International Payments

FXcompared is here to help your business find the right international payments solutions and manage your currency risk. This section covers the issues and products that can face a business operating with international customers and suppliers.

HOW TO SAVE MONEY AND MANAGE CURRENCY RISK FOR INTERNATIONAL BUSINESSES

Welcome to our business section. Here you will find guides to the different issues facing a business with any international or currency exposure. We provide detailed information on how to find the best international payments solutions for your business, in addition to specific industry guidance for managing international payments and currency risk. We also present the specialist currency providers that have solutions for each business need, many of whom can offer significantly better service rates than a bank.

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For companies conducting business internationally, currency fluctuations and uncertain administrative costs can present major risks and if these risks aren’t properly mitigated, the resulting costs can have serious adverse effects on operations and profit margins. For companies that find the right solutions, however, the savings in both money and time can be significant.

International Payments Issues and Products

Business Issue Product
How to make a one-time international payment now (best rates and service) Spot Payments

How to manage future international payments and receipts

How to manage currency risk
Limit orders, stop loss, forward contracts, options
How to manage your foreign currency invoicing Variety of products
How to deal with international payroll International payroll products
How to effectively make large numbers of international payments Mass payout
How to manage your online marketplaces accounts as E-tailer E-tailer payment solutions
How to manage overseas and corporate travel expenses Corporate FX cards

Many companies with overseas operations find solutions to these challenges by working with a specialist currency broker. While banks typically offer less favorable exchange rates and are unable to provide customized solutions to fit a company’s specific needs, the specialist currency brokers listed on our site will take the time to work with you to find solutions that best fit your particular situation. Currency specialists will also monitor the forex markets on behalf of their clients to find the most favorable exchange rates available.

Spot Payments

Spot payments are contracts for making immediate payments in foreign currencies. These are especially recommended for companies that need to make immediate and infrequent international payments. Typically, brokers specializing in foreign transfers will offer better rates for spot payments than those offered by a bank. In addition, specialist currency brokers generally do not charge transaction fees for these payments or, if they do, the fee is minimal.

Future International Payments and Managing Currency Risk

Limit and stop-loss orders, forward contracts, and options help add predictability to the costs of foreign currency revenues and expenditures. For companies with future international payments needs, these are excellent products to strategically manage currency risk. These different solutions can be used individually or in combination to mitigate exchange rate risk when sending and receiving payments for equipment, property, products and services.

Foreign Currency Invoicing

For companies making regular overseas payments, mismatched currency revenues and exposure to volatile currency markets can negatively impact profit margins and lead to higher administrative costs. Foreign currency invoicing - offering foreign customers the option to pay in their local currency - can improve competitiveness while working to maintain margins, and can help companies retain overseas customers.

International Payroll

Managing international payrolls can be costly and time-consuming for companies with overseas staff, especially if the company does not generate revenue in the international location where employees reside. There are a number of challenges that can arise when paying employees in multiple locations, from the difficulty of sending payments to regions that do not have wire transfer capabilities or reliable banking systems, to ensuring your company is compliant with all relevant international regulations and legal frameworks. It can also be challenging to accurately analyze payments and make informed decisions when payroll is spread across multiple locations. A specialist currency broker can help you and your company navigate all of these scenarios, creating efficiencies and saving money along the way.

Online Marketplaces and E-tailers

Online marketplaces and online retail, or e-tailers, offer professionals, small businesses, and corporations a secure solution for sending or receiving funds for products sold over the Internet. Specialist providers can help to significantly reduce the cost and time it takes to repatriate foreign currency sales through managed local currency accounts, and can offer more customized solutions, making it fast and secure for the seller to accept overseas payments from customers, and then quickly convert it into their local currency. E-tail providers offer fast, convenient, and cost-effective solutions for managing overseas currency transfers for retail transactions, no matter how big or small.

Mass Payout

Businesses operating internationally can gain a significant advantage by implementing customized mass payout solutions, which help to simplify and streamline cross-border payments to multiple suppliers in different locations using different currencies. Specifically aimed at marketplace platforms, mass payout service providers give businesses the ability to send money overseas or domestically to freelance workers, salespeople, suppliers, and distributors, without having to maintain accounts in multiple countries and different currencies. Payments can be made in various forms such as bank transfers, prepaid cards, e-wallets, or checks. Using a tailored mass payout program can help businesses to significantly reduce the costs associated with making a large volume of instant payments to multiple international recipients, and vastly improve the efficiency of the payments process.

Managing Overseas and Travel Expenses

Companies that need cost-effective, reliable solutions for managing overseas travel expenses will find that currency specialists offer a number of tailored solutions to help keep costs low and manage foreign exchange risk. Pre-loaded currency cards are a novel solution that helps keep the cost of overseas travel expenses in line and reduce the amount of administrative effort required. These cards can be pre-loaded with multiple currencies and used like a credit or debit card, without the added cost of foreign transaction fees. Companies have the ability to set spending limits, and the cards can be used directly to make payments or to withdraw cash. Safe and effective, pre-loaded currency cards simplify overseas business travel and reduce costs.

Specific Industry guides

We provide a range of specific industry guides as listed below:

Money Transfer Comparison

Use our Currency Tools

Currency Volatility Tool - assess the impact of currency risk

Currency Analysis Tool - conduct an audit of historical transactions

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