Bank wires have been the default for international business payments for decades. They’re offered by nearly every major bank, they’re widely understood, and for large, one-off transactions, they get the job done.
But small business owners sending recurring payments to overseas contractors, freelancers, or suppliers often find that bank wires weren’t built with them in mind. The fees are high, the process is manual, and by the time the money arrives—sometimes three to five business days later—it’s hard to know exactly what your recipient received after exchange rates and intermediary charges were applied.
As global hiring and remote sourcing become increasingly common for small businesses, the need for a simpler, more predictable alternative has grown. This guide breaks down exactly how Remitly Business compares to bank wires across the factors that matter most: cost, speed, setup effort, and support. It also covers when bank wires still make sense—and how to make the switch if you decide Remitly Business is a better fit for your day-to-day operations.
What Are Bank Wires and Why Do Businesses Use Them?
A bank wire transfer is a method of sending money electronically from one bank account to another, typically through networks like SWIFT. The funds move from your bank to the recipient’s bank, often passing through one or more intermediary banks along the way.
For businesses, bank wires became the go-to option largely because of familiarity. If you already have a business bank account, the option to send an international wire is usually right there. No third-party platform, no new account to open.
They’re well-suited for certain use cases—large, infrequent transactions, payments that require specific banking compliance workflows, or transfers managed by a corporate treasury team with established processes.
The problems tend to surface when bank wires are used for recurring operational payments: paying a freelance developer in Brazil every two weeks, settling a monthly invoice with a supplier in Vietnam, or compensating a part-time contractor in the Philippines. In these situations, the friction adds up quickly.
Common pain points with bank wires include:
- Flat wire fees typically ranging from $15–$50 per transfer, regardless of the amount
- FX markup applied to the foreign exchange (FX) rate, which can significantly reduce what your recipient actually receives
- Intermediary bank fees that may be deducted mid-transfer, creating unpredictable shortfalls
- Manual data entry of recipient banking details each time, increasing the risk of errors
- Delivery timelines of around two to five business days, with limited visibility once the payment is sent
For a one-time large payment, these issues are manageable. For small businesses making multiple international payments each month, they become a recurring burden.
What Is Remitly Business?
Remitly Business is a cross-border payment solution designed for small businesses that make regular international payments to contractors, freelancers, and vendors. It’s built for owner-operators who want a straightforward, repeatable process—without restructuring how they run their finances.
Here’s what makes it distinct from the start: you don’t need to open a new bank account or ask your recipient to sign up for anything. You pay using your existing bank account, debit card, or credit card, and your recipient receives funds directly into their bank account, mobile wallet, or a cash pickup location.
Remitly has helped more than 9.5 million customers transfer funds across 170+ countries and 100+ currencies. It’s a licensed, regulated provider with a global payout network covering over five billion bank accounts and approximately 490,000 cash pickup locations worldwide.
For small businesses at the start of their international payments journey, Remitly Business offers clarity before you commit: transparent pricing, predictable delivery timelines, and 24/7 support in 17 languages if anything needs attention.
Remitly Business is available to businesses based in the US, CAN, and UK (subject to terms), and to check for future availability.
