Paying overseas staff

How to optimise your payments to overseas staff

If your business needs to pay overseas staff, the good news is: you have a number of options. The bad news is: not all international payment providers are created equal, so it’s wise to do your homework before you choose one.

What to look for in an overseas payments provider

Rates

When paying overseas staff, your bottom line can be affected by exchange rate margins and transaction fees. Look for a provider with good rates and low fees keeping in mind that a better rate may make the fee negligible.

Consistent service

If you’re going to be making regular transfers, you need a company that can provide superior customer service tailored to your unique business needs. Find a provider that won’t treat you like just another number by calling up to enquire.

Speed

Money transfers should move quickly and major currency conversions can often be processed within one day. A speedy service means you can worry less about when you’re money is going to arrive. While there are some affordable peer-to-peer foreign payment options out there, but be aware that your staff could be waiting days, or even weeks, to get paid when using a peer-to-peer service. Within that time, exchange rates may move dramatically costing you or your employees substantially.

Options

The best way to insulate your business from currency volatility is to find a foreign payments provider who offers risk management tools that can support your business objectives. If you pay a large number of overseas employees, make sure your provider offers a platform like OFX’s Multipay, so you can pay up to 500 people with one click. Get the flexibility your business needs, so you can gain a competitive edge.

Reliability

Peer-to-peer transfer models are often unstable during high-demand trading events such as Brexit and major elections. You want a provider with a proven track record of stability–like OFX. To read more about the risks of peer-to-peer transfers, check out this article.

The benefits of paying overseas staff with OFX

You get 24/7 customer support

When your bank is closed, we’re open. You’ll have access to our team when and where you need it. Wherever your business goes, we’re with you.

Your transfers often arrive faster

We use our global network of local bank accounts to transfer your money from our local accounts when possible. Local processing means we can often provide same-day payments. And all those confusing international bank codes? Not a problem.

You get a choice

We have a number of product options to help you protect your business from adverse currency fluctuations. You choose the risk management strategy that’s best for your business, and if you need help, we’re here to discuss your options.

You save money

With OFX, you can save up to 75%* in bank fees and margins when paying overseas staff.

We can help you pay overseas staff and suppliers while mitigating your risk to foreign exchange fluctuations.

We’ve integrated our service with cloud accounting software like Xero, and we offer solutions for simplifying your payroll. So now the only question is: what will you do with all that extra money?