Running an international business means dealing with payments across borders. Whether you're importing goods, selling on Amazon or TikTok Shop, or managing an e-commerce company, choosing the right banking and payment partners can significantly impact your costs and efficiency.
This guide covers recommended banks and payment providers for the key markets UK businesses commonly work with.
Introduction to International Payments
When making international payments, you'll typically encounter:
- Exchange rate margins - The markup on the mid-market rate
- Transfer fees - Fixed fees per transaction
- Receiving fees - Charges from the recipient's bank
- Processing time - From instant to 5+ business days
Traditional banks often charge 2-4% on exchange rates plus fees, while specialist payment providers typically offer rates closer to the mid-market rate with lower fees.
Key Insight
For most international businesses, the optimal strategy is to maintain a traditional bank account for credibility and local operations, alongside a specialist payment provider for cross-border transactions.
United Kingdom
As a UK company, you'll need reliable banking for domestic operations and international payments.
Recommended Bank: HSBC
- Best for: Established businesses, international trade, letters of credit
- Strengths: Global network in 60+ countries, trade finance expertise, multi-currency accounts
- Monthly fees: £5.50-12.50/month
- International transfers: Available but rates can be improved with specialists
- Website: hsbc.co.uk/business
Recommended Payment Provider: HUBFX
- Best for: International payments, multi-currency management, e-commerce businesses
- Strengths: Competitive exchange rates, fast transfers, dedicated account managers
- Fees: Low or zero transfer fees on most currencies
- Currencies: 30+ currencies supported
- Processing time: Same-day for major currencies
- Website: hubfx.co
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Register Your CompanyUnited States
The US market is crucial for many UK businesses, whether you're selling to American customers or paying US suppliers.
Recommended Bank: Chase Business
- Best for: Businesses with US operations or subsidiary
- Strengths: Largest US bank network, comprehensive business services, strong online banking
- Account requirements: Generally requires US business entity (LLC or Inc)
- Monthly fees: $15/month (waivable with minimum balance)
- Website: chase.com/business
Recommended Payment Provider: Wise Business
- Best for: USD payments without US bank account, receiving from US customers
- Strengths: US account details (ACH routing number), transparent fees, fast setup
- Exchange rate: Mid-market rate + 0.4-0.6% fee
- Processing time: 1-2 business days for most transfers
- Website: wise.com/business
European Union
Post-Brexit, payments between UK and EU require more consideration, but efficient solutions exist.
Recommended Bank: Deutsche Bank
- Best for: Businesses with significant EU operations
- Strengths: Strong presence across EU, trade finance, corporate banking expertise
- Account requirements: Usually requires EU legal entity
- SEPA payments: Free or low-cost within EU
- Website: db.com
Recommended Payment Provider: Wise Business
- Best for: EUR payments without EU bank account, receiving from EU customers
- Strengths: EU account details (IBAN), SEPA transfers, excellent for e-commerce
- Exchange rate: Mid-market rate + 0.3-0.5% fee for EUR
- Processing time: Usually same-day for SEPA
- Website: wise.com/business
China
China is the world's manufacturing hub. If you're sourcing products from China, understanding payment options is essential.
Recommended Bank: Bank of China
- Best for: Large payments, trade finance, letters of credit
- Strengths: Direct CNY handling, trade finance expertise, branches in major cities
- Account requirements: Can be opened remotely for business purposes
- Processing time: 2-5 business days for international transfers
- Website: boc.cn
Recommended Payment Provider: Payoneer
- Best for: Paying Chinese suppliers, receiving from Chinese marketplaces
- Strengths: Direct CNY payments, supplier payment services, widely accepted by Chinese factories
- Fees: 2% on payments to China
- Processing time: 1-3 business days
- Website: payoneer.com
Paying Chinese Suppliers
When paying Chinese suppliers, always verify their bank details carefully. Many suppliers accept USD, which can simplify the process. For large orders, consider using letters of credit through banks like Bank of China or HSBC.
Hong Kong
Hong Kong serves as a gateway between Western markets and Asia, with a business-friendly environment and no foreign exchange controls.
Recommended Bank: HSBC Hong Kong
- Best for: Multi-currency operations, Asia-Pacific trade
- Strengths: No minimum balance requirements for basic accounts, excellent online banking, integration with UK HSBC
- Account opening: Can be done remotely for existing HSBC customers
- Currencies: 12+ currencies including CNY, USD, GBP, EUR
- Website: hsbc.com.hk/business
Recommended Payment Provider: Airwallex
- Best for: E-commerce businesses, marketplace sellers, tech companies
- Strengths: Multi-currency accounts, API integration, competitive rates for Asia-Pacific
- Fees: Low FX margins (0.5-1%)
- Currencies: 20+ currencies
- Website: airwallex.com
Quick Comparison Table
| Country | Recommended Bank | Payment Provider | Best For |
|---|---|---|---|
| United Kingdom | HSBC | HUBFX | Domestic ops + international FX |
| United States | Chase Business | Wise Business | US market access |
| European Union | Deutsche Bank | Wise Business | SEPA payments, EU customers |
| China | Bank of China | Payoneer | Supplier payments, sourcing |
| Hong Kong | HSBC HK | Airwallex | Asia-Pacific gateway |
Tips for Choosing Payment Providers
1. Consider Your Payment Volumes
High-volume businesses may negotiate better rates with payment providers. Some providers offer volume discounts starting from £50,000/month in transactions.
2. Match Providers to Your Use Case
- E-commerce: Prioritise multi-currency receiving accounts and marketplace integrations
- Import business: Focus on supplier payment capabilities and trade finance
- Service business: Look for easy invoicing and client payment options
3. Don't Rely on One Provider
Having multiple payment options provides redundancy and lets you compare rates for large transactions.
4. Check Country Coverage
Not all providers support all countries. Verify that your chosen provider can handle payments to your specific suppliers and customers.
5. Consider Integration Needs
If you're running an e-commerce business, look for providers with APIs and integrations with your sales platforms.