Is your company engaged in imports? You have two options to make payments to your foreign business partners.
Making payments from an account in Finland
You can open a euro or non-euro account for your company and make international payments from the account. This is the most cost-effective solution for your company when outgoing payments meet the criteria for SEPA credit transfers. The charges equal those for comparable domestic payments. Your company's cash is in a single place and no time is wasted for managing new accounts.
If outgoing payments are in a currency other than the euro, your company's business partners will have to pay the charges for the incoming international payment in their own home country. In addition, your company will pay the charges for an outgoing international payment in Finland.
Making payments from a foreign account
Your company opens an account in a country where your company's business partner operates. This is the most cost-effective solution when outgoing payments are other than euros. Even a fairly small number of payments make an account held abroad a more cost-effective option, e.g. 10 payments in Sweden and some 20 payments in other countries per month.
The payments are readily available in the account of your company's business partner, even on the same or following day, depending on the country (NB. 2‒3-day delay in Great Britain). Both partners pay only the charges of domestic payment. Through the account, it is possible to pay, say, salaries and other expenses of a sales office.
Customer relationship with a bank based in your business partner's home country gives added value to your international trade customer relationships and may lift barriers to trade.
Your company can easily open a bank account with our partner banks across the world. We will contact a foreign bank for your company and find out local practices and requirements for various documents.
Please contact your own member cooperative bank and we will be pleased to support your company in the account opening process and help you in challenges presented by going global. Together we will find the best solutions for the needs of your company's international cash management.