TransferGo vs Swedbank Business: Which service is best for a Business in the UK?

Looking for a way to streamline your international business operations in the UK? Perhaps you’d like to move money around the world in a way that maximises your profits? A high-quality, functional business payment platform is one of the best tools for UK businesses to achieve these goals, helping to minimise operational costs and improve cash flow. 

Which brings us to the TransferGo vs Swedbank Business debate. 

TransferGo and Swedbank Business are two different platforms that allow you to send and move money around the world. The first, TransferGo (that’s us!) is a digital money service that aims to provide more accessible financial services to migrants, serving over 8 million customers worldwide and reimagining international payments with their global business account. Meanwhile, Swedbank Business is a Nordic-Baltic banking group that offers a range of business banking solutions.

Here, we compare TransferGo and Swedbank Business, analysing everything about their business accounts—from cost and speed to functionality and customer support—to help businesses in the UK evaluate the best business payment platforms to manage their global finances.

Ready to get started? Let’s go.

Key benefits of TransferGo for business

First thing’s first. Let’s analyse the many benefits of TransferGo Business for SMEs. When you sign up for a TransferGo Business Account, you’ll be able to:

• Send money easily to over 60 destination countries in 35 currencies from the UK 
• Benefit from low transaction fees and competitive currency exchange rates (plus, enjoy even lower rates for high volume transactions!)
• Simplify global financial management with a multi-currency account—send, receive, hold and exchange money across the globe
• Rely on top-tier customer support in 9 different languages (including English and Lithuanian!)

How TransferGo simplifies business payments

UK businesses have it good with TransferGo’s Business Account, a multi-currency account that makes managing global cash flow effortless. You can receive, hold, exchange and send low-cost international payments for businesses quickly and affordably. And because clear payment histories and tracking are all in one place, businesses can gain full visibility and control over their finances.

TransferGo also offers the option of batch payments, allowing businesses to pay up to 50 people in one go—be it suppliers, contractors or employees.

Multi-currency solutions: How Swedbank and TransferGo differ

TransferGo Business allows UK businesses to manage multiple currencies in one place, making it easy to exchange currencies within the web app at favourable rates and with fees as low as 0.35%. The platform also makes it easy for businesses to exchange at the rate they desire with business owners able to secure the best rates when they see them and send and receive money around the world at a local level.

This trumps Swedbank Business, which offers accounts in other currencies but at a less sophisticated level. When it comes to multi-currency accounts and ease of use, TransferGo takes the lead.

Comparing TransferGo vs Swedbank fees and hidden costs

Most Swedbank Business service plans come with a standard monthly fee, which varies from 8€ to 99€ a month depending on the plan you choose. There is a free Swedbank Business account available; however, this may not be suitable for UK businesses looking to make regular intrabank payments due to the limitations in place.

Meanwhile, TransferGo charges no sign-up or monthly subscription fees. All you pay for is what you use and your first two transfers are free! After that, TransferGo keeps fees and pricing low with the amount you pay depending on your payment corridor and transfer method. TransferGo is always honest and transparent about its fees to minimise your costs and ultimately, improve your business cash flow. 

If you want to save money, bank transfers with TransferGo are the cheapest way to send money; IBAN payouts are free and arrive the next day, while same-day IBAN payouts start at just 0.99 EUR. Meanwhile, card transfers are the fastest option but you usually have to pay a low, flat fee for this service. As always, TransferGo is upfront about any charges that apply.

Meanwhile, the fees on Swedbank cards vary and some payments must be made in-branch or via customer support (which receives poor reviews on Trustpilot).

So when it comes to comparing TransferGo business fees vs Swedbank fees, TransferGo provides the most cost-effective solution.

Market reach: Supported countries and currencies

When it comes to the market reach comparison of TransferGo and Swedbank, TransferGo wins, supporting swift business payments to over 60 countries in 35 currencies.

Meanwhile, Swedbank Business supports business payment solutions around the world; however, unless you’re transferring to European Union countries or its partner banks in Latvia, Lithuania, Finland, Norway and Sweden, transfers can be slow and expensive.

Speed of payments: Which platform delivers faster transfers?

When it comes to the speed of transfers, TransferGo wins again with its super-fast transfers reaching their destination in minutes. This is a significant advantage for UK businesses trying to manage their cash flow better or make urgent payments. 

