The interactivity of the internet has shrunk the globe down to the point where we no longer need to work in the country we were born. Even moderately sized companies now have offices abroad, and international payments are made daily around the world. If you run a business importing or exporting goods or services, having a branch overseas can help increase revenue enormously.
However, running a company overseas can be daunting from the financial point of view. Even if you are an employee there are bills to be paid, and mortgage payments to be made, at home. If you intend to be located abroad for a long time, it’s essential you keep one or more bank accounts in the UK open. This makes it easy to perform overseas money transfers back home to pay bills, and also ensures your credit history remains buoyant.
When working or running a company abroad, you will probably need to open one or more offshore accounts. Generally, UK businessmen will have an account with an international bank that has a good presence at home. This may well be the only bank they’ll need, as it means their cash is instantly available no matter where they are.
The internet makes it even easier to organise business finances, as currency brokers like us at Pure FX are instantly accessible from anywhere where there’s a Wi-Fi connection. Our money transfer services include easy ways to buy currency online, transfer large sums from one business account to another, and set up forward contracts with partners in other countries.