Collect funds from around the world in the most efficient way possible.
Your business can repatriate funds from international customers and your subsidiaries through our local currency collection accounts.
Our competitive exchange rates can be used to transfer the collected funds to your business accounts, with full transparency on the rates provided. The collection accounts can also be combined with our risk management solutions, so you have a stable rate to repatriate your overseas funds and know the exact amount of revenue that will make it back to your accounts.
Repatriation of the collected funds is fast and secure, drawing on our payment technology and requiring only an ongoing payment instruction.
All incoming funds through the collection accounts can also be viewed within our platform, Tait Online.
What are the benefits?
Using our collection accounts eliminates the need to maintain your own accounts across multiple currencies. Your business can avoid the associated bank charges and reduce the operational costs that occur from payment reconciliation, which is often a time-intensive, manual process. The flow of funds is also far more efficient, with repatriation possible from the moment funds arrive in the collection account.
As we hold collection accounts across numerous currencies, you can invoice your international customers in their local currency, increasing customer loyalty. This also removes any additional bank charges your customers may incur by sending funds in a different currency to that of the recipient account (which can be 5-10% depending on the currency). Your business will have full visibility into the volume of currency to arrive in the collection account.
The solution has enabled many businesses to drop charges made to their customers to cover the risk of exchange rate fluctuations, enabling them to make prices even more competitive.
Where do you hold collection accounts?
We holds local currency collection accounts across Europe, with our main collection accounts at a tier 1 global bank in London.
What currencies can Tait receive funds in?
We hold collection accounts for 58 currencies, many of which are not commonly provided by your bank. This includes: AED, ANG, AUD, BBD, BGN, BHD, BSD, BWP, BZD, CAD, CHF and CNY.
Please get in touch to access the full list.
Can my overseas customers pay directly into Tait’s collection accounts?
Yes - Tait can accept funds from your customers.
To comply with AML legislation, we’re required to perform certain checks the first time a new customer pays into our collection accounts and we may request appropriate documentation. Once approved, all their payments will be accepted provided they are accompanied by an invoice detailing the goods or services and containing details of the payee. Payments must be referenced appropriately.
Funds collected from your customer must be paid out into an account in your name.
Can my overseas subsidiaries pay directly into Tait’s collection accounts?
Yes - Tait accepts funds from your subsidiaries and no extra documentation is needed, so long as we can verify the ownership link.
The collected funds must still be paid out into an account in your name but, for additional flexibility, your subsidiaries can be on-boarded as part of your parent structure, enabling them to fund payments direct to beneficiaries across the globe.
Have more questions? Submit a request.