees on transfers.

• * Virtual Iban accounts available in multiple currencies.

• * Great online money transfer system.

• * Easy to make small payments via debit card (but will make it far more costly).

• * Credible and known company, traded in the stock market.

Wise’s most visible disadvantage would be the lack of local support by experts. There is a readily available call center but if your business requires an actual currency expert or a direct access to the trading room, that would be impossible with Wise. Other disadvantages include some online complaints about the quality of the support they do offer, and how (rarely) transactions get lost and it takes a long time to retrieve them.

Best Business Foreign Exchange Broker in Australia

When you are looking for a business foreign exchange by a brokerage, you’re probably looking at the opposite of Wise. While big brokerages such as TorFX boast an online payment system, it’s not as smooth and comfortable to use as Wise’s. Another area in which TorFX is lacking in is transparency, there is no set rate for any currency pair like Wise’s where all transactions in certain currencies incur the same fees. With TorFX you can negotiate the rate you want and you have better chances at achieving it if you are transferring a large amount abroad.

With that being said, TorFX Australia sports an excellent business foreign exchange service provided by specialists in this field which are available via phone and email and make a genuine effort to learn about your business its requirements to offer a tailored solution. For example, with TorFX, you could get a recommendation like “transfer these funds at a later date when the rate improves” or you could be guided to book a Forward Contract to maintain today’s rate into the future. There is also guidance regarding business payments made – for example, how to transfer money abroad to a foreign bank account without triggering taxes or excessive paperwork.

Concluding words

Business foreign exchange matters. Using a high-street bank, considering its high wire fees, poor foreign exchange rate offered, and (most times) subpar service is ill-advised. There are many good alternatives out there, both for making business payments, receiving business payments, and managing your FX exposure.