International business payment methods: What are the options?
Last update: 29 Sep 2025
If you’re doing business internationally, you’ll need a way to make cross-border payments quickly and affordably. However, traditional methods of sending money – such as via the SWIFT network – typically take 3–5 days and come with high costs per transaction.
A better option is to use a multi-currency business account which lets you hold, receive and transfer funds in foreign currencies, all from the same account. A multi-currency account like WorldFirst’s World Account can help you save money on fees, access better FX rates and make faster payments.
In this article, we’ll compare different payment options for international businesses, starting with WorldFirst. Then, we’ll explore the pros and cons of some other popular international transfer methods. We’ll cover:
- Why WorldFirst is the best way to make international business payments
- How to open a World Account
- Alternative methods for international business payments
Open your WorldFirst multi-currency account for free to start making simpler international business payments.
Why WorldFirst is the best way to make international business payments
For over 20 years, WorldFirst has been helping businesses navigate the complexities of international trade. Partnering with major financial institutions like J.P. Morgan and Barclays, we’ve processed more than $300 billion in transactions for over a million businesses worldwide.
Our multi-currency World Account helps eliminate the traditional pain points of international business payments, reducing transfer times and offering competitive fees and conversion rates.
Here are some of the reasons to choose WorldFirst for your international transactions.
Make payment faster, with 80% of payments arrive the same day
Unlike SWIFT transfers, which can take 3–5 business days or more, 80% of WorldFirst transfers arrive the same day. WorldFirst lets you send payments in 100+ currencies to 210+ countries and territories directly from your multi-currency World Account.
Your World Account also lets you hold funds in 20+ currencies, so you can pay suppliers, contractors and others using domestic payment systems, rather than international transfers. This helps you avoid intermediary bank delays and unnecessary fees.
What’s more, you can even pay other World Account holders instantly, for free.
Alternatively, use your World Card to pay instantly in 150+ currencies, with zero FX fees in 15 major currencies from your World Account balance. You also get up to 1.2% unlimited cashback when you use your World Card for business expenses.
Read more: How a multi-currency virtual card helps your business grow
Keep costs low when holding and moving money
There are no fees to open or set up a World Account, and no monthly or annual maintenance fees. There are also no fees to receive or hold currency. Instead, you only pay when you transfer, convert or withdraw funds.
Our exchange rates are based on the mid-market rate, with fees capped at 0.50% for major currencies. There are no hidden markups, no surprise charges and all of our other fees are clearly indicated on our pricing page.
WorldFirst also makes it easier to receive your payouts from 130+ marketplaces and payment gateways, in your customers’ currencies. Collect funds from Amazon, TikTok Shop, Etsy and other major platforms directly into your World Account, for faster access and zero fees.
Read more: What’s the best way to send money overseas? 7 top options for businesses
Protect your margins against currency volatility with firm orders and forward contracts
Currency fluctuations can quickly erode your profit margins, especially when you’re operating on international payment cycles that span weeks or months. WorldFirst offers sophisticated, enterprise-grade FX risk management tools to help you take control.
- Lock in favourable rates with forward contracts: Secure today’s exchange rate for payments up to 24 months in the future. This is particularly valuable for businesses with recurring supplier payments or long-term contracts where you need cost certainty.
- Automate conversions at target rates with firm orders: Set your ideal exchange rate and WorldFirst will automatically execute the currency conversion when the market hits your target. This lets you capitalise on favourable market movements without constantly monitoring rates.
Read more: Business foreign currency accounts: 4 options compared
Find and pay Chinese suppliers more easily on 1688.com
Browse over 10 million suppliers across 1700 product categories on 1688.com, one of China’s leading wholesale marketplaces. Prices can be up to 40% cheaper than other platforms, with minimum order quantities as low as one or two items.
Thanks to our exclusive integration, you can make payments directly from your World Account to suppliers using 1688 World Pay. Simply select ‘World Pay’ as your payment method to pay from your World Account CNH balance at checkout.
