International payment solutions for businesses
Whether you are importing or exporting, overseas payments are more than just financial transactions – they are fundamental to your business. As a global payments specialist we can help you to identify the best possible method to facilitate your international transactions.
We offer a full range of products and solutions for making global payments. From simple spot deals to domestic foreign exchange, our payment solutions are supported by our global expertise and backed up with local know-how. You can also enjoy the convenience of trading over the phone with a Client Manager or direct usage of our online payment system.
Making an International Payment
A spot deal is a transaction based on the current prevailing market rate for an agreed amount of currency. Using a spot deal offers you the flexibility to participate in daily market fluctuations. While the market convention is to settle spot transactions on the second business day after the deal is made, at Travelex Global Business Payments we can offer you the enhanced benefit of same day delivery if required.
Travelex Global Business Payments offers clients three straightforward payment tools: international wire transfers, drafts and domestic foreign exchange.
International Wire Transfer
An international wire transfer, also know as Telegraphic Transfers (TTs), is an irrevocably cleared direct credit to a nominated bank account. It is the fastest and most secure method of transferring international funds.
Drafts
Drafts are drawn on a reputable bank against that bank’s own funds, ensuring that your customer will receive guaranteed cleared funds after the draft has completed the normal clearing process.
Domestic Foreign Exchange
The Travelex Global Business Payments domestic foreign exchange service offers instant, competitive exchange rates for all your transaction needs relating to your local bank accounts. Simply arrange a spot transaction with your dealer by phone and your funds will be transferred to the designated local bank account – with a favourable rate.
Receiving International payments
Your clients overseas can send you funds in their local currency and our global network of correspondent banks will receive them. The received fund will be converted to Hong Kong dollars or other currency at competitive exchange rate.
Travelex Global Business Payments also offers foreign cheque collection service. Rather than waiting for cheques to take 1 month to clear, you can have faster access to available funds with our service. We also handle foreign cheques in currency other than the issuing country’s currency.
Online Payments
If you are looking for a fast, flexible and secure way to make payments, our online systems are the perfect solution. Our platforms are easy to navigate and enable you to quickly complete international payments online. Save time by uploading multiple transactions in simple files from your accounting system and avoid keying errors by safely storing the payment details of regular suppliers or customers.
Your transactions will be processed immediately with real time market quotes. Payment confirmation will be sent to you by email and we can automatically notify your beneficiary of their expected payment by e-mail.
Our online payment platform allows you to manage, review and approve payments online; you can also implement approval loops, ensuring payments are only finalised by authorised personnel. With online reporting you can quickly review your complete payment history giving you greater control over the payment process.
We also employ industry leading encryption technology to make sure your information is safe and payments are secure. For added usability, we can tailor front end security specifications to satisfy your individual needs.
Benefits include:
- Save the details of repeat transactions
- Real-time market quotes and payment execution
- Beneficiaries automatically notified by email of expected payment
- Multi-level approval models to support your internal processes
- Up/download transaction files directly to and from your finance system
