Since 2007
5 Factors to Consider About International Business Money Transfers
1. Exchange rates
Thousands of foreign exchange providers and banks are offering their services. Yet, not all of them offer acceptable exchange rates. Make sure to check on the rates, fees, and hidden costs beforehand sending the money with a specific provider.
2. The speed of processing payments
You already know time is money in the business world. Processing overseas payments depend on the provider you are using as well as the country you are transferring the money to. At best, 2 working days would be enough to process the money.
However, if you need a large amount of money transferred - £1 million or more, it will take more time to process the payment. We would advise you to transfer a couple of smaller amounts instead of sending it all at once.
3. Choose your provider wisely
When knowing the process of business money transfers includes many details, you want to go for a provider who can process your money efficiently.
If you regularly pay suppliers overseas, see how international business transfers can fit your payment schedule.
4. Online banking platforms
Transferring a large amount of money overseas is complex. It is always a good idea to have a provider that offers an easy-to-use online banking platform where you can get all the details about the transfer.
5. Make sure your money is safe
Before you pay a new supplier, confirm their bank details using a contact method you already trust. See our guide to making overseas payments safely for more checks.
Summary
If you have questions about setting up your company’s payments, contact ACE-FX before the first payment is due.
