Unfortunately the use of this kind of payments will not save you any costs! So why use them at all… Reference payments are also known as structured payments, KID payments in Norway, OCR Payments in Denmark. Most countries have these kinds of payment, however they are called a lot of different things. It is common …
Some information regarding SEPA credit transfers SEPA is an abbreviation of Single Euro Payment Area. In this chapter we will focus on the credit transfers with SEPA and why to use it. Normally when you do international transfers (cross border transfers), you will be charged for an exchange fee, an exchange rate loss and a …
Bank accounts in foreign countries do have the same advantage as discussed in previous article. You will save the exchange fee and the exchange rate, but you will also be doing domestic payments instead of doing international payments. Domestic payments are much cheaper than international payments. Typically, depending on your bank of course, a domestic …
STEP 3, Consider Bank Account In Foreign Country Read More »
Analyze your outgoing payments’ currency Like every other decision, you need to have some knowledge of your enterprise before you can take proper action. A very interesting chart is the distribution of outgoing currency payments. A chart could look like this: Chart from AMC-Banking V4, the number of transactions for each currency. The green area …
STEP 2, Consider Bank Account In Foreign Currency Read More »
Cash management or treasury management is used as a broad description of the discipline of handling cash. In this series of 10 steps of better cash management we will focus on a company’s outgoing and incoming payments, typically paying of invoices from the company partners such as vendors and getting paid from your customers. In …
