Managing The Business

Managing the Business

Every business should have a bank current account but access to banking facilities are crucial for exporting businesses.

Managing the Business

Every business should have a bank current account but access to banking facilities are crucial for exporting businesses or those with international activities. These make it possible to send and receive cross-border payments cross-border payments and to manage foreign exchange transactions.

Key bank products/services for international business include:

  • Foreign currency accounts - these can be useful when your trading partners (suppliers or customers) use a different currency.
  • International payments - every business wants to be sure it gets paid so secure and timely payment is crucial. It’s also important to maintain good relationships with suppliers by paying on time.
  • Foreign exchange management - businesses who deal in significant foreign currency volumes and a range of currencies need to ensure that they can access to those currencies at reasonable cost and in the form required (such as cash, cheque or draft) and to manage their foreign exchange risk, for example, if a change in exchange rates reduces the value of a contract between agreement and payment.