How to Use a Current Account for International Transactions
May 01, 2025

In today's interconnected world, businesses often need to engage in international transactions. A current account equipped for global banking can be a powerful tool for managing cross-border finances effectively.
Setting Up Your Current Account for International Use
Before diving into international transactions, ensure your current account is properly set up:
- Inform your bank about your intention to conduct international transactions
- Verify if your account has international transaction capabilities
- Understand the fees and charges associated with global banking
1. Activating Foreign Currency Services
To enable smooth international transactions current account, consider these steps:
- Request foreign currency services activation from your bank
- Set up multi-currency sub-accounts if available
- Familiarize yourself with SWIFT codes and IBAN numbers
2. Managing Currency Exchange
Effective currency exchange is crucial for international finance:
- Stay informed about exchange rates
- Consider forward contracts for large transactions
- Use your bank's online platforms for real-time rate information
3. Optimising Exchange Rates
To get the best rates:
- Time your transactions based on market trends
- Compare rates offered by your bank with other service providers
- Consider bulk exchanges for better rates
4. Conducting International Transactions
When making or receiving international payments:
- Provide complete and accurate beneficiary details
- Use the correct SWIFT code and IBAN number
- Specify the currency for the transaction
5. Ensuring Compliance and Security
To maintain compliance and security:
- Adhere to international banking regulations
- Use secure banking channels for transactions
- Keep detailed records of all international transactions
6. Leveraging Additional Services
Many banks offer additional services for international transactions:
- Trade finance solutions
- International business advisory services
- Global cash management tools
Final Thoughts
Using a current account for international transactions can streamline your global business operations. By understanding the processes and leveraging the right tools, you can effectively manage your international finances.
Looking to open a current account for your business? Ujjivan SFB offers different types of Current Accounts to meet various business needs. Open a Current Account with Ujjivan and simplify your business transactions.
FAQs
1. What documents are needed for international transactions through a current account?
Typically, you'll need invoices, purchase orders, and sometimes import/export licenses. Your bank may also require additional documentation based on the transaction type and amount.
2. How long do international transactions usually take?
International transactions generally take 1-5 business days, depending on the countries involved, the banks, and the transaction type. Some transactions may be faster with certain banking services.
3. Are there limits on international transactions through a current account?
Yes, banks often impose daily or per-transaction limits for security. These limits can usually be adjusted by contacting your bank and providing necessary documentation.
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