Sending an international payment from a UK business account
What UK businesses should check before sending money overseas, including beneficiary details, currency costs, timing and fraud controls.
Before sending an international business payment, confirm the beneficiary name and account details through a trusted channel, choose the correct currency, check the bank’s transfer fee and exchange-rate margin, and understand whether intermediary or receiving-bank charges may be deducted. International transfers can use different networks and cut-off times, so do not promise a supplier a same-day arrival unless your provider confirms it.
Collect the beneficiary details exactly as requested
International payments may require an IBAN, SWIFT/BIC, local account number, bank address or routing information depending on the destination. Use the supplier’s exact legal or account name and payment reference. Our guide to information needed for international transfers explains the common fields.
Treat a request to change bank details as high risk. Verify the change using an established phone number or supplier portal, not the contact details in the same email requesting the change.
Choose the payment currency deliberately
Paying a foreign-currency invoice in sterling can push conversion to the receiving side, while sending in the invoice currency can make the amount more predictable for the supplier. Compare the quoted exchange rate and margin, not just the visible transfer fee. A small rate difference can matter more than a fixed fee on a large invoice.
If the business holds multi-currency balances, consider whether using existing currency avoids an unnecessary conversion. Record the rate and fees for accounting purposes.
Understand that more than one bank can take part
Some international payments pass through correspondent or intermediary banks before reaching the beneficiary. Charges can therefore come from the sending bank, intermediaries and the receiving bank. Depending on the route, the beneficiary may receive less than the amount sent. Ask the provider what fee options are available and who bears charges.
Our guide to fees inside an international bank transfer goes deeper into that cost chain.
Timing depends on currency, destination and cut-off
Domestic Faster Payments can often arrive very quickly, but an international transfer follows a different timetable. Submission time, bank cut-off, weekends, time zones, compliance checks and intermediary processing can all affect arrival. For a first payment to a new supplier, allow more time than for a routine repeated transfer.
If a deadline is contractual, ask the bank whether it quotes a value date, estimated arrival or only a processing date. Those are not the same thing.
Use stronger approval controls for new or high-value beneficiaries
A large overseas transfer deserves more than a quick copy-and-paste from an invoice. Use a second-person review where possible, compare the beneficiary with prior records and retain the commercial evidence for the payment. Confirmation of Payee is a UK name-checking service and may not apply when the destination account is outside the UK.
If the transfer is a response to unusual urgency, secrecy or a changed supplier account, stop and verify. International wires are attractive to fraudsters because recovery becomes harder once funds move through multiple institutions.
If the payment is delayed or sent incorrectly
Keep the payment reference, date, amount, currency and beneficiary details. Ask the bank whether the payment has left, whether an intermediary is holding it and whether a trace can be raised. Do not send a duplicate simply because the supplier cannot see the first payment yet.
For regular overseas payments, document the proven beneficiary details and expected processing time so future finance staff can distinguish a normal delay from a genuine exception.
Frequently asked questions
Do international business payments always need an IBAN?
No. Requirements depend on the destination and payment route. The bank will specify the fields needed for that country and currency.
Can intermediary banks deduct fees?
Yes, depending on the payment route and charging option. Ask the sending bank how fees are allocated before sending.
Does Confirmation of Payee protect an overseas transfer?
Not generally where the payer or payee account is outside the UK. Use independent beneficiary verification for international payments.
Confirm the full cost before authorising the transfer
For an international business payment, the headline transfer fee is only one part of the cost. Check the exchange rate, any receiving-bank or intermediary charges, the payment currency and who is responsible for fees. Verify the beneficiary details using an independent contact route, especially when an invoice has recently changed. Keep the invoice, payment confirmation and exchange-rate information with the transaction record so the bookkeeping team can reconcile the final amount received by the supplier.
Sources and verification
- MoneyHelper — How to make a bank transfer
- Payment Systems Regulator — Confirmation of Payee requirements
Oliver Grant — Markets & Regulation Writer
For an international business payment, I would focus on three risks: wrong beneficiary, unexpected cost and missed timing. The most serious is beneficiary fraud, so a change of supplier bank details should never be accepted from one email thread without independent verification. Next I would decide the currency deliberately and compare the full conversion cost. A low transfer fee can be irrelevant if the exchange-rate margin is poor. Finally, I would build realistic time into the payment because international routes can involve cut-offs, correspondent banks and compliance reviews. For a large or first-time beneficiary, I prefer a second approver and a written record of how the details were verified. I would also retain the invoice, payment confirmation and exchange-rate information with the accounting record. If the supplier says funds are missing, I would trace the existing payment before sending another. Businesses often create avoidable losses by treating an international transfer like an instant domestic Faster Payment. The operational rule should be different: verify more carefully, price the currency explicitly and allow enough time for the route the payment actually uses.
MyBankAnswers uses official provider and UK regulatory sources wherever practical. Information is general and does not constitute financial advice.