You may already know that Bill.com is an intelligent business payments platform that saves you time and gives you full control over an automated, end-to-end process. But did you know that Bill.com also provides a simple international payments solution that enables businesses to make electronic payments to vendors outside the U.S.? International payments are sent as secure wire payments.
The international payments solution is available to business entities such as corporations, LLCs and partnerships, and sole proprietors who use the Bill.com service to make business or commercial payments.
International Vendor Setup
Adding global vendors to Bill.com is as easy as adding a domestic vendor. Using the same process as you would for adding a domestic vendor, you would just need to add a few more details such as currency, IBAN information, and purpose of payment to the vendor (purchase of goods, purchase of services – this is necessary for financial regulations).
* Tip: Remember to choose your vendor’s local currency, this will avoid a wire transfer fee. Otherwise, if payment is made in U.S. dollars, a fee will be applied per transaction.
Once the vendor is saved with their valid bank information, they will now show as paid by international wire, and balances reflected in the vendor currency selected. You are now ready!
Receiving Payment
Most payments arrive within 1-5 business days. The timeline is dependent on the recipient’s country, currency, and the time it takes to receive funds from your bank account. The estimated delivery date will be provided when you schedule a payment.
Paying in Local Currencies
Bill.com offers multi-currency, the ability to pay bills in your vendor’s local currency, and automatically converts the funding amount into U.S. dollars for you.
Bill.com handles syncing with accounting software and exchange gains/losses. If you have multi-currency in your accounting software, it will automatically sync your U.S. dollar and local currency bills. For bills in local currencies, Bill.com will automatically sync the exchange gain/loss between your bill and payment amount. Your multi-currency feature must be set up for the exchange rates to be accurate.
Why use Bill.com for international payments?
Avoid struggling with double data entry. Bill.com automatically syncs your USD and local currency bills with Intuit QuickBooks, and other accounting software. Pay your international vendors more cost-effectively by avoiding the high wire transfer fees.
Bill.com offers a straightforward payment process for both international and domestic payments. Payments are no longer scattered across numerous banks and transactions. With Bill.com, global payments follow the same protocols as domestic ones with AP automation, mobile access, and audit trails.
How to Get Started
Are you ready to reduce fees and streamline your international payments process? Here at Redmond Accounting, we are leaders in the virtual accounting industry and help businesses big and small all over the country with their accounting needs. From bookkeeping to payroll to CFO services, we’ve got everything you need to run a successful and financially sound business!
If you have questions regarding Bill.com and international payments, we have solutions. If you’re ready to scale your business and let a virtual accounting expert take over your bookkeeping tasks, schedule a consultation with us today!
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