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Easy payment of foreign currency invoices with SAT FXOnline

Posted 5 years ago in Platform by Ashleigh Gibson
Posted by Ashleigh Gibson

Paying invoices in foreign currencies can be time-consuming and expensive for small businesses in the UK. But SAT FXOnline is now part of Xero’s add-on ecosystem, letting our small business customers pay their foreign currency invoices from one central place at more competitive exchange rates than their banks will offer. SAT FXOnline’s at-a-glance view also gives users information about invoices that remain unpaid.

Who is it for?

SAT FXOnline makes life easier for Xero’s UK small business customers who need to pay foreign currency invoices. What’s more, small business accountants can use it too.

How SAT FXOnline works with Xero

The add-on pulls in all unpaid invoices and then invites the user to select which invoice is to be paid. After the details of the beneficiary are entered, the exchange rate is then locked in, the payment set up and the transaction is completed.

Pay invoices same day, next day or in advance to guarantee the amount of currency sold by fixing the exchange rate for a future date. This eliminates any currency risk and the need to account for any currency gains or losses at a later date.

Further developments due in mid-2015 will enable users to group payments together and make high-volume, low-value bulk payments via local payment networks in the same currency and/or cross currency.

Where can you use the SAT FXOnline Xero add-on?

SAT FXOnline is currently only available in the United Kingdom, but payments can be made to anywhere in the world. Compliance requirements are being finalised to coincide with upcoming development work so that it will be possible to use SAT FXOnline in Australia and New Zealand.

What about pricing?

The add-on is completely free for all Xero customers and there are no costs for making payments through the app, with the exception of a small cost for international payroll payments.

Try out the SAT FXOnline app now

Go straight to SAT FXOnline’s registration page and get started. Once you’ve registered using the integrated account registration page, you’re ready to go.

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