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 portal, follow these steps.
Set up a foreign bank account
To set up a new foreign bank account, follow the steps below.
Click CorePay then click Reference.
Click Bank Details.
From the Bank Country Code drop-down list, select the required code.
Check if the country in question is on this list.
If you cannot access this screen "Bank Country Codes" is not available. To find the BBAN length, please refer to the IBAN Registry document.
Check bank identifiers
To check for the bank identifiers, follow the steps below.
Click CorePay then click Reference.
Click Bank Details.
From the Bank Identifier drop-down list, select the required identifier.
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 CorePay then click Reference.
Click Bank Details then select Type as BIC.
If the BIC is already there, check why.
If not, to add a new line, click the add
icon.Fill the required fields then click Save.
Once all these details are set, you should be able to set the pay details for the employee.