This new solution creates an automated way to reimburse employees’ out-of-pocket expenses, across multiple countries and currencies. Emburse Global Reimbursements uses TransferWise’s own local bank accounts to exchange foreign currency, providing low, transparent fees, and always uses the mid-market exchange rate, according to the official press release.
Global organisations have historically been forced to rely on the SWIFT network to facilitate payments from their corporate account to their employees. This often requires several correspondent banks in the exchange process.
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