What is the cheapest way to pay sub-contractor abroad

[Lumiere]

Don't want to be rude but why the hell didn't you sort this out BEFORE you outsourced the work?

Sort out what exactly ?
I can pay it from my HSBC account at any point, I am just checking if there are any other options to minimise the costs ..

[northernladuk]

Sort out what exactly ?
I can pay it from my HSBC account at any point, I am just checking if there are any other options to minimise the costs ..

Sort that!

[d000hg]

Sort that!

Unless the costs wipe out his margins, it doesn't really matter.

Try to pay your people as infrequently as possible. Are you engaging a company or hiring individual freelancers directly?

[TheCyclingProgrammer]

Could you negotiate with the sub-contractor to receive fewer invoices or make fewer payments? E.g. if they are invoicing every 30 days with 30 day payment terms, you could arrange to pay invoice 1 and 2 immediately after invoice 2 is received. If they are willing to extend 60 days of credit to you, you could potentially pay all 3 monthly invoices with one payment.

[Lumiere]

Could you negotiate with the sub-contractor to receive fewer invoices or make fewer payments? E.g. if they are invoicing every 30 days with 30 day payment terms, you could arrange to pay invoice 1 and 2 immediately after invoice 2 is received. If they are willing to extend 60 days of credit to you, you could potentially pay all 3 monthly invoices with one payment.

Yes, I've already negotiated that. I asked them to issue invoices only when the total amount due reaches a certain amount.

Looks like I'll just take the hit, if there is no simple option to get better fees/exchange rate.

[infosec]

I have used the following for several large transactions to the EU from UK. Works well, saves a bundle in fees and you get the best rate because no money is actually being transferred!:

TransferWise - Wikipedia, the free encyclopedia

[Lumiere]

I have used the following for several large transactions to the EU from UK. Works well, saves a bundle in fees and you get the best rate because no money is actually being transferred!:

TransferWise - Wikipedia, the free encyclopedia

Interesting, never heard of them before, bookmarked.
Sadly the country I need to send money to is not supported and not sure how it would work with limited company anyway.