Does your business need to make an overseas payment? Perhaps you need to pay a supplier that is based in another country? Maybe you have taken on a remote worker based overseas? Whatever your needs may be, you need to consider the payment process carefully. There are many different ways to make international payments, and you need to make sure you find a secure, convenient and cost-effective method for your business. With that being said, read on to discover some useful tips that could help you.
Set up notifications for exchange rates so you can make better decisions
One thing you should do is keep an eye on the exchange rate to make sure you get the most for your money. If you do not need to make a payment immediately, it is worth setting up an email or phone notification, so you receive a message whenever the exchange rate hits a level that has been predetermined by you. You can also take advantage of this feature in another manner, i.e. by purchasing currency whenever the rate is good. This is ideal if your business makes regular overseas payments.
Carefully consider your options for making the payment
Aside from this, you need to assess the method of sending the money. This is why it is so beneficial to use online money transfer services, as you can send the payment in a matter of minutes. If you were to go for a different approach, let’s say sending your money via the bank, then you would have to go into your branch, which would take time. You can make payments via online banking, but these usually take a while to process and you will be charged quite a high fee for doing so. If this is going to be a recurring payment, you should look into the different solutions available. For example, you can use Cloudpay if you are going to be paying employees based in different parts of the world.
Look at the different fees included
Not only do you need to consider the exchange rate when you are making an international payment, but you need to look at the transfer fees as well. If the exchange rate is surprisingly good, this could mean that the transfer fee is quite high. Consider everything carefully before you make a payment.
Don’t rush into your decision when choosing a provider
Last but not least, you also need to ensure you go for a trusted provider; someone that has an excellent reputation. You should also look for a company that offers a great support service, as you never know when you could find yourself requiring emergency assistance.