Bill.com eliminates wire transfer fees for international payments
Bill.com, a digital payments services provider, has eliminated wire transfer fees for businesses paying electronically in local currencies using its International Payments solution. Businesses using Bill.com can now manage all domestic and international payments in one workflow platform.
“If your business is global, your payment process should be as well,” said Yael Zheng, chief marketing officer at Bill.com. “With Bill.com International Payments, we provide accounting firms and small and midsize companies a simple, seamless and cost-effective way to pay electronically all over the world, with just a few clicks. Now, payments can be made and tracked in U.S. dollars, for a better wire transfer rate than most banks, and in more than 24 local currencies with no wire transfer fee and at a competitive exchange rate. We’re delighted to see the customer response to this new offering and how it is helping companies expand their global footprint.”
Bill.com International Payments launched in July 2018. Since then, the company reports it has seen rapid adoption of its digital business payments platform by customers wanting to make payments outside the U.S. The service offers payments in 40-plus countries, including in the U.K., India, China and nations in the Eurozone. Paying international vendors in local currencies has some cost-saving benefits — for instance, it removes the need for overseas vendors to convert payments resulting in fluctuating exchange rates and potential errors.
International Payments users can process and pay invoices in local currencies or U.S. dollars and then automatically sync with accounting software, providing cash flow visibility and less need for data entry. The service works on iOS and Android devices.