Payment to Overseas bank but in GBP

trev127

Hoping someone might be able to help with payments to foreign suppliers.

We work with a number of overseas suppliers and have always paid invoices through Transferwise, paying the invoice in the suppliers currency. A new supplier in India are adamant that the invoice be paid in GBP but obviously in to an Indian account. I know I can't transfer through Transferwise to India for them to receive in GBP. I will be speaking to our bank where we hold a business account but I'm assuming the bank will charge us quite a bit to do this. Anyone with any experience or tips for making payments abroad without currency exchange?

martindow

It's been my experience too that currency transfer people are not interested if there is no currency to change where they make their profit. I deal with an Indian company who invoice in Pounds and I have to use my bank. I think the fee is £20 (Santander) so not a large amount when my invoices are into four figures but if you are transferring a small sum it would be a large percentage.

trev127

Many thanks Martin, we are with Santander so its good to have an indication of cost. Invoices will be fairly sizeable so percentage wise not huge but always like to keep costs down when I can.

jonesMUFCforever

...Before doing anything do an internet search on 'Exchange control regulations in India'.
Will the Indian suppliers and yourself be using Bills of Exchange - what terms of payment have been agreed?
I would advise taking proper advice not from amateurs like me on here.