International payments are the most important barriers for SMEs to expand internationally –

According to a new study by Wise Business, international payments are the single most important obstacle to the international expansion of SMEs in the UK.

A new study, in which YouGov surveyed more than 4,800 SMEs worldwide, found that nearly a third (30%) of UK SMEs surveyed that have deferred for international expansion are deferred due to the cost and complexity of managing payments. International. . Coming in second is the administration of tariffs and taxes (28%), and in third place are delays in the supply chain (24%).

The study looked at the situation of small and medium-sized companies operating abroad, classified as “micro-multinational corporations” – and found that many small British companies have left the UK:

• Only a third (35%) of UK SMEs can be defined as MNCs

• Only America (34%) and Japan Island (15%) have worse results

• Although Singapore is the most international, 70% of SMEs are MNCs.

Many British companies going abroad struggle with international banking, which includes currency management, exchange rate management and setting up foreign bank accounts:

• 22% of micro-multinational companies in the UK cite international banking as a factor that has made it difficult to work abroad over the past five years.

• Only regulation (23%) and tariffs and taxes (23%) got the highest scores

The problem is more serious around the world:

• 44% of micro-multinational companies around the world said that international banking complicates international operations.

• No other factor scores such as higher tariffs and taxes (34%) and regulations (22%) in second and third place.

Among the micro-MNCs surveyed, only two banks (21%) are convinced that they offer good value for money, an unfortunate figure for 7% of British micro-MNCs.

James Bell, President of Wise Business, said: “Many banks claim to help small businesses, but the reality is different. Small businesses thrive when they look abroad, but most are dissuaded from doing so by the international banking system working against them. Wages are hidden and prohibited, Services are very slow and painful.

“At Wise Business, we believe that small and medium-sized businesses deserve the best, and that they should be able to do so without an unregulated multinational system.

BookAclassic is a British company that allows users to book classic cars. Business user wise, BookAclassic operates across Europe.

Kent Mosbeck, CEO of BookAclassic, said: “Growing our business across Europe has not been easy. At first we thought of international banking as a real problem, something we didn’t need, given all the other pressures of running a startup. We had to Multiple local bank accounts opened in each market and international payment fees were blocked.