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Whether you already have your own business or are considering starting a business, sometimes you need to look for overseas suppliers to meet your business needs or services.

In fact, the number of Australian commercial importers increased by 23% over the previous year in fiscal 2020-2021, with overseas imports reaching approximately US$309 billion. ¹ Here are the information you need to know about how to pay overseas suppliers from Australia.

How to pay from Australia to overseas suppliers

The convenience of paying Australian suppliers is familiarity. From paying cash to bank transfer using Bpay, PayID or their Australian BSB and account, these methods are too common for Australian consumers. When you need to pay to overseas suppliers, you may encounter invoices or payment requirements with unfamiliar bank codes, instructions and different currencies.

Even if this is your first time paying an overseas supplier, it may not necessarily be a difficult problem. Here are some ways to pay overseas suppliers from your Australian business.

Use Rongqiao to pay overseas suppliers

Handling multiple foreign currencies can be troublesome, especially if you are charged an extra fee outside of your order. Rongqiao accounts have a variety of features that can help alleviate some common stress when paying for overseas suppliers. With an account you will get the following account details:

• Australian Dollar (AUD)
• Canadian Dollar (CAD)
• Euro (EUR)
• British Pound (GBP)
• Singapore Dollar (SGD)
• USD (USD)
• ...

This means you will be able to send and receive all supplier payments as you would in your local business in these countries. Outside these accounts, you will use the actual exchange rate when sending money to over 160 countries, paying a transparent fee that you will know in advance when setting up each transfer.

Transnational Business Payments

Making Foreign Exchange Transactions as Simple as Local Payments

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