Introducing Multicurrency Pay Outs
March 14, 2023
International multicurrency payments play a crucial role for many businesses, enabling them to conduct cross-border transactions with customers and suppliers located in different countries.
As these payments can be more complex and time-consuming than domestic payments, we have developed a solution to provide businesses with access to local payment rails for outbound payments in 14 countries offering an easier, quicker and cost effective way to make international payments. This is also a great alternative to SWIFT payments.
Make Payments Like A Local
With Fire, businesses currently have access to SEPA payments in the Eurozone and to Faster Payments in the UK. We are now introducing payments to the following countries and currencies:
- Australia – Australian Dollar
- Canada – Canadian Dollar
- Czechia – Czech Koruna
- Denmark – Danish Krone
- Hong Kong – Hong Kong Dollar
- Hungary – Hungarian Forint
- Norway – Norwegian Krone
- Poland – Polish Zloty
- Romania – Romanian Leu
- Singapore – Singapore Dollar
- Sweden – Swedish Krona
- United States – US Dollar
Benefits of Multicurrency Payments
Access to these local payment rails offers many benefits, such as:
- Increased Competitiveness: Multicurrency payment options help businesses remain competitive in the global marketplace, as customers often prefer to do business with companies that pay them in their preferred currency and payment method.
- Reduced Currency Risk: By sending payments in the local currency of their customers or supplier, businesses can avoid currency risk, as they are not exposed to fluctuations in exchange rates.
- Streamlined Processes: Using an API to automate international multicurrency payments can greatly streamline the payment process, reducing the time and resources required to manually process payments and enabling businesses to focus on other important tasks.
Remove the Friction of International Payments
By using the Fire API, businesses can automate payment processes, eliminate the need for manual data entry and reduce the risk of errors. This can save time, reduce costs, and improve the accuracy and speed of a businesses payment processes.
Try It Out
If you are already a Fire Business customer, you can start making payments in these 12 new currencies right now using our Creating an International Transfer User Guide.