HSBC has said that concerns about international payments are putting UK businesses off selling to other markets and using overseas suppliers.

On Monday the bank published figures from a survey of more than 1,000 financial decision-makers, finding that over two fifths – 43 per cent – are discouraged from doing business internationally because of uncertainty about hidden payment costs.

38 per cent also raised concerns about payment security, while a further 37 per cent highlighted having to deal with different currencies as a hindrance to overseas growth.

“For smaller businesses, international payments can appear complicated and opaque,” said Tom Wood, head of global payments solutions, HSBC UK. “With transactions often attracting unexpected fees, it’s unsurprising that many businesses are reluctant to look overseas for growth.”

Data from HSBC also demonstrates that age plays a role in confidence levels when it comes to international payments.

60 per cent of under-35s said that they are reluctant to do business internationally because of payment security concerns, while 58 per cent are put off by dealing with different currencies.

However, in the over 55 bracket, only 27 per cent said they were concerned about payment security, while the same proportion are put off overseas business because of having to handle different currencies.

“It’s interesting that a greater number of younger respondents appear to have concerns around making international payments," added HSBC's Tom Wood. "It could be a case that they haven’t previously been involved in buying or selling their products or services abroad and are simply unclear on what’s involved."

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