With our global payment solutions, you can pay suppliers in 210 countries and 20 currencies.
Our experts work with you to identify the best currency strategies for your business and customize the solution to minimize FX markups and cross border fees.
Through the use of virtual card technology, we help you:
- Eliminate currency fluctuation risk
- Save up to 3% on international payments by avoiding unexpected mark ups and fees
- Optimize working capital
- Earn rebates for eligible transactions
- Improve operational efficiency
How It Works
When you need to pay an international supplier, save money by paying them in their local currency. With a WEX solution that uses virtual card numbers (VCNs), the process is simple.
- If your supplier is based in a country that uses one of the 20 accepted currencies, the VCN is funded and settled in your supplier’s local currency, helping you to avoid conversion fees and eliminate FX risk.
- If your supplier is not in a country that accepts the 20 currencies available, you may still save money. Pay your supplier in their local currency, but settle the VCN with WEX in US dollars. Your company may still benefit from FX conversion without additional markups, and you just pay a small conversion fee.
Other Benefits of Virtual Card Numbers
In addition to being the easiest, most cost-efficient solution for international payments, VCNs have other benefits. VCNs have sophisticated controls in place to increase the security of your payments. They are generated automatically, and used for a one-time, specific use. VCNs can be set up with specific controls such as payment amount, merchant category code, and with a specific time frame, reducing the risk of fraud.
Streamline and automate international and domestic travel payments with WEX Travel. Our virtual travel payment solutions help OTAs, travel agents, and travel companies save money on international payments, reduce accounting workload, and improve supplier relationships.