If some of the services your business uses are located overseas, and the time comes to pay the bills, you’ll need to find the best rates and most convenient service to settle your professional services invoices.
Some of the most frequently used overseas services for business may include:
- Financial planner
- Graphic designers
- Investment manager
- IT consultant
- Management consultant
- Web designer
This is not a complete list, but whatever the services you are using, keeping costs down can have a big impact on your bottom line. So what do you need to consider in making your overseas payments?
First, remember that exchange rates fluctuate from day to day – volatility is a fact of life. This can be mitigated by making regular payments to average out the fluctuations, or making your payment on a day with a particularly favorable rate. However, although you can’t control the overall situation in the currency market, you can choose a transfer service provide who provides competitive rates.
Most services will charge a fixed fee, but although some will seem to be low or even fee-free, you should always take into account the exchange rate that they offer. The low or zero fee providers will generally make their profits from less favorable rates, so you’ll need to take into account your particular needs and the size of the transfer when calculating overall costs.
Banks vs Specialist Providers
Banks have long held the market for business transactions, but a lot of the time, they offer a poor deal in terms of overall costs. Generally their exchange rates are significantly less favorable than that offered by specialised transfer providers. This could add up to a game-changing difference for your business, especially if you make regular payments to overseas professional services.
Specialist providers usually offer an online facility, and some such as Ceylon Exchange have both online and physical presence. Compare rates and value today, and make the best choice for your business!