Establishing a foreign bank account is essential for businesses operating internationally, as it facilitates efficient handling of cross-border transactions, currency conversions, and timely payment of employee salaries in their local currencies.
📌Note: If you use back office, follow these steps.
Set up a foreign bank account
To set up a new foreign bank account, follow the steps below.
Click Settings and then under Banking, click Bank Country Code.
From the Bank Country Code drop-down, select the required code.
Check the country in question is on this list.
If you cannot access this screen "Bank Country Codes screen is not available", you need to contact your superuser to grant you access.
To help find the BBAN length, please see the IBAN Registry document.
Check bank identifiers
To check for the bank identifiers, follow the steps below.
Click Settings and then under Banking, click Bank Identifiers.
If the identifier is not there, set a new line for the bank.
Check BIC details
To maintain the BIC details, follow the steps below.
Click Settings then under Banking, click Bank Details.
Under Banking click Bank Details.
To add a new line click the Add icon.
Select Type as BIC.
Once all these details are set, you should be able to set the pay details for the employee.