When choosing your international payments provider, who should you turn to? Caxton vs American Express vs Airwallex vs World First
If you are doing business across borders, you know that moving money from one currency to another may look simple on the surface, but small details can make the crucial difference to your bottom line. So if you are looking for an alternative to American Express for your international payments, who should you turn to? We've compared some of the most popular alternatives. <br>
Caxton International Payments
Caxton is a British payments Fintech, expert in all business payment types and providing international payment services for over 20 years. For international business payments, we provide two different options; our simple to use online platform you can sign up to in only minutes, or our Account Managed service run by trusted currency experts.
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On our online platform, you can quickly perform trades whenever it suits you. Or for larger, more complex transactions, give your own dedicated account manager a call for support and currency guidance which helps you manage your currency risk to protect your business against FX rates negatively impacting your bottom line.
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Suitable for paying suppliers, overseas staff and more in one-off or recurring transactions, Caxton has no minimum transaction limit and we don’t charge transaction fees. Beyond international payments, Caxton also offers expense management, payroll payments, loadable corporate cards and access to our in-house API, which helps customers automate both fixed and variable payments. This API also means that the CXTN platform can integrate with existing business systems.
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Airwallex
Airwallex was founded in 2015 in Australia, and currently support 45 currencies for international payments. They can also transfer to other currencies via the Swift network, although be aware that this will incur additional fees. This means that compared to both American Express and Caxton, their currency capabilities are somewhat limited.
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For transactions in supported currencies, Airwallex does not charge transaction fees, and like Caxton, they are able to offer a better exchange rate than your bank would. Focusing solely on business payments, Airwallex also offers offers expense management, payroll payments and loadable corporate cards.
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Airwallex also offers local accounts in 10 of their most popular currencies, which offer fee-free transactions in that currency. Normal exchange rates will still apply when transferring out of these accounts.
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World First
Founded in 2004 and owned by Chinese conglomerate Ant Group (who also own Alipay), World First is similar to Airwallex in that it also offers local accounts for 10 of their most popular currencies. Beyond this, they also offer international payments in up to 37 currencies.
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They offer competitive pricing on larger transactions, but have a minimum transfer amount of £1000. So while the rate they offer will always be more favourable than the banks, for smaller transactions there may be other providers who are more suitable.
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World First charge the highest FX fee at 0.75 percent, and is also the only company of the three highlighted in this article to charge a transaction fee. Depending on the type of transaction, this fee can be up to £15.
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Comparison of business FX international payment services
So, which International Payments provider will most seamlessly allow you to make international business payments? It really depends on your needs. Here's a breakdown of the key differences between the three: <br> Fees: Caxton charges no hidden fees and does not charge per transaction. Airwallex also does not charge transaction fees, however World First will charge up to £15 depending on the transaction type. <br> Exchange rates: Using a dedicated international payments company will always give you better rates than using your bank. Caxton offers favourable rates to clients on large and small transactions, while World First tends to be weighted for very large transactions. <br> Supported currencies: Caxton supports 30 of the most commonly used currencies, while Airwallex supports 45, and World First 37. <br> Local Accounts: Caxton does not offer local accounts, however Airwallex and World First offer local accounts for ten of their most popular currencies.
Caxton | . | Airwallex | . | World First | . | Amex | ||
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How many currencies do they support | 30 | 45 | 37 | 100 | ||||
Can you open a local account for some currencies | No | Yes | Yes | No | ||||
Trustpilot Rating | 4.7 | 3.4 | 3.8 | 1.6 | ||||
Online Sign Up | Yes | Yes | Yes | Yes | ||||
Dedicated account manager | Yes | *Unsure | *Unsure | Yes |
*While both Airwallex and World First highlight their account managers on the website, customers report that response times vary <br>
So who should you choose for safe, secure, reliable international payments for business?
In conclusion, reputable International Payment providers will be regulated and adhere to standards set by the FCA. When choosing a provider, the main difference will be in how easy the service is to use, and what happens if you have an issue. Caxton has 20 years of experience transferring money across borders and stand out by providing excellent personal and responsive customer service. Clients frequently comment on the quality of our customer service, as evidenced by our excellent Trustpilot rating. If you’d like to experience it for yourself, why not get started now by picking up the phone for a no-obligation chat about how we can support your international payment needs? <br>
Experience Caxton International Payments Service for Business
Whether you're a large business making sure a bad currency decision doesn't turn an operating profit into a bottom line loss, or a small business looking to manage imports and exports, in a short 15 minute phone call we'll be able to assess if we can help your business manage risk and make international payments with ease. Book a meeting, simply select 'International Payments' and choose a time that suits you. Or get a taste of the insight we deliver our clients with the Daily Market View.
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Was this article useful? Try:
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- Case Study: Outplay Entertainment <br> If you're looking for more information on managing FX risk then check out our Managing Risk Hub or check out our FX glossary for frequently used terms. <br> Caxton Payments is an alternative to traditional banks, established over 20 years, we help businesses make faster payments more reliably. We offer streamlined processes, automation through API and a collaborative solution to complex payment issues all from a single platform. Our payment capability extends from business expense management, to payroll payments, supplier payments, and currency risk management. We also offer personal prepaid travel cards and international money transfer