How to Pay Overseas Suppliers in Foreign Currency: A Guide for Irish Businesses

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.
According to Tendata, Ireland imported US$160.6 worth of goods, reflecting Irish consumer demand for goods from global markets.

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.

Irish multinationals also employ approximately 1.36 million people worldwide with heavy concentrations in Asia and the Americas, further increasing the flow of foreign currency payments to and from Ireland.

But businesses are getting value for their FX payments to overseas accounts both in monetary terms and in terms of service quality?
In this article we will explore how best to optimise your supplier payments to overseas bank accounts

Paying Overseas Suppliers – Popular Methods for Irish Businesses

So, what is the best way to pay an international supplier? The answer is it depends on your specific requirements for cost and speed .

What is your transaction volume? Does your supplier reside in the Eurozone or are you paying in foreign currency?

Let’s take a look at some of the more common ways Irish businesses pay their overseas suppliers.

Traditional Bank Transfers

Many businesses use a typical high street bank for cross-border payments to suppliers but uncompetitive exchange rates and excessively high fees eat into margins.

It is not uncommon for traditional banks to charge transfer fees of between €15-€50 per transaction and may add a mark-up of between 2-4% on foreign exchange rates. Lack of cost transparency can also be an issue for cash flow analysis and forecasting.

This is not ideal when recurring high-value transfers need to be made. In addition, hidden intermediary bank charges can further reduce the amount received by the supplier.

Card Payments

Although fast and convenient, debit and credit card payments are typically used for smaller, urgent payments. They can be widely accepted by suppliers globally but are not the most cost-effective option for ongoing payments.

Virtual Cards

Particularly popular for online purchases or low value invoices, virtual cards are online generated digital payment cards. Payments are processed in the same way as a normal card transaction but without a physical card.

Although they are quick, easy to use and provide added security, they are really only convenient for one off supplier payments.

When making regular supplier payments at scale, virtual cards can be unsuitable. Many overseas suppliers do not accept card payments for larger invoices, payment limits may apply and associated high fees / poor FX rates can increase costs.

Digital Wallets

An Irish business can pay an overseas supplier through a digital wallet such as PayPal, or Skrill.

Funds are typically loaded from a bank account or payment card and then sent directly to the supplier’s wallet account.

Although simple to set up and convenient for smaller or occasional cross- border payments, they may be less suitable for frequent high-value international B2B payments

Not all suppliers accept digital wallet payments and they may also incur withdrawal or receiving fees.

What Bank Details do I Need to Pay my Overseas Supplier?

Before sending a payment to an overseas supplier, it is important to collect the correct banking information.

Requirements vary from country to country, and even a small error can result in payment delays, additional charges, or funds being returned.

In most cases, you should obtain:

• Supplier’s bank name
• Supplier’s account name
• Bank account number or IBAN
• SWIFT/BIC code

Some countries also require additional domestic banking identifiers:

A specialist foreign exchange provider such as Fexco International Payments can help ensure payments are correctly formatted when additional country-specific banking details are required, reducing the risk of delays or rejected transactions.

Why Businesses are Moving away from Traditional Banks for Cross-Border Payments.

Irish businesses including manufacturers, importers and wholesalers are under increasing pressure to control costs and improve cash flow. Even a slight difference in exchange rates can have a significant impact over time when large, regular overseas payments are made.

Many businesses are now choosing fintechs and specialist payment providers when it comes to managing overseas supplier payments. The shift is hardly surprising. Both offer a more cost- effective approach whilst streamlining cross- border transactions for speed and accuracy.

For businesses making high-volume, cross- border supplier payments, features like Api integration mean straight through, error- free payments, reducing administration time for busy finance teams. This also reduces support questions from suppliers enquiring about payment status.

Local Currency Payment (Exotic currency) Capability

As supply chains diversify and expand outside of the traditional markets (USA, UK, EU), there may be a growing requirement for currencies to pay suppliers in emerging markets.

For example, of the US$160 billion imported into Ireland in 2025, approximately 20.9% or 33.4 billion came from Asia. To put this into perspective, CSO data reveals that in 2010, imports from Asia to Ireland stood at approximately €6.5 billion but by 2023 had surpassed €27 billion.

Traditional banks offer only a limited number of major currencies whereas specialist payment providers offer a wider range of exotic currencies used to pay suppliers in emerging markets.

Paying in local currency enhances supplier relations through faster settlement and less FX friction. This can lead to greater trust, pricing, and can even secure more favourable terms.

Outside of the technology and innovation that payments specialists and fintechs bring to cross border transacting, having dedicated account management and support, especially for smaller businesses, is an attractive selling point over traditional banks.

When things go wrong, as they sometimes do, a human voice rather than a chatbot or automated system provides the reassurance that a payment issue is being resolved.

Fexco International Payments – Your Partner in Global Supplier Payments

Irish owned and headquartered in Killorglin Co Kerry, Fexco International Payments has been providing foreign currency payment solutions to SMEs, corporates and private individuals for over 30 years.

It is also the trusted payments partner of many trade associations including ISME and the Small Firms Association (SFA).
Its service is built specifically for international business payments with clients benefitting from:

• Competitive exchange rates and lower fees
• Payments to almost 200 countries in 165+ currencies
• Same day and next day settlement on many currency routes
• Dedicated account management
• Transparent pricing with no hidden surprise
• Bulk payment processing and Api integration to reduce time- consuming admin
• Currency risk management (forward contracts /rate alerts) to mitigate currency volatility and protect margins.
• Secure payments platform with segregation of duty features and 2-factor authentication to combat internal and external fraud

Looking for a better way to pay overseas suppliers?

Whether you make regular supplier payments or occasional international transfers, choosing the right payment partner can help reduce costs, improve efficiency, and strengthen supplier relationships.

If your business regularly sends payments abroad, it may be time to review how much your current provider is really costing you.