International money transfers have become an essential part of global trade, remote work, and cross-border investments. Whether you’re paying overseas suppliers, sending salaries to international employees, or expanding into new markets, understanding how to make international money transfers efficiently can save your business both time and money.
In this guide, we’ll explain what international money transfers are, how they work, and the best ways to make them securely while minimizing fees.
What Are International Money Transfers?
An international money transfer is the process of sending funds from one country to another in different currencies. For example, a Canadian business paying a U.S. supplier will transfer Canadian dollars (CAD), which are converted into U.S. dollars (USD) during the transaction.
International money transfers can be used for:
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Paying global suppliers and contractors
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Sending money to family abroad
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Supporting international students
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Managing overseas investments
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Expanding into new markets
How to Make International Money Transfers
Making an international transfer may sound complicated, but with the right steps, it becomes simple. Here’s a breakdown:
1. Choose Your Transfer Method
There are several ways to send money internationally:
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Banks – Widely available but often charge high fees and offer less competitive exchange rates.
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Money Transfer Operators (MTOs) – Companies like Western Union provide fast transfers but may charge high margins.
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Specialized FX Providers – Platforms like MTFX offer competitive exchange rates, low fees, and tailored business solutions.
2. Gather Required Information
You’ll typically need:
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Recipient’s full name and address
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Bank account details (IBAN, SWIFT/BIC codes)
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The amount and currency to be transferred
3. Confirm Exchange Rates and Fees
Always check:
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Exchange rate – even small differences affect the final amount received.
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Transfer fee – banks may add hidden charges, while fintechs and FX specialists often provide transparency.
4. Initiate the Transfer
Submit your transfer request online or through your provider’s platform. Specialized providers often process same-day transfers for major currencies.
5. Track and Confirm Delivery
Most modern platforms allow you to track the transfer in real-time. Always confirm the funds were received to avoid delays or disputes.
Factors to Consider Before Making an International Transfer
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Transfer Speed – How quickly does the recipient need the funds?
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Cost Efficiency – What are the total costs (exchange rates + fees)?
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Security – Is the provider regulated and trusted?
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Flexibility – Does the platform offer hedging tools like forward contracts for businesses managing ongoing payments?
Why Businesses Should Use Specialized Providers
For companies, international transfers are not just about moving money—they’re about optimizing cash flow and reducing unnecessary costs. Specialized FX providers like MTFX give businesses access to:
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Bank-beating exchange rates (up to 4% better than traditional banks)
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Multi-currency accounts for easy global transactions
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Hedging tools to protect against currency volatility
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Faster settlement times than most banks
By switching from traditional banking to a specialist provider, businesses can save significantly on cross-border payments and streamline global operations.
Final Thoughts
Knowing how to make international money transfers efficiently is essential in today’s interconnected world. Whether you’re sending funds for personal reasons or managing large-scale business payments, choosing the right transfer method makes all the difference.
For businesses looking to reduce costs, speed up transfers and gain more control over cross-border payments, specialized providers are the best choice.
Learn more about how your business can optimize global payments with MTFX International Money Transfers. See how much better rates they have been providing and how to proceed a payment with MTFX.
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