Now is the time for you and your small business to avoid the scandalous and hefty bank fees when paying foreign currency invoices. How? By integrating XERO and TransferWise to handle your Foreign Currency (FX) invoices.
It’s now possible for any small business to save upto a whopping 89% when dealing with TransferWise (a London based foreign exchange transfer company) by integrating and paying invoices directly through XERO. Avoiding hefty 3-6% commissions from banks, businesses are offered a fair mid-market exchange rate and charged a small, transparent fee of no more than 0.5%.
How does XERO integrate and work with TransferWise?
It’s quite simple. XERO customers can now sign up and log in to TransferWise (invested in by Richard Branson) and now see their outstanding foreign currency invoices in XERO. Now it’s simply a matter of selecting the invoice, and choosing whether to pay by a bank transfer or debit card payment through the TransferWise system.
Payments have a 24 hour window, where the transfer exchange rate is locked to the agreed rate, and payments need to be made to TransferWise within that 1 day allotted time frame to secure the cost saving. Payments typically arrive to the foreign account within 1 – 2 business days, much faster than typical bank to bank payments.
Entirely on auto pilot an email is sent to the recipient to inform them that money is on it’s way to them, and again when payment has been made. Inside XERO, the system automatically reconciles the bill for you. Saving you money, time and stress.
Who is TransferWise for?
The TransferWise add-on is currently available for Xero customers in the United Kingdom and United States. Customers can pay invoices in 25 currencies to 46 countries.
Let’s Get Started
If you would like to speak to us about how we can streamline your foreign exchange payments, whilst saving you money, then simply contact us now.
If you already have a cloud accounting XERO account with us here at AccountancyAnywhere and you would like to integrate your setup with TransferWise manually, simply head on over to Transfer Wise Xero and log into your TransferWise and XERO accounts.Fees are calculated for each individual transaction and the mid-market exchange rate and transparent fees are always shown upfront.
To learn more about the fantastic and exciting benefits of TransferWise teamed up with XERO cloud accounting then feel free to give us a call on +44 (0) 333 123 3234