Sending Money Internationally with a Corporate Banking Account10 min read

Sending Money Internationally with a Corporate Banking Account10 min read

Processing cash flows for an organization with foreign customers or suppliers can seem like a nightmare. But with the right corporate banking account and digital bank partner, transferring money internationally needn’t be an ordeal. 

This post will discuss how you can seamlessly make cross-border B2B payments through a corporate banking account on The Kingdom Bank platform.

How to Do B2B Banking with a Corporate Banking Account?

The Kingdom Bank provides SMBs a full-featured business bank account designed for digital banking. You don’t have to be a technical genius to open an account — it only takes a few minutes online to open one, with no minimum deposits or monthly charges. 

From the moment you log into your The Kingdom Bank account dashboard, you will have all the information you need to easily conduct corporate banking transactions.

Among the most prominent options are foreign cash-transfers, multi-currency holdings, vendor payments, expense management and invoicing- all from any device. 

This means you can get money from international customers, pay foreign suppliers, and track cash payments in different currencies in just a few clicks. No need to go through paperwork or go to a branch.

If you have a corporate account with The Kingdom Bank, you can transfer money to any other company through the safe bank transfer network. 

This is often the most cost-effective way to perform B2B trades across borders. If you want to pay an invoice from a supplier in another country, you can simply log in, select the currency and amount due, and supply the recipient’s information. 

The funds will be sent quickly, usually in 1-3 business days.

Can a Corporate Bank Account Make Bulk International Payments?

In businesses that receive large amounts of foreign cash movements every month, bulk payments are critical to efficiency. 

Luckily, The Kingdom Bank lets you easily transfer multiple cross-border transfers at a time through your corporate bank account.

When logged in on the mobile or web app, open the “Payments” tab. You can upload a payments file that contains information for several outbound transfers. 

It should contain details such as the name of the recipient, amount, currency, and account number for every payment. The Kingdom Bank accepts CSV and Excel file formats.

After it’s uploaded, the bank will initiate every transfer in a single batch to ensure funds reach all the recipients at once. 

It’s far more flexible than paying for each individual once, especially if you have dozens or hundreds of frequent supplier payments to keep track of. Bulk uploads save precious time that can be spent running your business.

What Fees are Involved in International Corporate Transfers?

The Kingdom Bank offers much lower rates than other traditional banks for companies who transfer money internationally from their corporate account. 

We do not charge account fees monthly or require a minimum balance (as discussed above).

Charges are very affordable for international wire transfers made via The Kingdom Bank system:

• SEPA exchanges within the EU are absolutely free.
• Transfers to most nations around the world are $10/€10 per transfer / transaction.
• Transfers in “exotic” currencies may incur a slightly higher fee.

Such a fee arrangement makes The Kingdom Bank extremely cost-effective for businesses that transfer money on a regular basis around the world. 

And there are no upsells or transaction costs in the form of percentages, so budgeting is very easy. For each payment, you’ll know exactly what you’re going to pay up front.

What Currencies Can I Send Through a Corporate Bank Account?

As an online bank, The Kingdom Bank offers you the ability to transfer in the majority of world currencies from your company bank account. 

Here are some of the principal ones:

• US Dollar (USD)
• Euro (EUR)
• British Pound (GBP)
• Swiss Franc (CHF)
• Canadian Dollar (CAD)
• Australian Dollar (AUD)
• Japanese Yen (JPY)

You can even make and receive payments in many of the emerging market currencies that banks miss out on, including:

• Brazilian Real (BRL)
• Mexican Peso (MXN)
• Indonesian Rupiah (IDR)
• Turkish Lira (TRY)
• South African Rand (ZAR)

Its global cross-border payment integration enables businesses operating across the globe to keep track of their finances and pay partners in their home currency – saving money on exchange rates and simplifying reporting. And all without having separate bank accounts around the world.

Easiest Way to Open a Corporate Banking Account for Free

If your company wants to take advantage of a cost-effective and simple solution to get started receiving and processing payments from all over the world, The Kingdom Bank is the right place to open a digital corporate account.

First, visit The Kingdom Bank website and click on the big “Open Account” button. The process of getting registered is a quick one where you fill out some basic company information. 

You can expect to type in your company name, address, website, and details such as your name and ID.

The Kingdom Bank will then verify you further in the background, such as checking your identity and your business. This typically takes a couple of hours, but in some cases can take 1-2 business days.

Once approved, you’ll immediately be able to access your brand new corporate online account. You can then begin to receive money, send money abroad, and track your finances using our mobile app – all for absolutely nothing.

So if you want to simplify global B2B banking, start with a The Kingdom Bank corporate bank account today. This couldn’t be easier or cheaper.

Because of the emergence of online financial services like The Kingdom Bank, it is easier to handle the money in a business overseas. 

With a corporate account, small or large enterprises can now accept international payments, pay suppliers globally, and monitor cash flows worldwide from one single digital dashboard.

The Kingdom Bank’s competitive fee structure and zero minimum deposits makes it a highly cost-effective alternative to traditional banking. 

Therefore, if your company has always sent or received money to and from the international location then you definitely should consider a The Kingdom Bank corporate banking account to manage your finances more effectively.

Don’t you dare to push things to a higher level and open your The Kingdom Bank account today? You’ll have global banking at your fingertips in minutes — for free.