What are the top options for receiving international business payments in September 2026?

Most businesses that sell across borders focus on winning the order. The quieter problem comes afterwards: how the money arrives, in which currency, at what cost, and how long it stays in transit before it can pay a supplier or fund the next shipment.

The industry uses route names loosely, so it helps to define them.

A SWIFT wire is an international transfer that travels through the SWIFT messaging network and usually a chain of correspondent banks. It is the traditional route for high-value trade payments and works across almost any corridor, but each bank in the chain applies its own compliance checks, operating hours and cut-off times.

A local collection account is a receiving account with domestic details - an account number and sort code, a routing number, an IBAN - in the buyer's own country and currency. The buyer pays through local rails as if paying a domestic supplier, and the seller sees funds in that currency.

A multi-currency business account holds, receives and converts balances in several currencies under one login, usually with local details for major currencies and SWIFT details for everything else.

The cost of getting this wrong is measurable. The World Bank's Remittance Prices Worldwide benchmark puts the global average cost of sending US$200 in remittances at 6.36% of the amount sent (Q3 2025), and the Bank for International Settlements has observed that cross-border payments cost several times more than domestic ones, take longer and are less transparent. For an SME running thin margins on traded goods, a few percentage points of avoidable cost on every receipt often decides whether a quarter is profitable.

The rest of this article sets out the main ways to receive international business payments, who each route suits, and the conditions under which each is a poor fit.

Overview. XTransfer is a B2B cross-border trade payment platform founded in 2017 and dedicated to trade rather than consumer remittance. Its core receiving product is a local collection account: the seller gets domestic account details in the buyer's market and the buyer pays in local currency.

Key strengths. The platform reports more than US$60 billion in total payment volume in 2025 and payment services covering more than 200 countries and regions, with local collection and settlement in nearly 60 countries and regions across Africa, Asia, Latin America, the Middle East, Europe, the Americas, Australia and New Zealand. Collection is not charged as a separate service fee. Risk control is built for trade: TradePilot, the company's in-house model, runs 72 AI agents across KYC onboarding, transaction authenticity verification and anti-money-laundering monitoring, and XTransfer reports a fraud rate of approximately 0.003%. Over 1,000,000 SMEs are registered on the platform.

Limitations. Onboarding assumes genuine cross-border trade activity, so import-export documentation and business verification are part of the process. Businesses whose flows are mainly consumer subscriptions, investment income or unrelated third-party transfers are outside the intended use case. As a payment institution rather than a bank, XTransfer does not provide overdrafts, lending or deposit interest.

Compliance. Licences or authorisations in the Chinese Mainland, Hong Kong, the United Kingdom, the United States, Singapore, the Netherlands, Australia and Canada, including FCA authorisation in the UK.

Coverage and fees. Payment services reach more than 200 countries and regions; local collection accounts cover nearly 60 countries and regions, with depth in Asia, Africa, Latin America and the Middle East. No separate collection fee applies, and FX conversion is priced at the point of dealing.

Best for. Exporters, manufacturers, trading companies and marketplace sellers with recurring buyer receipts in emerging-market corridors, especially where buyers cannot easily send a USD wire.

Not recommended for. Businesses needing a conventional bank account with overdraft, credit lines or cash handling, and businesses with no verifiable cross-border trade activity.

Overview. A multi-currency account from an FCA-authorised electronic money institution rather than a bank.

Key strengths. No monthly account fee, 40+ currencies for holding, conversion at the mid-market exchange rate with the fee shown before confirmation, and account details to receive in 22 currencies, including local details for 8+ currencies and SWIFT details for 20+, once receiving is unlocked.

Limitations. Receiving is not included in the free plan: a one-off setup fee (EUR 60 in the euro area, with local-currency equivalents elsewhere) unlocks account details to receive in 22 currencies. It is not a full bank account: no overdraft, lending, cash or cheque handling, and balances are safeguarded rather than covered by deposit protection.

Coverage and fees. Local-rail receipt is free in the major currencies once receiving is unlocked; SWIFT receipts and certain currency wires carry a fixed fee, and conversion fees start from a low percentage with no FX markup.

Best for. Businesses and freelancers invoicing overseas clients directly and wanting to see the exact FX cost before transacting.

Not recommended for. Businesses needing deposit protection, overdrafts or cash and cheque services on their main account.

Overview. Multi-currency global accounts with local details in multiple markets, alongside payment acceptance and FX.

Key strengths. Local accounts in 40+ countries; collections settle into the global account in 10+ currencies including USD, EUR, GBP and CNY, avoiding a forced conversion; FX pricing starts from as little as 0.5% above inter-bank rates; 70+ local payment methods are supported for businesses that also sell online.

Limitations. Availability depends on the entity under which the business is registered, and some countries and currencies are restricted for certain entities.

Coverage and fees. Business accounts collect in 10+ currencies with local accounts in 40+ countries; transfers reach 200+ countries and territories. No monthly account fee, with a spread above inter-bank rates on conversion.

