Payhawk administrators can make international bank payments from your GBP, EUR, and USD base (accounting) currency account.
Benefits
Manage reimbursement and invoice payments in 50 currencies in 160+ countries from the Payhawk web portal without having to leave the platform, thus optimizing the time and efforts of the Finance team, and facilitating internal workflows.
Benefit from competitive and transparent fees and the mid-market exchange rate, helping you save up to eight times more on international bank payment costs than traditional providers.
Pay your foreign suppliers in their local currencies.
Specifics
When making international bank payments with Payhawk, note the following specifics:
You can make international bank payments only from your company's GBP, EUR, and USD base currency accounts.
You will be able to use the money transfer service infrastructure for international bank payments only if the SEPA, FPS, or ACH schemes cannot be applied. For example, you won't be able to make an international bank payment in USD from your USD account in the UK.
When you make a payment in USD from outside the US to a US account, you need to select the aba (ACH) or fedwire local option.
If you have an expense that can be paid through the international bank payment infrastructure, Payhawk will prompt you to enable your Wise Business account.
You cannot transfer funds between a company's Payhawk accounts that are in different currencies.
Supported currencies
For the full currency coverage, see the official Wise documentation.
Time frames for international transfers
For more information about the arrival time of international bank payments through Payhawk, see the official Wise documentation.
Connecting to the international bank payments infrastructure
To enable the money transfer service integration for making international bank payments and depending on your use case, you will have to do any of the following:
Connect to an existing Wise Business account your company already has.
Create a brand-new Wise Business account for your company.
Connecting to a Wise Business account and enabling the money transfer business integration will not affect your other integrations.
Connecting to an existing Wise Business account
To connect Payhawk to an existing Wise Business account:
Log in to the Payhawk web portal.
Go to Settings > Integrations.
Under Available integrations, select Wise.
On the Overview screen, select the option for connecting to an existing Wise Business account and click on Continue. As a result, you will be redirected to the Wise portal.
Fill out your Wise credentials and click on Log in. After you have successfully authenticated, you will be returned to Payhawk.
On the Payhawk success screen, click on Return to integrations.
Creating a new Wise Business account
To create a new Wise Business account for your company, and then connect to it through Payhawk:
In the Payhawk web portal, go to Settings > Integrations.
Under Available integrations, select Wise.
On the Overview screen, select the option for creating a new Wise Business account for your company through Payhawk and click on Continue.
On the next Additional verification screen, fill out the required data and click on Continue.
As a result, the data about the new Wise Business account request will be sent to the money transfer service company. The approval by Wise takes up to five minutes for more than 95% of customers.
If the approval happens immediately, you will see the Payhawk success connection screen. Click on Return to integrations.
If the approval takes more time, you will be returned to the Integrations screen and will be able to see that your request is pending. Refresh the page to update the status until you see that you are already connected to Wise.
Making an international bank payment
After you've connected Payhawk to your Wise Business account, you need to add and save the banking details of your supplier and initiate and authorize the transfer.
To make an international bank payment from Payhawk:
In the Payhawk web portal, go to Expenses.
Select the expense you want to pay and click on the Add payment details button.
In the Add supplier payment details dialog that opens, select the currency for the transfer and fill out the bank details of the supplier. The required bank details can be different per currency. Click on Save.
On the Payment details screen that opens, you can check the exchange rate and transfer fee by clicking on Details.
Click on Authorize to initiate the international bank payment.
As a result, the Authorize payment on your phone screen will load. Within the next two minutes, open your Payhawk mobile app and approve the payment.
On the Payment completed screen in the Payhawk web portal, click on OK to return to Expenses.