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On the eve of what is sure to be Alistair Darling's most important political statement there is speculation and counter speculation about how he will address the situation of the UK economy next...
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Monday 2nd June 2008
A recent survey from Travelex Global Business Payments has blown a hole in the belief that it has never been easier to transfer money around the world. The survey revealed that 1 in 5 UK businesses spend at least 4 days a month trying to unravel and understand overseas banking payments while a massive 52% has experienced serious problems over the last 12 months.
While we have all been spoon fed the idea that it has never been easier to transfer money around the world, it seems as though the age of instant transfers has not yet reached the international arena. As well as the obvious costs and problems with overseas payment transactions, the survey reveals that more and more UK companies are having second thoughts about dealing with overseas customers. When you consider the level of international trade which the UK business sector carries out on a yearly basis, any further problems in this area could have a serious impact upon business and profitability.
The main problems seems to revolve around a lack of tracking on payments, hidden charges and the actual time it takes for the money to be available and clear. While the international banks all claim they are working on solutions they have yet to appear. |
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