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Banks charge $25–$50 per wire plus 2–5% FX markup. Specialist providers like Wise Business, OFX, and Revolut cut that by 80–95%. Compare the best options for your business.
Switching from bank wires to specialist providers saves 80–95% on every international payment. Here's the annual impact by business size:
| Monthly Volume | Bank Wire Cost | Specialist Cost | Annual Savings | Best Provider |
|---|---|---|---|---|
| $5K/month (freelancer) | ~$175/mo | ~$30/mo | $1,740/yr | Wise Business |
| $25K/month (SMB) | ~$875/mo | ~$125/mo | $9,000/yr | Wise or Revolut |
| $100K/month (mid-market) | ~$3,500/mo | ~$400/mo | $37,200/yr | OFX (negotiated) |
| $500K+/month (enterprise) | ~$17,500/mo | ~$2,000/mo | $186,000/yr | OFX or XE Business |
Savings estimates based on 3.5% avg bank cost vs specialist provider rates. See detailed provider comparison →
Lower costs vs bank wires
Delivery vs 3–5 day bank wires
FX markup with Wise Business
For most SMBs, Wise Business offers the lowest total cost: 0% exchange rate markup (mid-market rate) plus a transparent fee of 0.41–0.71%. For large transfers ($50,000+), OFX may offer better negotiated rates through their dealing desk. Both are 80–95% cheaper than traditional bank wire transfers.
Small businesses can use specialist providers like Wise Business (0% markup, batch payments, Xero integration), Revolut Business (multi-currency accounts, free plan), or OFX (zero fees, dedicated dealers for $10K+). All are significantly cheaper than bank wires which charge $25–$50 plus 2–5% FX markup.
Upload a CSV file with recipient details to Wise Business (up to 1,000 payments per batch) or Revolut Business. For automated payouts, use their APIs to integrate with your ERP or invoicing system. OFX's dealing desk handles high-value batch processing with negotiated rates.
Wise Business (0% markup, 0.41–0.71% fee), Revolut Business (interbank rates during market hours), and OFX ($0 fees with negotiated rates for large transfers). All are 80–95% cheaper than traditional banks for cross-border business payments.
The most cost-effective approach is specialist business transfer providers. Wise Business and OFX offer multi-currency accounts, batch processing, and forward contracts to lock in exchange rates. Set up vendor bank details once, use CSV upload or API for recurring payments, and maintain invoice documentation for compliance.
Costs vary significantly by corridor. These guides compare business-specific pricing for the most popular international payment routes.