What are B2B Money Transfers & Payments?
Table of Contents
Author: Keith Hodges
Editor: Artiom Pucinskij
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Table of Contents
B2B money transfers involve moving funds from one business to another. For example, a travel agent paying its suppliers abroad. This guide will teach you how to improve your B2B payment processes and dive into making efficient and cheap international B2B transfers.
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B2B payments explained
B2B payments refer to transferring money from one business to another. For example, this might be when a restaurant has to pay their vegetable supplier, or a supermarket hires a cleaning service. These types of payments differ from B2C (customers buying goods and services) because the transaction tends to be larger and occurs with frequency.
Also, the stakes for B2B payments are much higher. If something goes wrong, it can affect a business's cash flow and potentially halt operations. Therefore, B2B payment systems are automated and require higher levels of reliability.
Types of B2B payment methods
Various types of B2B payments are worth knowing about to choose the best option for your business. In this section, you will find an overview of the most commonly used methods to figure out where to get started with B2B payments.
Checks
For the most part, checks are not used by many businesses, but it is a trusted alternative when digital options fail.
Checks are relatively slow since they need to physically travel from one address to another and then be cashed.
In addition, businesses may choose to do this in batches at the end of the week, further slowing down the money transfer process.
However, paper checks are a safe transfer method not subject to the same hacking problems as alternatives.
ACH payments
Automated clearing house payments are a secure and fast method of transferring funds between businesses.
They work by routing the money between an international banking system.
They are effective and reliable, so it is a good choice for recurring B2B payments.
Also, ACH payments are easy to track, which means they are great for managing cash flow.
Wire transfers
Wire transfers are a safe but expensive method of sending money internationally.
They cost $20 to $50 per transfer and take 2 to 7 business days to process.
However, the fixed transfer cost is negligible when sending a large amount of money.
We recommend you choose a specialist money transfer service to cut costs and reduce the transfer time.
Services like Wise and XE are some of the industry leaders that facilitate B2B transfers.
Credit cards
The vast majority of businesses settle accounts using credit cards because it is a convenient, fast, and widely available method.
Credit cards provide the same advantages for businesses as they do for customers.
However, there is a fee of 1-3% per transaction, which can eat into the bottom line of a business.
To help reduce the chances of fraud, businesses can take advantage of single-use digital credit card numbers.
Digital payment platforms
One of the most reliable and scalable ways of handling B2B payments is through digital payment platforms.
Many 3rd party services can be chosen to facilitate these payments.
Some of the top companies include PayPal, Stripe, and Payza.
Top international B2B money transfer providers
We understand that it can take a long time to figure out what payment providers are the top choice for business-to-business payments. However, these will save business money and reduce transfer time compared to most banks.
Wise
Wise is an industry-leading money transfer service regulated by trusted 3rd party organizations like the Financial Conduct Authority.
The balance transfers offered by Wise are free and take a few seconds to process in most cases.
However, the sender and recipient must have a Wise account for this transfer type to be available.
Wise also saves money on B2B transfers because it provides currency conversion rates that match the mid-market rate.
Therefore, you can reduce fees compared with banks and other transfer methods.
Wise has excellent transparency, which means you see the fees and FX rates well ahead of finalizing the transaction.
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- Regulated by the Financial Conduct Authority
- Matches the mid-market rate for most currency pairs
- Excellent use interface that is perfect for beginners
- Some transactions can be delayed by 1-2 days
- Limited countries since only 61 destinations are available
Please share your experience with Wise
Would you recommend Wise?
Russell Pinkes
I can’t send money to Belize
Katsiaryna
Once trying to open sire, was automatically blocked for no reason
Alan
Unable to transfer money from Philippines to any other country. Philippines Wise does not work
Anonymous
Retiro de dinero en transferencia
Uwe
great rates and service - unfortunately for some countries not yet available
Martin Premprakash Anantharaman
On the first transfer to a hospital in NY they were already screaming that this was a sure scam and the same on my next transfer to a fried in Nigeria. They then summarily closed my account TERMINATING THE RUNNING TRANSFER TO NIGERIA, claiming that, hold on, I was being scammed🤦♂️ Sure, I could have appealed but immediately found that I would have had to provide so much intrusive detail that I desisted.
