When a UK business starts trading internationally, its finance process has to handle more than one currency, overseas customers and suppliers, exchange-rate decisions and payments that cross borders. A workable setup defines which currencies the business will use, how money will be collected and paid, who approves conversions and how every receipt and payment is reconciled.
For a Finance Director preparing for a first export contract, or a finance team whose overseas activity has grown from occasional to routine, the key decision is whether the current online business account setup still gives enough control over cost, cash flow and visibility.
Use the following review when the first overseas customer signs, when a new overseas supplier is added or when international payments become a regular part of the month.
| INTERNATIONAL TRADING · AT A GLANCE From domestic finance to international finance: 01 Map currencies. Record the invoice, receiving and reporting currency for each flow.02 Plan collections: Agree how overseas customers will pay and when.03 Plan supplier payments: Set up verified beneficiary records and approval.04 Set FX rules: Decide who converts, when, and on what basis.05 Review the account setup. Check the current setup against actual requirements. 06 Build visibility: Report receipts, payments and balances by currency. Review the setup before volumes grow. A process built for one overseas payment a month rarely scales on its own. |
1. Map the currencies the business will actually use
Start with the commercial agreements, not the account. For each new customer and supplier, confirm:
- Invoice currency: the currency in which the obligation is stated.
- Receiving currency: the currency of the account that will receive the money.
- Reporting currency: normally sterling, used for the management accounts.
- Payment timing: the agreed due date, deposit or credit period.
- Charges: who bears transfer and conversion charges under the agreed terms.
Keep these three currencies distinct. They may match, but do not assume they do. A receipt converted automatically on arrival can create a difference between the invoice value and the sterling amount credited.
Currency choice is a normal part of UK trade. HMRC data for 2025 shows the US dollar was used for around 60% of the declared invoice value of UK exports to non-EU countries and around 65% of imports from non-EU countries.
The scale is significant. ONS reports that UK exports of goods and services reached £923.3 billion in 2025, while imports reached £945.1 billion.
Finance-team action: add the invoice currency and receiving currency to the customer and supplier record before the first invoice is raised or received.
2. Plan how overseas customers will pay
Collecting from an overseas customer involves more than sharing a sort code and account number. The customer may pay from another country, in another currency and through a different payment route.
Agree the payment terms in writing. UK government export guidance sets out the main options, from payment in advance to open account terms of 30 to 90 days, and explains how each shifts non-payment risk between buyer and seller.
Then decide what the customer needs from you:
- The receiving account details for the currency being invoiced.
- The reference the customer must quote with every payment.
- The contact who can confirm the details if the customer has questions.
- A clear statement that any change to your details will be confirmed through an established channel.
Separate payment collection from trade security
A payment account receives money. Your sales agreement determines when you are owed it and what happens if a customer pays late or disputes the goods. Where a transaction needs additional security, such as a letter of credit or credit insurance, obtain specialist advice. This is trade education, not a statement that BriskPay offers those instruments.
Finance-team action: issue receiving details on company letterhead or through a secure portal, not in a free-text email.
3. Plan how overseas suppliers will be paid
International purchasing brings foreign-currency invoices into accounts payable. Before the first payment, build the beneficiary record from approved supplier documents:
- Supplier legal name, address and approved contact.
- Beneficiary name and its relationship to the invoicing supplier.
- IBAN or the relevant account number and local banking identifiers.
- Receiving institution and any required BIC/SWIFT or clearing code.
A structural check helps catch keying errors. The BriskPay IBAN checker confirms whether an IBAN is correctly formed, but a correctly formed identifier is not proof that a payment request is genuine.
Treat any new or changed bank instruction as a verification event. The National Crime Agency advises businesses to check for changes to invoice or banking details and to verify them by calling the supplier on a previously known number before transferring funds.
Finance-team action: keep the verification record separate from the email that requested the change.
4. Decide how FX decisions will be made
A foreign-currency invoice creates a budgeting question before it creates a payment. If the business reports in sterling, exchange-rate movements can change the sterling value of a receipt or payment between the date it is agreed and the date it settles. The British Business Bank describes this as transaction risk.
Set simple rules early:
- Who can request a conversion and who can approve it.
- Whether receipts are converted on arrival or held for future payments.
- What quote basis is used for comparison: the same currency, amount, date and charge assumptions.
- When a material budget difference must be escalated.
Do not compare an indicative online rate with an executable quote as though they were interchangeable. The useful question is: what will this conversion cost the company on the agreed basis?
If specialist currency-risk tools are needed, assess them separately with a qualified adviser. No particular hedging product is assumed here.
5. Review whether your online business account still fits
International trade does not automatically mean replacing an existing bank. Many businesses keep their current banking relationship for payroll, lending and domestic payments, and add a specialist provider for international payments and FX.
UK government guidance notes that traditional banks can offer relationship managers, overdrafts and loans, while fintech providers can be set up online and may offer a narrower range of services.
| Setup to assess | Questions for a finance team |
| Existing business bank only | Does it support the currencies, receiving details and payment routes the business now needs? What is the total cost per international transaction? |
| Specialist payment and FX platform | Does it support this business requirement? How are funding, conversion, beneficiary checks and payment status handled? |
| A combination of both | Which flows run where? Who reconciles across providers and owns the combined cash view? |
Companies comparing the best business account options in the UK, or looking for a business banking alternative in the UK for international activity, should assess each option against how the business actually moves money, not a feature list. An online business account in the UK used for daily domestic activity may not be designed for foreign-currency receipts at scale.