Swedbank’s processing times are generally slower, especially for cross-border transactions. Typically, they can take between 1 and 4 business days depending on the transfer method.

User experience: TransferGo vs Swedbank for SMEs

TransferGo’s new user interface is sleek, smart and easy to navigate and simplifies money management. Its mobile-friendly design and tracking allow users to stay in control of their transactions by allowing them to send and track transfers on the go.

Meanwhile, Swedbank still operates as a traditional bank. Its website lacks a modern and user-friendly interface with pages appearing clunky and tricky to navigate at the best of times.

Customer support comparison: TransferGo vs Swedbank Business 

A reliable customer support team is integral to any financial service. After all, if you need urgent assistance with your account or transfer activity, it’s crucial you have a contact on hand to help.

Fortunately, TransferGo is not just a faceless bank or app; it has a top-notch, dedicated customer support team that’s tailored to your business needs. The team speaks 9 languages including English and is available by phone, email and in-app chat from the moment you’re thinking about setting up your account, with 80% of enquiries addressed within 2 hours. 

Swedbank offers customer support but it may involve longer wait times or less specialised assistance. For SMEs requiring agile, reliable support, TransferGo delivers the most responsive and business-focussed experience.

Security and compliance: Ensuring SME transactions are safe

As major players in the financial sphere, both TransferGo and Swedbank take security extremely seriously (and rightly so). 

Both companies implement comprehensive AML (anti-money laundering) and CTF (counter-terrorist financing) measures, as well as strict Know Your Client (KYC) processes and robust information security protocols to protect their customers against financial crimes.

TransferGo also uses the latest security and compliance technology, giving them an edge over traditional banking legacy systems.

Integrations for SMEs: Accounting and ERP system compatibility

TransferGo is super-easy to navigate without the need for complex integrations. As a result, TransferGo set-up costs stay free.

Conversely, Swedbank uses Swedbank Gateway, which links your accounting software with Swedbank’s banking services.

Advantages and drawbacks for UK businesses

Advantages and drawbacks of Swedback Business for UK businesses

Swedbank may offer some benefits but there are a few downsides too. Let’s quickly run through them:

Pros

• A variety of business service plans available to suit your business needs
• Contactless business debit card available

Cons

• Higher fees for transfers and additional hidden costs may apply
• Its Customer Support team does not receive positive reviews with customers complaining about poor service and long waiting times

Advantages and drawbacks of TransferGo for UK businesses

Now that you know the ups and downs of using Swedbank Business, let’s sum up the pros and cons of TransferGo Business to settle the TransferGo Business vs Swedbank Business debate.

Pros

• Low fees on international transfers with no sign-up or monthly fees from the UK
• Super-fast delivery, with transfers arriving in minutes from the UK
• Easy currency exchange for UK businesses with the option to hold balances in GBP, EUR, RON, PLN and more
• Dedicated team of customer support agents with an average rating of 4.7/5 on Trustpilot

Cons

• While TransferGo supports multiple countries and currencies, certain countries and currencies are not yet supported by TransferGo. (But watch this space!)

Conclusion: Choosing the right platform for your business needs

Choosing the right platform for your business needs depends on your requirements and processes. While Swedbank provides a variety of banking services for local businesses, TransferGo outshines when it comes to accounts tailored to small to medium-sized businesses, making it the clear winner in the TransferGo vs Swedbank Business debate.

With 40% of its customers using its platform due to word-of-mouth recommendations, TransferGo has positioned itself as one of the top-rated financial providers for small to medium-sized businesses in the UK and individual customers alike. 

On its Trustpilot page, customers often comment about the friendliness of its customer support agents and the speed in which any issues are resolved, providing total peace of mind to any business thinking about setting up a TransferGo Business Account.

Ready to get started? Sign up to TransferGo Business today.

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The information provided in this blog post is for general informational purposes only and reflects the author’s personal opinion. Any comparisons made between TransferGo and other businesses are intended to highlight differences and provide a fair overview, based on publicly available information as of the date of publication.

While every effort is made to ensure the accuracy of the content, we make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date. We encourage readers to independently verify any claims or information presented in this post.

Any references to other companies, products, or services do not imply endorsement or affiliation with TransferGo, and we do not accept responsibility for the actions, products, or services of third parties.