Martin Premprakash Anantharaman
Setting up is a bit unwieldy if you want to make a one-off transfer, as you have to create an account with complete identification - but it works and the process as well as charges are great.
Anonymous
My brother wants to send me money from India to Nigeria but he's finding it difficult how can he do it
Mohammed
WARNING : Wise was Great until main office decided to ruin WISE By letting the TW India office control handling Random verifications and do what ever they want by insane replies and no replies etc. If you want to waste your time and enjoy a journey into Black Hole of Insane then go ahead and try WISE !
Anonymous
Can't receive money from php to idr so far
sudheir
They don't allow transfer to Brokerage firms from India
Anonymous
Good app to transfer money
Anonymous
I didn't find Cuba on your list.
Anonymous
cuba not work
Nina
I made a transfer to a Canadian company 1.5 months ago, and the funds have not yet been received. After multiple emails, Wise insists that the money was paid out. However, I have received an official statement from the recipient’s bank confirming that the money has not been received. Wise's complaints department sent me a final letter stating that, according to their records, the funds were paid out. Additionally, Wise states the following in their Customer Agreement regarding their responsibility for losses: Quote from Wise's Terms: "Our Customer Agreement also explains our responsibility for losses in Section 29: 29.1 Unforeseeable loss or damage. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your sign-up process. 29.9 We are not liable for things which are outside of our control. We (and our affiliates) cannot be liable for our inability to deliver or delay because of things which are outside our control." Despite these terms, Wise has not been able to resolve this issue, and the money has still not been delivered as promised. I find it irresponsible that Wise does not conduct any investigations into the matter. The Canadian bank associated with Wise is unable to provide any information, as everything goes through Wise. Wise must be capable of tracking the funds and providing precise details about where exactly the money is, who received it, and to which bank account it was deposited. I would advise everyone to be cautious when transferring large sums of money with Wise. They are not capable of executing a secure money transfer!
Shengjie Yin
good and perfect
Tristan
Beware: Wise's Unethical Policies and Unresponsive Support Cost My Business I am sharing my experience with Wise to warn fellow business owners about the serious risks and unacceptable practices you may encounter if you choose to use their services. My business, is a legally registered travel agency in the UK, and I relied on Wise to manage payments for my photography and cultural tours, primarily in South America. Things took a turn for the worse when Wise froze my account and accused my business of violating their Acceptable Use Policy, citing my once-a-year humanitarian trip to Cuba. Despite explaining multiple times that: No Cuba-related transactions were ever processed through Wise (I use a separate European bank for this purpose), My tours comply with the “Support for Cuban People” category authorized by OFAC, designed to help Cuban citizens outside state control, Wise completely ignored the facts. Their customer support team responded with automated messages, refused to engage in any meaningful dialogue, and even lied, claiming they didn't monitor my emails—despite clear evidence to the contrary. After days of chasing them and providing thorough documentation, they chose to close my account without justification. The Consequences: Wise left my business in chaos, disrupting essential transactions and client arrangements. Their rigid policies align with sanctions widely condemned by the global community, and in doing so, they indirectly support humanitarian suffering. The Bottom Line: Wise is unreliable, unresponsive, and unethical. If your business has any complexity or humanitarian focus, beware: Wise will shut you down without notice or explanation, and customer support will abandon you. Their actions have serious real-world consequences. Avoid Wise if you value your business stability or require ethical and accountable financial services. There are far better alternatives out there that won’t put your livelihood at risk Beware: Wise's Unethical Policies and Unresponsive Support Cost My Business
Anonymous
I have been a customer for a few years. Yes I love the instant deposits as I make around $1K. However as many non US entities Wise uses a bank out of New York. Therefore the TRANSFER and DEPOSIT from an account transfer can take 4 to 6 days. What this means is that you will not able to make another ACH transfer during this time. This is frustrating if you have to make a follow up transfer in a few days. All in all don't plan to make more than 4 transfer in a month because it may not fo through, Not sure if other transfer companies operate the same way but I am about to find out as I will try Revolute. Bottom linw will require you to use ANOTHER payment method like credit card or some other method. Understand this: YOU MAY HAVE THE MONEY IN YOUR ACCOUNT but they WILL NOT TRY TO VERIFY IT WITHIN THE THE PERIOD IT WILL TAKE THEM TO DEPOSIT IT IN YOUR ACCOUNT. To add insult to injury I called in and the agent siad that they can see that they got paid but the computer takes time to update/reconcille I guess! It is a slow system!
