International Business Payments During and After Coronavirus Q&A
Coronavirus has changed our way of living, how we communicate, and the flow of money, including international payments. Governments have been focused on preventing the spread of the pandemic, which has influenced methods of sending and receiving money abroad, especially for businesses. Today, we are sharing our chief executive’s answers to the most common questions our business clients have been asking since the beginning of the coronavirus crisis.
1. Has the climate regarding international payments changed and if so, in which way?
It certainly has. Exchange rates have been quite volatile during the last period, which affected the pound and made it fall to the lowest level since 1985. Due to this loss in value, it is essential to keep track of day-to-day exchange rates.
If you run a business, you should pay close attention to executing all of the payments while being careful about the value of your transfer. The volatility of the exchange rates can make a difference in the amount of money you are sending and money received, which can go up to hundreds of thousands of pounds. Yet, if you want to cover all of the costs that running an international business includes, you don’t have any other choice but to send money abroad. The best way to do so is to make informed decisions and consult someone about this matter in order to avoid any risks.
2. What do I need to do if I want to make an international payment for work during the times in which people are staying mostly at home?
Millions of people have switched to working remotely, from their homes. Small businesses and finance departments are working remotely too, but this doesn’t affect making payments all over the world. According to the government’s instructions, businesses have been trying to implement as normal as possible efficient money management systems. What you should do is consult your service provider and find out about the option of making international payments online.
3. How do I prevent being affected by negative fluctuations in the exchange rates when travelling abroad for work?
Travelling overseas for work requires some extra attention during these tough times. If you want to prevent running out of currency on your business trip abroad, a multi-currency prepaid card is a must-have. Lock the rates on the card and you’ll prevent getting stuck without currency. You can use the card when you are back home as well.
4. How can I financially support a member of my team who is stuck overseas?
If one of your employees or colleagues is stuck overseas, you can transfer money to them via an international payment. It would be best to provide them with an expense card before they leave the country. If they have one, you can top it up at any time and even lift the limit if necessary.
