Making international payments to South Korea can be less costly if you choose the most effective payment option for your business.
Whether you are buying a property or paying a supplier in South Korea, the way you make your international payments can be improved to lower your costs and improve your finances.
Typically, most businesses go through their bank to make their international payments as it is where they deal with most of their finances. It makes sense as you are already an account holder and they can do the conversion and transfer to a South Korean bank such as Shinhan Bank which is convenient. However they are not the most cost effective payment option for your business.
You want to be able to get the best rate as possible and quite frankly your bank does not offer a competitive enough rate of exchange for the South Korean Won meaning you are losing money in the conversion.
Secondly, another major cost is that the bank charges high fees for doing international transfers. So every transfer you make will incur a bank charge which is a big cost if you need to make regular payments to your supplier.
RationalFX understands the costs of making international payments and pride ourselves on being able to reduce these costs. We are a FSA authorised foreign currency exchange broker and we offer a more competitive rate of exchange for the Korean Won and charge low fees for doing your international payments to South Korea.
We are experts at foreign currency exchange and as part of our service we can offer you guidance for your business to save you more money. For instance, if you have a long term relationship with your supplier we can offer you a forward deal, whereby a rate you are happy with can be fixed for up to two years making it easier to hedge yourself against fluctuating rates and easier to manage your finances!
Make international payments to South Korea now or call +44 207 220 8181 to speak to one of our dedicated dealers.