1. Money Transfer Directly into Their Bank Account
You can decide to transfer the money from your bank account directly to your supplier´s bank account. However, make sure to check the provision of the bank in advance to see, how much they charge for such transaction. The costs can be between few cents up to $20.
Therefore, this option is more suitable in cases when the amount on the invoice is significantly bigger (above $800 – 1000). If you need to transfer a smaller amount, we advise you to choose another payment method.
Also, transactions via bank account can take a lot of time and the suppliers often have to wait to receive their money. In some cases, the money has to go through an intermediary bank (or even more of them), which slows the process down significantly, can cause some issues along the way and – as you may have guessed, each one of these banks is taking their provision for their work.
Consequently, you will pay more as agreed with the supplier and he/she may get less as you actually sent them. This can cause some unnecessary misunderstandings and complicate your relationship with your supplier.