Thursday, 3 August 2023, 2 minute read
Paying suppliers from abroad can be a breeze if you follow a few key steps. And to help you navigate this exciting terrain, we've put together a nifty guide covering all the essentials you need to know to make fast, easy and safe international payments.
So, let’s jump right in:
Check the current exchange rate: Before going ahead with your FX payment, check the actual exchange rate to get the best value for your money - as some providers hide sneaky fees in the ‘exchange rate’ they quote.
Watch out for fees and hidden costs: Make sure you ask your provider about any fees or charges that are associated with your payment, as hidden costs can affect the total amount you'll receive or send.
Security and Regulatory Compliance: Safety first! Check that your chosen FX provider follows robust security measures and complies with relevant financial regulations.
💡 We always recommend checking the final total amount! 🧐
Confirm your payment details: It’s important to get all the bank information and account numbers right to ensure your payment safely reaches its final destination. Take your time to triple-check all the information before proceeding!
💡 Ideally, you want to use local payout rails (like ACH, SEPA and EFT). They will be a lot cheaper than Swift 😮
Check for payment confirmation: Once your FX payment is initiated, request confirmation from your FX provider to ensure the transaction has gone ahead.
Keep a record of your payment journey: Maintain a record of all your transactions, including details like exchange rates, fees, and confirmations, for your financial records and peace of mind.
💡 Integration with your accounting system is a massive bonus, as it means all this record-keeping will happen automatically 😍
Crezco can help
Crezco makes international account-to-account payments fast, easy and secure with the best exchange rate available and no hidden fees.
By following these simple steps, you'll be flying towards international payment success.
If you have any questions or need a little more help, our FX experts are always here to help you make international payments a breeze.
Reach out to us any time at firstname.lastname@example.org. We’d love to hear from you!