Switching from Bank Wires to MTFX for Contractor Payments: A Step-by-Step Guide

Paying international contractors efficiently is no longer just about completing a transaction- it’s about creating a system that’s fast, cost-effective, and transparent. If your business still relies on outdated bank wire methods, you may be overpaying, slowing down your workflows, and risking your contractor relationships. With MTFX, Canadian businesses can upgrade how they handle international contractor payments, saving money, gaining speed, and improving operational control. Read further to learn how businesses can benefit from MTFX to send money globally.

The hidden costs of traditional bank wires

While many companies continue using bank wires out of habit, this payment method comes with a range of hidden inefficiencies. For small and medium-sized businesses managing multiple contractor payments, the cumulative costs are substantial. Beyond just fees, wire transfers often delay delivery and introduce tracking issues. When managing global contractor payments, relying solely on traditional banks can hinder your ability to scale and operate smoothly across borders.

High transaction fees

It’s no secret that banks charge significantly more for international wires. On average:

• $30–$50 per wire transfer for international payments
• Additional intermediary bank fees can be charged without notice
• Margins on currency exchange rates can quietly add up to 3–5%

When you’re paying several contractors each month, these costs add up quickly. That’s why businesses are now exploring cheap international money transfer platforms like MTFX with lower margins and more transparency.

Unpredictable timelines

How long does a wire transfer take? Typically 3–5 business days. But international bank holidays, time zone differences, and manual compliance checks often cause additional delays. This unpredictability can harm your relationship with contractors who rely on timely payments to manage their own finances. A faster, more reliable method is essential for keeping your workforce satisfied and your projects on schedule.

Lack of transparency

Bank wires often lack visibility. You may not know when funds are deducted, where they’re held up, or when they will reach the recipient. Additionally, exchange rates on international contractor payments are often marked up without disclosure, making it difficult to calculate true costs. MTFX, on the other hand, offers full visibility with upfront FX rates and end-to-end tracking.

Why Canadian businesses are choosing MTFX for international contractor payments

MTFX is a trusted platform offering cheap and fast money transfer options with low foreign transaction fees. It is tailored for Canadian businesses that frequently engage freelancers, agencies, consultants, and contractors across borders. With real-time FX tools and multi-currency account support, MTFX helps you avoid overpaying on exchange rates while ensuring every transfer is smooth, secure, and on time.

Key benefits of switching to MTFX:

• Faster transfers (often within 24–48 hours): Your contractors get paid quickly, reducing stress and improving satisfaction.
• Access to 50+ currencies and 190+ countries: Ideal for businesses working with diverse, global talent.
• Low, transparent fees- no hidden charges: MTFX provides a clear cost structure without surprise deductions.
• Competitive MTFX exchange rate close to mid-market: Get better value than traditional bank FX rates.
• Secure and FINTRAC-regulated platform: MTFX complies with Canadian financial regulations, giving you peace of mind.
• Real-time tracking and payment notifications: Monitor transfers with full visibility for both sender and receiver.
• Dedicated support for business accounts: Get tailored service, including FX guidance and payment planning.

To help you time your payments more effectively, MTFX also offers a live exchange rate  (shown below). It displays real-time FX rates against the Canadian dollar for major global currencies- empowering you to choose the best time to initiate international payments and improve cost control.

Step-by-step: How to switch from bank wires to MTFX for contractor payments

Switching from bank wires to a digital platform like MTFX is easier than you think. Follow this simple roadmap to upgrade your contractor payments process without disrupting your operations.

Step 1: Evaluate your current payment process

Begin by assessing your current contractor payment workflow. Consider how much you’re spending on transaction fees, whether currency conversions are transparent, and how much time is lost to processing delays. Also look at reconciliation issues, bank errors, and manual paperwork. Identifying these bottlenecks is the first step toward improving operational efficiency and choosing the right alternative to wire transfer.

Step 2: Create your MTFX business account

Signing up with MTFX is free, fast, and paperless. Simply visit sign up page, choose "Business Account," and complete the registration form. You’ll be asked to provide business verification documents and basic information. Once approved, your dashboard will be live, enabling you to send international contractor payments with just a few clicks.

Step 3: Add your contractors

Input contractor details such as:

• Full name and residential or business address
• Preferred currency (e.g., USD, GBP, EUR, INR)
• Bank account number or IBAN
• SWIFT/BIC code and local routing info if needed

With MTFX, you can send payments in the recipient’s local currency to avoid conversion fees. This makes it especially useful for global contractor payments where recipients prefer being paid in their native currency.

