Making or Receiving Foreign Currency Payments? Key points to consider.

Irish businesses are trading more globally than ever, with the latest data from the CSO revealing that exports hit a record level of €260.3 billion in 2025

As supplier networks stretch across borders, the need to pay overseas bank accounts in foreign currency is becoming a routine part of operations for Irish businesses.

Here are four important questions every business trading internationally should ask when assessing a new foreign currency payments provider.

1. How competitive are your exchange rates and fees?

For businesses already managing rising operational costs, regulatory requirements, and supply chain complexity, additional FX costs can quickly erode margins.

Traditional banks often apply higher fees and wider currency margins to international transfers than businesses realise. The process can also lack transparency, making it difficult to fully understand the true cost of each transaction.

Specialist FX providers focus specifically on international payments rather than general banking services, which can typically result in more competitive exchange rates and clearer, more predictable pricing for organisations making regular overseas payments.

2. How quickly do payments reach recipients?

In sectors where timing is critical, delays in payments can have immediate operational consequences.

Late payments may affect shipment schedules, disrupt production timelines, or place unnecessary strain on supplier or distribution relationships that are essential to business continuity.

Many organisations have experienced the frustration of chasing payment confirmations or waiting longer than expected for funds to arrive.

Traditional banks manage a wide range of services, and international payments are only one part of their offering.

By contrast, a specialist payments provider is typically more focused on speed and efficiency in cross-border transactions. Faster settlement times can help ensure smoother operations and reduce pressure across the value chain.

3. Can you help protect my business from currency swings?

Currency markets are constantly fluctuating, particularly between major trading currencies such as euro, sterling, and US dollar.

For businesses purchasing components, raw materials, or services internationally, even small exchange rate movements can significantly impact costs and profitability.

Where purchases or contracts are agreed in advance, this uncertainty can make financial planning more challenging.

A provider with FX risk management expertise can help mitigate this uncertainty through tools such as forward contracts, allowing businesses to lock in an exchange rate for future payments.

This provides greater certainty when budgeting, forecasting, and pricing products or services.

For organisations operating in tightly controlled environments, reducing financial variability can be just as important as reducing cost.

4. Can I speak to a real person when something goes wrong?

This is often overlooked but becomes critically important when an issue arises.

When a payment is urgent or confirmation is required quickly, being routed through automated systems or generic call centres can add unnecessary stress and delay.

Businesses value efficiency, but they also rely on strong relationships and responsive support.

Having access to a dedicated account manager or payments specialist who understands your organisation and its requirements can make a meaningful difference, particularly during busy or high-pressure periods.

To evaluate a provider’s service quality, independent review platforms such as Trustpilot can provide useful insight into responsiveness, reliability, and overall customer satisfaction.

About Fexco International Payments

As an Irish-owned company based in Kerry, Fexco International Payments is regulated by the Central Bank of Ireland and has built its reputation around helping Irish businesses manage overseas payments & receivables more effectively.

For organisations regularly transacting in foreign currencies, that local support combined with specialist expertise offers a compelling alternative to traditional banking models.

Medlink members can benefit from ZERO FEES on foreign currency payments, including same-day value payments, competitive exchange rates, and access to a dedicated account manager.

For more information, contact John Barry at 066 9799041 or email jobarry@fexco.com, or visit https://www.fexco.com/payments-and-fx/international-payments/.