Paying Overseas Suppliers:
Buying Products & Services
If your business buys goods from suppliers overseas, then you need to be aware of the foreign exchange market. It may be tempting to use your high street bank to make payments to overseas suppliers, but the high margins on the foreign exchange conversions, as well as the payment fees, make this an expensive option.
As a foreign exchange specialist, NewbridgeFX offers a tailored solution to your foreign exchange needs and provides a cheap alternative to the high street banks. You can send funds to your overseas suppliers at competitive exchange rates, and no payment fees, thus having a positive financial impact on your business.
Paying Overseas Suppliers
Making Informed Decisions
Find out which option works best for you and pay overseas suppliers with specialist support from NewbridgeFX.
Is sending money to overseas suppliers a regular occurrence?
If so, then a forward contract could be appropriate for your business, as it enables you to secure an exchange rate today, and you can use the contract to draw-down and send a smaller amount to your suppliers on a regular basis.
Do you send money to various suppliers but in the same currency?
If so, then you could book a limit order with NewbridgeFX, which would secure an exchange rate above the current market levels should the rates strengthen before your payment is due.
How often do you make payments to your overseas suppliers?
Regardless of how many payments you send, NewbridgeFX will never charge you a fee to process the payments unlikes your local bank. Funds are sent as Swift, or local delivery routes, offering you fast settlement times, and secure delivery.
Paying Overseas Suppliers:
Risk Management Options
With an array of options, it helps to use the professional services of a reputable Foreign Exchange broker, such as NewbridgeFX, as we are able to point you in the right direction and help you make informed decisions.
One option available to your business is a forward contract. This form of payment makes it possible for you to lock in an exchange rate for a specified date in the future. These are particularly useful if you need certainty over the local currency of a known future invoice. This will enable you to have confidence knowing that a currency exchange takes place at a rate agreed between you and your supplier, so there won’t be any surprises when it comes to making the payment. This makes Forward Contracts one of the best ways to pay overseas suppliers, particularly for standing orders.
Another available option is a spot contract. This is a common product and is effective when you want to make an immediate payment through your bank or a foreign exchange broker. The exchange rate is the live market rate between two currencies, with payment settled on the same day. It’s an ideal option in those instances where payments need immediate settlement such as one-off invoices.
If you have flexibility on when you pay your supplier, then it’s possible to use market orders. If you want to manage currency risks, then this is a great option. Through expert help, you can opt for a limit order which means that you can choose a specific rate that is above the current rate of exchange. If the rate is reached, then the transaction is secure, and the payment processed at that rate.
So, when it comes to paying overseas suppliers, it pays to consider the importance of monitoring the exchange rates, and opting for the best option based on your needs and circumstances, something that NewbridgeFX can help you with.
To achieve this, there are many things to consider such as exchange rates, transfer fees, efficiency, and the ability to manage what could be many different currencies.
Paying Overseas Suppliers
We offer very competitive exchange rates and will always strive to get you market-leading exchange rates for whichever currency or destination you need. To secure the best transfer rates, you’ll need to monitor how the different exchange rates fluctuate and then agree an exchange at a rate that suits you. We take the hard work out of it and do it all for you so you can be sure to get the best possible rate at the time of your exchange.
NewbridgeFX offers a specialist service in the deliverable foreign exchange market, promoting a range of products and services, available online or over the phone. Our products have been designed to meet the needs of our clients when sending money overseas, and are ways for businesses, and individuals, to manage and mitigate currency risk.
Multi-Currency Account In Your Company Name
Receive funds from your customers in to your own named collection account, using one account number for all currencies, or a local in-country account number still in your company name.
Create And Manage All Your Beneficiaries
Add and manage your beneficiaries, perform bank account validation & verification checks as you enter your beneficiary details & bulk upload multiple beneficiaries via a CSV file.
Make Fast & Secure Payments To Over 200 Countries
Real time Swift and local payments are settled the same day, within minutes of processing (currency/country dependant), and payment tracking capabilities allow you to keep updated on the payment status.
Hold multiple currencies and access balance information in supported currencies. Receive, convert, send and move money between your multi-currency accounts without making payments.
Convert Over 100 Currencies, 24/7, Using Multiple Devices
We provide informative, up to date market news, including updates on currency movements, upcoming economic events and announcements that impact the foreign exchange market.
Real-time Reporting And Tracking
View and track all conversions, payments and incoming funds using our online platform, and receive email notifications when funds have been received, conversions processed and payments released.