Why You Need a Global Payments Specialist to Reduce Your Bank Transfer Costs
With the global landscape growing ever more competitive, it is important for any company to find every opportunity to save money on their business expenses. One of the most frustrating aspects of doing business internationally is paying small fees to facilitate international bank transfers. If this is a pain point that you have faced in your business, then read this article because you will be happy you did!
What are the costs of international bank transfers?
If you're in need of a global payments specialist, then you know that international bank transfers aren't cheap, and exchange rates are very poor. The cost of an international money transfer can range anywhere from $10 to $30 and sometimes more, whilst you can lose up to 5% on the exchange rate. When it comes down to it, these costs can really add up which is why it's important to find a way to reduce them.
How can you reduce these costs?
The first thing to do is make sure you’re not paying unnecessary fees. Many banks charge too much for this service, so it pays to speak to a payments specialist. Don’t only choose a provider that offers the best rates, but that also offers a person to talk too, that has the experience to look out for hidden costs, possible delays and potential compliance that may assist speed up your transfer.
Why do global payments specialists offer better rates?
Many people believe that going global will increase their cost of doing business. But in reality, it's the opposite. Introducing a global payments specialist to your company will have a positive impact on your bottom line. You'll find that they offer lower rates and more favourable contracts than other payment methods because they're able to negotiate with banks from all over the world through their networks.
What are the benefits of working with a global payments specialist?
If you're a company that regularly transfers money across borders, then you're likely paying bank transfer costs, and worse exchange rates as high as 3-5% more than you should be. Fortunately, there is a solution to this problem: a global payment specialist. A specialist will not only work on reducing these costs, they can also streamline and speed up cross-border transactions and help you save time and money.
Conclusion
With the globalisation of business and trade, it is imperative that you find a global payments specialist that will help you reduce your bank transfer costs and fees. Not only that, but also assisting longer term by putting strategies in place to manage currency risk.