As an entrepreneur, you may be preparing to branch out globally or open new offices in overseas locations. For many business owners, this is already a reality as they take advantage of the truly global nature of business in our modern age. Making foreign payments is a necessary part of doing business on a worldwide scale. This could be to pay staff wages, settle supplier invoices, or a host of other business functions.
But what do you do if you do not have an international business account to help? Many businesses may wonder just how to move and manage their foreign payments without an account in the relevant overseas countries. The best way is to use online international money transfer companies. These companies allow you to make foreign payments direct to a recipient without the need for you to have an international business account in place. Just make sure to check out reviews online first to find a reputable broker to use – this OFX review is a good example of what we mean.
But what else makes these brokers so attractive for business owners looking to move money abroad?
Superb rates and low fees
One major advantage with moving money overseas in this way is the great rates that most online brokers offer. These are often much better than you would get by transferring money between bank accounts. Most brokers will even let you lock in preferential rates for future transfers or put orders in for the exchange rate you would like. Online money transfer companies also generally have low fees, which is another added bonus of using them.
It is not just the ability to transfer money without an international account that online brokers deliver. They also offer lightning-quick transactions, which means that you can make payments that arrive without any undue delay. This is very handy in the business sector, where even the smallest delays could prove costly. Compared to banks, this is a much faster way of getting your foreign payments sorted out.
Using specialist international money transfer companies also means that you can keep track of your payments on the move. Most will have easy-to-use mobile apps that have the latest rates and news for you to view. This allows business owners to make transactions wherever they are and whenever they like.
Recurring payment features
If the foreign payments you make are ones that will happen regularly each week or month, it is handy to set them up to happen automatically. This saves business leaders a lot of time compared to doing it manually and means that you have more chance to focus on your actual business. Many international money transfer companies online have just such a feature, which is ideal for all busy entrepreneurs.
Foreign payments are a breeze with online brokers
As the above shows, making foreign payments need not be a pain even if you do not have an international business account to help. By using expert companies online to make transactions instead, you can resolve this issue and also take advantage of the other benefits they deliver.