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What’s the cheapest international money transfer method?

Last update: September 3, 2025

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International money transfers can drain your business budget faster than you might expect. Whether you’re paying suppliers in China, collecting marketplace earnings from Amazon Europe, or sending funds to freelancers abroad, traditional bank transfer methods come with a hidden tax on your global operations:

High FX markups. Banks typically add 1–3% margins above the mid-market rate
SWIFT transfer fees. Wire transfers can cost S$10–100 per transaction (plus receiving fees)
Intermediary bank deductions. Multiple banks in the transfer chain each take a cut, meaning your recipient won’t receive the full amount
Poor transparency. Unclear total costs upfront, making it impossible to budget accurately

For businesses making regular international payments, these costs compound quickly. As an example, a company transferring S$50,000 each month could easily lose S$2,000–4,000 annually to unnecessary fees and poor exchange rates alone.

But there’s an alternative option: a multi-currency account such as the World Account from WorldFirst. It lets you reduce the costs involved in foreign exchange and SWIFT transactions, by allowing you to hold 20+ currencies all in one place.

In this article, we’ll explore:

Why WorldFirst is the cheapest way to send money internationally
How WorldFirst makes international payments faster and more efficient
Four alternative ways to send money internationally (and how they compare on cost)
Real benefits beyond just savings that make international payments simpler

Get started with cheaper international transfers. Open your WorldFirst account for free and start saving on every international payment.

Why WorldFirst is the cheapest way to send money internationally

At WorldFirst, we’re an online international payments platform designed to make international business payments simpler, secure and more affordable.

When it comes to international transfers, WorldFirst takes a fundamentally different approach than traditional banks or basic money transfer services. By giving you currency accounts in 20+ currencies, our World Account is designed to minimise costs across your entire global payment operation – and help you benefit from faster international payments too.

Over the last 20 years, we’ve empowered over one million businesses to scale across global markets, and we’ve handled over $300 billion in transaction value. Plus, we’re partnered with financial institutions like Barclays, Citibank and J.P. Morgan, to ensure your business funds are safe and secure.

Here are five ways WorldFirst offers a cheaper way for businesses to send money overseas.

1. Hold multiple currencies to eliminate unnecessary conversions

The biggest cost driver in international payments is often currency conversion – particularly when you’re forced to convert money when you don’t need to.

With a WorldFirst account, you can hold balances in 20+ currencies including USD, EUR, GBP, CNH, AUD, JPY, SGD and more. This means:

No forced conversions when collecting income. For instance, if you receive money from sales on marketplaces such as Amazon US, your funds stay in USD until you choose to convert them
Pay suppliers in their local currency. You can send CNH to Chinese suppliers or EUR to European partners without double conversions
Convert only when rates are favourable. With WorldFirst, you can use tools like firm orders to automatically convert at your target exchange rate, or forward contracts that allow you to lock-in favourable exchange rates

This multi-currency approach can save you thousands annually. Instead of converting USD marketplace earnings to SGD and then back to USD for supplier payments, you simply pay directly from your USD balance.

2. Access local payment rails to avoid expensive SWIFT transfers

Traditional international transfers rely on the SWIFT network, which routes payments through multiple correspondent banks. Each bank in the chain adds fees, delays and potential deductions.

WorldFirst uses local payment networks instead. When you send money to a supplier in Germany, for example, the payment travels through local European banking rails rather than a chain of international correspondent banks.

The cost difference is significant:

SWIFT wire transfer: S$10–25 sending fee + S$10–25 receiving fee + intermediary deductions
WorldFirst local payment: US$1 for many major currencies, with competitive FX costs if conversion is needed

3. Get competitive exchange rates based on the mid-market rate

Banks typically offer exchange rates that are 1–3% worse than the real mid-market rate. On a S$10,000 transfer, that’s S$100-300 in hidden costs disguised as a “competitive rate”.

WorldFirst provides exchange rates based on the mid-market rate with transparent fees capped at 0.60% for major currencies. You see exactly what you’re paying upfront, with no hidden fees built into the exchange rate.

4. Receive local account details to collect payments like a local business

Opening bank accounts in foreign countries typically requires local presence, business registration and significant time and cost. WorldFirst gives you local receiving account details in 20+ currencies instantly – such as US routing numbers, UK sort codes and European IBANs.

This eliminates costs associated with:

Intermediary payment processors charging 2–5% to collect marketplace earnings
Currency exchange fees when platforms pay you in your home currency instead of local currency
International wire fees when customers or partners send payments to foreign accounts

Instead, customers and marketplaces can pay you using domestic payment methods at domestic rates, with funds landing directly in your WorldFirst account.

5. Zero fees for marketplace collections and account maintenance

Unlike many competitors who charge monthly subscription fees or setup costs, WorldFirst offers:

No setup fees for opening currency accounts
No monthly maintenance fees regardless of how many currencies you hold
Zero fees for receiving payments from 130+ integrated marketplaces and payment platforms
No minimum balance requirements across your currency accounts

This fee structure means you only pay when you choose to convert currencies – not for simply having the account.

Ready to get started? Open a World Account for free today.

How WorldFirst makes international payments faster and more efficient

Beyond cost savings, the World Account delivers operational benefits that traditional transfer methods simply can’t match:

Same-day payment settlement in most cases

While SWIFT transfers take 3–6 business days, WorldFirst’s use of local payment networks means 80% of transfers arrive the same day.

