Home Brexit UK businesses eager to trade overseas

UK businesses eager to trade overseas

by LLB Finance Reporter
18th May 21 9:39 am

More than a fifth of UK businesses are not confident dealing with multiple markets and currencies, but a quarter of those that don’t currently trade overseas are eager to, according to a survey commissioned by HSBC UK.

The top barriers for companies to trading internationally are the global economic environment (19%), tariffs (18%) and concerns around dealing with exchange rates and multiple currencies (16%).

Tom Wood, Head of Global Liquidity and Cash Management at HSBC UK, said: “When the global economy starts to bounce back, and trade tariffs are negotiated between the UK and its trading partners, there is a big opportunity for UK businesses to expand their operations overseas.

“To help UK businesses seize this opportunity – when the time is right – we’ve launched HSBC Global Wallet which is a new multi-currency solution that will enable businesses to make and receive international payments simply and securely.”

The research revealed that dealing with currency fluctuations (43%) was the leading concern in making and receiving payments overseas, followed by risk of fraud (25%) and speed of payments (17%).

Tom Wood added: “Sending money internationally is often a complex and time-consuming process, with exchange rates frequently changing. This can lead to businesses paying more than expected or receiving less than expected for services and goods that are traded internationally.

HSBC Global Wallet provides real-time access to FX fluctuations so that companies can hold, manage and send money in multiple currencies within minutes.”

The new feature uses the bank’s secure global payments network which removes the need to use third-party providers for international transactions giving businesses greater cash flow visibility.

HSBC Global Wallet launches in the UK with ‘pay like a local’ capabilities in US Dollars, Euros, Hong Kong Dollars, Canadian Dollars and Australian Dollars. The platform will be enhanced later this year to allow UK businesses to ‘receive payments like a local’ in some currencies.

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