Published 30th Jul 2023, 16:45 BST

Across Yorkshire, the research estimated that the average business spends almost £428,000 on international payment fees. This came just shy of the North East, where businesses spend an extra 8 per cent.

Jack Maddock, senior product manager at Wise, said: “The data clearly outlines the hugely negative impact that sending and receiving money internationally via traditional banking methods is having on businesses based in Leeds.

“With a fifth of SMEs surveyed planning to expand overseas within the next 12 months, it’s incredibly concerning to see the extent to which international banking fees are impacting their success and potential for growth. We need to ensure that more is done to support businesses in this situation.”

Leeds-based SMEs are spending an estimated 34 per cent of their overheads on international payment fees, according to new research from global technology company Wise.

The research also found that around 29 per cent of Leeds-based SMEs are put off from operating internationally, due to the high costs of international banking services. Over a quarter of SMEs in Leeds also claimed that exchange rate volatility had been one of their biggest challenges and a barrier to success over the last year.

The survey was conducted with 1,500 SMEs across the North of England and Scotland.

Leeds SMEs spending around 34 per cent of overheads on international payment fees, research finds