The integration enables overseas payments for Xero’s small business customers in the UK and New Zealand, who will be able to take advantage of quick international batch payments at competitive rates.
The integration with local brands UKForex and NZForex is a continuation of the collaboration between parent company OFX and Xero, which launched in Australia in 2015. The integration will allow SMEs to create an invoice in a foreign currency using the Xero cloud accounting platform, retrieve a FX quote from UKForex or NZForex for each international transfer, and pay the invoice via UKForex or NZForex, and have the information automatically recorded in the general ledger in Xero.
International payments via the platform are around 5 times quicker for small businesses than manually paying foreign invoices, and all overseas transfers via UKForex and NZForex are fee-free for Xero customers. Additionally, Xero customers will be able to take advantage of dedicated 24/7 customer support from specialist dealers at UKForex and NZForex.
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