Receiving international payments
While global trading was once the domain of giant corporations, more and more SMEs, sole traders and freelancers are looking past international borders to sell their products and services and pick up work from new clients. But this opens up the minefield of getting paid in a foreign currency – which if not handled properly can cost you a small fortune in terrible exchange rate offers, markups and hidden fees.
We can help you make the most of your foreign currency payment.
What's involved in receiving an international payment?
We’ll take the example of a British-based marketing company that’s just landed its first contract with a big new client in New York. Good news all round – the contract of work will help with your profit forecasting and you’ll be able to work out costs you can afford for, say, extra staff to handle the increased workload.
The problem is, your client will only pay in US dollars and needs to know how to pay your invoice – where will the money go? Your UK bank account? While that’s perfectly possible, it will be very expensive and will likely mean your actual income won’t match what you’d hoped, planned and, crucially, forecasted for.
It’s unlikely at this stage you want to go to the hassle and expense of opening a US bank account. And leaving it up to your client’s bank to handle the currency exchange side of sending a US dollar invoice in pounds to a UK account leaves you open to extortionate fees (sometimes for both the sender and the recipient) and inflated exchange rates.
Bank costs can extend to 5-6% of your total invoice, compared to less than 1% with Clear Currency.
Opening a cost and obligation-free Clear Currency account (which only takes about two minutes by the way) will help you sidestep these costs – no hidden fees, and exchanges based on the mid-market rate so you’re always getting the best deal.
We can handle payments in more than 35 currencies, all ready to transfer into your UK bank account within a day of them being paid in the billing currency. All you have to do is add your Clear Currency account details to your invoice for where the payments should be made and wait for us to let you know when the money is in your account.
Just like the major banks and finance houses, we’re authorised and regulated by the Financial Conduct Authority. We simply take a different approach to the banks that lets us deliver a cheaper, quicker, simpler currency exchange every single time.
The big challenges of receiving international payments
- Fluctuating exchange rates
- Hidden bank charges and fees
- Inflated exchange rates
- Complicated, time-consuming procedures
- Different invoice processes and requirements
we help businesses like yours
Every adventure begins with the first step. Make yours today by signing up for an obligation-free Clear Currency account. It only takes a minute or two and then we’ll get in touch to discuss your business needs and how we can help you keep more of your money when you transfer with us.