Founders are the leaders of the business world in so many ways, and it’s a position in life that you should rightfully take pride in having.

The increasingly interconnected nature of the global economy means that domestic trade will only take you so far, with many Australians increasingly looking overseas for new markets and growth opportunities. 

One of the key issues that you will face if you follow the same path is how to make quick and efficient cross-border payments. Here, we will take a look at a few more.

Look beyond domestic banking services

Local banks are great at what they do, but the problem is that they aren’t really set up to handle frequent cross-border payments.

The key is to find a specialist international payment service that can help you navigate the complex network of intermediary banks, fees, and charges in a way that is fast, efficient, and cost-effective. 

The right service will be able to handle payments in multiple currencies in a way that always gives you access to the most competitive exchange rates. It will also ensure that you maintain regulatory compliance across different international jurisdictions, protecting your business in the process. 

Be proactive with your financial safety 

A recent report showed that more than USD 6.5 billion in remittances left Australia in 2022, and that the volume of remittances has outstripped the global average for the last 25 years.

While this shows that the systems are certainly viable, it also means that scammers and fraudsters know there is a large volume of transactions to target. The good news is that there are steps you can take to keep your business safe. 

One of the simplest checks you can make is to ensure that the person you are paying actually resides where they say they do.

Because every bank has a unique SWIFT code that it uses as a form of global address when communicating with other banks, you can check that the SWIFT code matches the country.

For example, starting at home with a bank Australia SWIFT code check will help you ensure all is as it should be with domestic payees. You can then expand your checks every time you need to make a payment to a new international location.

Focus on usability at both ends 

Your business will have to pay people in different countries, and depending on what you do, they may also have to pay you for your goods and services. With this in mind, you need to find a cross-border payment solution that can be used by customers, clients, suppliers, and vendors. Here are some key things to focus on: 

• Localised checkout experiences that show customers making a purchase everything they need to know in their local currency 
  
  
• Payment tracking that helps you check the status of money that is being both sent and received, so you can identify issues early 
  
  
• Flexibility in terms of the payment methods you accept will help you do business in new regions and access new markets 

Cross-border payments have a reputation for being complex and time-consuming in some quarters, but that really doesn’t have to be the case. By connecting with a specialist remittance service, you can add their services to your existing infrastructure in a way that streamlines your operations. 

Always look to the future 

If cross-border payment processing times become inconsistent or erratic, or if you have to deal with duplicate payments and instances of fraud, your business will obviously suffer.

While the loss of time and money is something that we can all recognise, it’s the knock-on impact on cash flow that often goes unnoticed until things reach a critical point. 

By constantly assessing where your business needs to go — not just where it currently is — you can make sure that your cross-border payment solutions are fit for purpose.

For example, if you need to deploy significant resources to get a new marketing campaign up and running, do you have the cash flow?

Knowing when money is entering and exiting your business from all of the different regions you operate in is the only way you will be able to accurately answer this vital question.  

Final thoughts  

Moving away from the limitations of domestic banks and finding a specialist international remittance service is essential if you want to grow your business in 2025.

With Australian businesses closely tied, in economic terms, to those in Vietnam and India, you need to be able to move money across borders and into different currencies in a way that is safe, secure, and highly scalable. 

Australian founders who deploy solutions that tick all of these boxes will therefore maximise their probability of success in 2025 and beyond.