Importers and exporters pay and get paid across borders, with currency swings and long gaps between ordering and getting cash. Cost per conversion and timing matter most.
Importers and exporters pay and get paid across borders, with currency swings and long gaps between ordering and being paid. Cost per conversion and timing matter most.
This guide covers six jobs, from supplier payments to cargo cover, with tools to consider for each. Wallester's free plan also includes IBANs in 10 currencies and 300 virtual cards, useful for samples, travel and small purchases.
Suppliers are paid in their own currency, often in large amounts. Even a small margin on the exchange rate is a real cost at volume.
Mid-market rate with the fee shown first, and batch payments.
Global payouts from a multi-currency account.
Several currencies and transfers in one business account.
Exchange rates move between ordering and paying. Holding balances in the currencies you need lets you convert when the rate suits you, instead of on the day an invoice is due.
Hold balances in many currencies and convert as needed.
Hold and exchange several currencies in one account.
Hold balances in many currencies with local account details.
Each purchase and sale can be in a different currency, and exchange differences must be recorded correctly. Pick accounting software that handles this natively.
Multi-currency accounting with many integrations.
Multi-currency on higher plans, widely used by US accountants.
Multi-currency accounting connected to the Zoho suite.
Stock is paid for months before it is sold. Short-term credit can bridge the gap, but trade finance is specialist and your own bank is the usual starting point.
Sourcing trips, samples and trade shows involve many small payments in other currencies. Virtual cards with limits keep them contained.
Free plan with 300 virtual cards and IBANs in 10 currencies.
Receipt capture and controls for teams in Europe.
US corporate card platform.
Goods in transit can be lost or damaged. Cargo and marine cover is specialist, and standard small-business policies often exclude it.
US marketplace that can match you with carriers. Check that cargo is included.
UK broker that compares insurers. Check that goods in transit are included.
Importers and exporters deal with long gaps between ordering and being paid, payments in other currencies, and costs beyond the purchase price. Cost per conversion, payment terms and documentation matter as much as the unit price.
The true cost of an imported product is the purchase price plus freight, insurance, duties, taxes, handling and currency costs. Work it out per product before you set a selling price, and agree shipping terms such as the Incoterm so both sides know who pays for what and when risk passes.
Exchange rates move between order and payment. Holding balances in the currencies you use lets you convert when the rate suits you, and a clear rate avoids hidden margins. Some businesses also agree prices in their own currency to shift the risk, which the other side may price in.
Stock is often paid for months before it sells. Trade finance such as letters of credit and supplier finance is specialist, and your own bank is the usual starting point. Online lenders mostly lend against domestic receivables.
Compare the total cost: the exchange rate margin plus any transfer fee. Multi-currency accounts that convert at transparent rates are often cheaper than a bank wire.
Hold balances in the currencies you use, convert when the rate suits you, and avoid letting banks convert automatically at their own rate.
Mostly not. Trade finance such as letters of credit is specialist and usually comes from your bank or a trade finance provider.
Often yes. Suppliers, buyers or shipping terms may require it, and standard policies may not include goods in transit. Ask for it explicitly.
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