Banking Finances

Check out international payments with Penta!

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florian 31 Jul 2019

International payments are an essential part of today’s globally connected economy. Whether you are a start-up trying to pay a freelancer abroad or an enterprise dealing with international suppliers, no business can do without international transactions. The cross-border e-commerce market alone is expected to grow to EUR 900 bn by 2020.

International payments normally are more complex than regular SEPA payments and most traditional banks use this increased complexity to charge astronomical high fees and offer a clunky, intransparent product. The biggest cost component, and what no bank lists transparently, is the cost of exchanging for another currency. Traditional banking institutions trade with each other at the mid-market rate (that’s the rate you’ll find on Google) and charge you a premium on that rate. This markup varies from bank to bank ranging between 2.0% and 6.0%. To show you how hefty these surcharges can be, take Deutsche Bank as an example: According to a recent article from finanz-szene, the bank is planning to increase their exchange fees by up to 178% (!).

With Penta’s international payment capabilities, you don’t have to worry about this any longer!

We reduce the complexity of international payments while simultaneously lowering costs for your business. We at Penta do not believe in hidden price increases – transparency is and will always be our top priority. When you use international payments with Penta, you pay a fixed exchange fee of 0.5% in the Premium Plan or 1.0% in the Basic and Advanced Plan. On top, for each payment via the SWIFT network, we charge EUR 6.00.

Example: With Penta, if you exchange EUR 1,000 to US dollars and then transfer the money, you would save an average of EUR 30 compared to incumbent banks.

Penta in comparison to other banks

Time to take a look for yourself!

If you have any questions about our international payment solution, feel free to email us at globalfx@getpenta.com or check out our FAQs here.

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