Does your business need to make global business payments? Then these problems probably look familiar:
- Different domestic and global payment solutions and workflows
- Tracking global payment methods across multiple countries
- Managing foreign exchange rates
- Expensive bank fees for international wire transfers
That's why we created BILL International Business Payments, a simple and cost-effective way to pay your vendors around the world electronically—to more than 130 countries.
The problems with global payments and foreign exchange rates
Cross-border business just isn't easy. For many companies, making even one international payment can be a hassle. When you need to send money overseas on a regular basis, the headaches pile up.
Different workflows for domestic vs global business payments
For many accounting and finance teams, making global business payments requires a different process than domestic ones.
That means those invoices and payments exist in different systems, making financial visibility less than optimal, to say the least.
Tracking cross-border transactions
Global payments are also tough to track once they leave your domestic financial institutions. When an electronic payment crosses into the destination country, many teams lose sight of it.
They know the payment happened, but they can't see if that payment was received—or when it will be.
Managing foreign exchange rates
When international business payments involve different currencies, they can be even more expensive. Currency exchange rates may be inflated over market rates for global payments.
Expensive fees for international wire transfers
Bank fees for global business payments made by international wire transfer tend to run high.
Wire transfers are the preferred method of cross-border payments for many businesses because they're a fast and secure way to transfer money to foreign bank accounts, but the costs can be prohibitive—especially when you're making many different payments to multiple suppliers.
A better system for global business payments
With Bill International Payments, you can pay domestic and global vendors in the same system with all the BILL features you know and love, including automated approvals, seamless accounting software integration, online document storage, and even payment tracking.
All your AP workflows and payments in one place
Making an international business payment in the BILL platform works the same way that a domestic payment does, so you can manage your domestic and international AP in one place—without the need for separate tools.
Simply add the country of the company you intend to pay internationally. When you make an international payment to that company, the workflow will be the same as your domestic workflow, making international transactions much easier on your team.
International business payment tracking
Moving into new markets and navigating local regulations is hard enough without losing track of your global payments just because they moved across an international border. BILL gives your team heads-up access to global payment tracking, right in your BILL dashboard.
Significant savings when you pay in foreign currencies
One of the biggest benefits of using the BILL platform for cross-border transactions is the cost.
BILL offers a $0 wire transfer fee* and competitive exchange rate for payments in most local currencies. Visit our pricing page for details.
*Based on average published fee for outgoing international wires in local currencies, charged by the top 10 US banks according to the FDIC. This fee excludes currency conversion rates.
How to make global business payments
Because domestic and global payment workflows are the same, you can use your BILL account to make reliable international payments the same way.
Just verify the invoice, approve the payment, and send it on its way.
BILL will show you the current exchange rate at the time of payment, for your approval.
Step 1: Create an international vendor and add their bank info
On the vendor's detail page, enter the vendor’s address, bank location, currency, and bank information. Or send invites to your international vendors so they can add their bank information directly.
If a document in your inbox has the vendor's SWIFT or IBAN code, our Artificial Intelligence (AI) will detect it and make it even easier for you to get your international vendor set up for payment.
Step 2: Create an international bill
Create a bill in your dashboard and choose the international vendor from the dropdown list of vendor options. BILL will display the currency and current estimated exchange rate.
Our Artificial Intelligence (AI) helps you easily create bills for your international vendor from inbox documents by pre-populating important info.
Add approvers for the bill, just as you do for domestic payments.
Step 3: Pay an international bill
Send international payments by selecting the bill to pay. For added convenience, you can even make bulk payments. When you’re ready to pay, hit Submit.
The bill will appear in your scheduled payments along with all domestic and international payments. To track your payment, select the payment confirmation number in the Payments Out tab.
Step 4: Sync international transactions
Sync your transactions (of all currencies) between BILL and your accounting software, including the gains and losses of foreign currency transactions.
You don't even need to have multi-currency enabled to sync international transactions from BILL to your accounting software.
Move into new markets with BILL
With over 130 countries on the roster, you'll be ready to purchase goods and services just about anywhere, whether you want to move part of your infrastructure overseas to meet demand or just sign a new provider for more competitive solutions and lower costs in your industry.
Manage your AP in one place—global and domestic
With a BILL account, you can manage your AP in one place for all your suppliers, in just about any market. Handle each transaction with the same easy workflow—and with the security you know and trust.
BILL lets you pay international vendors electronically, making cross-border business payments just as easy as domestic payments.
- Combine your payments onto one platform
- Sync with accounting software
- Save time with automated workflows
- Save money when you pay in local supported currencies
We'll even do the math for you.
A customer's perspective on BILL International Payments
At BILL, we understand that more and more of our customers are doing business globally. We're here to help you connect and do business. Whether you're paying vendors in Sweden or San Francisco, we're committed to helping you succeed.
“I am co-owner of a tech media start-up, and as such I pay vendors from around the world for their services. I previously used my bank for international wire and ACH payments. It was very complicated and time-consuming to set up. Each pay day was a complete hassle,” said Judy Williams, an operations manager for The Stack, and early customer. “BILL, on the other hand, was a breeze to set up for international payments. After the initial setup, I am now able to pay international vendors as easily as I pay vendors from the US, and I only use one app. BILL syncs with Xero, as well, so my bookkeeper is happy, too."
FAQs about global business payments
Here are quick, easy answers to some of the most common questions about paying overseas businesses.
How can I transfer money internationally?
Your bank shouldn't be your go-to choice for international money transfers. You'll likely save time and money with another digital payments provider.
With BILL International Payments, you can transfer money to businesses electronically outside the U.S. Benefits include approval workflows, integration with popular accounting software and apps, payment tracking, and competitive rates.
How long do global business payments take?
Most payments arrive within 1-3 business days, varying based on the recipient country, currency, and the time it takes to receive the money from your bank account.
The estimated delivery date will be provided when you schedule the payment. Typical schedules are provided here.
Can I use BILL to make international card payments?
Yes. BILL allows international card payment with Visa, Mastercard and Discover.
Each card transaction has a 2.9% transaction fee and is subject to the exchange rates and other fees detailed on our website.
