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International Wire Payments (beta): FAQ

Bill.com now lets you pay international vendors electronically, making cross-border business payments just as easy as domestic. It's the newest addition to the payment solution you know and love. Compared to your bank, Bill.com is a more cost-effective way to make International payments.

General Questions

Paying Bills

 

General Questions

What is Bill.com International Wire Payments?

  • Bill.com is a business payments platform. With our international wire payments solution, we enable our customers to make electronic payments to their vendors outside the US for business or commercial purposes.
  • Bill.com’s international wire payments solution is available to business entities such as corporations, LLC and partnerships and to sole proprietors that use our service to make business or commercial payments. Our service is not designed for consumers and we may decline transactions from individuals if they are intended for personal, family or household purposes.

What is multi-currency?

  • Multi-currency is the ability to enter your bill in a foreign currency. This is separately enabled. If you are interested in multi-currency and it is not turned on, reach out to customer support. Note that multi-currency sync is in testing with accounting software through June to August. QBO and Xero are currently supported. Netsuite, QBD and Intacct will be available by end of July.

I have been using banks to send payments. How is bill.com different?

  • On average we save customers more than 50% in fees than banks. 

What is the difference between ACH and wire payments?

  • An automated clearing house (ACH) is an electronic funds-transfer run by the National Automated Clearing House Association (NACHA) to move funds from an account domiciled in a US based financial institution to an account in another US based financial institution. Wires on the other hand is another method where you could also send funds to an account outside the country of the payer. Bill.com uses wires to send funds to a beneficiary located outside US.

What will Bill.com charge for international wire payments?

  • Beginning July 11, 2018 the regular price is $19.99 per transaction and we will have a promotional rate of $9.99 per transaction. This offer is for a limited period only.

Where will I see charges made for international wire payments?

  • Charges will be found in your monthly billing statement.

How do I add another account?

  • Send your request via an email ticket to Customer Support. 

Does Bill.com use third parties to execute international transactions and how are they selected?

  • Yes, Bill.com does use a third party. As part of our process, we use carefully selected third party vendors to deliver capabilities complementary to the services we provide to our customers. All vendors undergo a comprehensive vetting process, including information security, risk and compliance assessment prior to being selected. In addition, all vendors are subjected to ongoing oversight in line with our vendor management policies and procedure.

Will my vendor incur any charges for receiving funds?

  • All intermediary (correspondent) bank fees that are usually applicable with Wire payments are covered by Bill.com and will not be deducted from the payment amount. However, the vendor’s bank can charge the vendor some type of service charges based on the type of account they have with their bank. These fees are typically communicated by the bank with their customers directly.
    • An intermediary bank is a bank that acts on behalf of the vendor’s bank. Payments will reach the intermediary bank before being credited to the vendor. 

Paying Bills

What countries can I send International Wire Payments to?

  • Countries that are supported are: United Kingdom, Canada, EURO Zone (France, Germany, Italy, Austria, Belgium, Cyprus, Estonia, Finland, Greece, Ireland, Lithuania, Luxembourg, Malta, Portugal, Slovenia, Sweden, Czech Republic, Norway, Denmark, Poland), Australia, Japan, Hong Kong, Singapore, New Zealand, Israel.

When will other countries be supported?

  • China, India, Brazil, Taiwan, Kenya, Malaysia, Mexico and South Korea will be supported at the latest in 6 months and as early as 2 months. If a country is not on the list that you would like to send funds to, please contact customer support to submit your request to have the country supported.

When will mobile be supported?

  • International Wire Payments from the Bill.com Mobile app will be supported in August 2018.

Will I be able to send some payments via check and others via wire payments?

  • The payment method is managed at the vendor level. The default payment method for vendors is check until the vendor’s international bank account information is added. Once a vendor bank account is added, the payment method for the vendor will be wire payments until the bank account is removed.

Can I enter bills in foreign currency?

  • Yes, you can enter and manage bills in foreign currencies. You can find more information on Multi Currency here. If you are interested in multi-currency, you can reach out to customer support. 

How do I sync my bills in foreign currency?

  • This currently depends on your accounting software.
    • If not syncing to an accounting software or syncing with QuickBooks Online, Xero, QuickBooks Desktop and Netsuite: please reach out to Customer Support to inquire about entering bills in foreign currency.
      If syncing with Intacct; this feature is not currently available but we’re working on it and it is coming soon.

When will I be able to see the exchange rate during the foreign vendor payment process?

  • We will provide an indicative exchange rate when entering bills in foreign currency but it may change based on when the payment is made. When scheduling the payment, you will see the USD equivalent which will be debited from your account.

How long does it take for vendors to receive payment?

  • Most payments are delivered within 1 to 5 business days. The time could vary depending on the country of vendor, currency and the amount and time it takes to get funds from your bank account. We will provide you with an estimated delivery time when you schedule the payment.
    • Also note that exact time of funds being made available on vendor’s bank account may vary from bank to bank.
  • Here is an example of payment delivery schedule for accelerated payments(our operations team has reviewed your account and accelerated payment timing):
Payment Currency Monday (Day 0) Tuesday (Day 1) Wednesday (Day 2) Thursday (Day 3) Friday (Day 4)
CAD Payment is scheduled by 6 PM PT to be processed the following business day We withdraw funds from from your bank account and deposit the funds in your vendor’s bank account      
USD (to Canada) We withdraw funds from from your bank account and deposit the funds in your vendor’s bank account      
GBP We withdraw funds from from your bank account and deposit the funds in your vendor’s bank account      
EUR We withdraw funds from from your bank account and deposit the funds in your vendor’s bank account      
SGD We withdraw funds from from your bank account We deposit the funds in your vendor’s bank account    
AUD We withdraw funds from from your bank account We deposit the funds in your vendor’s bank account    
NZD We withdraw funds from from your bank account We deposit the funds in your vendor’s bank account    
HKD We withdraw funds from from your bank account We deposit the funds in your vendor’s bank account    
ILS We withdraw funds from from your bank account We deposit the funds in your vendor’s bank account    
JPY We withdraw funds from from your bank account     We deposit the funds in your vendor’s bank account  
INR We withdraw funds from from your bank account    We deposit the funds in your vendor’s bank account   
CNY We withdraw funds from from your bank account    We deposit the funds in your vendor’s bank account   
USD (except to Canada) We withdraw funds from from your bank account    We deposit the funds in your vendor’s bank account   


How do I know how much my vendor will receive?

  • The amount we disburse to your vendor will be displayed on the payment details screen after the payment is deposited.


Can I cancel or void my international wire payments?

  • Yes
    • Payments scheduled before 3 PM PT the day before the process date can be canceled before 4 PM PT on the business day before the process date
    • Payments scheduled after 3 PM PT the day before the process date can be canceled before 6 PM PT on the business day before the process date
    • Payment can be voided after 1 AM PT and before 5 AM PT on the process date
    • NOTE: Once the funds have been disbursed, an international wire payment cannot be voided.

 

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