TransferGo vs Swedbank Business: Which service is best for SMEs?

Small and medium-sized enterprises, or SMEs, are integral to the global economy. But day-to-day operations can come with challenges. One of these challenges is being able to manage business finances efficiently.

One of the best tools to help SMEs manage their operational costs and cash flow is a high-quality and functional business payment platform.

Here, we present and compare two of the best business payment platforms for SMEs: TransferGo and Swedbank Business. We look at everything from cost and speed to functionality and customer support to settle the TransferGo vs Swedbank Business debate and help SMEs evaluate the best platform for their business payment solutions.

Ready to get started? Let’s go.

Key benefits of TransferGo for SMEs

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 to over 60 destination countries in 35 currencies (plus, your first 2 transfers are free!)
• Take advantage of low transaction fees and competitive currency exchange for businesses
• Create a multi-currency account to send, receive and manage your money from all around the world
• Save time with batch payments—you can pay up to 50 suppliers and team members in one go
• Access high-quality customer support in 9 different languages
• Track and manage your transfers every step of the way
• Rest assured that your money is safe—TransferGo uses advanced encryption with institution-grade security for total peace of mind

How TransferGo simplifies business payments

SMEs have it good with TransferGo’s cost-effective and super-fast same-day transfers—your money can be delivered in as little as 2-3 minutes! The platform also simplifies SME cash management with its multi-currency account for businesses.

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. Plus, their multi-lingual and top-notch customer support team is always on hand to help, boasting a 4.7/5 rating on Trustpilot.

Comparing fees and hidden costs: Swedbank vs TransferGo

Swedbank Business accounts come with a standard monthly fee, which varies depending on the plan you choose.

Meanwhile, TransferGo charges no sign-up or monthly subscription fees, allowing users to transfer money from country to country or continent to continent with no or low fees and excellent exchange rates. 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 business payments to over 60 countries in 35 currencies.

Meanwhile, Swedbank Business has a more limited global reach, which is restricted to European Union countries and its partner banks in Latvia, Lithuania, Finland, Norway and Sweden.

User experience: TransferGo vs Swedbank for SMEs

TransferGo has an intuitive website and app platform that simplifies international payments. Its mobile-friendly design and real-time tracking ensure transparency and convenience, allowing business users to send and track transfers on the go.

Meanwhile, Swedbank still operates as a traditional bank. This means it may require more familiarity with banking procedures. If you’re a newbie, this could complicate the process for SMEs unfamiliar with such systems.

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 as 2-3 minutes. This is a significant advantage for SMEs 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.

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).

TransferGo uses end-to-end encryption, anti-money laundering measures and regulatory compliance to ensure secure transactions from start to finish, complying with both EU and UK law to keep your money safe.

Meanwhile, Swedbank implements comprehensive AML and CTF (counter-terrorist financing) measures, strict Know Your Client (KYC) processes, and robust information security protocols to protect against financial crimes.

Customer support comparison: TransferGo vs Swedbank Business for businesses

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 has a top-notch, dedicated customer support team tailored to your business needs. Available by phone, email and in-app chat, the team speaks up to 9 languages and resolves queries in a timely and diligent manner.

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.

Multi-currency solutions: How Swedbank and TransferGo differ

TransferGo Business supports over 35 currencies, enabling SMEs to efficiently manage and send money abroad and with one, simple-to-use, multi-currency account.

This trumps Swedbank Business accounts, which offer limited currencies and may incur higher fees and less slick verification processes.

Integrations for SMEs: Accounting and ERP system compatibility

TransferGo’s user-friendliness allows newbies and experts to integrate their system with existing accounting systems. It’s an ideal platform for SMEs looking to integrate their accounting software straightforwardly.

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

Swedbank Business vs TransferGo: Cost-effectiveness for global transactions

When you sign up to TransferGo, 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; they come with zero fees and arrive the next day. Meanwhile, card transfers are instant, arriving within 2-3 minutes. You usually have to pay a low, flat fee for this service but TransferGo will always be upfront about any charges that apply.

Meanwhile, the fees on Swedbank cards vary. For instance, an intra-bank payment in a foreign currency costs 2€ digitally or 5€ in branch or via customer support with the transfer times taking a lot longer than TransferGo.

Advantages and drawbacks of Swedback Business for SMEs

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

Pros

• Highly customisable platform with a wide range of available plans
• Contactless business debit card available
• Expert advice and support is available during peak times

Cons

• Higher fees for transfers and additional hidden costs may apply
• Restricted destination market with limited currencies
• Slower transfer speeds

Advantages and drawbacks of TransferGo for SMEs

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

Pros

• Low fees on international transfers with no sign-up or monthly fees
• Super-fast delivery, with transfers arriving in as little as 2-3 minutes
• Multi-currency account available with the option to send batch payments and track your transfers
• Excellent customer support service, available in 9 different languages

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 SME needs

Choosing the right platform for your SME needs depends on your business requirements and processes. While Swedbank provides reliable services for local businesses, TransferGo outshines when it comes to business accounts and customisable transfer solutions.

TransferGo’s secure and user-friendly platform offers speedy and low-cost international payments for businesses. Its multi-currency account also lets you send, receive and manage money from all around the world with zero set-up fees or subscriptions. What’s more, you can make batch payments, track your transfers and benefit from a 97%+ faster-than-promised delivery rate.

Ready to sign up to TransferGo Business? Open your free TransferGo Business Account today.