How to reduce client bank charges

How to reduce client bank charges

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Client make a a number of payments each year overseas. There bank charges are really high  and while turnover has not increased bank charges has increased by 50% year on year.   They currently use HSBC

Is there any alternative banks that have lower charges or most of them charge the same amount ?

Would appreciate any suggestions.

They also make payments from their GBP account to suppliers in USD/GBP and end up with exchange losses.  How can this be managed to minimise losses.

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By mrme89
26th Jun 2015 17:08

Bank charges are ridiculous for this.

 

There are a number of companies that will send a payment at a much smaller rate than the banks. Try these:

 

https://www.caxtonfx.com/business/international-payments

www.currencyfair.com

www.transferwise.com

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By johngroganjga
26th Jun 2015 17:12

Shopping around is the only answer to your question about charges.

On your question about exchange losses, unless your client can wave a magic wand to control exchange rate movements on the international markets he is left with hedging or forward buying.

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By F1MLB
26th Jun 2015 18:44

I would highly recommend TransferWise, I use them quite regularly.

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paddle steamer
By DJKL
26th Jun 2015 18:49

I have one client

I have one smaller client who make all their stock purchases from overseas, in dollars. They run a dollar account, which certainly mitigates adverse rates on an individual transaction basis, but does require thought as to when, often well in advance of need, dollars should be purchased. I run similar, at a personal level, re Sweden (SEK) as we have a holiday house there.

Does not mitigate exchange gains/losses, but certainly reduces volume of conversions; whether it is possible to judge good purchase timing is another matter, in my case no, I am awful,

 

 

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