Should you close your foreign bank account?
Considering closing your foreign bank account? Discover the tax implications, benefits, and steps involved in making this decision. Learn more here.
Long lines, inventory pressures and finding the right gift for your “have it already loved one” – getting the “it” gift made simpler this year
‘Tis the season for giving! As consumers across the world prepare for the most wonderful time of the year, the stress of the holiday season will be exacerbated. While box store sales may seem enticing, small businesses offer an opportunity to support the community and give a loved one a unique gift often not seen in large retailers.
As small and medium sized businesses look to grow their customer base and provide new products to customers, those who think internationally will have an advantage: access to a larger talent pool, new suppliers and the ability to sell offerings outside of just the US market.
Here are three Wise for Business customers conducting business without borders to bring their products to life ahead of the holiday season.
RainCaper specializes in delivering high-quality, uniquely designed travel and home essentials to consumers. The flagship product, the artfully designed rain cape, has been developed to flatter people of all shapes and sizes.
The company expanded its line of apparel with umbrellas, shawls, texting gloves, and face masks. RainCaper has recently launched Accent, a line of uniquely styled items for the home and entertaining, all inspired by works of art by famous artists like Tiffany, Monet, and van Gogh.
As international banking fees are often expensive and tricky to navigate, the RainCaper team could easily set up an account and pay people overseas quickly with Wise– and with both lower business costs than other providers and advantageous exchange rates to the recipients.
Price: Varies
A boutique perfume house, A.N. OTHER brings to market high end perfumes without “cover stories.” Most big brands spend a disproportionate amount of money on marketing and gimmicks and are constrained by creative limitations. Instead, award-winning perfumers create bold perfumes designed for A. N. OTHER without the constraints of budgets, creative direction, or market trends.
For most small businesses, there is a lot you can't do online. A.N. OTHER trusted Wise to help navigate moving money cross-borders to pay designers and suppliers conveniently online. This gives time back to focus on what really matters: creating and distributing the highest-quality products at a fair price.
Price: $25+
Launched in 2020, Outpatch provides travelers a simple and effective way to give back to the communities they visit through stick-on souvenir patches, designed by local artists. Outpatch’s goal is to get local changemakers the funds they need with the help of conscious travelers that care about giving back to the communities they visit.
Roughly $4 of every online purchase and $1 of every in-store purchase is donated to grassroots organizations that support the local community each patch represents.
As a personal customer while living abroad, Outpatch co-founder Henry Rosario continued to leverage Wise in moving money around the world, only this time to pay suppliers for his business.
Price: $10
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Considering closing your foreign bank account? Discover the tax implications, benefits, and steps involved in making this decision. Learn more here.
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