How to Use Bill.com for International Payments: Managing Global Transactions

Making international payments can be frustratingly complex and expensive. We can all agree that navigating multiple currencies, banking systems, fees, and regulations across borders is a real pain.

But what if I told you there was a simple, cost-effective way to send and receive payments worldwide? Well, by leveraging Bill.com for your international transactions, you can dramatically simplify cross-border payments.

In this post, you'll discover how Bill.com provides easy access to multi-currency accounts, bank transfers, and global payment networks. You'll learn how to activate international payment features, set up overseas vendors, monitor exchange rates and fees, and even integrate Bill.com with your existing financial systems. By the end, you'll have a streamlined approach to move money across the world while saving time and money.

Introduction to Bill.com for International Payments

Managing global payments can be challenging for businesses. From high transaction fees to long transfer times, cross-border transactions often create headaches. This is where a solution like Bill.com can help.

Understanding the Landscape of Cross-Border Payments

When making international payments, businesses face several common issues:

High fees - Banks and financial institutions typically charge fees between 3-5% per transaction for sending and receiving global payments. These charges quickly add up.
Slow transfer times - International wire transfers can take 3-5 business days to settle. This delay can disrupt operations.
Fraud risk - Cross-border transactions have more vulnerability to payment fraud due to less transparency across different banking systems.
Manual reconciliation - With multiple currencies, it's complex for AP/AR teams to manually reconcile international payments and exchange rate fluctuations.

Leveraging Bill.com for Managing Global Transactions

Bill.com provides several key features to simplify cross-border payments:

Multi-currency support - Send and receive payments in over 15 global currencies. Bill.com handles the foreign exchange and conversion behind the scenes.
Competitive fees - Lower transaction fees compared to traditional bank wires. Typical fees range from 0.5-1.5% per payment.
Fast settlement - Payments generally settle in 1-3 business days, faster than most international bank transfers.
Enhanced security - Leverages SWIFT and other global payment rails. Partners with leading banks to enable secure international transactions.
Automated reconciliation - Software seamlessly reconciles exchange rate changes and consolidates global payments for simplified reporting.

With its specialty in managing multi-currency transactions, Bill.com provides an efficient solution for businesses to streamline their global payment operations. Its combination of lower fees, faster transfers, and robust tools for reconciliation makes cross-border payments simpler.

Can Bill com handle international payments?

Bill.com offers support for international payments, enabling businesses to easily pay vendors globally. Here are some key capabilities:

Multi-currency payments: You can use Bill.com to deliver the payment in your vendor's local currency. For international wires in local currency, there are no intermediary bank charges, so your vendor receives the full payment amount.
USD payments: If your vendor prefers to receive the payment in USD, the Bill.com wire transfer fee is only $9.99. This is very competitive compared to traditional banks that typically charge $40 or more per wire transfer.
SWIFT and IBAN support: Bill.com can process payments via SWIFT or IBAN, which are standard bank identifiers used globally. This ensures smooth delivery into your vendor's bank account.
Fraud protection: Bill.com leverages leading payment rails and fraud detection to protect transactions. Things like multi-factor authentication and positive pay help mitigate risks.

So in summary, Bill.com makes it simple and cost-effective to pay vendors globally. The multi-currency support, low fees, fraud protection, and seamless experience enable businesses to easily manage international payments at scale. Reaching suppliers worldwide is critical for growth, and Bill.com delivers the capabilities to support expansion.

How much does Bill com charge for international payments?

When sending international payments with Bill.com, there are no wire transfer fees charged. Instead, Bill.com offers competitive currency exchange rates that are often better than typical bank rates. This can lead to significant savings on global transactions.

Specifically, here is what Bill.com charges for international payments:

Payments sent in foreign currencies: No wire transfer fee. Only the cost of the currency exchange.
Payments sent in USD: A flat fee of $14.99 per transaction. No wire transfer fees.

The key benefit of using Bill.com for international payments is avoiding costly wire transfer fees that banks normally charge. Typically these fees range from $40-$60 per wire transfer, so the Bill.com fee structure is much more affordable in comparison.

In addition, Bill.com locks in competitive currency exchange rates at the time payments are initiated. This prevents any losses from fluctuating rates between when a payment is sent and when it is received by the recipient.

So in summary, Bill.com makes global commerce more affordable by:

Eliminating wire transfer fees on foreign currency payments
Offering better exchange rates than banks
Charging just a small $14.99 USD flat fee for payments sent in USD

This simplified, low-cost fee structure makes Bill.com an attractive option for managing any high volume of international supplier payments.

