There are a range of ways your business can accept money from around the world – some popular options include receiving money directly into your business bank account or accepting a credit card payment.
Understanding some of the features, benefits and fees involved with these options may save you money over the long run.
Transfer money into your bank account
An International Money Transfer (IMT) is a secure way for international customers to transfer money into your bank account. If you’re a CommBank customer, you’ll need to give your customers the following in order to receive an IMT:
- Bank name: Commonwealth Bank of Australia
- CommBank’s BIC/SWIFT Code: CTBAAU2S
- BSB number, account number, account name and address
Separately, it’s worth considering if you’ll charge your customer in Australian dollars (AUD) or a foreign currency. If you charge in the latter you’ll expose yourself to currency risk (you could receive a different price because the foreign exchange rates change). Make sure you consider both options to decide what will work best for you.
Transfer money into a foreign currency account
If you regularly send and receive payments in a foreign currency and want to reduce your currency risk and save on conversion costs, a foreign current account may suit you. It allows you to hold eligible foreign currencies, so you don’t have to convert in and out of AUD.
Before considering this, make sure you understand processing times, currencies available and fees and charges for international payments and travel funds involved.
Pay with a card
You may also want to consider accepting card payments as customers may prefer this if they want to earn spend points on their credit cards. This also gives them flexibility to pay over the phone, email or online. Just make sure you’ve got some strategies in place to protect yourself and your business against credit card fraud.