Paying Overseas

As businesses like yours continue to expand overseas, there will be invoices to pay in different currencies.

While the simplest and most common payment option is to have your bank issue a bank-to-bank wire transfer, there are significant extra hidden costs from both your bank and the overseas vendor.

Your bank often charges fees on overseas transfers and adds an extra markup on foreign exchange (FX) rates as much as 5% to enhance their own profit margins. For example, on a $30,000 transfer in Euros (EUR) to your supplier in France, you could pay almost $1,500 in extra costs to your bank.

If you decide to try and avoid high exchange rates from your bank by paying in US dollars (USD), overseas vendors often pad their invoices by as much as 3-10% to offset the anticipated risk of currency fluctuations plus their expected time and effort for converting your USD payment to their local currency. On top of extra costs, foreign vendors may also shorten payment terms leaving you less time to pay your invoices. Fortunately, you have more cost-effective, time-saving options when choosing a partner to manage your payments to overseas suppliers.

Dedicated FX Specialists Deliver Tailored Payment Solutions

Everything we do at Monex USA is tailored to meet your FX needs. Whether it’s a smaller payment you’re looking to send overseas promptly delivered at the best exchange rate, you can open a Monex account and make a payment in minutes. Or maybe you’ve ordered the construction of a large piece of machinery and must make larger payments in several installments—your dedicated Monex USA specialist is constantly monitoring the currency market. They will help you choose the best payment tools to plan and schedule your payments when the market is most favorable to save you the most money.

Monex USA is committed to powering the global growth of your business with our tailored, end-to-end FX payment solutions.

Let’s Talk Payments