To establish trust and credibility in international business relationships, it's essential to have a local feel and familiarity when dealing with clients and suppliers abroad.
Ideally you want to give the impression to business partners that they're transacting with the business next door, not a company on another continent.
One way to foster this feeling is to ensure your business transactions are generated and executed with a local feel to create the impression of ease and familiarity for your supplier.
Unfortunately, despite the highly interconnected financial system, local representation isn't widely offered among foreign exchange providers.
To understand the big picture, you need to know that banks and foreign exchange providers turn to counterpart networks behind the scenes.
This is done to provide customers with local in-market expertise and support in the countries to which they need to make payments.
To ensure your funds are sent using the most direct and efficient route, it's important to choose a foreign exchange provider with the global counterparty reach to support your payment process.
If a foreign exchange provider only has one or two counterpart banks to work with, your foreign exchange payment might whirl around the world before it reaches a beneficiary bank account.
Not only is this an indirect route, but it also feels like a foreign payment when it arrives at its final destination.
It's like putting your money on two or three planes, when there's a direct flight available. A specialist provider with a wider range of counterparty banks is able to transact more directly.
They can use their network to pick the best bank based on geographical presence and ensure your payment is generated as locally as possible.
Think consistency, trust and relationship building.
And when this is backed by a significant level of local market expertise, your choice of international payments partner can help you succeed in a global marketplace.