Anonymous
There is a lot of advice on RECEIVING INHERITANCE in the UK from overseas but nothing on the rules for SENDING money gifts to grandchildren living OVERSEAS and the rules on Inheritance Tax in that case.
Anonymous
The service is decent, nothing more. I have had security issues that are not quickly resolved. Call center personnel are average. The app is not, in general, user friendly. You should definitely do research on a variety of service providers before making a choice. Do not take the reviews at face value. I chose Wise based on positive reviews but now regret not doing more research on other companies.
Anonymous
So far so good
Daniel
I checked to see if Wise even sends money to Colombia. Colombia is not even in their list of countries. Why is it even advertising for Colombia?
Bill Sanders
I have used Wise for several years. They once rejected a large transfer because it was to a coal company. Apparently, they are a woke company! But they refused to tell me why. More recently, they required verification of my identity using a smart phone. I am 69 and never owned a cell phone because I don't need one. But they forced me to buy one, which I did last week. Getting the phone updates ate up all my data, so i got 1 GB more. I took 12 different pics of my passport and another 12 of my face for them. They rejected them - and are holding up my transfer. Now my phone ate up that gig of data and I must buy another gig (thru Tracfone) just to use the phone. What a hassle. This is not a photo studio! They know who i am already. Note: This comment has been edited by the MoneyTransfers.com team to align with our content guidelines.
Ziggy Meilus
It used to be always instant, now it may come right away or it can take 5 even 7 days to get the money.
Anonymous
i've heard of people having issues with accounts being locked/restricted, but i think that was mostly for business accounts, maybe they were locked for good reason. for me, i've had no issue with my account though i've only used it for small transfers and not very often, over the past 5+ years
Our video review of Wise
Currencies Direct
Currencies Direct is a trusted and reliable money transfer service for businesses.
Their critical advantages for businesses include no fees, customized and flexible payment solutions, global coverage, and 65 currencies.
They offer competitive currency conversion rates, which means businesses can save money compared with most banks.
Also, multi-currency accounts are available for businesses without an extra charge.
This makes managing currencies easy, and you can take advantage of forward contracts.
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- Business-related features like forward contracts
- No transfer fees
- Can open a multi-currency account
- Limited payout options
- Limited African currencies
Please share your experience with Currencies Direct
Would you recommend Currencies Direct?
Anonymous
I wanted to get a quote for sending CAD but web site only allows GBP
Anonymous
Good job 👍🏾
Roshan Firouz
Currencies Direct will be very friendly and efficient in TAKING your money, but when you ask for it to be transferred, they will shamelessly put every possible and impossible obstacle in your way in order to stop you from moving the money.
Our video review of Currencies Direct
TorFx
Look no further than TorFx for a trusted money transfer service that businesses can rely on.
There are no transfer fees, and the FX markup percentage is 1-3%.
This fee structure allows businesses to save significant sums of money.
Customers can have business and personal accounts, which means they can use TorFx to pay themselves a salary or withdraw dividends.
The service also provides excellent features for a business, like mass payments and spot contracts.
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- Can open a multi-currency account
- Business-orientated features like spot contracts and mass payments
- No transfer fees
- Expensive smaller transactions
- Limited transfer payment options
Please share your experience with TorFx
Would you recommend TorFx?
Arun
Misleading information
Anonymous
Can't transfer from India
Our video review of TorFX
WorldRemit
WorldRemit is a company aimed at regular customers, but they offer plenty of benefits for businesses too.
Firstly, opening an account takes just a few minutes, and you can send money almost immediately afterward.
Next, they give you access to countries worldwide, which is great for international businesses.
The flexible payment option means you can choose between credit and debit cards and bank transfers.
Finally, they have over 30,000 agent locations worldwide, which can come in handy for physical cash pickups.
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- Extensive global reach
- Flexible payment options
- Quick and easy service
- No live chat option
- Limits on larger transfers
Please share your experience with WorldRemit
Would you recommend WorldRemit?
