Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Payment fears deter UK businesses from pursuing overseas growth

by July 15, 2024
July 15, 2024
Payment fears deter UK businesses from pursuing overseas growth

Concerns over international payments are dissuading many UK businesses from engaging with overseas suppliers or entering new markets, according to a new survey by HSBC UK.

The survey, which polled over 1,000 financial decision-makers, revealed that 43% are hesitant to conduct international business due to uncertainty over hidden payment costs. Additional concerns include payment security (38%) and managing different currencies (37%).

In response, HSBC UK has launched the HSBC Global Wallet payment solution within its digital banking platform for small and medium-sized businesses.

Tom Wood, Head of Global Payments Solutions at HSBC UK, stated: “For smaller businesses, international payments can appear complicated and opaque. With transactions often attracting unexpected fees, it’s unsurprising that many businesses are reluctant to look overseas for growth.

“HSBC Global Wallet, our multi-currency business account, offers a simple and transparent solution. By providing businesses with different currency wallets and access to HSBC’s global payments network, it delivers visibility, reach, and control.

“Its real-time access to FX rates ensures businesses have clarity on payment costs, allowing them to proceed with confidence and seize global opportunities.”

Age Influences Payment Confidence

HSBC UK’s survey also highlighted that age affects confidence in handling international payments. Among respondents under 35, 60% are reluctant to engage in international business due to payment security concerns, and 58% are deterred by dealing with different currencies. Conversely, only 27% of respondents aged 55 or older share these concerns.

Wood added: “It’s interesting that younger respondents appear more concerned about making international payments. This might be because they haven’t previously been involved in international transactions and are unclear about the process.

“For those considering international expansion for the first time, Global Wallet provides a safe and straightforward solution.”

Pay and Receive ‘Like a Local’

HSBC Global Wallet leverages the bank’s global network to integrate with local payment systems, reducing friction and eliminating the need for third-party providers. This minimises unexpected fees from intermediary and beneficiary banks.

Integrated within HSBC UK’s digital business banking platform, Global Wallet eliminates the need for multiple accounts and separate logins. Customers can self-manage, adding or withdrawing from each distinct currency wallet alongside their everyday bank accounts.

Read more:
Payment fears deter UK businesses from pursuing overseas growth

0
FacebookTwitterGoogle +Pinterest
previous post
Biden’s Cabinet condemns attempted assassination of former President Trump
next post
UK housing market poised for buoyant autumn as interest rate cuts loom

You may also like

Wage growth cools slightly but Bank of England...

December 12, 2023

How To Get The Best Remortgage Deals?

May 15, 2023

How To Choose The Right Lone Worker Protection...

June 27, 2023

Qatar set to make £4bn UK climate tech...

September 11, 2023

PayPal plans to lay off 2,000 staff

February 1, 2023

Interest rates will need to rise again, warns...

February 24, 2023

Fears of tougher restrictions sweep China after first...

November 22, 2022

UK Trade in Peril: Axing Negotiators Jeopardises US-UK...

July 1, 2024

Why Your Company Needs Key Man Insurance

July 24, 2023

7 Smart Reasons to Start with Bitcoin Today

April 25, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025
    • Tech ETFs are Leading Since April, but Another Group is Leading YTD

      June 7, 2025
    • TIMELINE: Inside the evolving relationship between Trump and Musk from first term to this week’s fallout

      June 7, 2025
    • Deadly drone wars are already here and the US is horribly unprepared

      June 7, 2025
    • Week Ahead: NIFTY’s Behavior Against This Level Crucial As The Index Looks At Potential Resumption Of An Upmove

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,564)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved