skip to Main Content

As the world has become a smaller place, it is now common for businesses to pay employees who are located in other countries. They might work remotely or they might work out of international offices but they may need to form part of your international payroll.

Where Do You Begin?

International payments in their simplest form are relatively easy given that there are many platforms available to use, but there is more to it when you delve into finer details. Many of these platforms or tools require specialist knowledge and, in many cases, it can mean that businesses lose money through exchange rates and fees. This is where it is important to ensure that you utilise the services of international payroll experts. This will ensure that they work with your best interests as a priority.

What Needs to Be Considered?

There are many varying factors that need to be considered when it comes to setting up international payments. This is the reason why you should call on the expertise of international payroll specialists.

Government Regulations – According to government guidance, how you calculate and pay PAYE tax and National Insurance contributions for employees who work abroad, depends on where they’re working and how long you expect them to be working there. Other factors to consider include social security contributions and exemptions, depending on location

Tax Compliance – Different countries have different tax laws and you are going to need to understand them. If you are not tax compliant then it could result in hefty fines. So, to minimise the impact and to avoid fines, you might want to consider speaking with experts as a way of gaining an understanding of what is expected of you.

Keep Business Efficient – Cultural differences and alternative ways of working can slow your business down. As a result, you are going to need to gain an understanding of communication styles, values and the best way to improve the payroll process.

Foreign Exchange Rates and Fees

Exchange rates are going to become an influential factor in the way in which you make international payments. As a result, you could consider working with a foreign exchange and international payment specialist. Expert guidance will help you to manage all aspects of processing international payroll. It will allow you to take a hands-off approach while benefiting from an understanding of the influential factors that can cause exchange rates to fluctuate.

A specialist foreign exchange provider, such as NewbridgeFX, have the tools and knowledge to help you to save considerable time and money on international payroll operations, enabling the use of mass payments, and bulk beneficiary uploads via an online platform.  This ability to manage the whole process in bulk is very pertinent for international payroll, and means the whole process can be very efficient with multiple payments being processed with a few clicks via an online platform.

The products and services we offer, such as the ability to transact 24 hours a day from multiple devices, hold multiple currencies and view multi-currency balances, make fast, secure payments to 212 countries via Local Pay-outs and Swift, and see real-time reporting and tracking for all conversions and payments, make the payroll process very effective.

In addition to our process, there are no fees when processing payments, as well as getting very competitive exchange rates, either via Spot or Forward contracts, which means international payroll becomes very cost effective, having a positive impact to your company’s payroll costs.

To discuss how NewbridgeFX can help you when processing international payroll, please don’t hesitate to get in contact

Business & Personal Services

Importers and Exporters – Managing Foreign Exchange Fluctuations

If you are a business that operates as an importer or an exporter, or maybe both, then you are…

Buying or Selling an Overseas Business

If you are considering buying or selling an overseas business, then it is crucial that you gain an understanding…

Processing international payroll

As the world has become a smaller place, it is now common for businesses to pay employees who are…

Repatriating overseas earnings

Whether you are an individual who has been working overseas or you are a business located overseas, there is…

General Business Payments Abroad

Many businesses have a desire to move into new markets as they look to expand, and this causes many…

Purchasing or selling a property overseas

Whether you are thinking of purchasing or selling property overseas, it’s important to understand that the process is different…

Retiring Abroad

If you’re retiring abroad, you’re probably looking forward to relaxing in the sun or exploring new places. However, moving…

Emigrating Overseas

Moving to a new country can seem daunting and it requires planning but you’ll also need to consider your…

Purchasing and Selling Foreign Investments

Purchasing or selling foreign investments overseas requires you to be abreast of the latest foreign exchange development and movements.…

Relocating for Work

If you’re relocating for work, you’re likely to be embarking on a new adventure but there’s a lot to…

Spot Contracts

A spot contract is one of the most common foreign exchange products used to sell one currency and buy…

Forward Contracts
Forward contracts allows you to secure an exchange rate today, but for settlement at a specific date in the future.
Market Orders

The currency markets are very volatile but it is possible to secure an exchange rate above the current market…

Rate Alerts

Transferring money internationally can become quite complex, especially when it comes to fluctuations between various currencies. Exchange rates change…