A Complete Guide to Send Money Abroad to Business Partners & Suppliers

Expanding your business entails building sustainable relationships with suppliers and partners abroad. Now that all countries are connected, the possibility to deal with partners offshore is definite. However, it comes with different challenges, including long distances, language barriers, and most importantly, payment. 

So are you ready to pay for suppliers without a hassle? If your answer is no, then you might be harming your business and revenue. Payment plays a major role in maintaining a successful relationship with the people you work with. It’s even more than this.

It helps you maximize profit and increase the company’s growth. Everyone wants to get paid accurately and timely. You, too, want to pay stress-free and fast.

So how to make this happen?    

Ahead, we will show you how to send money abroad and maintain a powerful connection with your business suppliers.

Who are Overseas Suppliers?

They are companies that export goods and supplies to companies located in other countries. For example, you have a factory that manufactures clothes in Jordan and you want to import cotton from the United States. Hence, you partner up with one of the cotton suppliers there and agree on the shipment requirements and payment rules. 

Luckily, importing a large volume of goods has become accessible and fast due to globalization and technology. Many companies return to importing because the quality and prices of goods are more convenient than purchasing them domestically, especially when you buy bulks of goods. This also has a good effect on the importer business as it increases the total bottom line.

Why Do You Need to Deal with Suppliers Overseas?

Partnering up with suppliers overseas has many benefits to your business. Although buying from local manufacturers is faster, it might not be the best solution when it comes to quality, variety, prices, etc. If you want to get the best quality and price, you might consider outsourcing overseas for the following reasons:

• Adding a competitive edge to your business

• Getting a huge variety of products that are not available in your country

• Accessing better product quality 

• Setting more convenient terms and condition

• Choosing between a great number of suppliers

Is It Safe to Send My Money Abroad to Suppliers?

The first and foremost thing you need to do to secure your money is to choose a trusted money transfer company. Although sending money abroad raises a lot of concerns, there a few of things you need to consider beforehand for safer transfers:

• Know that international transfers are hard to retrieve, so make sure you deal with real, trustworthy suppliers (check their business register, company managers, business records, etc.) 

• Choose a reliable money transfer provider in Jordan (check Abu Sheikha Exchange money transfer services)

• Never disclose any data to the supplier: passwords, security information, etc.

• Don’t send the total amount of money; you can divide them into installment payments and send them throughout a fixed time.

• Provide a commercial invoice with all the details of your purchase.

Common Ways to Send Money to Suppliers

Bank Transfers

Most sellers choose this option because they trust the bank they deal with. Although it is reliable, the charges applied can be disastrous to your bottom line. Banks charge high fees for their international transfer services – making them less popular.

Peer-to-peer

This money transfer option can be convenient for companies and suppliers who are accustomed to using online transfers. What’s good about this option is the service speed. But on the other hand, you will get to suffer the high exchange rate.

Your Way to Send Money Abroad Cost-effectively

Abu Sheikha Exchange has been providing businesses in Jordan with trusted money transfer services for more than 25 years. If you want to balance between exchange rate, service fee, and quality of service, we can make this equation true.

Visit one of our 17 branches across Jordan, and get fast, convenient, and reliable service from our staff who are well-trained to take care of your money. We are open all week long, including weekends and holidays until midnight.