Tag Archive for International business

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International Money Transfer for Business – Best Providers to Send Money Abroad

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By Henry Williams on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

This system, which relies on a trusted network of brokers and acquaintances to honour debts, has proved resilient, but can’t provide the speed and sophistication required by modern businesses.

Even the inter-bank systems of today, such as SWIFT or SEPA, can be too slow, too expensive, or too limited in scope. Dedicated online platforms offer the best mix of speed, transparency and security, providing competitive exchange rates, with settlement sometimes as quick as the same day. 

Here’s how to pick the right international money transfer platform for your business and five of the best providers for sending money abroad. 

What should you look for in an international money transfer provider?

Not all international money transfer providers are created equal. Cost, efficiency, security, and global reach are all vital considerations for businesses – here’s why they matter and how they influence which provider you should choose. 

Transaction fees 

Online platforms allow you to avoid costly interbank rates and tend to offer better (typically mid-market) exchange rates than banks, but transaction fees can still be high. 

When comparing platforms, look for a transparent fee structure with minimal to no intermediary fees – that

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EORI number: What it is and how to get or check one

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By Ben Lobel on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

If you’re considering growing your business internationally, or if you have suppliers based overseas, you’ll probably already have heard of an EORI number.

Before Brexit, you didn’t need an EORI number to trade goods within the European Union. However, since 1 January 2021, businesses based in Great Britain have required an EORI number (starting with GB) to import and export goods within the EU.

Here’s all you need to know about the EORI system, who should register, how to apply and where to go for more help.

What is an EORI number?

An EORI number – which stands for an Economic Operator Registration and Identification number – is a unique ID code used to track and register customs information in the EU.

It’s used by customs and other authorities to monitor and track shipments coming into and out of the EU and the UK.

Who needs an EORI number?

Companies importing goods into or exporting goods from the EU need an EORI number. This number is used to exchange information with customs authorities.

You need a different type of EORI number depending on where you’re moving goods to and

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Hot Business News Today

EORI number: What it is and how to get or check one

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By Ben Lobel on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

If you’re considering growing your business internationally, or if you have suppliers based overseas, you’ll probably already have heard of an EORI number.

From January 1 2021, businesses based in Great Britain have needed an EORI number (starting with GB) to import and export goods to the EU.

If you’re just getting started in importing or exporting, the registration process can seem daunting. Don’t worry though – we’ve got you covered.

Here’s all you need to know about the EORI system, who should register, how to apply and where to go for more help.

What is an EORI number?

An EORI number – which stands for an Economic Operator Registration and Identification number – is a unique ID code used to track and register customs information in the EU.

It’s used by customs and other authorities to monitor and track shipments coming into and out of the European Union.

Who needs an EORI number?

Companies importing goods into or exporting goods from the European Union need an EORI number. This number is used to exchange information with customs authorities.

As of January 1st, 2021 companies importing goods into or exporting goods from the

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Import guide: three essential tips and everything you need to know

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By Tom Sommer on Small Business – Advice and Ideas for UK Small Businesses and SMEs
The UK having left the EU with the subsequent transition period, along with the effects of Covid-19, have caused higher levels of volatility in trade statistics when it comes to import and export over the past two years.
The value of imports of goods and services to the UK, excluding precious metals, totalled £39bn for June 2021, up £1 billion (2.6 per cent) from the month prior. 
The trends are clear – importing is big business.
However, importing to the UK can be complicated and costly – particularly in a post-Brexit world, where trade with the EU today is a whole different ball game to this time last year.
>See also: How to import from China to UK
Imports from non-EU countries have now outpaced. Still, Germany, the Netherlands and France represent three of the UK’s five biggest exporters, so getting up to speed with the new EU/UK trade agreement will be essential for many broaching the vast world of imports.
Getting started can feel like a challenge – but it could be a great way to grow your business.
Whether importing from the EU or further afield, this guide can help

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The UK-Australia trade deal and what it means for small business

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Originally written by Anna Jordan on Small Business
The Prime Minister recently announced a provisional trade deal (agreement in principle) between the UK and Australia.
It’s significant because it’s the first deal negotiated from scratch since leaving the EU.
There’s been a mixed reception to the news, with some excited about cheaper imports. However, others are questioning how effective it’ll be for the economy and what the damage will be for businesses in the agricultural sector.
We’ve outlined what the government have said about the agreement so far and how industry experts have responded.
Less red tape for SMEs
Under the plan, red tape and bureaucracy will be scrapped for more than 13,000 small businesses across the UK who already export goods to Australia. The agreement will deliver quicker export times and ensure small business have access to new intelligence that will better allow them to take on opportunities created by the deal.
National chair of the Federation of Small Businesses, Mike Cherry, said:
“A trade deal with Australia will come as great news for many of our members who have long been exporting there as well as those who are hoping to expand their trade ambitions.
“As we look beyond the pandemic and enjoy the benefits of post-Brexit

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Hot Business News Today

The UK-Australia trade deal and what it means for small business

by  •  • 0 Comments

Originally written by Anna Jordan on Small Business
The Prime Minister recently announced a provisional trade deal (agreement in principle) between the UK and Australia.
It’s significant because it’s the first deal negotiated from scratch since leaving the EU.
There’s been a mixed reception to the news, with some excited about cheaper imports. However, others are questioning how effective it’ll be for the economy and what the damage will be for businesses in the agricultural sector.
We’ve outlined what the government have said about the agreement so far and how industry experts have responded.
Less red tape for SMEs
Under the plan, red tape and bureaucracy will be scrapped for more than 13,000 small businesses across the UK who already export goods to Australia. The agreement will deliver quicker export times and ensure small business have access to new intelligence that will better allow them to take on opportunities created by the deal.
National chair of the Federation of Small Businesses, Mike Cherry, said:
“A trade deal with Australia will come as great news for many of our members who have long been exporting there as well as those who are hoping to expand their trade ambitions.
“As we look beyond the pandemic and enjoy the benefits of post-Brexit

Read more...