How many foreign currencies do you or your clients need to use?
Would you like to be paid and get paid in another currency? Would you like to avoid ridiculous exchange rates and service charges while doing it? How about maintaining foreign currency bank accounts with no issues or fees for setting them up? And would you like to save time in recording these transactions and the setup?
That’s me. I have done it all.
As many people know, I have been dealing in multiple currencies for many years, and getting paid in a currency other than my own has been an issue the whole time. Also, paying others in a currency other than my own, while not as big an issue for me, has also been a problem.
Enter Wise Business.
With Wise Business, I can operate internationally and pay—or get paid—in over 50 currencies. Wise uses the mid-market exchange rate and charges lower fees than any bank. All fees are transparent and spelled out before you finalize the transaction.
Without leaving my office or picking up a phone, I have been able to pay and get paid in GBP, USD, and CAD, for instance, and I have not had to pay any fees for that. I also have set up bank accounts with Wise in various currencies at no cost.
That way, I have bank details that I can provide to my customers to pay me by direct payment in whatever currency we choose.
I also have transferred funds in seconds. For example, I have a Wise Business GBP account as well as a Wise Personal account (I had been using Wise Personal accounts for my business until I opened a Wise Business account) in the same currency. I transferred £1,000 ($1,251.34 USD)
from my personal account to my business account, and everything happened instantly, with no fees.
If I had paid someone else rather than transferred to myself, there would have been a fee but a very reasonable one.
And if I had been transferring money between currencies, the cost would have been far less than what the bank would have charged.
With 30% of transfers being instant and real-time tracking, Wise is faster and cheaper than wire transfers and other bank offerings.
Also, payments can be set to be immediate, scheduled or batch payments by uploading Excel files.
QuickBooks Integration
Wise bank accounts integrate with QuickBooks Online’s bank feeds.
But now, Wise Business can import your bills so that you can pay them directly from Wise and the resulting transactions will appear properly in QBO. It even keeps track of bills and their due dates from QuickBooks.
All paid bills are matched automatically, regardless of currency.
You also can get physical or digital debit cards that are tied to your account. This allows you to avoid foreign transaction fees when traveling or spending funds online for your business. It works in more than 150 currencies and offers free ATM withdrawals up to 200 GBP.
Need to handle overseas bills, pay employees or move money between accounts? How about having bank accounts in other currencies at no cost? Get started with Wise Business for free HERE.
Esther Friedberg Karp is an internationally-renowned trainer, writer and speaker from Toronto, where she runs her QuickBooks consulting practice, EFK CompuBooks Inc. Consistently in Insightful Accountant's Top 100 ProAdvisors, she has been named to the Top 10 twice.
A ProAdvisor in three countries, she has traveled the world with Intuit, spoken at QuickBooks Connect in San Jose and Toronto, among other places, and has written countless articles for Intuit Global.
Esther has been named one of the “Top 50 Women in Accounting,” a “Top 10 Influencer” in the Canadian Bookkeeping World, and is a repeat nominee for the “RBC Canadian Women’s Entrepreneur Awards.” She counts among her clients many international companies, as well as accounting professionals seeking her out on behalf of their own clients for her expertise in multi-currency and various countries’ editions of QuickBooks Desktop and Online.
She can be reached at esther@e-compubooks.com or 416-410-0750.
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