Haines Watts

Common mistakes businesses make when making international payments, with tips to help you avoid them – Part 2

Exchange sign outside an exchange office, blue background.

In the second of this 3 part series, I examine the most common mistakes businesses make in relation to their international payments.

Whether you’re a small importer / exporter buying or selling goods and services from abroad, a larger business repatriating income from overseas operations, or a global entity undertaking thousands of transactions a month, when making international payments there are a range of mistakes that businesses make which may result in unnecessary costs, delays and additional work.

Below, I highlight the most common mistakes in relation to international payments, aiming to provide an easy to use checklist to help to make international payments as cost effective, quick and as pain free as possible.

Do you have an understanding of all of the costs involved?

When comparing different options for international payments, ask yourself “How much foreign currency will I get for my money, after all the charges have been applied?”, including:

Have you done enough due diligence on your international payments provider?

It pays to do a bit of due diligence on your chosen provider as cheapest may not mean best. Some of the areas you should look to check before deciding which provider to use include:

What do you need from the international payments provider you have chosen to work with?

Both you and your business are unique and will therefore have your own specific needs which will directly impact what you need from your chosen provider. We suggest you ask yourself some of the following questions before choosing an international payments provider: