Working remotely from abroad has become very common, as well as having employees who live in different countries. Although there are many reasons for doing this, the difficulties that arise when paying salaries or fees remain the same: slow, complex, and expensive processes. Both your company and your employees need a fast and easy way to make and receive payments. Here we give you the solution.
The Context We Live (And Work) In
The pandemic revealed many things. One of them is that remote work is here to stay, allowing people living on opposite sides of the world to work together in the same project without any setbacks. Globalization and the hyperconnected reality we live in have blurred the boundaries as never before.
Paradoxically, those same boundaries that seem to blur in the digital world cannot be so easily crossed in other contexts. Cross-border payments are a good example of that.
Nowadays, it is easier for a company to have employees and/or vendors outside its local office, no matter if it is a start up, a small or medium sized company or a multinational. Therefore, it is more likely that the company needs to make international payments to its employees. It is at this point that problems usually come up, since conventional cross-border payment systems —like bank transfers and money orders— are not versatile enough.
Long processes, varying foreign exchange rates, multiple intermediaries and delay in receiving payments are not convenient for employees who want to receive their salaries in a fast and easy way. There are many people that want, need and even demand a transformation in cross-border payments, and the latest trends in the sector reflect that.
If your company pays employees working from abroad, you have probably faced the following hurdles.
Obstacles to Overcome
What problems may arise when paying employees working from abroad?
- Coverage limited to certain countries. If the person you want to pay lives in a country that is not included in the bank’s network, the process becomes significantly more complex.
- Money costs money. Moving money across the world is not free, quite the contrary. If your employees live in different countries, the fees and expenses associated with sending payments probably vary depending on their location. Add them to the already expensive international transfers and the total amount may not be convenient for you.
- Foreign exchange. Foreign exchange rates vary as much as fees. When making bank transfers, you should bear in mind that your employee will receive the payment in local currency. So, apart from making the correct payment, you should consider your employee’s local currency, and foreign exchange rates may vary on a daily basis.
- The best payment is the one that arrives on time. Every employee wants to receive payments in a timely manner, no matter the distance. This would not be a problem with local transfers but, when making cross-border transactions, the process might be slowed because of intermediaries as well as each country’s local regulations and requirements. As a result, it may take more time for payments to reach their destination.
- Having the correct information. To avoid making mistakes, all the details of the bank accounts involved in the transaction have to be verified. It is extremely easy to enter the wrong number and have your payment declined due to incorrect information. For that reason, it is necessary to check all the data carefully.
Taking all these obstacles into account, it seems that paying your employees abroad satisfactorily requires money and time. This can only end in one way: frustration.
Luckily, cross-border payments are not limited to bank transfers anymore. Digital alternatives such as Remitee Business are much more compatible with the context we live in.
Make Fast and Easy Payments with Remitee Business
By optimizing your company’s cross-border payment process, you will avoid all that trouble. Not only do you remain competitive in rough times such as the pandemic but you can also pay your employees in a fast and easy way, saving precious money and time. The best way to achieve this is by integrating with a platform that eases the process of making and receiving cross-border payments, no matter where you or your employees are.
That platform is Remitee Business —your perfect ally to achieve that goal.
Our services allow you to make real-time money transfers, settlements and payments to a large number of countries thanks to our already installed network—that is, just by integrating the platform, you can pay your employees abroad immediately using only one connection and forget about all the worries related to bank transfers.
This is a fast, secure, transparent and reliable way of making cross-border payments for fees lower than those charged by banks and other financial entities. This is an excellent opportunity for your company to grow, either it is a startup or a multinational. It is also a great benefit for your employees, who will receive their payments in a timely manner.
If the knowledge economy, companies and people are crossing boundaries more and more easily, your payments should do the same. Remitee Business if your perfect ally to achieve that goal.
Contact us or arrange a meeting right now. We want to be your partner on this journey beyond the borders.