What is the best way to pay international transactions?

When making international transactions, businesses have a few options to securely send and receive payments across borders. Some of the most common methods include:

Wire Transfers

Wire transfers allow you to directly transfer funds into a recipient's bank account. This is a fast and secure method, but transaction fees can be high depending on the countries and banks involved. Key things to consider with wire transfers:

Security: Funds move directly between bank accounts so there is less risk of fraud or non-payment
Speed: Transfers usually complete within 1-3 business days
Cost: Banks charge transaction fees of $10-$50+ per transfer
Tracking: You receive confirmation when the recipient claims the funds

Online Payment Platforms

Services like PayPal, TransferWise, and Remitly also facilitate international payments. These platforms can offer better exchange rates and lower fees compared to banks. Considerations when using online payment platforms:

Convenience: Easy to setup and make transfers from a computer or app
Cost Savings: Lower fees compared to traditional wire transfers
Exchange Rates: Often provide mid-market exchange rates saving you money
Speed: Transfers usually complete in 2-5 business days

When making frequent international payments, services like Bill.com provide an efficient way to manage transactions across borders. By integrating with banks and payment networks globally, they simplify the process so you can securely pay international suppliers and contractors while saving time and money.

How do I access international payments?

Some common payment methods commonly used for international payments include:

Bank wire transfers. Wire transfers are a widely used method for transferring funds between bank accounts in different countries. They allow for secure transfer of large amounts of money, but can be expensive due to fees charged by both the sending and receiving bank.
Credit and debit cards. Cards issued by major providers like Visa and Mastercard can be used to make purchases and withdrawals when travelling internationally or shopping on foreign websites. However, currency conversion fees may apply.
International checks and bank drafts. These allow you to pay an international vendor by check in your home currency. Your bank converts the funds and issues a check in the currency of the recipient. Bank drafts are more secure than personal checks.
Cryptocurrencies. Cryptocurrencies like Bitcoin allow you to send payments without going through banks or money transfer services. Transactions are fast, potentially anonymous, and fees are low. However, cryptocurrencies are highly volatile.
Mobile payment apps. Apps like PayPal, Venmo, and TransferWise allow fast, low-cost international money transfers. You can send funds to someone's account, which they can then withdraw. These services offer good exchange rates and low fees.

When accessing international payments, be sure to consider costs, speed, security, and ease of use. Speak to your bank or a money transfer service to find the best option for your needs.

Executing International Payments with Bill.com

Bill.com offers powerful features to simplify cross-border B2B payments. By activating multi-currency wallets and entering international supplier details, businesses can seamlessly pay overseas vendors and manage foreign transactions from one unified platform.

Activating BILL com Multi-Currency Features

To send payments abroad, first enable support for foreign currencies in your Bill.com account:

Navigate to the Wallets page in your Bill.com account settings
Click "Add Wallet" and select from over 135 currencies like Euros, Pounds Sterling, Mexican Pesos, etc.
Specify the wallet's opening balance. Funds will be withdrawn from your primary USD wallet.
Repeat to create multiple currency wallets as needed.

With multi-currency activated, you can now receive and send global payments without manual conversion or cross-border fees.

Setting Up International Payees in Bill.com

Next, add overseas suppliers as payees:

Go to Payments > Payees and click "Add Payee"
Enter the supplier's business name, contact details, payment terms
Specify the supplier's country, currency preference, bank details and SWIFT code for wire transfers
Save the payee profile

Repeat for all international vendors you work with. Bill.com securely stores supplier information to streamline future payments.

Processing Wire Transfers and Online Payments

To pay international payees:

Receive a bill or create an invoice for the overseas supplier
Review billing details and select the foreign currency wallet
Submit for approval if required by your workflow
Once approved, return to Payments and select the supplier payee
Specify payment amount in preferred currency, add memo, and submit

Bill.com handles required currency exchange and initiates wire transfer through SWIFT. Suppliers receive domestic payments, saving time and money.

With robust multi-currency support and international payee management, Bill.com facilitates efficient cross-border B2B payments at scale. Streamline global transactions with one unified platform.

Receiving Payments from Abroad via Bill.com

Bill.com offers capabilities to easily receive payments from international customers and partners. By establishing a UniFY account, businesses can hold balances in multiple currencies, avoiding costly currency conversion fees.

