One of the questions we frequently get asked (by businesses of all sizes) is about international wires: What can I do about the high cost of international payments?
When we get FAQs like this, we sometimes find it helpful to respond with a video and include it in our Ask Acuity series. Watch the video below, or keep reading to learn more.
What’s the fix for costly international payments?
Let’s explore your options.
In this global economy, so many of the businesses we support are working with customers who are overseas. So we recommend two different solutions, whether you’re a small business or a larger outfit: Bill.com and Veem.
Many people are familiar with Bill.com because they’ve been around for a while as a leader in domestic payments. With one of the most robust approval processes and workflows, it’s easy to see what it’s going to cost and how you want to make it work for your business. When it comes to controlling and managing the people allowed to approve and send payments, Bill.com is the right solution.
Currently, Bill.com has a promotional rate for $9.99 per international payment, and it’s been going on for a while. They haven’t yet capped the end of the promotional rate, but they have essentially let us know that it will be $20 per payment at full price. Even at double the promotional price, this is one of the lowest rates we’ve seen in the industry. Many banks these days charge $45- $50 per international wire transfer, which can be a significant cut into your bottom line.
The other one I wanted to share is a company called Veem — and I highly suggest you check them out. This company specializes in international payments and sells transfers that range from $0 (for receiving payments internationally in a local currency) to $39. At a great price, you can send money to these countries, and send/receive transfers in these countries. Although the unlimited plan does scale up after three months, it is still a really solid solution (and cheaper overall) because they specialize in international payments.
The best part about these solutions?
Both Bill.com and Veem integrate with Quickbooks Online and Xero, so you can incorporate either tool into a more cost-effective solution than going to your bank and sending an international wire.
So next time your business needs to send money overseas, I highly encourage you to check out these tools. We work with both in our accounting solutions, and you’re welcome to reach out with any additional questions you might have. We have a lot of experience helping our clients manage international payments, and we’d love to answer any that you might have. Reach out through our contact us page.