Bill.com is removing its wire transfer fees for SMEs using its international payment platform to make digital payments in local currencies.
The company introduced the International Payments platform in July last year. This was in order to ease the process of paying overseas vendors digitally.
Through the platform, users can currently make payments to vendors in more than 40 countries including the Eurozone, UK, India, and China.
Bill.com chief marketing officer Yael Zheng said: “If your business is global, your payment process should be as well. With Bill.com International Payments, we provide small and mid-size companies a simple, seamless, and cost-effective way to pay electronically all over the world, with just a few clicks.
“Now, payments can be made and tracked in U.S. dollars, for a better wire transfer rate than most banks, and in more than 24 local currencies with no wire transfer fee and at a competitive exchange rate.”
Currently, Bill.com has three million members and processes over $60bn in payments on a yearly basis.
The latest move comes close on the heels of Bill.com’s tie-up with American Express. The two launched an automated accounts payable product called Vendor Pay.
The offering will enable Bill.com customers to use virtual card technology for paying suppliers through American Express business or corporate card.