UK and US small businesses can now avoid hefty hidden bank fees when paying foreign currency invoices thanks to a new integration between TransferWise and Xero.
Using TransferWise, a London-based foreign currency transfer business, small businesses can now save up to 89% when sending foreign currency invoices directly from 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 TransferWise work with Xero?
Xero customers can sign up and log in to TransferWise to see their outstanding foreign currency invoices on Xero. They can then select the invoice they want to pay using either a bank transfer or debit card through the TransferWise system.
The exchange rate at the time of the transfer is locked in for 24 hours and the user will need to pay the amount to TransferWise during that time. Payments typically arrive within 1-2 business days. Users will be notified via email that the money is on its way, and after the payment is completed, the bill is then reconciled onto the user’s Xero dashboard.
Who is it 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.
How to sign up
Sign up is free, just go to www.transferwise.com/xero, log in to your Xero and TransferWise accounts (or create one if you don’t already have a TransferWise account). Fees are calculated for each individual transaction and the mid-market exchange rate and transparent fees are always shown upfront.
To learn more about how small businesses can save using TransferWise and Xero, visit https://transferwise.com/xero/intro.