Taking your business abroad is a great way to help it grow, no matter how big or small your business is. Selling to people outside of your country gives you access to a bigger market and can help you make a lot more money. It’s clear that taking advantage of chances around the world is becoming more and more important for business success.
But this growth around the world isn’t always easy. It can be hard to get money from other countries, and there may be fees that make you question your choice to sell to people all over the world. That shouldn’t stop you, though, because focusing on just one market can make it harder to make money. Read on for 4 tips on how to get paid from outside the country.
Connect to online banking systems
One of the best ways to get money from outside the country is through an online banking service like PayPal. Along with these, you can also use other platforms, such as Shopify, Google Pay, and Stripe. Most people like to use these methods of payment because they are easy and known to them.
Another great thing about using online payment methods for foreign business payments is that the fees are a lot lower. You will usually have to pay a fee that is a percentage of the total transaction cost plus a small transaction cost. You do not have to pay exchange rates or conversion fees.
They may also be able to work with apps and services from other companies and accept a number of payment methods, such as credit and debit cards and sometimes even coins.
You might want to open a multi-currency account
If you get paid or sent money from outside the country often, you might want to open a multi-currency account, which is also called a foreign currency account. This is a type of account that lets you send and receive money in more than one currency. The money is either changed into pounds sterling or kept in the original currency until you are ready to change it.
You won’t have to change the money you get all the time, so you can escape some of the exchange rates that make it so expensive to do business across borders. Keep in mind that these usually only work with big currencies. You should always check with the bank to see which ones they take.
When you store money in more than one currency, keep in mind that the value of your money can change a lot. If the value of one currency goes down, the total value of your multi-currency account goes down too.
Use your bank to send money to other banks
Some people wonder how to get paid from outside of their country, and one popular answer is to do a money transfer. You probably already know that you can use a bank transfer to pay for things online. But did you know that you can also use a third-party service like World First or Western Union to do the same thing?
If you want to send money to someone else in another country quickly and easily, these companies are sometimes called “non-banks.” They have better exchange rates and a lot less fees than regular banks. They also have customer service 24 hours a day, 7 days a week. Of course, they don’t always accept credit cards, and they don’t take many other types of payments either. However, it is worth paying attention to such international business banking solution.
Always think about safety
The Financial Compensation Scheme is a controlled body that can cover you for any possible losses when you use approved bank accounts to make payments in the UK. All of your transactions are covered by this scheme.
When sending or getting money for business purposes across foreign borders, things are a little less certain, so you should always do a lot of study on any online transfer services or methods. Before you use them for your purchases, make sure they are listed or approved by a group you can trust.
