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International Wire Payments: Setting up an International vendor for Wire transfer

 

 

 

 

Entering foreign bank account for International vendor

 

If the vendor's bank is in a different country from the vendor's address country, edit the vendor record first and select the appropriate country for the Vendor Bank Country field.

 

  1. On the International vendor's record, click Set up ePayments Java_-_Set_up_ePayments_button.png
  2. Vendor bank account information
    • If the vendor has provided full International bank information
      1. Enter International bank branch identifier
        1. Alphanumeric bank branch identifiers (IBAN) are case sensitive. All letter(s) must be in uppercase
      2. Account Number: Bank Account Number of the vendor
      3. Re-enter Account Number: to confirm account number
    • If the vendor has not provided full International bank information
      1. Search for the International bank with the information that was provided by clicking search for bank (available for countries that use Swift only)Java_search_bank.png
        • The bank can be searched for using the following parameters:
          • Swift code
          • Bank Name
          • Bank Address
            • Verify the bank name and address matches the information provided by the vendor before clicking Select
      2. Enter the Account Number
      3. Re-enter Account Number: to confirm account number
    • Select Payment Currency: the currency to deposit in the vendor's International bank account. By default, this will be set to the vendor's local currency. Click the dropdown to select USD or other foreign currency, if available
      • We will always debit in USD
  3. Select Vendor Type
    • Company
    • Individual
  4. Enter Pay To name
    • This must match what the vendor's bank has on file or the payment could be rejected or held
      • Some recipient banks do not check to see that the name on the account matches the account number. At the other extreme, some recipient banks will not deposit the money into the account if the name on the money transfer is not exactly the same as the name on the bank account.
  5. Enter Payment Address
  6. Enter Payment info email
    • A payment notification email will be sent to the vendor at this email address
  7. Enter Payment Contact Phone; required for some countries
  8. Select Purpose of payment
    • Purpose of payment is a regulatory requirement
  9. Click Save
  10. Click Done to confirm details

 

Java_IP_bank_setup.png

 

Note: Additional information may be required depending on requirements of the country receiving payment, ie: Contact name or Contact phone

 

Once the bank account is saved, the foreign bank information is displayed. Verify the bank information again to ensure it is correct.

 

Verified_Canadian_bank_-_Java.png

 

 

 

 

Search for the vendor's International bank

 

If the vendor has provided some bank account details but not the exact bank branch identifier required, search for the International bank with information that was provided, by clicking Search by bank name or SWIFT code (available for countries that use Swift only) 

Java_-_search_for_bank_link.png

  • The bank can be searched with the following parameters:
    • Swift code
    • Bank Name
    • Bank Address
      • Verify the bank name and address matches the information provided by the vendor before clicking Select
        • If the incorrect bank is accidentally selected, search again

 

 

Things to know

 

  • Bill.com accounts with account type "Individual (Personal or household use)" will not be able to make International wire payments
  • Foreign bank accounts can be added for Vendors but only USD bank accounts can be added to Bill.com to make payments from
  • Once a vendor's bank account has been added, it can not be edited. The bank will need to be deactivated and added again
  • International vendors can not be setup for wire payment within the mobile app
  • Once an International vendor has been set up to receive wire payments within the online version of Bill.com, they can be paid internationally via the mobile app, for both IOS and Android
  • Alphanumeric bank branch identifiers (IBAN) are case sensitive. All letter(s) must be in uppercase
  • CNY is the official abbreviation of China's currency Renminbi (RMB) and payments are issued at the CNY(RMB) rate

 

 

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