Having a reliable, easy-to-use payment method can make a world of difference to your company’s bottom line and to the efficiency of your processes.
July 6, 2021 — 3 min read
When you purchase goods from overseas suppliers or pay international invoices—especially if you do so on a regular basis—having a reliable, easy-to-use payment method can make a world of difference to your company’s bottom line and to the efficiency of your processes.
If you do a quick Google search, you’ll see that there are countless options for you to make your international payments. Your bank branch may have their own money transfer services, and there are also online providers that specialize solely in overseas money transfers. But which option is the best for your business’s payments?
When making an international payment, the payment itself is just one part of the cost. By that we mean that you’ll also need to consider the exchange rate for your money transfer as well as the fees you’ll be charged for the service of converting your currency and moving it to another country.
These costs will not be the same across all providers. If you shop around, you’ll find that each provider sets their own rates, and many will add their own margin atop the current mid-market rate. Additionally, many providers may add numerous fees to your transactions (and may not always disclose them to you before you confirm your payment).
While your bank branch may do a fantastic job of holding and managing your funds, they may not be the best option for transferring it. Rather than utilising your bank and their unfavourable rates and numerous fees, you may instead wish to turn to international money transfer providers that can offer you specialised service at a fair, transparent price.
As we’ve discussed previously, you’ll want to begin your search for a provider by assessing your business operations and payment needs. This will tell you what you need from an international payments provider. You may want to consider things such as:
Your business’s FX requirements
How knowledgeable and confident you are about foreign exchange
How frequently you make payments
Where you make payments (and in which currencies)
The types of payments and capabilities you’re looking for
How much assistance you’d want from your provider
We also previously detailed what you’d want to look out for in your search for a trustworthy provider. You’ll want to do your due diligence for things such as:
A provider’s size
How long they’ve been in business
How many businesses they work with
What their online security measures are
If they are registered and authorised with the relevant bodies
The quality of their payment processing
At Xe, we provide money transfer and risk management solutions for businesses of all sizes, across all industries. Whether you’re a sole trader or a large multinational corporation, our experts will work with you to tailor your payment solutions to your operation and provide you with an FX strategy to best suit your needs. As an authority in the currency world for nearly 30 years, we understand foreign exchange and have the experience and expertise to help you with your FX, so you can focus on your business.
Xe offers numerous money transfer products to suit different payment needs, such as:
Spot transfers for quick, simple transactions
Forward contracts so you can schedule future payments at secured rates
Market orders to target the ideal exchange rate for a future transfer
Rate alerts, so you’ll always know as soon as the market has moved in your favour.
Creating an account with Xe is quick, simple and can be completed entirely online. If you’re ready, take a look at our guide to signing up and getting your first quote.