Payout in Foreign Currency

SunbirdSunbird Posts: 1Expensify Customer Expensify Newcomer
It would be helpful to payout directly from Expensify in Foreign Currency.  Is this on the horizon in the near future?
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Gathering use cases · Last Updated

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  • Leslie RodriguezLeslie Rodriguez Posts: 13Expensify Customer, Expensify Team Expensify Success Coach
    Hi there! The long and the short of it is that we're working on it! Please take a look here at a fellow Expensify user's request and if you agree, give it an upvote! 
  • Jenna HayJenna Hay Posts: 35Expensify Customer, Expensify Team Expensify Success Coach
    edited December 2
    @Sunbird something that might be interesting for you...

    Expensify has partnered up with TransferWise, an FCA regulated global money transfer service, who can provide your international employees with a Borderless Account. This will let you reimburse them in USD exactly the same as your US employees.  From there they can convert the funds into 40+ currencies at a highly competitive, transparent rate and send it to your local bank account.  Employees based in the UK or EU (and soon, Australia and New Zealand) can also get a debit card, which lets them spend the money directly from their Borderless Account.

    To set this up:

    1. Invite the international employee to a USD policy with Direct Reimbursement enabled

    2. The employee needs to sign up for a TransferWise Borderless Account and be verified (takes a maximum of 3 business days)

    3. The employee adds their Borderless Account USD account number and routing number to Expensify

    4. Reports are created, submitted, approved and reimbursed in Expensify as normal and the payment is received in the employee’s USD Borderless Account.

    Would this help in your case?
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