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Your bank charged you €115 to send $10,000 to a US supplier last month. You only saw €15 on the invoice. The other €85? Hidden in the exchange rate.
Finance teams lose thousands every year to these invisible fees. Traditional banks have perfected a simple trick: they show you a low or no transfer fee whilst quietly marking up the exchange rate. The result? You pay €115 when the real cost should be €47*. That's a 60% markup you never agreed to.
The €115 you didn't know you paid
Here's what actually happened when you sent that $10,000 to your US supplier:
What your bank showed you:
Transfer fee: €15*
"Competitive fees"
What your bank didn't show you:
Exchange rate markup: €100
Total cost: €115*
Compare this to the mid-market rate (the real rate you see on Google that Spendesk uses):
Transfer fee: €47
Exchange rate markup: €0
Total cost: €47*
Same payment. €68 difference.
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The bank's invoice looks cheaper because they hide the real cost in the exchange rate. You see €15 and think you're saving money. You're not.
Process $100,000 in international payments monthly? You're paying €8,160 per year in hidden fees.
*Actual savings will vary based on payment volumes and current exchange rates. Example based on ING exchange rate (EUR to USD) of 1.142 + a €15 transfer fee vs true mid-market rate of 1.155 + a 0.5% FX fee, to pay a $10,000 invoice from a GBP account, based on our partner’s October 2025 results.
Seven steps just to pay one invoice
The hidden fees are bad enough. But here's what makes international payments truly painful: the process itself.
Finance teams juggle multiple tools that don't talk to each other. So when you need to pay an international supplier, here's what actually happens:
- Approve the invoice in your AP system.
- Switch to your banking portal.
- Manually re-enter all the payment details.
- Typically wait 3-5 business days with limited visibility.
- Often have to chase the bank for updates.
- Log back into your accounting system to reconcile.
- Apologise to your supplier for the delay.
Seven steps. Three different systems. Hours of work for a single payment. When your payment process spans multiple disconnected tools, that's not surprising – it's inevitable.
Your payment disappears for three days
Traditional banks process international payments through a chain of intermediary institutions. Each one adds time, cost and risk.
But the real problem is simpler: traditional bank transfers typically take 3–5 business days to process, with strict weekday cut-off times that can delay urgent payments. Miss the cut-off on Friday? Your payment won't process until Monday at the earliest.
This creates real costs:
Damaged supplier relationships: Late payments push you down the priority list.
Penalty fees: Many contracts include late payment charges.
Lost discounts: You can't take advantage of early payment terms.
Wasted time: Hours spent tracking payments and fielding supplier calls.
In a global business environment, waiting three to five days for a payment to clear isn't just inconvenient. It's a competitive disadvantage.
You have no idea where your money is
The payment has left your account. But you don't know:
Whether it's been initiated.
Which banks are handling it.
When it will arrive.
What will the final amount be after fees.
This creates a cycle of anxiety and frustration. You make apologetic calls to suppliers with no concrete answers. They wonder if you're reliable. You wonder if your bank is competent. Neither of you should have to wonder.
There's a better way
Forward-thinking finance teams are solving these problems by consolidating international invoice payments into Spendesk. No separate banking portals. No manual reconciliation. No guessing games.
Here's what changes:
Pay less with transparent pricing: Spendesk always uses the mid-market rate, without any fee hidden in it. Unlike traditional banks that hide fees inside their FX rate, you pay less and know what you pay: the real mid-market rate plus a clear, separate fee (0.5% + €4 on major currencies including USD, GBP and EUR). You can see exactly how much was FX versus fees for efficient accounting reconciliation. That's cleaner for approvals, GL coding and audits.
Embedded solution: Streamline payment management with everything in one platform. No fragmented handovers through multiple stakeholders or tools. Pay international invoices from the same place where you manage all other spending.
Pay faster: Over 95% of payments are processed in under 24 hours, with 70% completing instantly (in less than 20 seconds)**. Spendesk customers can initiate payments 24/7/365, contrasting with banks' legacy offerings, which are usually only available on weekdays before an afternoon cut-off time.
Pay globally: Send invoices in 30+ currencies with competitive rates and clear fees. Manage global transactions in one place without switching between banks or platforms.
**Payment speed accurate as of Q1 2025
Getting started is simple: set up your account to enable international invoice payments, and then you're ready to start paying directly from Spendesk. Currently available for customers with EUR wallets, with GBP wallet access in beta.
Learn more about Spendesk's international payments.
Spendesk partners with Wise to embed cross-currency wire transfer capabilities directly into the platform. You get specialist provider rates and speed without leaving your spend management system.
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Chris Dunne
Chris Dunne is our Content Marketing Manager. Based in Derry, he brings over 15 years of marketing experience to our content strategy. Outside of work, Chris loves spending time with his two young children, playing football, and exploring Ireland.
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