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Product News
February 15, 2023

Global Payments - Now Send Foreign Exchange Payments

Corpay One

Corpay One’s global payments are now more convenient (and faster!). Introducing: Foreign Exchange (FX) payments in Corpay One.

With FX, you can use Corpay One to send different currencies to vendors around the world - with competitive foreign exchange rates - on one seamless payments platform.

What is FX?

Foreign Exchange payments offer the ability to pay vendors in their local currency - instead of sending payments in USD. The option to pay via FX gives you the freedom to send cross-border payments in your vendors’ preferred currency. Plus, FX timelines are faster than international wire - payments deliver in just 4-10 business days.

What does FX mean for my business?

FX gives your company the flexibility to send payments to your global vendors in their preferred currency - without switching between payment platforms.

  • More options to choose how you pay
    Corpay One offers different options for sending payments to vendors abroad. Send foreign currency to global vendors through FX or pay them in USD via International Wire.
  • Less manual work
    With more payment options comes more sophisticated spend management. Corpay One can help you streamline your payments (both foreign and domestic!) with automation that can handle approvals, payments and syncing data with your accounting system.
  • Seamless cross-border payments
    Payments are at the core of Corpay One’s business - and now, international payments are even more convenient. Strengthen vendor relationships by paying them in their preferred currency - and save them the hassle of accepting USD and then converting it to their local currency.
  • Competitive exchange rates
    Corpay One is part of the broader Corpay brand - our market presence gives us access to more competitive exchange rates (even better than your bank’s!).

How do I make an FX payment?

When you upload a bill, simply select “Foreign Exchange” as the payment method. Then, you’ll receive a prompt to enter any required bank information.

You can also start FX payments by adding a vendor: just navigate to “vendors” in the left-side menu and add a vendor. Then, select “international payment” and “FX” as the payment method. From there, you can add, schedule, or pay a bill, and Corpay One will take care of the rest!

For a more in-depth look at this process, check out our article on FX at the Corpay One Help Desk.

How much does it cost to send an FX payment in Corpay One?

Corpay One’s exchange rates are transparent - so you can see what you’ll spend before you send the payment.

Here’s how it works: when making an FX payment, you can either enter a fixed amount in USD and see the exchange rate in the international currency, or you can enter a fixed amount in international currency and see the exchange rate in USD.

  • If you select a fixed rate in USD, your vendor will cover the spread.
  • If you select a fixed rate in the international currency, your business will cover the spread.

What’s the spread?

When we refer to the spread, we’re talking about the rate and cost of exchanging USD for a foreign currency. In Corpay One, our exchange rates are competitive and we charge a standard 1.5% fee which together, make up the spread.

When you enter the fixed amount, you’ll see the transparent amount you pay and your vendor receives.

A more complete spend management platform

Corpay One is a leading spend management solution for scaling businesses. Get one, complete platform to manage your business bills and a credit card (the Corpay One Mastercard®!) to pay them. You can build custom bookkeeping and approval workflows that work for your team, while streamlining international or domestic payments to your vendors, managing employee spend with custom controls and leveling up your business with a line of credit. This is intelligent spend management designed to help you spend smarter, earn faster and save more. Book a demo to get started today!

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