Over half of UK businesses trading internationally have encountered problems with foreign payments in the last 12 months, with some finance directors spending as much as a month a year managing and reconciling funds.

Research by Travelex Global Business Payments revealed that 20% of respondents spent at least four days a month managing international payments.

The biggest barriers to trading overseas were seen as missing payments, which was cited by 51% of respondents and the amount of time it took for payments to clear (44%), with 37% admitting this had a major impact on cashflow.

Another common gripe was a lack of clarity over the true cost of international transactions, with 35% citing hidden fees as a sore point and 21% highlighting the fact that every bank involved in a payment using the SWIFT network takes a cut.

Other common complaints were having to call their bank to track payment (24%) and uncertainty over how long payments should take, with almost one in 10 finance directors having "no idea" how long this process should take.

The research found that, on average, UK businesses trading internationally make and receive around 201 foreign payments and 669 domestic payments every month, meaning staff must continually input payment data and juggle multiple payment interfaces and multiple logins.

"The stark reality today is that many companies have to cope with banking systems which lack transparency and cost them time and money," said Adam Tiberi, senior vice president of global product management, Travelex Global Business Payments.

Previous research by Travelex has revealed that small companies with fewer than 100 employees waste £100m a year tracking down outstanding or missing foreign transactions in the banking network.