Paying foreign currency invoices
Business has never been more international. While global trading was once the domain of giant corporations, more and more SMEs are also now looking across borders to foreign talent, products and services that can cut costs and create new opportunities. This inevitably brings with it the need to pay foreign invoices – which if not handled properly can eat into profitability thanks to hidden charges, inflated exchange rates and wilfully complicated processes.
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What’s involved in making an international business payment?
Let’s assume you’re a UK-based manufacturer that needs to import parts for your product from an EU supplier based in Germany. You’ll have a process in place for paying domestic invoices direct from your bank account, but paying your cross-border invoices in the same way is an expensive mistake to make.
You’ll know from the invoice the amount you need to pay in euros – that number’s fixed. But the amount that equates to in pounds sterling will vary daily depending on the exchange rate. And with markets in serious flux at the moment, on bigger invoices the differences can be huge.
Paying an invoice directly through your bank brings with it not just excessive fees but hidden charges in the shape of misleading or inflated exchange rates that maximise your costs and their profits – to the tune of billions of pounds a year. Billions.
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.
Once you’re ready to pay your invoice, you can either log in to your Clear Currency account and use the simple step-by-step payment service or call us to discuss the exchange rate so we can tell you exactly how much the invoice will cost in pounds sterling.
Once you’ve added the payment to your Clear Currency account, we’ll pay your invoice at the exchange rate we’ve agreed on and will let you know as soon as it’s paid – usually the same or next day unless you specify otherwise.
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.
Thinking about making a transfer?
We’ll advise you on the best type of transfer for your situation and give you a far better rate than the banks, who charge big margins on the exchange rate that can cost you dear. Clear Currency takes a different approach, bypassing typical fees to offer more competitive rates and less hassle, so you get your currency quickly and with the minimum of fuss. Try us today.
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Currency exchange doesn’t have to be stressful. Our experienced and dedicated team is here to help you cut through the jargon and save more of the money you transfer.