What is the Best Place to Exchange Currency?
Whether you’re importing goods or running an online store, currency exchange is an essential function for any business with global operations. But not all currency exchange providers are the same, so which is the best for your business?
In this guide, we explore what businesses should look for in a currency exchange provider, the best places to exchange currency, and the benefits of using fintech currency platforms.
The importance of B2B currency exchange services
Currency exchange can directly affect a company’s profitability, cash flow, and risk exposure, so it needs to be taken seriously. It’s not good enough for an international business to use consumer-focused currency platforms built for occasional holiday spending. Companies need a currency exchange service that can handle high volumes and more complex payment workflows.
From paying international suppliers to receiving money from global customers and managing multiple currencies across different accounts, international businesses face constant exposure to exchange rate fluctuations. These shifts can be unpredictable and, if not properly managed, eat into profit margins – which is the last thing you want as a business.
This is why currency exchange needs to be looked at as a strategic business function and not just a one-off transaction. It’s important you take the time to find a good currency exchange provider that can help your business secure better rates, reduce hidden costs, and better manage currency risk. On top of that, a good currency provider will offer fast settlement times, better visibility over payments, and seamless integration with business systems for optimised operational efficiency.
But finding this kind of service isn’t always easy, especially in such a fragmented foreign exchange market. Currency exchange providers can vary widely in terms of pricing transparency, technology capabilities, regulatory compliance, and risk management tools, making it tricky to evaluate different providers.
How to choose between B2B currency exchange providers
Let’s be clear: not all currency exchange providers will offer the same level of value, and choosing the right one can make a great deal of difference in your business’s profitability and operational efficiency.
Here are some key things to consider when comparing currency exchange providers.
Exchange rates and pricing transparency
Competitive exchange rates are, of course, a major consideration. Some providers embed hidden margins into their rates or charge opaque fees that reduce your actual savings. Look for transparent pricing structures that clearly outline rates, fees, and commissions. Getting clear on the costs involved will help you better control expenses and plan financials.
Processing speed and payment efficiency
International transactions are known for their delays, which can lead to late payments, missed opportunities, and supply chain disruptions, neither of which is good for business. When comparing providers, look at their average processing times and settlement speeds to find one that offers fast and reliable transactions – preferably in real time.
Currency pair availability
It might sound obvious, but it’s important to make sure the exchange provider can support the markets you operate in. Look at the currency pairs they work with and make sure it includes any future markets you intend to expand in so you can scale your business without having to switch providers.
Security measures
Security is essential when you’re moving money across borders, no matter how small or large the transaction. Look for currency exchange platforms with strong security, including data encryption, two-factor authentication (2FA), and fraud monitoring.
Read More: Cross-Border Payments: Challenges and Opportunities for Businesses
Where can businesses exchange currency?
So, what are your options for exchanging currency as a business? The three main places to change money are traditional banks, specialist FX providers, and fintech currency platforms.
Traditional banking institutions
The first place most businesses consider when looking for currency exchange is their bank. Banks are trusted institutions, after all, with global networks and conveniently bundled financial services. But banks aren’t actually the best option when it comes to foreign exchange.
Their exchange rates tend to be less competitive, transaction fees are higher, and processing times can be slower, especially when it comes to cross-border payments. If your business deals in multiple currencies, these inefficiencies can quickly add up to cost your business more money than necessary.
Specialized FX providers
There are certain companies out there that are designed specifically for B2B currency exchange. These providers usually offer more competitive rates and personalised service based on your business’s goals and needs. While they can be a great option for global businesses, specialist FX providers might not always have the best digital experience or integration with modern payment systems. They also tend to have less extensive banking relationships in certain regions.
Fintech currency exchange platforms
Fintech platforms combine the competitive exchange rates of specialist providers with real-time processing, automation, and intuitive user interfaces designed to easily fit into digital-first business operations.
For example, ZEN.COM offers a currency converter, multi-currency account access, and direct integrations with existing e-commerce platforms and software that can make cross-border payments faster and more efficient.
How can a currency exchange service save your business money?
As we’ve mentioned throughout this article, the right currency exchange service can have a direct impact on your bottom line, helping reduce unnecessary costs and optimise payment flows.
Here are some ways the right currency platform can save your business money:
Lower margins and transparent fees
One of the first things to evaluate when choosing a provider is cost. Every currency exchange service will have different fees, which might include transaction charges, spreads on exchange rates, and sometimes delivery or service fees. Even small differences in FX margins can have a significant long-term effect, especially if your business makes regular or high-value international payments.
Look for a provider with low, transparent margins and no hidden costs to avoid the unnecessary expense.
Fit-for-purpose services
Not every business is looking for a complex FX solution, so choosing a provider that offers currency exchange without locking you into unnecessary extra products can be important. Think about what your business actually needs and go from there:
- Does the provider support the currencies you work with?
- Do the payment settlement times meet your needs?
