Ready to simplify your international payments? With Melio, you can effortlessly pay your vendors around the world in their own currencies. You can find out what currencies are supported here.
The payments are deducted from your account in US Dollars, and your vendor gets paid in their own currency.
This article will cover:
- How to add an international vendor that accepts payments in foreign currency
- How to make an international payment in a foreign currency
We recommend adding the vendors first and then scheduling their payments.
Important note: An international vendor can’t receive payments in both foreign currency and USD
You can set a saved international vendor to receive payments in either USD or foreign currency. To pay a vendor who requested payment in their local currency, you’ll need to have two separate vendors saved - one for payments in USD and one for payments in foreign currency.
Can I make a future international payment with a foreign currency?
The day you schedule the payment will be the day it gets deducted. It will be pushed to the next business day in case it’s scheduled after processing hours. Read more about our payment timeline. We recommend making this payment on the day you want it deducted from your account.
How to add an international vendor that accepts payments in foreign currency
1- Sign in to your Melio account.
2- Select Pay in the left sidebar.
3- Go to the Vendors tab.
4- Select Add vendor.
5- Enter the vendor’s business name. Once done, select + Add new vendor.
6- Next, enter the vendor's details. Select Continue at the bottom of the screen when done.
7- When asked to choose how the vendor will receive their payments, select International transfer.
8- If you haven't already, you may be asked to provide the details of your company before being able to make international payments. This will include:
- Business details
- Account holder
- Ownership details
- Control person
9- Next, add the vendor's currency and legal details.
10- Select Save and close to save the vendor's details.
You have now successfully added an international vendor that accepts payments in their currency. The vendor will be listed under the Vendor tab. You can see foreign currency vendors by examining the Open balance column of the vendor list.
How to make an international payment in a foreign currency
1- Sign in to your Melio account.
2- Select Pay in the left sidebar.
3- Go to the Bills tab.
4- To create a new bill and make a payment, select either + New payment or Create a bill. This will open the Bill detail screen.
Alternatively, you can pay an existing international bill by selecting Pay next to the international bill.
- You can tell if a bill is international by examining the currency listed under the Amount column.
5- In the Bill details page, manually enter the bill details for the payment you want to create.
❗️Make sure to add a vendor that has already been set up to accept payments in foreign currency.
- If you are paying an existing bill by selecting Pay next to the bill, this step will be skipped.
You can also upload an invoice from your device by selecting the icon on the left-hand side.
6- Double-check that all the bill details are correct.
7- To continue paying the bill you created, select Continue to pay at the bottom of the screen.
8- Select how you'd like to pay the bill. Select Continue.
Please note that you can only pay via ACH bank transfer, Mastercard, or Visa Credit card.
9- Add a memo to the payment notification the vendor will receive. This will help the vendor understand the purpose of the payment. Select Continue.
10- Next, review the payment details. You can edit details by selecting Edit on the left of each listed detail.
Please note that the final rate will only be determined at the time of scheduling the payment.
11- After review, select Confirm and schedule payment.
That's it! Your international payment in foreign currency is now scheduled, and you can return to the dashboard.