Bill.com removes wire transfer fees for international payments
Bill.com has announced it is eliminating wire transfer fees for businesses paying electronically in local currencies using its International Payments solution. The move is designed to allow businesses to save time and money on the payments process while managing all their domestic and international payments in one workflow platform.
For small and medium businesses and mid-market companies, the solution streamlines the business payments process making cross-border payments as easy as domestic. Unlike banks or other international payment providers, Bill.com offers control with automated approval workflows and time savings by syncing with accounting software.
Since launching International Payments in July 2018, Bill.com has seen rapid adoption of its digital business payments platform. Small and mid-size companies in the US now can pay vendors in over 40 countries, including the Eurozone, UK, India, and China. Paying international vendors in local currencies has several cost-saving benefits. In addition to saving on the wire transfer fees, businesses can also save by removing the need for overseas vendors to convert payments resulting in fluctuating exchange rates and potential errors.
Bill.com International Payments users can process and pay invoices in local currencies or US dollars and then automatically sync with accounting software including Sage Intacct, NetSuite, QuickBooks, and Xero, providing end-to-end cash flow visibility and eliminating the need for double data entry. Additionally, Bill.com International Payments is supported on iOS and Android.