Andrew Judd
My account was deactivated. No reason given. I don’t have multiple accounts. One recipient was a scammer and I deleted them. I’ve helped out many friends with medical expenses. Wisdom tooth extracted 2500 and 1000 for some food. That’s all Motorcycle accident 5000 that’s all Flight home and medicine for grandfather 6000 That’s all. The scammer offered a video. I don’t buy any videos I’m visiting a friend who is a teacher and offered to pay 2600 for a flight and 16000 for luggage, swimsuit and rent on her place while she is off work and holidaying. Now I have to go to a post office and use western union
Terry Twala
Very efficient.
Anonymous
Very misleading, live exchange rate does not match with their app is showing. Fast and seems to be secure, I use them when I'm in need to send fund ASAP.
Anonymous
different price from shown here
Anonymous
exchange rates on comparison website are quite high
Anonymous
Only phone app.
Stanley Davidson
After setting up a valid account with all true and real identity, the system blocked me without any valid reason. Upon calling Customer Service & requesting a reconsideration & a valid reason why I was blocked, Customer Service said that I "violated some TOUs" (Terms Of Use) without stating exactly what I did. My ONLY action was an ATTEMPT to do a normal wire transfer. One can't do anything but to do a wire transfer, & it WAS NOT completed. How do they block my account for something, whatever it was, that I supposedly committed? When I requested the reason for the block they'd said that "it's Company policy to not provide reason(s) why an account is blocked", so exactly how am I supposed to not do something if I re-read their Policy against such action when I can't find why I was blocked? It was asked repeatedly why/what Policy(ices) was/were broken enough to cause the account to be blocked, but they'd completely refused to answer or acknowledge the question, they'd just kept completely silent. That ended the conversation because anything further would remain in total silence, so it was useless to ask anymore questions. I will be 💯% posting this exact statement on www.trustpilot.com for the world to see how undeserving this company is when mistreating a customer for no valid reason. Please enjoy the review!!!
Anonymous
Awesome service
Anonymous
I cannot figure out how to fund my transfer with my bank account instead of a debit card. The Chat service took way to long to answer my questions. Frustrating experience.
Robert Myles
Hi All a good place to send money to ghana
Jake Reynolds
Is this company an app? Or does it run a proper website? Who knows? Customer service is only through their app so I am guessing that if you dont do 100% of your transactions through your phone, forget WorldRemit. I dont use my phone because after all the extra strong passwords, and bio id, and 2 step verify, and whatever comes next they are STILL UNSECURE.
Anonymous
The money I sent got stuck without a return because I couldn't provide a bank statement as proof. The bank account I was having didn't have that privilege. All requirements should be stated beforehand.
Anonymous
app not working. tried to use on my smart phone and woudnt sign up.
Our video review of WorldRemit
PayPal
PayPal is one of the most popular and widely used money transfer companies in the United States and beyond.
This means that most businesses will have an account with the service.
They are a trusted company that provides fast transfer between accounts. However, the processing times when banks are involved take multiple days.
PayPal is available in 200 countries worldwide, and they offer access to most currencies.
This ensures that businesses will not face limitations when expanding into emerging markets.
Also, their customer service department is responsive and goes the extra mile to offer strong assistance.
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- Available in 200 countries and offers many currencies
- It has an excellent customer service department
- Integrated with many online stores and platforms
- Complicated fee structure
- Poor currency conversion rates
Please share your experience with PayPal
Would you recommend PayPal?
Be the first to leave feedback for PayPal.
Key features of a B2B payment systems
Now let us turn our attention to the crucial factors worth paying attention to when selecting a B2B payments system. These are essential aspects of choosing the right platform for business payments.
Mass payment processing: mass payment types refer to transactions where the sender transfers money to more than one recipient. Depending on the scale of a company, large mass payments might be required to hundreds of entities at a time. Therefore, mass payment processing must allow for scale and large sums of money. TorFx is an example of a company that offers reliable mass payment processing services.
Creditworthiness: a payment system may provide the functionality to hold your money. However, you cannot trust a company unless you know that they do not have large debts or liabilities. Checking a company’s creditworthiness can help you determine if a payment system can be trusted with your money.
