Top 10 Mistakes First-Time Freelancers Make with Cross-Border Transactions

  Having been an account user, you may have observed the insertion of an extra forex markups fee on the statements when utilizing your debit or credit card card and in a foreign country and when incurring an international payment. But what is forex markup fee and why do we get charged such? This article by EximPe will explain what forex markup fee means , how it works, typical rates in India, and practical ways to reduce or avoid these extra charges on your international transactions. What is Forex Markup Fee? Forex markup fee (foreign exchange markup fee) is an additional fee charged by banks and credit card companies on top of the currency exchange rate when you make a transaction in a foreign currency. 🔑 Forex Markup Fee Meaning: It is a percentage-based fee applied for the convenience of processing international transactions and converting currencies. This fee covers conversion risks, operational costs, and profit margins for banks or card issuers. How Does Forex Markup F...

  When it comes to dealing with international trade, one of the most important steps that a business can organize involves generation of a commercial invoice of exportation. It is not that simple bill, it is the most significant document ever to the custom house of the importing nation. An effectively organized invoice may convert a well-organized delivery in time and without costly penalties or loss of the shipment, as well. This step-by-step guide by EximPe is provided in case you have been wondering how one goes along about making a commercial invoice to be used in export. We will always provide you with all the details you require to make a compliant and correct export invoice that would get your goods through without any difficulty. What is a Commercial Invoice for Export? A commercial invoice is an official document issued by the exporter to the importer detailing: Description of goods Quantity and price Shipping details Payment terms Customs officials, banks and freight fo...

  International trade is a world full of the paper work. Two documents that leave exporters and importers baffled in most cases are commercial invoices and proforma invoices; which are part of the essential documents. The two are involved in the exportation processes- but they vary much in what they accomplish, when they do this, and whether they are legal or not. This article from EximPe describes the difference between commercial and proforma invoices, it describes their usage along with a good example of what they should look like. What is a Proforma Invoice? A proforma invoice can be described as Pre-bill of sale or a non-binding quotation sent by the seller to the buyer prior to the goods being shipped. It is neither an invoice of a final payment, but it is a promise to sell the goods at a particular price and on some specified conditions. You can imagine it like a quite detailed estimate or a proposal. The main reason behind establishing it is to provide the buyer with a cle...

When you incur the cost of sending or receiving an international money transfer on the SWIFT network, you simply think that there is only a single cost that is simple. However, the reality of SWIFT transfer charges can be more complex, involving multiple layers of costs that can sometimes reduce the final amount received. Understanding these various SWIFT transfer fees is crucial for managing your finances and avoiding unexpected deductions. This guide by EximPe will break down the different types of swift charges you might encounter when using swift money transfer for your cross-border transactions, helping you gain clarity and make more informed decisions. How SWIFT Transfers Work (and Why There Are Multiple Fees) Before diving into the fees, it's important to briefly recap what a SWIFT transfer is. SWIFT (Society for Worldwide Interbank Financial Telecommunication) does not even conduct money transfer per se, but operates as a safe international messaging system, which banks uti...

  In the era of the growing globalization in the world, the need to send and obtain the money across the international borders is a well-known financial request of businesses and individuals. Among the various methods available, the SWIFT transfer (Society for Worldwide Interbank Financial Telecommunication) stands out as one of the most widely used systems for international money transfers. But with any financial transaction, especially large cross-border ones, a natural question arises: "Are SWIFT transfers safe?" The short answer is yes, SWIFT wire transfers are generally considered very safe and secure. This is because of a strong system of protocols, advanced security measures followed by SWIFT network itself, and the high standards of security in the banks utilizing it. Now, how secure is SWIFT as millions of transactions are made a day? Let us dig into the layers of security that would make it a trusted system in this simple guide by EximPe . Understanding the SWIFT Ne...