The same guidance explains that eligible smaller businesses can move their current account through the Current Account Switching Service where both providers take part. Switching is one option; adding a second provider for a specific requirement is another. Decide which problem you are solving before you decide which route to take.
Finance-team action: list every international flow the business expects in the next twelve months, then check which provider will handle each one.
6. Build visibility, controls and reconciliation
A few overseas payments can be tracked by hand. Regular international activity needs a routine.
After each receipt or payment:
- Save the confirmation and reference available from the service.
- Match the invoice, amount, currency, conversion record and charges.
- Record any short receipt or deduction as an open item.
- Update the balance held in each currency.
Keep the stages of an international payment distinct: the instruction your company submits, the service processing it, the receiving institution crediting the beneficiary and the supplier allocating it to your invoice. A processing update is not the same as confirmed receipt, and it should not be described to a supplier or customer as one.
For CFOs and Finance Directors, a useful monthly report separates receipts awaiting allocation, payments awaiting completion and foreign-currency balances by purpose. This helps the team see what action is needed without treating every open item as a problem.
Finance-team action: name one owner for international reconciliation before volumes grow.
Illustrative first-year international example
Hypothetical example only: not a BriskPay customer case, quote, service-coverage statement or settlement promise.
A UK engineering business signs its first US distribution agreement worth $3,200,000 a year, invoiced quarterly at $800,000. At the same time, it starts buying components from a German supplier at €1,500,000 a year. Its budget and management accounts are in sterling.
| Stage | What the finance team does |
| Agree the contracts | Records the dollar and euro obligations, payment terms and who bears charges. |
| Set up receiving | Issues dollar receiving details and a mandatory payment reference to the distributor. |
| Set up the supplier | Independently verifies the German supplier’s beneficiary details and records approval. |
| Set FX rules | Decides which dollar receipts are held, which are converted and who approves each conversion. |
| Run the quarter | Matches each dollar receipt and euro payment to its invoice and records conversion costs. |
| Report | Reports sterling, dollar and euro balances separately, with open items listed. |
The first quarter sets the pattern. A process agreed before the first receipt arrives is easier to follow than one built after balances have already accumulated.
International trading readiness checklist
Use this checklist when international activity starts or changes. Keep supporting records in your company’s approved systems.
| Ready? | Check | Suggested owner / record |
| ☐ | Invoice and receiving currency recorded for each customer and supplier. | Finance / customer and supplier master |
| ☐ | Payment terms agreed in writing. | Sales and procurement / signed terms |
| ☐ | Receiving details issued through a secure channel. | Accounts receivable / issued instruction |
| ☐ | Customer payment reference defined. | Accounts receivable / invoice template |
| ☐ | Supplier beneficiary details verified independently. | Accounts payable / verification record |
| ☐ | Conversion approval rules agreed. | Treasury / FX policy note |
| ☐ | Quote comparison basis defined. | Treasury / quotation record |
| ☐ | Account setup assessed against actual requirements. | Finance Director / provider review |
| ☐ | Reconciliation owner named. | Finance manager / task owner |
| ☐ | Monthly report shows balances by currency. | Finance / management pack |
Frequently asked questions
What changes when a UK business starts trading internationally?
The business starts handling foreign currencies, overseas customers and suppliers, international payment routes and exchange-rate decisions. Reconciliation and cash reporting also need to show balances by currency.
Does an international business need a separate business account?
Not always. A company can keep its existing bank and add a specialist provider for international payments, foreign-currency balances or FX. Assess the options against the business requirement.
Should a UK business invoice overseas customers in sterling or their currency?
Follow the agreed commercial terms. Invoicing in sterling moves currency risk to the customer, while invoicing in the customer’s currency may suit the relationship. Compare the complete effect on price, cost and cash flow.
What is the best business account in the UK for international trade?
There is no single best business account in the UK for every company. Compare international payment capability, foreign-currency balances, FX costs, payment controls and reporting against how the business actually moves money.
What is a business banking alternative in the UK, and is BriskPay a bank?
A business banking alternative is a specialist provider used alongside, or instead of, a traditional bank for specific needs such as international payments or FX. BriskPay is a global business payments and treasury platform, not a bank. Businesses that want a business banking alternative for international activity can use BriskPay for international payments, multi-currency accounts and business FX alongside their existing bank.
When should a company review its account setup?
Review it when overseas revenue or supplier payments become regular, when a second or third currency enters the business, or when the finance team cannot easily see balances and open items by currency.
Is a traditional bank still useful after international expansion?
Yes. Traditional banks can provide lending, overdrafts and other services. Many businesses keep that relationship and use a specialist platform for the international part of their activity.
Put your international requirements in front of BriskPay
BriskPay supports international business payments, multi-currency accounts and business FX for companies trading across borders, as a business banking alternative that works alongside your existing bank. Bring your requirements together: the currencies involved, the customers and suppliers you need to pay or collect from, and the deadlines your finance team needs to manage.
Plan your international finance setup with BriskPay
Explore BriskPay’s business account and multi-currency account, or discuss your company’s requirements with the team.
Discuss your international setup: Sales Enquiry
Use the initial enquiry to describe the business requirement. Keep bank details, identity documents and sensitive payment records out of the enquiry message; the team can explain the appropriate next step.