Paying Overseas Staff:
Exchange Rates and Fees
It is now common to have staff on an international payroll, from a single remote worker to several employees working overseas from an international office. But managing an international payroll can be tricky when you start looking into the different factors to consider, including:
- Compliance – you need to make sure you are complying with all local legislation in the employee’s country and the country of business. For this, we recommend speaking with a specialist international Tax consultant to ensure all of your payments comply with the local laws and payment schedules.
- Managing exchange rate fluctuations – exchange rates change all the time, so you need to make sure your payments reflect the current rates so your overseas employees are paid the correct amount (and you don’t end up paying more than you should!)
- Managing transaction fees – different platforms and countries can incur different transaction fees, so you need to make sure these are accounted for in your international payroll setup.
As a specialist foreign exchange broker, NewbridgeFX can reduce the costs and risks of making large and regular international payroll payments by using our foreign exchange products, online platform, and utilising the extensive knowledge and experience of our foreign exchange specialists.
Bulk Payments:
Online Platform
Speak to a foreign exchange specialist at NewbridgeFX to discuss how we can improve your international payroll processing.
Bulk Payments
Our online platform gives you the capability to make bulk payments using entries from a supplied CSV template file that contain your payment instructions, existing beneficiaries, payments to new beneficiaries, and the currencies that need to be converted.
Bulk Beneficiary Management
Bulk upload all your recipient details to our online platform via one CSV file. The file is validated to ensure the format is correct and you are notified by email once this is complete, so you can be sure all of your overseas staff are included in the system.
Track Payments
View the history and status of bulk uploaded CSV files and check all payment activity and their status via the online platform.
Fast & Secure:
International Payroll Payments
Our clients are provided with access to our secure online platform that is used to collect, convert, pay and manage your payroll payments. We work closely with our FCA regulated partner to provide complete security.
Payroll Payments Overview
Real-time reporting and tracking is provided for international payroll payments and currency conversions allowing companies to verify that payments have been made on time.
Same Day Payroll Payments
You can send payroll payments 24/7 to over 200 countries using our secure online platform. Payroll payments using major currencies usually clear within minutes or next day for more exotic currencies.
Multi Currencies
Your account can hold multiple currencies allowing you to pay overseas staff in several countries from one portal and you have the ability to view multi-currency balances within the online platform.
Reduce Payroll Costs
We can reduce your payroll costs with no transaction fees and a range of foreign exchange products that mitigate the risk of currency fluctuations to make international payments.
FAQ:
International Payroll
Answer
Yes, you can pay staff overseas using the spot rate on the day you want to process the payment. Or, you can secure an exchange rate using a forward contract for settlement at a future date. Once the transaction settles, and the currency is available you can use this to make payments overseas.
Answer
Yes, our CSV file templates enable you to enter any country code, and any currency code we offer. So, using one file you can make payments to different countries and currencies meaning paying overseas employees can all be handled from one file no matter where they are based.
Answer
Yes, the online platform is the most efficient way to process payments in bulk. Our staff are also available to guide you through the platform or to book the transactions on your behalf.
Answer
This can depend on a number of different factors. For advice, we recommend consulting a specialist international tax consultant on this, and other employee-related questions before setting up your international payroll and associated payments for overseas staff.
Products:
Manage Risk
NewbridgeFX offers a specialist service in the deliverable foreign exchange market, promoting a range of products and services, available online or over the phone. Our products have been designed to meet the needs of our clients when sending money overseas, and are ways for businesses, and individuals, to manage and mitigate currency risk.
Spot Contract
Lock in an exchange rate for immediate onward settlement. Funds can be received the same day.
Forward Contract
Lock in an exchange rate today, but for settlement at a later date that suits you, up to 12 months in the future.
Market Order
We monitor the markets real time and take action to trade between currencies when your desired rate is achieved.
Rate Alerts
Set an alert for phone or email notification when a rate has been achieved to take advantage at the best time.
Benefits:
NewbridgeFX
Multi-Currency Account In Your Company Name
Receive funds from your customers in to your own named collection account, using one account number for all currencies, or a local in-country account number still in your company name.
Create And Manage All Your Beneficiaries
Add and manage your beneficiaries, perform bank account validation & verification checks as you enter your beneficiary details & bulk upload multiple beneficiaries via a CSV file.
Make Fast & Secure Payments To Over 200 Countries
Real time Swift and local payments are settled the same day, within minutes of processing (currency/country dependant), and payment tracking capabilities allow you to keep updated on the payment status.
Multi-Currency Balances
Hold multiple currencies and access balance information in supported currencies. Receive, convert, send and move money between your multi-currency accounts without making payments.
Convert Over 100 Currencies, 24/7, Using Multiple Devices
We provide informative, up to date market news, including updates on currency movements, upcoming economic events and announcements that impact the foreign exchange market.
Real-time Reporting And Tracking
View and track all conversions, payments and incoming funds using our online platform, and receive email notifications when funds have been received, conversions processed and payments released.