Stop The Exchange Rate Ripoff Report
Hidden exchange rate markups estimated to cost Americans $8.7 billion in 2019 Consumers and businesses lose billions every year when they send and spend money...
Brex and Wise are Solving Growing Pain Points for Employers: Global Employee Reimbursements
The “Going Global” Challenge
In today’s post-pandemic world where employees can work from anywhere and companies are more frequently hiring beyond their borders, the complexities facing founders and finance teams at fast-growing businesses have grown exponentially.
One area of cost management that has become particularly complicated in this new global environment is employee reimbursements for teams spread out around the world. Common challenges businesses face when making cross-border payments include: high costs, slow transactions, and a lack of transparency into the fees and the amount actually received.
A typical cross-border payment can be expensive and slow. It usually involves different financial institutions across multiple countries each charging a fee for their role in the process and adding days on to payment timing. But these fees aren’t transparent, so businesses are unable to know what extra charges they may incur when making a cross-border payment.
Because of this, many businesses — especially small businesses — struggle with reimbursements to global team members, specifically in ensuring the amount delivered is the expected amount and in the right currency.
Brex & Wise Collaboration
With these challenges in mind, Brex, the corporate card and spend management solution for modern companies, and Wise, the global technology company building the best way to move money around the world, have partnered to launch a new employee reimbursement offering embedded within Brex’s Empower platform.
The Empower platform makes it easy for businesses to support their employees wherever they work. With global reimbursements, card acceptance in 100+ countries, 24/7 support, WhatsApp notifications, a top-rated mobile app, and expenses shown in local currency, the Empower platform is the global spend solution for businesses.
How it Works
Brex provides a seamless, fast, and convenient experience to help businesses get their employees reimbursed accurately and efficiently, and the partnership with Wise helps facilitate global capabilities for its customers. The approval flow process for leaders is easy to navigate, with the FX rate clearly shown, so employers can see the amount to be delivered to employees, in their requested currency, without any confusion for employers.
“Businesses of all sizes have taken steps to create global workforces, generating a critical need to provide their now global employees with international reimbursements. However, this is incredibly difficult to manage, which is why solutions from Brex to help these businesses are so critical to the market,” said Ryan Zagone, Head of Americas at Wise for Banks. “We’re proud to partner with Brex to help drive forward the global mobility and growth of businesses with our convenient, affordable and transparent international payments infrastructure.”
Wise helps people and businesses securely move and spend money in over 50 currencies. With full price transparency, including low-cost pricing, and the use of real-time exchange rates, Brex and Wise are helping solve the issues businesses face in moving money globally and reimbursing employees in an easy, quick and timely manner, no matter where they are in the world.
Through this collaboration, founders and finance teams can now feel confident that they’re managing costs effectively and efficiently, while employees can focus on their work and feel confident knowing their expenses will be reimbursed accurately.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
Find out more
Welcome to the Wise Q3 2019 Mission Update
We’ve just finished Q3. It’s time for an update on how much closer we’ve got to making our mission of Money Without Borders a reality.
Revealing our 2019 annual report
Our mission has become irreversible, the company financially independent, and adoption continues to accelerate. Thank you - Wise customers - for...
A good financial year - Closer to money without borders
To the Wise community When my co-founder and I launched Wise 7 years ago, we set out to irreversibly fix how money doesn’t work across...
Wise Mission Report Q2 2018
You have made Wise possible. You keep our lights on, so that we can make money move faster and cheaper for you. This is our Q2 report to you.
Why Transferwise has Fees
Money is information. Using, storing and moving money should be as cheap and instant as exchanging information. As cheap as sending an email. And certainly it...