Establishing a Bill.com UniFY Account for Multiple Currencies

To receive payments from abroad, the first step is setting up a UniFY account within Bill.com. UniFY enables businesses to:

Hold balances in USD, EUR, GBP, CAD, and AUD without conversion
Receive domestic and international payments from customers and partners
Pay international suppliers and vendors in their local currencies

Opening a UniFY account is simple and can be done directly within your Bill.com dashboard. You specify which additional currencies you need to support, beyond USD. Bill.com then provides unique banking details for each currency to share with payers.

Providing International Bill Pay Instructions

To receive international payments, you need to share payment instructions with customers and partners that include:

Recipient Details: Your business name and Bill.com account number
Bank Details: The currency-specific banking details provided for your UniFY account
SWIFT/BIC Code: Identifies Bill.com's bank for international wire transfers
Amount: The total payment amount required in the original currency
Reference: Payment reference text for your accounting reconciliation

Bill.com provides pre-formatted instructions for each currency that you can easily send to payers via email, invoice, or other channels.

Streamlining Reconciliation of International Payments

A key benefit of receiving payments through Bill.com is automatic reconciliation. As international payments hit your UniFY account, Bill.com automatically matches them to open invoices by:

Payment amount
Customer name
Reference text

This avoids the need for manual reconciliation in your accounting system. All payments received, domestic and international, are seamlessly synced to appropriate invoices and charts of accounts.

By establishing a multi-currency Bill.com account, businesses can efficiently receive and reconcile payments from global customers and partners in various geographies and currencies.

Understanding Fees and Exchange Rates for Bill.com International Payments

Navigating Bill.com International Payments Fees

Bill.com offers transparent and competitive fees for cross-border payments. When sending or receiving international payments, it's important to understand that there are typically three types of fees involved:

Transaction fees charged by Bill.com for facilitating the payment. These range from 0.5% - 1.5% based on payment volume.
Bank wire transfer fees charged by the banks for sending or receiving the wire transfer. These average $40-$60 per wire.
Foreign exchange fees charged for converting between currencies. Bill.com uses competitive wholesale FX rates with no markup.

To save on fees, here are some tips:

Compare Bill.com transaction fees to alternatives like banks and PayPal. Bill.com is often 30-50% less expensive.
Minimize wire transfer fees by choosing banks with low-cost wiring like HSBC, Wells Fargo, and Citibank.
If possible, use batch payments instead of individual wires to lower average fees.
Set up a multi-currency account on Bill.com to reduce FX costs by keeping funds in local currencies.

Managing Currency Exchange Rates with Bill.com

When making or collecting international payments, currency exchange rate fluctuations can impact transaction amounts. Here's how Bill.com handles FX:

Wholesale FX Rates: Bill.com uses wholesale interbank rates with no markup for competitive pricing. Rates are locked in at the time payments are initiated.
Multi-Currency Accounts: Businesses can hold balances in USD, EUR, GBP, CAD for simplified reconciliation and to avoid unnecessary currency conversions.
Payment Scheduling: Businesses can schedule payments in advance to lock in favorable FX rates before sending funds.
Auto Rate Alerts: Bill.com automatically notifies when exchange rates hit target thresholds so businesses can capitalize on rate movements.

To reduce FX uncertainty, set rate alerts for currencies traded, schedule payments during off-peak hours, and evaluate multi-currency accounts.

Reducing Wire Transfer and Electronic Fund Transfer Fees

To avoid high bank wire fees, consider these options:

Local ACH Payments: Where available, make domestic batch payments over local ACH clearing networks. This can lower per-payment fees from $40+ to under $1.
Account Selection: Choose banks like HSBC or Citibank that offer low-cost international payment rails and wiring infrastructure.
Payment Bundling: Batch international payments to amortize fixed costs over higher payment volume for average fee savings.
Alternative Rails: When possible, use lower-cost rails like SEPA in Europe or SWIFT gpi for batch business payments instead of costly wires.

Careful bank selection, payment consolidation, and leveraging cost-effective domestic clearing networks can trim international transfer fees substantially.

Securing Cross-Border Transactions on Bill.com

Bill.com offers robust tools to secure international payments and help prevent payment fraud. By implementing layers of protection like multi-factor authentication, leveraging automated monitoring, and utilizing reconciliation reports, businesses can feel confident when managing global transactions across borders.

Implementing Multi-Factor Authentication for Payment Security

Protecting access to payment systems is crucial when making cross-border payments. Bill.com allows users to set up multi-factor authentication (MFA) to add an extra layer of security beyond just a password.

When logging into Bill.com to initiate or approve payments, users must enter a one-time passcode sent to their mobile device in addition to their password. This prevents unauthorized access even if login credentials are compromised.

