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Page 7 of 7
Import Finance
6. Making Payment
6.1 Electronic transfer systems are fast, straightforward and secure.
- You can usually arrange for a same day or overnight transfer.A typical transfer cost might be £20 for amounts up to £10,000.
- Your supplier's bank may delay crediting the funds to the supplier's account and may also charge the supplier.
- If you make regular small payments to suppliers in a particular country, you may want to open and maintain a bank account in that country (usually in the local currency).You can periodically transfer funds from the UK to that bank account (if necessary, using a foreign exchange transaction to convert the funds to local currency).
6.2 Other payment methods can incur lower charges but take longer and are less secure.
The most common is a banker's draft, issued by your bank and payable to your customer.
- A banker's draft can be issued in any major currency. Your bank will charge you for issuing the banker's draft, typically starting at £10.
- You send the banker's draft to your supplier, who can cash it on receipt.You can periodically transfer funds from the UK to that bank account (if necessary, using a foreign exchange transaction to convert the funds to local currency).
Labels: Finance & Grants, Exporting/Importing
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