Reimburse overseas employees using Wise
If you prefer not to use our Global Reimbursements feature, Expensify has partnered up with Wise, 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.
Comments
-
Awesome product update!
Will you also enable our EU subsidiaries to reimburse employees directly to their bank accounts? I don’t want to force my employees to sign up for a TransferWise account. -
@Daveweez at the moment, this only works when the report is submitted under a USD policy (since the reimbursement still occurs in USD) and so it will be between you and the employee to agree if you want to do this. For this to work, you will either need to add the overseas employee to your US policy or create an EU policy that is in USD.
Separately, we are working on EUR > EUR and GBP > GBP reimbursements but this is a lot more challenging so might take a while for us to get it up and running but fingers crossed it will be sometime this year. -
Great! Please keep us updated.
