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Commercial Banking > Global Banking > Europe > Collecting Receivables

Collecting Receivables

Protect Your Cash Flow and Reduce Risk on European Receivables

Whether your business is just starting out or has an established clientele in Europe, you need to be sure you receive payments as quickly and securely as possible.

You can request payment from your customers in one of the following ways:

  • A wire transfer in the currency of your choice—this ensures you receive quick payment that cannot be disputed.
  • A draft or money order in the currency of your choice. You can convert the funds to Canadian dollars using RBC Foreign Exchange.
  • Payment on receipt of shipping documents sent to their bank through RBC Royal Bank documentary collection.

For very large or unusual transactions, ask your account manager to suggest ways to ensure you are paid.

If you are selling online:

You can accept credit card payments in Canadian dollars—the card issuer will automatically convert these from each customer’s local currency. Moneris Solutions can enable you to accept credit card payments online.

 

Need Access to an Account in the Region?

If you require an account based in Europe for your business operations, an RBC Account Manager can help you open an account in Europe in Euros, Pounds Sterling, Swiss Francs or any other major currency in the following locations:

  • Austria
  • Belgium
  • France
  • Germany
  • Italy
  • Netherlands
  • Portugal
  • Spain
  • Switzerland
  • United Kingdom

This enables you to:

  • Maintain operating deposit accounts in Euros, Pounds Sterling, Swiss Francs and other major currencies
  • Pay your employees
  • Make and receive domestic and international electronic payments
  • Make and receive payments by cheque in countries where cheques are used

If your account is in France or Germany, you can also accelerate collection of your European receivables by using a lockbox. With a lockbox, your customers mail payments to a French or German address and the payments are then automatically deposited to your account in that country. This enables you to improve your cash flow by reducing mail time and increase your efficiency by outsourcing receivables processing.

In some countries, you can take advantage of services that allow you to print and distribute cheques that you issue from the convenience of your office in Canada.

 

Control Cash Flow and Improve Forecasting

In some countries, for recurring or individual payments, you can collect payments on specific dates via domestic pre-authorized direct debits in local currency. Payments come directly from the customer’s local account.

 

RBC Express

 

We bid on a multi year program for a contract with a Spanish company. We needed to supply documentation including solvency statements and letters of introduction from our trading partners and financial institutions. The Royal Bank team was helpful in getting us introductory documents signed in English and Spanish. MHD is now tied with an American company to provide millions of dollars in spares per year, and has broken into this new market.

- Steven Kennerknecht,
Vice President & General Manager,
MHD International Aviation Parts Inc.,
Saint. Bruno, Quebec