You can also use WorldFirst to send CNH payments directly to Chinese bank accounts, without the need for your own local Chinese account. Your suppliers receive funds in their local currency, typically within 24 hours, while you stay fully compliant with Chinese foreign exchange regulations.
Read more: How to source wholesale using 1688.com outside China
How to open a World Account
To open your World Account:
- Navigate to our Sign up page
- Fill in your personal and business details
- Upload your verification documents
- Set your account requirements
- Start making simplified international business payments
Need some extra help? Visit our official Help Centre guide.
Alternative payment methods in international business
There are a variety of alternative methods of payment that may be appropriate for some transactions. Here’s a closer look at some of the options:
| Method | Speed | Cost | Best for | Key limitations |
|---|---|---|---|---|
| WorldFirst multi-currency account | Same day (80% of transfers) | 0.50% FX fee cap, no receiving fees | Growing international businesses | Requires business verification |
| Traditional bank transfers (SWIFT) | 3–5 business days | High fees + poor FX rates | Large corporates with established banking relationships | Slow and expensive |
| SEPA transfers | Same day | Low/no fees | European businesses (EUR only) | Limited to eurozone, single currency |
| Online platforms (Wise, PayPal) | 1–3 business days | Mid-market rates + transparent fees | Small businesses, ad-hoc payments | Limited business features, transfer caps |
| Remittance services (Western Union, MoneyGram) | Minutes to hours | Very high fees + poor rates | Emergency personal transfers | Not designed for business use |
| Credit cards & digital wallets | Instant | High FX fees | Small business expenses | Can't receive payments, limited amounts |
| Cryptocurrency | Minutes | Network fees + volatility risk | Tech-savvy businesses in specific sectors | High volatility, limited acceptance |
1. Traditional bank transfers (SWIFT)
Banks use the SWIFT network to move funds internationally, which usually takes between three and five business days. Funds pass through multiple intermediaries or correspondent banks, which may delay transactions and introduce additional fees.
Advantages: This method is reliable, globally accepted and trusted by regulated industries. It can also handle very high-value transactions under strict compliance controls.
Disadvantages: Transfers are costly, often $25–50 per payment, without factoring in unfavourable exchange rates and additional intermediary fees. Processing is slow, transfers may be delayed due to banking hours or holidays and funds may be held up to 10 days for compliance checks.
Best for: Large enterprises that value compliance and stability over speed or cost savings.
2. SEPA transfers
The SEPA (Single Euro Payments Area) is a system that treats transfers within participating European countries as domestic payments.
Advantages: It typically takes one business day or less to transfer money, and fees are minimal or nonexistent. Standardised formatting reduces the potential for processing errors, and infrastructure is very stable.
Disadvantages: SEPA is limited to transactions made in euros between member countries. It can’t be used to pay suppliers outside of Europe or cover other payments associated with operating a global business.
Best for: European businesses who conduct most of their operations in euros within participating SEPA countries.
3. Online platforms (Wise, PayPal, etc.)
Online money transfer platforms allow businesses and individuals to send money online with transparent pricing and often favourable or mid-market exchange rates. Transfers typically take about 1–2 business days, often using local payment rails.
Advantages: Online platforms are easy to sign up for and start using immediately, and generally offer better exchange rates than banks. Pricing is transparent (though fees can be high for certain providers), and the process is usually quicker than traditional wire transfers.
Disadvantages: Some platforms have transfer limits that are too low to be practical for most businesses. They may also hold funds indefinitely due to fraud and risk prevention measures, with little or no transparency.
Best for: Freelancers or small businesses making occasional international payments, without the need for advanced capabilities.
4. Remittance services (Western Union, MoneyGram)
Built mainly for personal transfers – rather than for business payments – remittance services allow people to send funds quickly, often within minutes, to cash pickup locations and mobile wallets worldwide.