- Are you looking for complex risk management tools like currency forwards, or are you happy with a simple exchange service?
- Do you want additional features, like automatic top ups?
If you go for a specialist service, you might find yourself overpaying for tools or functionality you don’t really need. This isn’t just a waste of money but can also complicate your operations. Finding a streamlined currency exchange service will be more cost-effective and easier for your business to manage.
Keep Reading: Cross-Border B2B Payments: A Guide for Businesses
Multi-currency accounts
If your business receives payments in different currencies, a multi-currency account can significantly reduce conversion costs. These accounts let you hold, send, and receive multiple currencies without converting every transaction back into your base currency. This reduces unnecessary exchanges and allows you to convert funds only when the rate is favourable or when it’s operationally needed.
Before choosing a provider, check whether their multi-currency accounts support the currencies you use and offer fast (or even instantaneous) processing times. ZEN.COM, for example, lets you manage 28+ currencies from a single interface with instantaneous exchange.
Best practices for B2B currency exchange
Beyond finding the right currency exchange provider, there are certain best practices that can help your company maximise savings and streamline operations.
Assess your business’s currency exchange needs
Start by mapping out how your business interacts with foreign currencies. Are you paying international suppliers? Receiving revenue from overseas customers? Operating across multiple markets? Understanding the volume, frequency, and direction of your cross-border payments will help shape your currency exchange strategy.
Some questions to ask include:
- Which currencies do you transact in most frequently?
- Are your transactions recurring or ad hoc?
- Are you primarily importing or exporting? Or maybe both?
Prepare for onboarding and switching providers
Switching to a new currency exchange service shouldn’t disrupt your operations. Choose a provider that offers a simple onboarding process, good customer support, and clear guidance on migrating existing workflows.
Integrate currency exchange into your business systems
Currency exchange should work with your existing financial infrastructure. Look for providers that offer platform APIs or plug-ins for accounting, e-commerce, or ERP systems. This can help reduce manual workload and make automated payments and reconciliation easier.
Monitor your currency exchange service
Once you’ve chosen a provider and started to use their service, make sure to track performance over time. Are transaction times as fast as promised? Are exchange rates staying competitive? These regular check-ins can help make sure your currency service is still working in your favour, and if not, find opportunities for new tools or services.
See: How to Make International Wire Transfers
Benefits of using a fintech currency exchange platform for your business
So why should businesses use a fintech currency exchange service instead of going through a traditional bank? When it comes to international payments, banks can actually cost a lot more than you think. They usually offer less competitive exchange rates and add on hidden fees. While these differences might seem small at first, they can quickly add up over time.
On the other hand, fintech currency exchange providers are specially built for modern, global businesses. They offer better rates, lower fees, and more flexibility to help companies protect their margins and operate more efficiently across borders.
Here are some benefits to choosing a fintech currency exchange provider:
Better rates and lower costs
If your business makes regular cross-border payments, even small differences in exchange rates can have a significant impact on your bottom line. Fintech providers usually offer more competitive rates than banks, which means your business can keep more of its revenue. Over time, this translates to considerable savings, especially when it comes to high-volume transactions.
Improved cash flow
Any global business will understand how delays in international payments can disrupt supply chains and limit growth. Unlike banks, which can be notoriously slow and less transparent when it comes to international payments, fintech currency exchange services have fewer conversion steps and rely less on intermediaries. This means businesses can make transactions quickly and reliably, meaning timely payments to suppliers, more accurate financial planning, and a healthier cash flow.
Greater flexibility for growth
Whether you’re expanding into new markets or managing suppliers across multiple regions, having access to a wide range of currencies is essential. Fintech currency exchange providers, like ZEN.COM, support a wider variety of currencies (28+ and counting) and payment destinations so businesses have the agility to operate globally without unnecessary roadblocks.
Transparent pricing
One of the main benefits of using fintech currency exchange providers is transparency. Banks often hide their margins in the exchange rate or apply additional fees after the fact, leading you to pay more than you initially bargained for. Dedicated currency platforms, on the other hand, usually offer clear and upfront pricing so your business can budget accurately and avoid costly surprises down the line.
Improved efficiency
Having to manually manage currency conversions takes a lot of time and can introduce room for human error. Most modern currency platforms can integrate with your business systems to automate transactions, top up currencies, track and compare exchange rates, and help reduce administrative workload. If your business handles frequent or high-value payments, this level of efficiency doesn’t just save time but can help you scale operations sustainably.
Choose ZEN.COM for your business currency conversion
If you’re looking for a currency exchange solution that allows your business to send and receive international payments quickly, efficiently, and cost-effectively, your answer is here.
ZEN.COM offers the best exchange rates on the market, with no hidden commissions so you always know exactly how much to expect. From a single app, your business can compare rates, track operations, convert, send, and receive multiple currencies without paying extra fees.
Ready to try it? Click here to register now.
