8 Best Cross Border Payment Solutions for Businesses in 2024

Choosing the right solution for cross border payments is a crucial decision for any company. For businesses conducting payments globally, you need a solution that covers the markets you operate in and can reliably deliver payments on time and at a reasonable cost. As a founder, I've used multiple leading cross border payment solutions, the dirty truth is some are better than others.

My Picks for the 8 top cross border payment solutions

Now that you know what to look for, let's compare some of the top cross border payment options for businesses:

Airwallex

Airwallex is a popular choice used by startups, small businesses and enterprises alike. Airwallex supports over 110 countries for cross border payments as well as a Visa card accepted globally.

Pros:

• Easy to use, intuitive web interface
• Payment acceptance and global payouts to over 110 countries
• Debit and credit card offerings
• Domestic and international bill pay
• Businesses in over 60 countries can open an account
• Good exchange rates for currency swaps

Cons

• Business only so if you want an account personally you'll need to go elsewhere
• No interest on most currency balances so if you hold funds there you may not earn any interest

Pricing:

0.5%-1.0% over interbank exchange rates**

**Note this is country and currency dependent

Wise

Wise is a popular choice among consumers

Pros:

• Easy to use, intuitive web interface
• Payment acceptance and global payouts to over 70 countries
• Supports holding over 40 currencies
• Good exchange rates for currency swaps, especially exotics
• Can also open a personal account

Cons

• No credit card offering
• No interest on most currency balances so if you hold funds there you may not earn any interest
• Variable pricing can be more unpredictable

Pricing:

Variable see https://wise.com/us/pricing/business

The cool thing about Wise is they price all FX rates from the mid-market price which is essentially the price you'd see if you google the currency conversion rate. Most other offerings quote prices that can be worse than the mid-market rate

Xoom

Xoom is a paypal service for sending money abroad. It's much more expensive than alternatives and less feature complete so I don't recommend it for most businesses.

Pros:

• Works directly from your paypal account if you have one already
• Can send to 160+ countries
• Can send funds to be redeemed in cash as well as electronically

Cons

• Significantly more expensive than alternatives
• Not much in the way of surrounding features
• No interest on idle cash

Pricing:

3-4% of the transaction value on currency conversions

Revolut

Revolut is a popular fintech company for individuals and businesses alike. Compared to Wise and Airwallex they are more focused on delivering features around core business financial operations than international transfers exclusively. Though they support less currencies and countries.

Pros:

• Various freebies on transfers, cards and currency exchanges
• Can hold and transact in multiple currencies
• Can also open a personal account

Cons:

• Only supports 25+ currencies which is less than other providers
• Many plans require a monthly subscription
• No interest earnings on idle cash

Pricing:

0.6%-1% on currency exchanges

Jeeves

Jeeves, like Revolut is a multi-currency fintech focused on core banking and payment operations.

Pros:

• High quality accounting integrations with Quickbooks, Xero, etc.
• Free receipt tracking
• Transfer to 150+ countries and 40+ currencies
• Easy to manage cards for employees with custom limits

Cons:

• Not transparent pricing. Their pricing is not published
• No way to also open a personal account
• No interest on idle cash

Pricing:

Not published on their website, you will have to reach out to them to inquire.

Tipalti

Tipalti is an enterprise accounts payable solution which is more suitable to businesses that spend millions of dollars a year with complex vendor management flows.

Pros:

• Useful for large enterprise customers
• Integrations with enterprise accounting solutions like Netsuite
• Payouts to 100+ countries

Cons:

• Pricing is not transparent
• Not suitable for small businesses

Pricing:

Reach out for Quote

AvidXchange

Similar to Tipalti in that its an enterprise accounts payable solution.

Pros:

• Useful for large enterprise customers
• Integrations with enterprise accounting solutions like Netsuite
• Dedicated SuiteApp for Netsuite
• Payouts to 100+ countries

Cons:

• Pricing is not transparent
• Not suitable for small businesses

Pricing:

Reach out for quote

Chase Bank

J.P Morgan Chase is the largest bank in the United States and has access to an excellent correspondent banking network. Though Chase is much more expensive than alternatives

Pros:

• Integrates with your Chase Bank account
• Can use personally as well as for your business
• Can see conversion costs before sending payment

Cons:

• Much more expensive than alternatives
• Older, clunkier UI

Pricing:

3.0%

Getting Set Up for Success

Once you’ve chosen the best cross border payment solution for your business, there are a few things you can do to set yourself up for success:

Take advantage of free accounts and demos to confirm the software meets your needs. Don’t be afraid to test a couple options!

Sign up for onboarding calls, online courses and tutorials to quickly gain financial literacy. Understanding key cross border payment concepts will ensure you use the software effectively. If you'd like a referral don't hesitate to DM me on X at https://x.com/bryce_meow

Consult with an accountant on any complex aspects of your accounting and finances for cross border payments. Investing early in expert advice prevents costly mistakes.

Implement a documented process for critical tasks like vendor management and collecting expense receipts. Don’t let important items slip through the cracks.

Choose software that enables you to own your financial data so you can switch solutions without significant migration costs.

The right cross border payment solution will provide immense value as you scale your bisomess – saving you time, effort and money. Now that you know what to look for, you can find a cross border payment solution that fuels your growth rather than holding you back.

The key is matching the strengths of each solution to your company's financial management needs, growth trajectory and budget. With the criteria in this post as your guide, you can make a confident, informed choice.

Final Thoughts and Recommendations

Most companies would be best suited picking an Airwallex or a Wise if they are looking to save on fees and have a need for transacting in multiple currencies.

For larger enterprises, a cross border payment solution like Tipalti or AvidXchange will better meet the needs of a business with more complex payment needs.