How-to: Reimburse overseas employees (for US employers)
Do you have overseas employees and contractors who miss out on being quickly reimbursed for expenses like your US employees?
Expensify has partnered up with TransferWise, an FCA regulated global money transfer service, who can provide your international employees with a Borderless Account which lets 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.
Sounds great huh?
How you set it up:
Invite the international employee to a USD policy with Direct Reimbursement enabled
The employee needs to sign up for a TransferWise Borderless Account and be verified (takes a maximum of 3 business days)
The employee adds their Borderless Account USD account number and routing number to their Expensify account
Reports are created, submitted, approved and reimbursed in Expensify as normal and the payment is received in the employee’s USD Borderless Account.
Please note: You will be reimbursing employees on a USD policy and therefore all expenses will be accounted for in USD. If the policy is connected to an external accounting system then you must be allowed to create USD expenses for the employee in that system (meaning they are already a member of your US business or you can create USD expenses in a non-USD business).
How will currency conversion work?
If expenses are not in USD, Expensify will convert them to USD when they are added to the employee's expense report. The employee will be reimbursed for the approved report total in USD.
The employee can convert their USD into 40+ currencies at a highly competitive, transparent rate and send it to a local bank account or spend it directly with the debit card if they live in the UK or EU (soon Australia and New Zealand).