Advantages: Remittance services are fast, and can reach areas underserved by traditional banking infrastructure. Recipients don’t need a bank account to collect funds.
Disadvantages: Fees are very high, with poor exchange rates, frauds and scams are prevalent and these services tend to lack business features. Daily limits can be low for unverified accounts.
Best for: Personal transfers and occasional situations where the recipient lacks bank access, such as an importer making a small order from an artisan supplier in a remote or unbanked area.
5. Credit cards and digital wallets
Most personal and business credit cards, as well as linked digital wallets, allow international purchases online and in person.
Advantages: Card payments are widely accepted worldwide, and processed instantly. Some cards offer rewards or cashback, and most have built-in fraud protection and chargeback procedures.
Disadvantages: Cards generally have very high transaction fees, around 1–3% of each purchase, and exchange rates may not be favourable. Vendors often do not accept cards for large B2B transactions. Cards also don’t provide a way to receive payments.
Best for: Day-to-day business expenses like subscriptions, e-commerce seller fees, PPC ad costs and small-cross-border transactions. Not ideal for core supplier or operational payments.
6. Cryptocurrency transfers
Cryptocurrencies such as Bitcoin and Ethereum enable businesses to bypass banks altogether, with 24/7 transactions that settle instantly or within minutes.
Advantages: Payments may avoid traditional conversion fees and can be made and settled at any time, day or night.
Disadvantages: Limited supplier acceptance, complex regulatory requirements, fluctuating fees and a volatile landscape make crypto impractical for most business needs. The use of crypto also demands technical knowledge and secure wallet management, both of which can have a steep learning curve.
Best for: Niche, tech-savvy businesses where both parties are comfortable accepting cryptocurrency.
International business payments made easy with WorldFirst
International business payments can get tricky, with slow transfers, unexpected delays, high fees and hidden charges. WorldFirst simplifies cross-border payments with faster ways to pay, clear, transparent pricing and no surprises.
To pay suppliers on time, keep cash flow steady and reduce costs, choose a multi-currency account with WorldFirst. Open a World Account for free now and start making faster, easier global payments today.
Frequently asked questions (FAQs)
How long do international business payments usually take?
The timing depends on the method you use. Traditional SWIFT bank transfers often take 3–5 business days, sometimes longer if multiple correspondent banks are involved. SEPA transfers within Europe usually arrive the same day, while online platforms like Wise or PayPal take one to three days. With WorldFirst, 80% of transfers settle the same day and payments between World Accounts can be instant.
What are the main fees I should watch out for with cross-border payments?
Common costs include transfer fees, exchange rate markups and intermediary bank charges. Traditional banks tend to have the highest fees and the least transparent pricing. Remittance services also charge steep markups. Online platforms are more transparent but may still be costly for high-volume businesses. WorldFirst caps FX fees at 0.50% on major currencies and avoids hidden markups, making costs clearer and easier to manage.
Which international payment method is best for my business?
The right option depends on your needs. Large corporations often stick with SWIFT for its established compliance framework, while European businesses may prefer SEPA for euro transactions. Freelancers and small businesses sometimes use online platforms for simplicity. However, growing international businesses usually benefit most from a multi-currency account like WorldFirst, which combines speed, transparent fees, marketplace integrations and risk management tools.
Are there alternatives to standard transfers for managing risk in international payments?
For high-value or higher-risk transactions, traditional trade finance tools are still widely used. Letters of credit and documentary collections help reduce the risk of non-payment by requiring banks to verify documents before releasing funds or goods. Credit insurance can protect exporters against buyer default or political risks.
At the same time, modern fintech platforms like WorldFirst are reshaping cross-border payments by offering faster settlement, transparent pricing and built-in FX risk management tools – often with far less complexity than traditional instruments. Many businesses use a mix of these approaches, combining fintech for everyday payments with trade finance solutions for larger or riskier deals.
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- Almost 1,000,000 businesses have sent USD$300B around the world with WorldFirst and its partner brands since 2004
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