Scottish SMBs faced £2.8bn in international banking fees, deterring 32% from entering new markets in 2024 due to high costs.
Scottish SMBs faced £2.8bn in hidden international banking fees last year, with 32% being deterred from entering new markets in 2024 due to high banking service costs. Wise's research reveals that the costs are a greater barrier than regulation, supply chain issues, or tariffs, and the complexity of international payments prevents 84% of SMBs in Scotland from expanding further.
March 03, 2024
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