Reimburse your overseas employees
If you reimburse your US-based employees with Expensify you’ll know how easy it is. Wouldn’t it be great if you could reimburse your overseas employees and contractors just as easily? Well, now you can!
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:
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.
To learn more, please check out our How-to guides and feel free to comment below or reach out to Concierge with your questions.