Concerns over international payments are dissuading many UK businesses from engaging with overseas suppliers or entering new markets, according to a new survey by HSBC UK.

The survey, which polled over 1,000 financial decision-makers, revealed that 43% are hesitant to conduct international business due to uncertainty over hidden payment costs. Additional concerns include payment security (38%) and managing different currencies (37%).

In response, HSBC UK has launched the HSBC Global Wallet payment solution within its digital banking platform for small and medium-sized businesses.

Tom Wood, Head of Global Payments Solutions at HSBC UK, stated: “For smaller businesses, international payments can appear complicated and opaque. With transactions often attracting unexpected fees, it’s unsurprising that many businesses are reluctant to look overseas for growth.

“HSBC Global Wallet, our multi-currency business account, offers a simple and transparent solution. By providing businesses with different currency wallets and access to HSBC’s global payments network, it delivers visibility, reach, and control.

“Its real-time access to FX rates ensures businesses have clarity on payment costs, allowing them to proceed with confidence and seize global opportunities.”

Age Influences Payment Confidence

HSBC UK’s survey also highlighted that age affects confidence in handling international payments. Among respondents under 35, 60% are reluctant to engage in international business due to payment security concerns, and 58% are deterred by dealing with different currencies. Conversely, only 27% of respondents aged 55 or older share these concerns.

Wood added: “It’s interesting that younger respondents appear more concerned about making international payments. This might be because they haven’t previously been involved in international transactions and are unclear about the process.

“For those considering international expansion for the first time, Global Wallet provides a safe and straightforward solution.”

Pay and Receive ‘Like a Local’

HSBC Global Wallet leverages the bank’s global network to integrate with local payment systems, reducing friction and eliminating the need for third-party providers. This minimises unexpected fees from intermediary and beneficiary banks.

Integrated within HSBC UK’s digital business banking platform, Global Wallet eliminates the need for multiple accounts and separate logins. Customers can self-manage, adding or withdrawing from each distinct currency wallet alongside their everyday bank accounts.

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Payment fears deter UK businesses from pursuing overseas growth