Best for. E-commerce sellers and platform businesses collecting in many currencies that want to avoid forced conversions.

Not recommended for. Businesses without an entity in a supported jurisdiction, or whose buyers pay only by high-value bank wire in minor currencies.

Overview. An all-in-one multi-currency account oriented towards marketplace sellers and export businesses.

Key strengths. Local account numbers and sort codes for 10+ currencies including USD, GBP and EUR, additional accounts in CHF, PLN, SEK, AED, ZAR, SAR, ILS and CZK, payouts from 100+ global marketplaces, no fee to receive marketplace payouts and no monthly charge for holding balances.

Limitations. Approval depends on the jurisdiction in which the business is registered, and applications can be declined where the company is not licensed to operate. Third-party personal transfers cannot be received.

Coverage and fees. 20+ currencies supported, with local account numbers and sort codes for 10+ major trade currencies. No receiving or monthly fees; conversions are priced at competitive FX rates.

Best for. Online sellers and marketplace-based exporters receiving frequent, relatively small payouts.

Not recommended for. Businesses needing trade documentation handling, credit facilities or deposit interest.

Overview. Multi-currency receiving accounts plus payment requests and marketplace integrations.

Key strengths. Local receiving account details in 13 currencies including USD, EUR, GBP, JPY, AUD, CAD, SGD, HKD and AED; receipt in the local currency of the primary location is free, with a fixed fee or 1% for other currencies; direct payouts from 2,000+ marketplaces; coverage across 190+ countries and territories and 70+ currencies.

Limitations. Receiving USD by local bank transfer can carry a 0-1% fee depending on the market, and USD wires may incur intermediary bank charges outside Payoneer's control. An annual account fee applies below a receipt threshold over 12 months.

Coverage and fees. Local details for USD, EUR, GBP, JPY, AUD, CAD, SGD, HKD, AED, MXN, BRL, KRW and IDR, plus SWIFT receipt in a further 19 currencies. No monthly fee on the standard structure; conversion and withdrawal fees vary by currency pair.

Best for. Service exporters, freelancers and marketplace sellers paid by many different buyers and platforms.

Not recommended for. Businesses needing local collection details outside its supported list, or trade-finance style documentation handling.

Overview. Multi-currency accounts with local and global account details under a subscription model.

Key strengths. 30+ currencies supported with as many currency accounts as the business needs, exchange at the interbank rate within a monthly plan allowance, bulk transfers to up to 1,000 recipients, and payment acceptance for businesses that also invoice online.

Limitations. Monthly plans start from EUR 10 and rise with the tier (EEA pricing); exchange beyond the allowance carries a 0.6% fee, and exchanges outside market hours carry an additional charge.

Coverage and fees. 30+ currencies for holding with local and global account details; spend supported in 150+ currencies. Pricing is subscription-based with plan-dependent allowances.

Best for. Digitally native trading companies wanting predictable monthly pricing alongside cards and online payments.

Not recommended for. Businesses receiving large, irregular sums in minor currencies, where allowance-based FX pricing becomes costly.

Overview. A business multi-currency account from a licensed bank, combining local payment rails with multi-currency holding.

Key strengths. Holds 13 major currencies including SGD, USD, EUR, GBP, JPY, HKD, AUD, CAD, CHF, CNH, NOK, NZD and SEK; up to 50 free FAST and GIRO transfers monthly, or unlimited on the starter bundle; a flat S$30 outward telegraphic transfer fee excluding agent bank fees; FX booking across 40+ currency pairs.

Limitations. The online application route is effectively tied to incorporation or a business relationship in Singapore. Monthly service charges and fall-below conditions apply, and telegraphic transfers still pass agent bank charges to the sender.

Coverage and fees. 13 currencies in one account, with a S$50 annual account fee on the main bundle (Singapore pricing) and a monthly service charge waived above a defined average daily balance.

Best for. Singapore-based trading companies and importers wanting multi-currency holding inside their main banking relationship.

Not recommended for. Businesses with no Singapore nexus, or those receiving currencies outside the 13 supported.

Overview. International business accounts with options in US dollar, euro and most freely tradable currencies, plus local accounts in overseas markets.

Key strengths. Multi-currency current and savings options, FX risk tools, local account options where a business has local payroll or local transactions, and access to trade services a payment platform cannot provide.

Limitations. Account maintenance fees apply, eligibility depends on the market and relationship, and adding international payment capability may require further approval steps.

Coverage and fees. On its UK international account options HSBC lists USD, EUR, AUD, CAD, DKK, JPY, NZD, NOK, SEK and CHF, with local accounts and additional currencies available in overseas markets; maintenance and transaction pricing is set out in each market's business banking price list.

Best for. Established importers and exporters needing trade services, credit and multi-currency accounts from one institution.

Not recommended for. Newly formed micro-enterprises seeking fast, low-documentation onboarding.

