International payment account

[MissBee18]

Hi I am just starting up and after some advice if possible!

I initially did not think I needed to make international payments but have now realised I will. Therefore I am starting to look at my current business banks fees etc for international payments. I decided to look around and came across Wise’s business account. On the website it says you can use it along side your main account. Does that mean that I can keep my current business bank acc and have a Wise acc too? Also would that make sense or would it make more sense to just have one business bank account with Wise to use for uk and international payments? My current bank has cheaper fees for uk payments.

Thanks in advance for any advice!

 

[Ray272]

I believe many use multiple options.
Regular UK GBP Bank
EURO & Or USD currency accounts
For payments internationally, believe many use Wise which began as a lower cost money transfer service, so very competitive rates for intl transfers.

Wise primary business account is fairly new i think, they also have currency account options. Lot of services but we have always used those services whilst maintaining a business bank with a traditional UK banking provider.

 

[Cimbian]

Hi I am just starting up and after some advice if possible!

I initially did not think I needed to make international payments but have now realised I will. Therefore I am starting to look at my current business banks fees etc for international payments. I decided to look around and came across Wise’s business account. On the website it says you can use it along side your main account. Does that mean that I can keep my current business bank acc and have a Wise acc too? Also would that make sense or would it make more sense to just have one business bank account with Wise to use for uk and international payments? My current bank has cheaper fees for uk payments.

Thanks in advance for any advice!

I've been importing for 18 years and have tried many systems. Firstly, the banks are expensive and the rates are not particularly competitive.

The best system I have found, and use regularly is to deal with an FX broker that has a face. In my case I now use Lumon.

The things I like about this process are:
1. Online
2. Very fast
3. Competitive rates
4. No hidden fees
5. Once established they offer a rate guarantee for 3 to 6 months.
6. A named contact that actually answers their phone.
7. I can receive payments in FX to download to GBP at an agreed rate.

The rate guarantee is important for me because I can predict my rate and set a known price for UK sales that lasts the validity of my quotes.

Prior to Lumon I used AMEX FXOnline for many years. Reasonable rates, but not the best and a fixed £5 fee per transaction.

 

[foxinthebox]

I've been using Wise for over 3 years now, and I can't recommend them enough. The internmational fees are on average half of what you'd pay to a high street bank in the UK, and great service, never had any issues. I would estimate a total of 80+ transcations in this span, most of them being 5 figures, in EUR and USD.
What we do is have a Wise account for USD and EUR, along side our HSBC account for UK payments in GBP.