This is a Bidvest Bank promotional feature
With the right banking partner with the requisite experience and expertise in foreign exchange matters, local businesses can today make secure, timely payments to suppliers anywhere in the world.
A foreign exchange specialist like Bidvest Bank has proven systems in place to deliver payment efficiency on time, every time, backed by sophisticated reporting processes to ensure corporate clients receive a full transactional history, with automated order confirmations, payment confirmations and balance of payment returns. The systems at Bidvest Bank can authorise orders in realtime and provide confirmation while creating secure payment instructions. If they so wish, clients can simultaneously order forward cover.
Competitive rates are always a key factor in foreign exchange matters, but speedy transaction completion is also a critical consideration for businesses with international relationships to maintain.
Business clients can contribute to a snag-free payment process by following a three-point check list:
1. Ensure the payment is being made in the correct currency; sometimes referred to as ‘paying in the currency on the invoice’ – a mismatch between the invoice and the currency stipulated for payment can create a delay
2. Ensure sufficient funds have been lodged in advance in the client’s Bidvest Bank account to fund the payment – again, a funding shortfall may delay the transaction
3. Ensure all necessary documentation has been provided, including full, up-to-date banking details of the offshore party – Bidvest Bank foreign exchange consultants will advise on the necessary papers if a client is unsure
Once these simple steps have been followed, global payments to your international business partners can be efficiently and speedily processed.