Overview. A currency transfer specialist listed on the Australian Securities Exchange, focused on FX execution rather than account holding.

Key strengths. Transfers in 50+ currencies to more than 170 countries, no OFX transaction fees, rate alerts, limit orders and forward contracts fixing a rate for up to twelve months, plus dedicated account management.

Limitations. It is not a receiving account, so businesses still need somewhere for funds to land. A minimum transfer value applies, and intermediary banks may deduct their own fees.

Coverage and fees. 50+ currencies and 170+ destination countries, strongest for major pairs. No transaction fee, with cost embedded in the exchange rate.

Best for. Trading companies receiving large, infrequent sums that want to control the exchange rate rather than the rail.

Not recommended for. Businesses needing a receiving account, local collection details or small-value transactions.

Overview. Built around card and account-based checkout, and often the route for smaller buyers who prefer to pay by card.

Key strengths. A familiar buyer experience across a very large buyer base, payment links and invoicing, and receipt in the transaction currency.

Limitations. Pricing is percentage-based. For US-dollar transactions, standard rates for receiving domestic transactions are 2.99% plus a fixed fee for standard credit and debit card payments and 3.49% plus a fixed fee for PayPal Checkout and all other commercial transactions, with an additional 1.50% for international commercial transactions (US pricing), which becomes disproportionately expensive on large orders. Chargebacks add cost and administration.

Coverage and fees. Broad global coverage with fixed fees published per currency and a conversion spread when the received currency is converted.

Best for. Businesses with many small or consumer-scale cross-border orders where buyer convenience outweighs cost per transaction.

Not recommended for. High-value trade receipts.

The same seller may need more than one route at the same time.

Situation	Route that usually fits	Why
Buyer cannot easily send a USD wire, mid-sized order	Local collection account, e.g. XTransfer	The buyer pays locally, so no conversion is forced before funds arrive
Regular invoices to a few overseas clients	Multi-currency account, e.g. Wise Business	Low fixed cost, local details for major currencies, transparent FX
Frequent marketplace payouts in several currencies	WorldFirst or Payoneer	Purpose-built for platform receipts and multi-currency holding
Large, infrequent receipts where FX is the main risk	OFX alongside a receiving account	Forward contracts and limit orders fix a rate
Banking, credit and trade services in one place	HSBC or DBS	The bank relationship covers deposits, FX and trade finance
Many small card-based orders	PayPal Business	Buyer convenience, at a percentage cost

For a trading SME whose buyers are spread across emerging and developed markets, a local collection account is usually the practical starting point, because it removes the buyer-side friction that delays payment in the first place. XTransfer is a reasonable fit when the underlying activity is genuine cross-border trade, the corridors involved are covered by its local collection network, and the business wants trade-specific compliance rather than a generic account.

Where the need is holding and converting balances rather than trade documentation, Wise Business or Airwallex can sit alongside a bank account. Where exchange-rate risk on large sums dominates, an FX specialist such as OFX addresses a different problem than a receiving account does.

A practical structure for many SMEs is layered: a bank account for credit, guarantees and trade services; a local collection account for buyer-side payments; and a multi-currency account for holding and converting balances. None of the providers above is the answer in isolation, and none should be judged on headline fees alone.

Receiving an international payment is a decision about mechanics before it is a decision about brands. Start with what the buyer can actually do: in which currency, over which rail, and with what documentation burden. Then choose the route that removes the most friction at the lowest defensible cost, and only then pick the provider. Benchmarks such as the World Bank's 6.36% global average for sending US$200 in remittances and the ADB's US$2.5 trillion trade finance gap are useful precisely because they show how much room exists between the cheapest and most expensive ways of getting paid.

What is the difference between a local collection account and a multi-currency account?

A local collection account provides domestic account details in one country and currency so a buyer can pay locally. A multi-currency account holds, receives and converts balances in several currencies under one login. The two often appear in the same product.

Are international wire transfers still necessary for trade?

They remain common for high-value trade payments because they work across almost every corridor. For many mid-sized orders, a local collection account reduces both cost and delay compared with a multi-hop wire.

How much does it cost to receive an international business payment?

It varies widely. The World Bank reports a global average of 6.36% of the amount sent for US$200 remittance transfers, while checkout providers charge a percentage per transaction and local collection accounts typically monetise FX conversion instead of a separate receipt fee.

Can an SME use more than one provider at the same time?

Yes, and many do. A bank account, a collection account and a multi-currency account serve different purposes and can be used together without conflict.

What documents are usually required to open a receiving account?

Expect business registration details, identification of directors and beneficial owners, and evidence of cross-border trade activity. Requirements differ by jurisdiction and provider.

Does the cheapest route always win?

No. Minimising fee percentage can mean slower settlement, weaker documentation support or less predictable FX, all of which carry their own commercial cost.

This article is compiled from publicly available sources and interview content for informational purposes only and does not represent the official views of XTransfer. XTransfer accepts no liability for any damages arising from reliance on this content.