Global payments are considerably more expensive than local transactions. From unclear fee structures to hidden costs and markups on currency exchanges, freelancers, digital nomads, and global businesses lose money during international transactions. The fees they pay include:

• Transfer fees
• Exchange rate mark-ups
• Intermediary bank charges
• Withdrawal or receiving fees

Optimising your global payments strategy is key to reducing the cost of these transactions while ensuring efficiency and swift payment processing.

This article offers hacks to help you optimise your global payment strategy for minimal fees.

Also read: How to avoid high fees when receiving international payments

Choose the right platform

Some payment solutions are better suited for international transactions, offering a transparent fee structure, affordable rates, and no markups on currency conversions.

Use multicurrency accounts

Opening global accounts on platforms like Grey and Wise enables you to manage multiple currencies (USD, GBP, EUR) at low fees, reducing the need for conversions.

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Compare fee structures

Traditional banks typically charge high fees for international transactions, often with exchange rate markups. Compare the fee structures of digital payment options, including the transaction processing fees, maintenance fees, chargebacks, and currency conversion fees.

Also read: Monieworld vs Juicyway vs Cleva vs Grey – which is better?

Monitor exchange rates

Exchange rates are bound to fluctuate between highs and lows. Converting at an unfavourable rate might mean you could lose more. Staying updated on live exchange rates via Grey and XE allows you to convert at the best rate and get the best value for your money.

Understand your taxation requirement.

Cross-border payments may have tax implications, including withholding taxes on specific transactions. Monitor your cash flow and file your taxes on time to avoid penalties. When needed, consult a tax professional to understand tax requirements and avoid unexpected costs.

Optimising global payments with Grey

An optimised payment system ensures you don’t lose money to unfair charges and receive payments swiftly. Choosing a reliable payment platform like Grey allows you to manage USD, GBP, and EUR in one place. Users enjoy cost-efficient transactions and mid-market conversion rates, optimising your global payment strategy for minimal fees.

Get started on Grey to optimise your global payments.

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