Can my reimbursements be locally funded?


This article refers to a feature that might not be available in your current Brex plan. If you'd like to learn more about this feature and how to unlock additional capabilities in Brex's upgraded plans, please have your account or card admin reach out to Brex Support by clicking on Support in your dashboard.

Brex Plus Account admins, card admins, and managers can set up reimbursements to be funded in local currency to international employees’ local bank accounts. This eliminates any foreign exchange conversions and helps streamline accounting.

Your entity also must have a local bank account funded in the location’s primary currency. You won’t have the option to switch the entity bank back to USD following setup. Based on the country, you may need to manually push funds from your local bank to the designated payment instructions, if autopay isn’t available.

Note: Only employees with local bank accounts can be reimbursed in local currency.

To start setting up locally-funded reimbursements, follow the general steps below. Your exact process might look slightly different depending on which country you have entities in

Step 1: Navigate to Account in your Brex dashboard and click Reimbursements.

Step 2: Under the balance, you can see the entities that are paid from the parent entity. Click Manage to separate billing for each individual entity.

HC - Reimbursements Overview03

Step 3: On the side panel, click Set up individual payment for the specific entity.

Step 4: Select your local currency (if available). This is the currency that you’ll be billed in, and the currency that’ll be used to fund your reimbursements.

Step 5: Choose the frequency you’d like your statement, which shows all approved reimbursements to be funded.

Step 6: After your configuration is complete, you might need to complete a KYC of your local entity, depending on that country’s regulation, before submitting the application for approval. We’ll reach out regarding the status of your application if we have received any KYC requests from the local regulators.

You’ll see a list of your entities in Accounts > Reimbursements. Your local entity configuration will wait until the KYC gets approved. Once approved, we’ll automatically start billing approved reimbursements to your local entity in local currency.

HC - Reimbursements Locally Funded 01

You can click Payment instructions to see the local payment instructions designated for your entity. Funds that are paid using those details will reflect on your reimbursement balance and will fund reimbursements. Always use local rails to fund this bank account. When funds are delivered, reimbursements will be initiated to your employees in a batch that includes all approved reimbursements since the last funding.

Supported locations

Country

Locally funded reimbursements

Supported currencies

Andorra

EUR

Australia

AUD

Austria

EUR

Belgium

EUR

Bulgaria

BGN

Canada

CAD

Croatia

EUR

Cyprus

EUR

Czech Republic

CZK

Denmark

DKK

Estonia

EUR

Finland

EUR

France

EUR

Germany

EUR

Greece

EUR

Holy See (Vatican City)

EUR

Hong Kong

ISK

Hungary

EUR

Iceland

EUR

Ireland

ILS

Israel

EUR

Italy

EUR

Latvia

EUR

Liechtenstein

EUR

Lithuania

EUR

Luxembourg

EUR

Malta

EUR

Monaco

EUR

Netherlands

EUR

New Zealand

NZD

Norway

EUR

Poland

EUR

Portugal

EUR

Romania

EUR

San Marino

SGD

Singapore

EUR

Slovakia

EUR

Solvenia

EUR

Spain

GBP

Sweden

EUR, SEK

Switzerland

EUR

Was this article helpful?

|

Still can't find what you're looking for?

Chat with us