When running an international business, you need to pay employees in other countries the same as you would in the United States. If each branch has its own banking service, performing this kind of payment isn't too much of an issue. However, what if your company is centrally located in one nation (such as the U.S.), yet manufacturing or production of parts take place in another country. When this takes place, you still use one bank, yet you need to provide payment in a foreign currency to your workers. It may sound straight forward, but problems do arise. First, when depositing checks into their personal accounts (or when providing physical check payments) you will be hit with an assortment of fees. Depending on your current banking structure, you'll not only pay an international currency exchange rate, but you'll pay a high transfer fee. Chances are, there are other fees connected with the international payment. You can't reduce your employee's fee due to these charges (if they are guaranteed a set amount per hour you need to pay them this amount per hour). This means your company will end up paying a higher hourly wage than necessary. What should you do to correct this problem? Take advantage of a virtual bank service that makes paying employees across borders easier than ever before.
B2B Pay is a virtual bank that exists online. With this setup, you are able to send money to any corner of the globe with the lowest currency exchange and transfer fee possible. Now, you do need to understand whenever paying from a single location, there will always be a currency exchange fee attached to it. There's not much you can do about it. However, with B2B Pay the currency exchange fee is lower than what you'll find anywhere else.
When it is time for payment, you can transfer the money to the international facility. The facility can then provide payment to their employees. This process both saves you money and saves you time as well. So, instead of dealing with large fees and delays in payments, you are covered with this specific service.
Running an international business makes it possible to expand your global footprint while reducing the cost of production. to keep costs at a minimum, you need to take advantage of a virtual banking service that limits fees while expediting the payment process. B2B Pay is the banking answer you need.