Step 4: Fund your account and convert currency

After setting up your account, you can deposit funds using a bank transfer or bill payment. Once your wallet is funded, convert CAD to over 50 currencies instantly. Use real-time data from live exchange rates and rate alert tool to optimize timing. This level of control allows you to take advantage of favourable MTFX rates and lock in currency values ahead of scheduled payments.

Step 5: Execute your payment

Now you’re ready to pay. Select your contractor, set the amount and currency, and hit send. MTFX provides real-time confirmation and downloadable reports. This not only improves accuracy but also saves time on month-end reconciliation. For high-volume users, MTFX supports automated payments and bulk payments- ideal for teams managing hundreds of contractor payments monthly.

How MTFX helps you scale global operations

Switching to MTFX isn’t just about replacing an old system- it’s about laying the foundation for growth, efficiency, and smarter financial management.

Better cash flow management

Knowing your true transfer cost in advance helps with budgeting and forecasting. MTFX’s FX alert system, historical rate lookup, and daily rate updates help businesses plan payments when rates are favourable, improving profitability over time.

Improved contractor satisfaction

Late or underpaid contractors lead to frustration, project delays, and even loss of top talent. With MTFX, your contractors get paid on time, in full, and in their preferred currency- leading to longer, more reliable working relationships.

Enhanced financial controls

MTFX supports custom approval workflows, batch processing, and detailed payment reports. These features help businesses reduce errors, detect fraud early, and maintain audit trails- key for CFOs and finance teams seeking greater accountability.

Global expansion-ready

Whether you’re onboarding contractors in India, the Philippines, Mexico, or the UK, MTFX supports payments to 190+ countries. Its infrastructure is built for scale, making it ideal for growing businesses expanding into international markets.

Upgrade your contractor payment workflow

Your international contractor payments shouldn’t be costing you time, money, or trust. If you’re still using bank wires, it’s time to upgrade to MTFX- a platform built for cheap and fast money transfer options with low foreign transaction fees. MTFX combines competitive exchange rates, global reach, and local compliance to deliver an experience that supports growth and sustainability.

Open your MTFX business account today and simplify how you pay contractors across the globe- faster, cheaper, and smarter.

FAQs

1. What is today’s FX rate for Canadian businesses making international payments?

Today’s FX rate depends on the currency pair you’re converting. With MTFX, you can access live exchange rates that reflect real-time market conditions, helping you lock in better rates for international contractor payments in Canada.

2. How can I find the best exchange rates on international contractor payments?

Use MTFX’s online platform to compare the MTFX exchange rate with bank rates. Businesses benefit from near mid-market pricing, avoiding inflated margins that banks often charge for contractor payments.

3. What is the most cost-effective way to send global contractor payments from Canada?

Switching to MTFX offers a cheap international money transfer solution. You’ll get lower fees, better FX rates, and faster delivery, making it the best money transfer service for low fees compared to traditional banks.

4. How can I track fluctuations in exchange rates for my business payments?

MTFX provides FX tools like daily rate alerts, currency charts and currency converters, helping businesses monitor fluctuations in exchange rates and time their transfers more effectively.

5. What are the exchange rates on international contractor payments through MTFX?

MTFX provides competitive exchange rates that are often 2–5% better than traditional banks. This is especially valuable when sending contractor payments in USD, EUR, GBP, or other popular currencies.

6. Can I convert CAD to USD, GBP, or EUR before paying a contractor?

Absolutely. MTFX lets you convert funds in advance using live FX rates. You can also use rate alerts to lock in favourable conditions for your next international contractor payment.

7. How often do FX rates change and how can I keep up?

Foreign exchange rates are highly dynamic and can change by the minute. MTFX updates its rates in real time and offers tools to help businesses make informed decisions, including daily FX forecasts and email alerts.

8. What currencies does MTFX support for contractor payments?

MTFX supports over 50 currencies including USD, EUR, GBP, INR, JPY, and more. Whether you’re sending funds to the US, Europe, or Asia, MTFX is optimized for international contractor payments.

9. Can I send recurring contractor payments at locked-in FX rates?

Yes, you can set up scheduled payments and lock in favourable MTFX rates using tools such as market orders and forward-looking FX strategies.

10. Can I compare exchange rates before confirming a payment?

Yes, MTFX allows you to preview and compare the exchange rate on international contractor payments before confirming a transaction, giving you full transparency and control.

Open your MTFX business account today and simplify how you pay contractors across the globe - faster, cheaper, and smarter.