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In today’s world of globalised commerce, many small and medium enterprises (SMEs) do business
across the world. Whether it is buying materials from an overseas supplier or paying salaries in
remote locations, more and more businesses need to make cross-border payments. For SMEs, this
means going through banks and paying high fees, right? Not anymore.
With the arrival of business payments providers over the past few years, SMEs can now send money
overseas conveniently at competitive rates. Consider these critical points before you make your next
international business payment:
1. Better FX rates
Unlike banks that have multiple branches, business payments providers usually operate using a lean
and efficient team of FX experts. They keep their operating costs down and can pass on the savings
to their clients. If you can get better foreign exchange rates from a business payments provider, it
could mean big savings particularly if you’re doing regular payments. So be sure to compare the FX
rates beforehand.
2. Transparent fees
As compared to banks, business payments providers offer services that are usually transparent and
fair. If you are being slugged with hidden fees and unexplained amounts for every FX transaction, it
may be time to part with the bank and partner with a business payments provider.
3. Faster transfers
Using their proprietary licences and technology, business payments providers can deliver faster
transfers (typically instant or same day) as compared to banks, which could take 2-3 days or more.
4. Global reach
Unlike banks with limited physical presence, business payments providers usually operate on a
global network across multiple countries. For example, if you use Instarem, you access a multi-
currency platform that’s licensed in 11 countries and allows you to send money to 170+ countries.
While you may be able to do so with certain banks, it may end up costing you more time and money.
5. Specialised service
Most business payments providers are niche players. And because their expertise is foreign
exchange and international money transfer, they can provide you with personalised solutions and
customised pricing for international transfers, unlike banks.
6. Better customer service
With foreign exchange experts operating business payment services, you can expect more focused
and dedicated customer support that you won’t normally get from banks and other financial
institutions.
Given the time and cost saving benefits over banks, it’s time you made the switch to a globally
trusted business payments provider such as Instarem. Instarem simplifies your cross-border
payments by offering all the above benefits.
With Instarem you can set up a multi-currency account for your business and:
- Send money to your business associates in 170+ countries and make convenient batch
payments.
- Receive business payments in 6 currencies (USD, EUR, GBP, SGD, HKD and AUD) from your
international clients.
- Hold multiple currencies and convert them at favourable FX rates.
Get started with fast, secure transfers at better rates. Sign up for your free Instarem business
account today.