Enabling MFA is simple within Bill.com's settings and helps mitigate the risk of payment fraud. It creates peace of mind that only approved staff can access the platform to manage financial transactions.

Monitoring and Detecting Payment Fraud

Bill.com also employs intelligent algorithms to monitor international payment activity and transactions in real-time. Any suspicious payments are flagged for further fraud investigation.

For example, if an unusually large payment amount is initiated to an atypical recipient or bank outside the normal geographies, Bill.com may temporarily block the transaction. Staff are then notified to verify the payment details.

This automated detection of anomalous transactions provides a key line of defense against both internal and external payment fraud threats. By proactively monitoring payment behaviors, Bill.com can prevent fraudulent transfers before they occur.

Utilizing Reconciliation and Reporting for Fraud Protection

In addition to automated monitoring, businesses can leverage Bill.com's reconciliation and reporting tools as a manual fraud check on cross-border payments.

The platform offers a unified ledger showing the status of all incoming and outgoing international transfers. Finance teams can reconcile these payments against their bank statements and internal records.

Identifying any unauthorized or fraudulent transactions is then straightforward during this reconciliation process. Bill.com also allows users to generate reports filtering on payments by date range, currency, recipient, and other parameters.

By regularly reconciling transfers and running reports, staff can manually verify all global transactions are legitimate. This combines with automated monitoring to provide complete visibility and fraud protection for international payment operations.

Integrating with Global Banking Systems and Payment Networks

Bill.com can integrate with various international banking and payment systems like SWIFT, SEPA, and Fedwire to enable efficient global transactions.

Leveraging the BILL com SWIFT Code for International Transfers

Bill.com uses SWIFT codes, which are bank identifiers, to facilitate secure and traceable international wire transfers. SWIFT codes help route payments quickly while providing transparency into transaction details.

Some key benefits of using SWIFT codes with Bill.com include:

Enabling payments to over 200 countries and territories
Supporting multiple currencies like USD, EUR, GBP etc.
Providing transaction traceability and fraud protection
Reducing wire transfer fees compared to traditional bank wires

When initiating a global payment on Bill.com, entering the correct SWIFT code helps connect the transaction to the appropriate banking channels to reach the intended recipient account abroad.

Understanding SEPA and Fedwire in the Context of Bill.com Payments

For payments within Europe, Bill.com can process Euro transactions over the Single Euro Payments Area (SEPA) network. SEPA offers fast settlement times and low costs for EU-based payments.

Similarly, for USD payments from a US account to another US account, Bill.com utilizes the Fedwire system. Fedwire is run by the Federal Reserve Banks and enables real-time gross settlements.

Leveraging systems like SEPA and Fedwire helps Bill.com route payments optimally based on destination and currency. This saves costs and speeds up transfers compared to traditional wire services.

Optimizing Payment Systems for E-Commerce Transactions

Bill.com is well-suited for e-commerce businesses making or receiving global payments. Features like:

Multi-currency support
Competitive foreign exchange rates
Fraud protection and verification tools
Automations for tracking payments

Help streamline global order fulfillment and collection for online sellers.

In particular, the ability to automatically reconcile payments and match them to open invoices/orders is useful for high volume e-commerce transactions. This saves significant manual effort in keeping track of global customer payments.

Overall, Bill.com strives to provide an efficient platform for managing finances across borders. Integrations with banking systems like SWIFT combined with purpose-built tools for international trade enable businesses to unify global accounting and accelerate cash flow.

Conclusion: Maximizing the Benefits of Bill.com for Global Payments

Bill.com can provide significant benefits for businesses managing global payments and transactions across borders and currencies. Here are some key takeaways:

Final Thoughts on Streamlining International Payments

Bill.com integrates with major banks and financial institutions to enable fast, secure, and cost-effective international payments. This simplifies the process for businesses by avoiding lengthy wire transfers or other complex methods.
Support for multiple currencies on Bill.com reduces foreign exchange fees and hassles when paying international vendors or freelancers. Businesses can manage all global payments from one platform.
Advanced fraud protection and payment tracking provides transparency and security for global transactions. This gives financial leaders confidence when managing overseas payments.
Automated reconciliation of international payments in Bill.com saves accounting teams significant time. Rather than manual entry, all data syncs directly with the platform.
Bill.com's intuitive interface and robust feature set streamlines international payment management for financial staff of all skill levels. This enables efficient payments across borders.

In summary, Bill.com provides an all-in-one global payments solution to simplify and optimize this critical business function. For any company conducting international transactions, Bill.com is an excellent way to reduce costs, gain efficiencies, and enable growth.