How to Make International Payments with a Business Account?10 min read

How to Make International Payments with a Business Account?10 min read

As more and more businesses look to take advantage of opportunities in the global marketplace, the need to make international payments across borders has become commonplace. 

However, navigating the complexities of international banking can seem daunting, especially for small businesses just starting out. This guide will walk you through how international payments work using a business account on a digital banking platform like The Kingdom Bank.

How Does the International Payment System Work in Online Banking?

At its core, the process of making an international payment with online banking is similar to sending a domestic transfer – you simply need to provide additional details about the recipient. 

Behind the scenes though, multiple banking networks facilitate the transfer of funds between countries in a coordinated manner.

The main international payment rails include SWIFT, Target2, and correspondent banking. SWIFT is a secure messaging system that connects over 11,000 financial institutions globally. It plays a critical role in international wire transfers by assigning unique bank identifiers (SWIFT codes) and facilitating the transmission of payment instructions. 

Correspondent banking involves banks maintaining accounts at other institutions abroad to process funds transfers on behalf of their customers.

Online banking platforms abstract much of this complexity away from users. With The Kingdom Bank, you can initiate an international payment from your business account just as easily as a domestic transfer. 

The platform will prompt you to provide additional recipient details like SWIFT code, IBAN, and BIC/SORT codes as needed based on the destination country. Behind the scenes, The Kingdom Bank routes the payment through the appropriate network(s) to credit the beneficiary’s account.

What Type of Online Banking Account is Required to Make International Payments?

To send and receive international payments online, you’ll need a business bank account that supports cross-border transfers. 

Most traditional and challenger banks offer corporate international banking solutions tailored for small to medium sized businesses. However, for ease of use and lowest fees, a digital-first bank may be preferable.

The Kingdom Bank provides business banking services specifically designed for firms engaged in global trade. Their online corporate accounts can be opened remotely without minimum balance requirements or monthly fees. 

Accounts are equipped with multi-currency wallets and payment rails to 190+ countries/territories. Recipients are paid in their local currency thanks to The Kingdom Bank’s proprietary currency exchange technology.

As a financial technology leader, The Kingdom Bank leverages advanced security protocols and has a dedicated business banking support staff. This gives peace of mind for those conducting significant cross-border transactions online. 

The seamless user experience makes international payments effortless, whether you’re a solopreneur or established corporation.

Can Payment Transactions Be Made with Business Accounts in Digital Banking?

Absolutely – with a streamlined digital banking platform, businesses can easily initiate all types of payment transactions through their online business account. 

Whether you need to pay suppliers abroad, collect revenue from overseas customers, or process payroll for remote teams – modern banking technologies enable secure and convenient funds movement globally.

At The Kingdom Bank, businesses have the flexibility to send and receive international payments via SWIFT wire transfers as well as faster payment rails like Target2 and FPS. They also support B2B collections through integrated bill pay solutions. All payment activities can be tracked, approved, and managed through user and role-based access controls.

Additional functionality includes multi-user access, bulk upload capabilities, and recurring/scheduled payment templates. APIs further expand payment options by powering integrations with accounting, ERP, and payroll software. Merchants can even accept payments directly through their online business account using embedded payment buttons.

Is It Safe to Make International Payments with a Business Account?

Safety and security are top priorities when banking internationally. Fortunately, digital banking brings robust protections not found with traditional cross-border wire transfers.

The Kingdom Bank goes above and beyond to safeguard customer funds and data. Our platform utilizes bank-grade encryption, multi-factor authentication, activity monitoring, and account insulation. 

Sensitive payment details are transmitted directly within a secure online banking portal instead of vulnerable email/fax systems.

Most importantly, The Kingdom Bank is a licensed and regulated financial institution overseen by respected authorities in Dominica and Switzerland. 

As both a bank and payment institution, we are bound by stringent AML, KYC and data privacy compliance standards. Our security protocols are also routinely stress tested by independent assessors.

Of course, businesses still have responsibility to practice safe financial habits online – such as using strong, unique passwords. 

The Kingdom Bank helps by generating complex credentials that auto-update for optimal protection. Two-factor authentication adds an extra layer of verification when logging in or initiating sensitive transactions.

Can International Payments Be Made with a Crypto Account?

The rising popularity of virtual currencies has generated demand from businesses to integrate crypto into their payment workflows. 

As a leader in digital finance, The Kingdom Bank proudly offers crypto banking services through their award-winning platform.

In addition to a standard multi-currency account, The Kingdom Bank customers can open dedicated digital currency wallets. 

Supported assets include BTC, ETH, LTC, and more top cryptos. This allows merchants to accept blockchain-based payments directly from consumers through customizable online invoicing portals.

Behind the scenes, The Kingdom Bank’s best-in-class custody solution keeps crypto assets safe from hackers while maintaining liquidity. 

Should you prefer to hold funds briefly before exchanging them, The Kingdom Bank facilitates bank-grade security with fractional market-linked reserves.

Businesses also gain the option to swap between fiat and crypto seamlessly at real-time exchange rates. This mitigates currency volatility risks while preserving purchasing power. 

And by leveraging strategic partnerships like Mastercard’s cryptocurrency program, firms can even spend their digital holdings online/in-store at millions of global retailers.

The Kingdom Bank digital banking platform allows businesses to send and receive international payments with complete ease and confidence. Our streamlined registration process welcomes startups while institutional-grade security protects established enterprises. 

By joining The Kingdom Bank‘s growing community of clients today, your company can focus fully on what matters most – whether exploring new foreign markets or empowering financial self-sufficiency for your operations worldwide.