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International Business Banking

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    International Business Banking

    Hello All

    Hope everyone is well.

    We use Natwest which we have started using for International Payments. With every non-GBP invoice clearing, we are loosing 2-4% of the invoice value. Considering large invoice, it is a small being very small firm. With each invoice money lost, we can pay 1-2 months of salaries for off-shore employees.

    Thanks in advance.
    TRP

    #2
    You are not losing 2-4% - you are paying for the service.

    Get currency account to avoid default conversion fees and use other cheaper ways to convert.

    Or get your client yo pay you in GBP in the first place if you don’t want to bear currency risks

    Comment


      #3
      Currency accounts or something like TransferWise borderless accounts.

      Comment


        #4
        Originally posted by AtW View Post
        You are not losing 2-4% - you are paying for the service.
        You are spot on. We didn't think about this too much while choosing the bank account. We have a dormant Stirling, may be we explore it.

        Thanks

        Comment


          #5
          Originally posted by TheGreenBastard View Post
          Currency accounts or something like TransferWise borderless accounts.
          That is interesting, we use TransferWise business account for sub-contractor payments. I will definitely explore, Thanks

          Comment


            #6
            Second a TransferWise Borderless account. The interface is cake to use via the web app or mobile app. All in, the fees amount to something like 0.5%, so much less than a highstreet bank. Obviously, it isn't FSCS protected, so you don't want to keep a large amount of money hanging around in there for months on end. Much better than the competition (who I've also used), such as Revolute.

            Comment


              #7
              Mods, could you move this to professional?

              Comment


                #8
                Move it before somebody asks about gladiator movies

                Comment


                  #9
                  Originally posted by jamesbrown View Post
                  Mods, could you move this to professional?
                  Two issues here... firstly the OP has got form so maybe better here...

                  Secondly... Mods do anything??? Mauahahahahahahahah that's funny.
                  'CUK forum personality of 2011 - Winner - Yes really!!!!

                  Comment


                    #10
                    Originally posted by northernladuk View Post
                    Two issues here... firstly the OP has got form so maybe better here...

                    Secondly... Mods do anything??? Mauahahahahahahahah that's funny.
                    43662

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