Remitly Business vs Bank Wires — Key Differences
| Feature | Bank Wires | Remitly Business |
| Cost Transparency | Total cost is rarely visible upfront; includes flat fees ($15–$50), FX markup, and potential intermediary bank fees, leading to unpredictable recipient amounts. | Full cost (exchange rate, transfer fee, delivery amount) is displayed upfront; no hidden charges or surprise deductions on the receiving end. |
| Speed & Delivery Predictability | Typically takes two to five business days to arrive; delays can occur, and visibility is limited once the payment is sent. | Routes through local payout rails for faster delivery (often minutes); expected delivery timeline is shown upfront and backed by an on-time delivery guarantee (fees refunded if late). |
| Financial Setup & Cash Flow | Funds are pulled directly from your bank account; no flexibility to use other payment methods like debit or credit cards. | Allows payment using your existing bank account, debit card, or credit card; no need to open a new financial account or manage a separate wallet. |
| Support & Issue Resolution | Tracing delayed payments can be slow; support availability varies by bank, and resolution timelines are often unclear. | Provides real-time tracking; 24/7 dedicated business support is available in 17 languages for clear and quick issue resolution. |
When Bank Wires May Still Make Sense
Acknowledging this is important. Bank wires aren’t the wrong choice in every situation—they remain a practical option in specific circumstances:
- Very large, infrequent transfers where the flat wire fee is negligible relative to the payment size
- Payments that require specific banking compliance workflows, such as those involving regulated financial institutions or formal documentation requirements
- Existing corporate treasury processes already built around SWIFT infrastructure
Remitly Business is purpose-built for recurring operational payments—the regular transfers that small businesses make to contractors, vendors, and freelancers. If your payment needs fall outside that category, it’s worth evaluating which option fits the situation.
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Why Small Businesses Are Moving Away From Bank Wires
The shift is largely practical. More small businesses are hiring internationally—working with developers, designers, marketers, and virtual assistants based overseas. Global supplier relationships are increasingly common even for businesses that are still small by most measures.
As these payment workflows become more frequent, the limitations of bank wires become harder to absorb. High per-transfer fees compound over time. Manual data entry creates ongoing admin. Unpredictable delivery timelines make it harder to maintain good relationships with contractors who depend on reliable payment schedules.
Fintech tools designed specifically for recurring cross-border payments have stepped in to address exactly this gap. Remitly Business was built for this shift—for the owner-operator who’s handling international payments themselves and needs a process that doesn’t require a finance team to manage.
How to Switch From Bank Wires to Remitly Business
Making the switch doesn’t require any changes to your existing banking setup. Here’s how to get started.
Set Up Your Remitly Business Account
Visit the Remitly Business website and create a free account. There are no monthly fees, no minimum balances, and no long-term commitment required. You can start with a single payment to see how the process works.
Send Your First International Payment
Select your recipient, confirm the exchange rate, fee, and expected delivery time, and send the payment using your existing bank account, debit card, or credit card. You’ll receive real-time updates, and your recipient will be notified when funds are on the way.
That’s the full process. No branch visits, no lengthy paperwork, no new financial accounts to manage.
Choosing the Right Option for Your Business
Bank wires are familiar and widely available—but familiarity isn’t the same as being the right fit. For large, occasional transfers or payments tied to formal compliance requirements, they remain a reasonable choice.
For recurring operational payments to contractors, freelancers, and suppliers abroad, the math often points in a different direction. Repeated flat fees, opaque exchange rates, manual data entry, and slow delivery timelines are real costs—in money, time, and the mental load of managing it all yourself.
Remitly Business was designed to reduce those costs without asking you to overhaul how you run your business. Transparent pricing, predictable delivery, recipient-managed bank details, and round-the-clock support make it a practical fit for small teams handling global payments on their own.
If you’re still using bank wires for everyday international payments, Remitly Business can help you send money faster, with transparent pricing and less admin. You can get started in minutes using the bank account you already rely on.
Frequently Asked Questions (FAQs)
How does Remitly Business ensure transparent pricing?
Remitly Business provides upfront exchange rates and clearly details any fees before you confirm a transaction. This transparency helps you avoid unexpected charges or hidden costs.
Can I use my existing business bank account to send payments?
Yes, you can use the same business bank account you already rely on to send international payments through Remitly Business. There’s no need to set up a separate account.
How quickly are payments delivered?
Delivery speed depends on the destination, but many payments arrive within minutes. Exact timing and options are always provided before you complete the transaction.
Is there customer support available if I have a problem?
Absolutely. Remitly Business offers round-the-clock support to address any issues or concerns you might encounter with your payments.
Is Remitly Business suitable for small teams?
Remitly Business is designed with small teams in mind, providing an easy-to-use platform that simplifies global payments without requiring extensive resources or time.
If you have additional questions, our support team is here to help 24/7.