Best UK Business Bank Account For International Payments part 1 – that will be the topic of today’s article.
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The best time to consider your financial situation is when you are moving to a new country.
Businesses that wish to accept credit or debit card payments from abroad will often need a direct bank account for sterling, one of the most widely accepted global currencies.
There are numerous international payment service providers available to help with this task. Still, businesses should always choose an appropriate account provider who can offer the best possible services. In fact, there are a number of different types of bank accounts that can be utilized, with some offering specific features that will best suit particular business needs.
For example, if the business is looking for international payments to be instantly transferred into their account in GBP, then a sterling current account would be an ideal solution. By contrast, if the business intends to carry out any foreign exchanges in order to accumulate GBP funds, then a sterling fixed-term deposit account would work better.
Businesses that require their international credit or debit card payments to be instantly converted into GBP in real-time can use any bank account types listed below with an appropriate payment service provider. Many companies choose to use a combination of different UK banking services in order to gain access to all suitable features and benefits.
International payment service providers offer a wide variety of different types of UK bank accounts in their package deals. Today, we will walk you through the best UK business bank account for international payments. Not only is that, but you’ll also know the benefits of using them. Continue reading to have a glimpse of what we’re saying.
Why Using UK Business Bank Account
There has been a sharp increase in payments going through international accounts with online payment providers such as PayPal. This is due to the ease and convenience of making these payments from anywhere at any time using a simple system.
But unlike before, there are now more options available for customers looking to make a transaction overseas. With international payments being a growing area of customer service, there have been a number of new companies set up to rival the banks.
But why would customers choose a business bank account for international payments over an online payment provider? Well, we’ve answered the questions! All you need is to continue reading to understand what we’ve got for you.
Better Exchange Rates and Competitive Fees
The fees associated with some international payment providers or card processing services can be as much as 4% of the total transaction value. This does not just depend on the company either; some card processors will have a better fee structure than others, and these charges can vary from country to country for a single business.
A business bank account for international payments is completely flexible compared to lower fees and more flexible terms. The rates a UK bank will offer to its businesses will be amongst the best available in the UK. If you have one of the larger business banking packages then you may have free international payments included within this.
Debit Card Access
One of the most convenient ways for a customer to pay is by debit card. It allows customers to not only use their own money to pay for transactions but also provides them with a record of the transaction easily for refunds and further information.
With PayPal, customers can pay with their credit card, but there is no formal debt transfer from this method, and so it does not leave the same feeling of security as paying by debit card would.
A Huge Amount of Security
When it comes to security, UK bank accounts are one of the safest ways to receive payment online. Every UK business has a secure banking sign recognized throughout the UK and abroad as a symbol of trust. This means that customers can be confident in knowing they are dealing with a legitimate company when making an international payment through a UK business bank account.
Customers can be sure that their payments are secure and transactions will not get lost or stolen along the way either, which may happen with some online payment providers who do not have the same level of security in place.
Businesses Have Access to a Dedicated Specialist
UK banks will often provide a dedicated business specialist who will assist businesses in receiving and making international payments. This means that customers can ask questions about the service and get fast answers from someone who knows all the ins and outs of international money transfer services through UK banks.
The level of service provided is always tailored according to what you need, and you will also be able to access high-quality advice regarding future planning for your business.
Easier To Use
There are an increasing number of individuals and businesses choosing to use PayPal for making international payments. However, there is still the need to follow the steps required by this service which can often be confusing if you are not familiar with them. With a UK bank account, most have a straightforward system in place involving just a few steps to follow.
All you need to do is check the recipient’s details, select the currency and enter the amount to pay them in. Once you have done this, all that remains is for you to hit send, and your payment will be made immediately.
A business bank account for international payments can easily be set up to do this automatically when necessary. This can be useful if you often transfer money to duplicate accounts, and it saves too much time every time.
Easier For Administration
There are different rules and regulations in place that need to be followed by companies that receive or make international payments, and these can vary depending upon the country or region where this is being done.
With a UK bank account, these rules and regulations are already known, and any businesses that have their accounts will know what is necessary as a result. This also makes it easier for those who send international payments through a business bank account as they will be able to make sure the recipient follows the appropriate steps in order to achieve this.
Better for Planning
There are many benefits to having a UK business bank account for international payments, and they all work towards making the task of receiving payment from abroad easier. One of these is that you can plan by checking how much will be taken out in fees.
This means that you can then think about arrangements such as setting up a regular payment plan which means the amount received will always be what you expect it to be.