Guidance: it is difficult to figure out how to use a new platform to execute business payments. Therefore, it helps if the service has a handy customer service department to provide solid guidance. Ideally, there will be a mix of live chat, phone, and email.
Banking rules: note the rules of the banking practices on the platform. Ideally, they will match your business and the way you like to transfer money. Learn the cost, transfer time, and available banking transfer types available.
Compliance: complete background checks on a business payments platform to ensure they abide by the law and have been verified by government organizations. Regulatory bodies like the Financial Conduct Authority regularly audit money transfer services to ensure their financial practices are sound.
Superior portal: compare the platform with alternatives to see if they have the best reviews and features. Visit review websites like Google Reviews, TrustPilot, and social media to check out what customers are saying about the platform. Typically there is consensus about the top performers that you should start with.
Advanced payment configuration: this feature allows customers to set up payments in a way that helps businesses automate B2B international transfers. For example, if a business periodically wants to send money to a specific company, this feature should be provided.
Transparency: find a platform where the fees are transparent. This allows you to manage cash flow and determine how much the money transfer will hit your bottom line.
Benefits and risks of using B2B payment systems
Companies that have never used B2B payment systems are missing out. Let us explore a few top reasons why you may want to switch to one of these systems.
- Automation: large companies that need to set up recurring payments to many other businesses can benefit significantly from payment platforms. The automation tools reduce the manual labor required to process transactions.
- Reduce fees: competitive B2B payment platforms offer lower processing fees and banks. This means businesses can settle payments without paying a significant amount of money in fees.
- Analytics: many platforms provide strong functionality for finding specific transactions and grouping them for future analysis. This allows companies to figure out how much money they might be spending on each part of their business.
- Customer service: top-tier payment platforms offer a robust service experience. Options like TorFX come with a dedicated customer service representative that has a direct understanding of your account.
- Low risk: the security protocols used by B2B payment platforms are excellent. Companies can expect their transactions to process every single time without fail.
- Initial costs: moving to a new system from an existing one might be costly.
- Initial setup: if there's an existing infrustructure in place, it might be difficult to move to a new system without disrupting the workflow.
- Features: B2B payment systems provide an array of features, figuring out what fits your business might be crucial to the business.
More on international B2B payments
What is a B2B ACH payment?
Automated clearing house payments are a form of bank transfer that is safe and reliable. Money is moved from one bank to another by routing data electronically through a banking network. This means that the transfer cost is low, and the transfer speed is fast.
Is PayPal B2B or B2C?
PayPal provides both B2B and B2C payments. You can open personal and business accounts based on your requirements. Upgrading to a business account is required for businesses to take advantage of higher sending limits.
What is PayPal B2B?
PayPal B2B is business-to-business payments using PayPal. You can send money by entering the recipient’s email, and they will receive the money within seconds. However, the cost of sending money with PayPal is expensive. To save money on fees, consider using services like TorFX, which does not have transfer costs.
What are B2C payments?
B2C payments refer to regular customers spending money with a business. This might be paying for goods at an e-commerce store or hiring digital services. You can use trusted money transfer companies like Wise and WorldRemit for B2C transactions.
What are the most popular types of B2B payments?
The most popular types of B2B payments include credit cards, ACH transfers, and transfers via payment gateway platforms. However, there are many payment options; meaning businesses can choose one that matches their needs.
Let's recap: what are business-to-business money transfers?
In his guide, we learned that B2B money transfer platforms offer multiple benefits, and choosing one requires considering several factors. Also, there are several competing platforms to choose from, and the top ones we recommend include TorFX, Currencies Direct, Wise, and PayPal. We recommend these options because they offer access to many countries and reliable payment processing. However, to find what works for you, start by comparing your options using the form below.
Find the best provider for your B2B payments
Sources & further reading
FX Health Check
International Payment Gateways
Information Request
Wise Business vs Sokin
Wise Business wins in our comparison against Sokin because the product is a bit more rounded. Sokin is a relatively newer player to the business multi-currency account market, so is still developing its product.
Payoneer vs Airwallex
Airwallex is our winner when comparing it with Payoneer. The company offers a well rounded platform which includes 12 local currency accounts. You can also customise expense management workflow.
Contributors
Keith Hodges
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