Receive payments from overseas

Sending goods oversea ? One of the best ways to ensure you receive requital promptly is to ensure your customers can pay as well and securely as potential. here are some options for doing that .

What are the best ways to accept payments from abroad?

This depends on a numeral of factors. however, one answer could be “ the best manner to accept payment is the room your customer prefers ”. Offering your customers multiple payment options may encourage them to pay promptly .

Receive money by electronic transfer

besides known as ‘telegraphic transfers ‘, electronic transfers can be a fast, economic and impregnable way to receive electronic payments into your criterion commercial enterprise transaction score 1. The funds will arrive in your account as ‘ cleared funds ’, so you have immediate access, and with on-line banking 1 you can monitor payments from your home or office.

Give your customers all the data they ’ ll need to make a payment, by including the following on your bill :

  • Your name, trading name or company name
  • Business address (not a PO box)
  • Phone number (starting with +61)
  • Bank branch (BSB) number, account number and account name
  • Bank’s SWIFT code: Westpac’s SWIFT code is WPACAU2S. Use WPACAU2SXXX if 11 characters are required.
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Accept credit card payments

It may pay you to set up credit wag payments 1. inquiry suggests that customers spend more when they ’ ra able to pay by calling card.

Accepting payment by menu increases the payment options you offer, as you can accept payments online, by earphone, or by post. Better still, offering a tease payment choice can make it more commodious for your customers to buy more of your goods, which could lead to increased sales.

Get paid by cheque

Receiving payment from abroad in the form of a cheque can be a slower way to receive cash into your report. There ‘s the time it takes for the cheque to get to you in the first place, then you ‘ll normally need to wait for the funds to be cleared .
Cheques in australian dollars drawn on an australian bank by and large require three clientele days to clear*.

These delays may relate to the physical rescue of cheques which would be outside your bank ’ randomness command, this would not be the case with electronic transfers .

Reduce the risk of non-payment for exports

If you ’ re concerned about being paid, Westpac can guarantee payment from your customer ‘s bank ( assuming certain terms and conditions are met ) using an export documentary letter of accredit.

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Another service we can provide is to organise the solicitation of your export proceeds with export objective collection, which could help free up time for other aspects of your business. Please note that export documentary collection is an government military service, and not a guarantee that you will be paid.

Take control of exchange rate decisions

If you pay or receive funds in a alien currency, a foreign currentness transaction score is an option worth considering.

Rather than accepting payments from oversea at the payment day ‘s exchange pace, with a extraneous currentness account 1 you can hold funds in another currency and choose when to convert your money into australian dollars. This can potentially provide you with security against unfavorable foreign exchange movements over meter.

Westpac ’ s extraneous currency accounts are available in a wide-eyed range of currencies and do not charge an account sustenance tip, though other fees apply.

We besides offer a kind of other international craft solutions to help you with your export business .

View your bank balance in other currencies

If you transact oversea or merely want to compare rates, you may wish to cursorily get an approximate estimate of how your funds are looking when converted to other currencies. It ‘s easy to do this if you ’ re registered for Westpac on-line trust 1. here ‘s how :

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1. navigate to Overview and select Edit view. Select View balances in different currency.

2. Select the currentness you would like to view your balance in. then choice Apply. Your balance wheel will nowadays be shown in the currency selected.

To reset your currency to AUD :

1. voyage to Overview and select Edit view. Select View balances in different currency

2. blue-ribbon Reset to AUD. Your libra will now be shown in AUD .

source : https://shayski.com
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