What to Look for in a Global Banking Partner
With 96% of the world’s consumers residing outside of the United States, many businesses eventually look to foreign markets as a way to grow sales and expand their market share. When that day comes for your business, it is important to find a global banking partner that can assist you with the many facets of global commerce, above and beyond just getting paid.
Flexibility and Product Depth
For starters, consider a global banking partner that offers both flexibility and depth in its global product line. This is important, as there are many different methods to send and receive payments from abroad, often dependent on the specifics of a particular business transaction. For instance, a sale or purchase in a specific country or region, say, Latin American, might call for a very different payment instrument compared to a similar sale or purchase in Europe or Asia.
Or, consider the challenge of getting paid or paying for a perishable product that might require a quick turnaround of funds prior to delivery. Does your bank offer solutions to secure this transaction in a timely manner without risk to you or the product being traded? In a nutshell, your bank should have a depth of products that can fit your varied complexity of sale or purchasing conditions, regional idiosyncrasies, foreign currency restrictions, comfort level with risk, etc.
Experience and Skill
Another consideration when looking for a global banking partner is the experience and skill level of the banking team. Look for a global team that has in-depth knowledge, practical experience, and industry certifications. This is especially significant in the often complex world of letters of credit, where the expertise and history of a solid global payment specialist can mean the difference between getting paid on time or perhaps not at all.
Finally, ask yourself if the global banking team understands your business and your industry. Do they have a local community presence, yet offer you a global reach? Can they provide you with personal, industry-specific advice on doing business abroad? Remember that a great global banking partner is more than a means of sending and receiving money abroad. It is relationship-based banking that can provide you with foreign market-specific consulting relevant to both your company and its industry.
If you are considering expanding abroad or doing any other international business, learn more about global banking products and services by subscribing to the Small Business section of our site using the right hand sidebar, or give me a call to learn more.