These faster settlement times:

Improve supplier relationships through reliable, quick payments
Enhance cash flow management with predictable payment timing
Reduce currency risk by shortening the time between rate agreement and payment completion

Direct integration with 130+ marketplaces and platforms

WorldFirst connects directly with major e-commerce platforms including Amazon, Etsy, TikTok Shop, Shopify, PayPal and Stripe. This means:

Automatic collection of marketplace earnings in local currencies
No intermediary fees from third-party payment processors
Faster access to funds without waiting for platform payment cycles to complete

All-in-one platform for international financial operations

Instead of managing multiple bank accounts, payment platforms and currency conversion services, WorldFirst provides one dashboard to:

Track payments across all currencies and countries with real-time visibility
Manage team permissions with role-based access for different users
Automate accounting integration with direct connections to Xero and NetSuite
Execute batch payments to multiple suppliers simultaneously

Exclusive access to Chinese supplier payments

For businesses sourcing from China, WorldFirst offers unique advantages:

Direct integration with 1688.com. Pay over 10 million Chinese suppliers instantly
Pay-on-Behalf-Of (POBO) payments to mainland Chinese bank accounts without needing a local account
Same-day settlement in CNH using local Chinese payment rails

4 alternative ways to send money internationally (and how they compare on cost)

While WorldFirst offers comprehensive cost advantages, it’s worth understanding how other international transfer options stack up:

1. Online money transfer platforms (Wise, Remitly, etc.)

Money transfer providers like Wise have popularised transparent, mid-market rate pricing for international transfers. They typically offer:

Competitive exchange rates close to the mid-market rate
Clear, upfront fees usually 0.5–2% depending on currencies and payment methods
Faster transfers than traditional banks, often same-day or next-day

However, these platforms have limitations for business use:

Limited multi-currency holding capability. You typically can’t hold balances in many different currencies
Limited business features. For instance, they rarely have team management, bulk payment features or marketplace integrations
Transfer limits that may not accommodate larger business payments
No local receiving accounts in multiple currencies

Cost comparison: Similar FX rates to WorldFirst but there may be higher overall costs due to per-transfer fees and lack of multi-currency holding.

2. Cryptocurrency transfers

Some businesses explore cryptocurrency as a way to send money internationally:

Potentially lower fees for large transfer amounts, especially to countries with expensive traditional banking
24/7 availability without banking hour restrictions
Fast settlement when both parties have crypto infrastructure

However, crypto transfers come with significant drawbacks:

Extreme volatility can result in substantial value loss during transfer time
Regulatory uncertainty in many jurisdictions
Limited supplier acceptance: most suppliers still need traditional currency
Complex compliance requirements for business accounting and tax purposes
Technical complexity requiring crypto knowledge and infrastructure

Cost comparison: Potentially cheaper for specific corridors but impractical for most business operations due to volatility and acceptance issues.

3. SEPA transfers (euro payments within Europe)

For euro payments within the SEPA region, domestic European transfers offer:

Very low costs – often free or flat fees under €1
Same-day settlement in most cases
Standardised process across participating countries

Limitations: Only works for EUR payments within Europe – no help for global businesses dealing with multiple currencies.

Cost comparison: Excellent for euro payments within Europe, but WorldFirst provides better overall value for businesses with global operations.

4. Traditional bank SWIFT transfers

High-street banks remain the most expensive option for international transfers:

Poor exchange rates with 1–3% markups above mid-market rates
High fixed fees of S$10–50 per transfer plus receiving charges
Intermediary bank deductions that reduce the amount received
Slow processing taking 3–6 business days

Cost comparison: Significantly more expensive than WorldFirst, especially for regular transfers or businesses dealing in multiple currencies.

Ready to reduce your international transfer costs?

International money transfers don’t have to be expensive or complicated. While traditional banks continue charging high fees and poor exchange rates, modern solutions like WorldFirst offer a smarter approach.

The World Account combines competitive pricing with practical business features:

Hold 20+ currencies to eliminate unnecessary conversions
Access local payment networks for faster, cheaper transfers
Get transparent exchange rates with fees capped at 0.60%
Collect marketplace earnings with zero fees
Manage everything from one consolidated platform

Ready to start saving on international transfers? Open a WorldFirst account for free and see how much you could save on your next international payment.

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What’s the cheapest international money transfer method?

Why WorldFirst is the cheapest way to send money internationally

1. Hold multiple currencies to eliminate unnecessary conversions

2. Access local payment rails to avoid expensive SWIFT transfers

3. Get competitive exchange rates based on the mid-market rate

4. Receive local account details to collect payments like a local business

5. Zero fees for marketplace collections and account maintenance

How WorldFirst makes international payments faster and more efficient

Same-day payment settlement in most cases

Direct integration with 130+ marketplaces and platforms

All-in-one platform for international financial operations

Exclusive access to Chinese supplier payments

4 alternative ways to send money internationally (and how they compare on cost)

1. Online money transfer platforms (Wise, Remitly, etc.)

2. Cryptocurrency transfers

3. SEPA transfers (euro payments within Europe)

4. Traditional bank SWIFT transfers

Ready to reduce your international transfer costs?

Continue reading

Open a World Account for free

Get local currency accounts, fast payments and competitive FX – all in one place.

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