International Business Payments

International business payments refer to the process of making or receiving payments for goods or services across borders between different countries. This can include payments for imports, exports, and other cross-border transactions.

Many companies use payment service providers like us to facilitate international business payments, these services usually offer more convenience and cost-effective options for international business payments than traditional banks.

You can make international payments by the following means:

1. Bank Transfer
2. Cash
3. Money Order
4. Credit Card

International business payments duration depends on two major factors:

1. Currency, you want to send.
2. Country, you want to send.

Different Currencies have different delivery times, for example, USD, GBP, and EUR are mainly same-day delivery but sending USD to Asian countries from the UK would take longer than sending USD to the USA.

Usually, if you are using an international business payment service provider then the speed is better in comparison to most banks.

Most of UK based International Business Payments Providers are using EID (electronic identification) process to avoid documentation, they need the below-mentioned details to run an EID check:

1) Business Name, Registered Address, Trading Address and Business Phone Number for UK-based businesses.
2) VAT number if annual FX transaction is expected to be above £85,000
3) Home Address and Date of Birth of Directors and Shareholder with 25% and above shares in the company.
4) Business website.

If the Director or Shareholders fails EID (electronic identification) check, then furnishing below
mentioned documents could be mandatory:
1) Proof of Identity for EID failed Directors and Shareholder with 25% and above shares in the
company
a) Valid Passport
b) Valid Driver’s License
c) UK Residence Permit Card.

2) Proof of Address for EID failed Directors and Shareholder with 25% and above shares in the
company
a) Local authority tax bill for the current year
b) Utility bill (such as gas or landline phone bill) dated within the last 3 months.
c) Bank, building society or UK credit union statement within the last 3 months.
d) Credit Card statement less than 90 days.
e) Valid Driver’s License (if not submitted as Proof of Identity.

3) If the Home Address is the same as Business Address or no website:
a) A couple of Purchase Invoice
b) A couple of Sales Invoice
c) Warehouse Address? If No warehouse, bill of landing or proof of goods shipments.
d) Business bank statement dated 3 months.

The best way of making business payments is Bank Transfer – Transferring money from your account to the beneficiary bank account to make it cost-effective and speedy you can choose international business payments providers like us.

To make international Business Payments you need to have the following information:

1. IBAN 2. SWIFT CODE 3. Beneficiary Name 4. Bank Name 5. Bank Address

This will help you to make transactions across the globe via the SWIFT payment network, which is considered the fastest, most secured and used by most of the Business Payments Providers and Banks.

Charges on International Business Payments depend on the providers, for now, there are two major providers:

1. Nationalised Banks
2. International Business Payment Providers

Nationalised Banks: They mainly charge transaction fees and Mark-up over
the market price that depends on your amount and relation with the BANK.

International Business Payment Providers: Most of them avoid charging transaction
fees and try to make money on the mark-up over the market price, the price depends on
your negotiation skills.

Markup on FX Rate: Rates that you see on BBC is the market Live RATE is not available to retailers, but international payment provider has access to that rate and they try to make living by charging you over and above the live market rate you will not have access to it.

No Limit on International Business Payments, you have a reason for the payments, you have funds for the payments and you have all the proof of the payment related queries – You can make payments unlimited times and unlimited amounts.

You can track your business payments via:

1. Our online tracking portal
2. Request info via email
3. By our 24×7 customer support