How to Transfer Money – A Guide for UK Businesses

Money transfers are an integral part of day-to-day operations for some businesses. That being said, some companies don’t know the best ways to send money abroad or to another bank, and end up spending too much money and resources when doing so.

In this blog, we’ll cover all the basics of how to transfer money most efficiently in a corporate exchange. Then, we’ll go deeper and explain the different kinds of transfers, limits, fees, and more so you can learn to transfer money to someone – or a business – confidently.

How does a business money transfer work?

One way businesses conduct money exchanges is through a wire transfer. But how does it work?

Corporate money transfers are slightly different from private exchanges. For businesses, transfers may involve larger sums, multiple currencies, and additional compliance checks such as Anti-Money Laundering (AML) or Know Your Customer (KYC) regulations.

No matter who is sending money – or from where – you will likely carry out the process in a bank app or online platform. All banking apps, however, are not equal. Traditional bank apps may offer slower processing and higher fees, while specialist foreign exchange providers like Halo offer faster, cheaper alternatives with expert guidance.

To understand the difference, see our guide: Forex Brokers vs Banks: Which is the Best Option?

National vs. international transfers – what’s the difference?

When you’re sending money to a UK bank account, that is considered a national transfer. These are often carried out through BACS payments or Faster Payments. When you send money abroad, it becomes an international transfer.

Depending on the destination, you may need:

• A National Clearing Code for local routing.
• An IBAN number or SWIFT/BIC code to ensure funds reach the right account.
• A SEPA transfer if you’re transferring money within the EU.
• An ACH payment for the US market.

National transfers are usually cheaper and faster than international transfers, but Halo can help businesses streamline both.

What are the main transfer options for businesses?

Businesses can choose from several different transfer methods:

• Spot contracts – Send money immediately at the current exchange rate. Learn more: Spot Contracts.
• Forward trades – Lock in today’s exchange rate for a future payment, useful for managing risk. Learn more: Forward Trades.
• Regular payments plans – Ideal if you need to transfer money internationally on a schedule (e.g., monthly invoices).
• Telegraphic transfers – A secure international transfer option for high-value amounts. See: What is a Telegraphic Transfer?.

Each method has a different transfer process, limit, and fee structure, so it’s important to choose the one that best fits your business needs.

How long does it take to do a bank transfer – and what are the limits?

The amount of time an online transfer takes depends largely on whether you’re making an international transfer between banks, or a national money transfer. When you send money abroad, your wait time will usually be 1–5 working days depending on the destination country, currency, and the method used. Sending money to a UK bank account can take a few minutes (via Faster Payments) or up to 3 days (via BACS).

Banks usually impose strict daily transfer limits (often £25,000–£50,000). Halo Financial can accommodate much higher transfer amounts for businesses, whether nationally or internationally, with flexible solutions tailored to large payments.

For more detail on transfer speed, see: When is the Best Time to Make a Currency Transfer?

What are the fees – and how can you reduce them?

The cheapest way to transfer money online is usually through a specialist currency provider like Halo, rather than a high street bank.

Banks often add hidden margins to exchange rates as well as fixed charges per transaction. Halo’s service is designed to keep costs transparent, offering competitive exchange rates and lower fees.

If you’re wondering how to transfer money with lower fees, here are a few tips:

• Avoid using a credit card for international transfers, as fees are higher.
• Plan ahead with forward trades to protect against rate fluctuations.
• Bundle payments when possible, instead of making multiple small transfers.
• Work with a currency specialist like Halo to negotiate better exchange rates.

How to transfer money safely as a business

To transfer safely between banks, we recommend you always double-check account details such as the IBAN or UTR number (What is a UTR number?). You should also use secure networks – avoid public Wi-Fi when making a transfer. Additionally, it’s a good idea to set up dual authorisation within your business so that at least two people approve each transfer.

Work with a regulated provider like Halo Financial, which is authorised by the Financial Conduct Authority (FCA).