The feature for Cross-Border Payments for employees is currently in beta testing - this is an opt-in feature only. Please approach our team (support@talenox.com), so that we can bring you aboard our beta testing phase.
The following are some frequently asked questions that we often encounter:
"Can I make salary transfers to my foreign employees in a foreign currency?"
"Does Talenox support paying my employees who are based overseas with a foreign bank account?"
"Can I only make transfers in the local currency?"
Cross-Border Payment Set-Up for Multi-Currency Payroll
We have partnered with WorldFirst to launch our Cross-Border Payments feature directly in Talenox for payroll processed in foreign currencies.
Multi-currency cross-border transfer features will only be available after the Talenox team has enabled this for you. This will be enabled upon successful completion of the Know Your Customer (KYC) process with our partner, WorldFirst.
You can refer to these steps to learn how to ensure that this feature is set up accurately for payment to your employees:
Step 1: Set-up of Employee Profiles to account for foreign currency payouts
1) If you are utilizing the cross-border feature in Talenox to pay out foreign currencies to your employees, you'll need to ensure that the "Forex Transfer" option in the employee's 'Payment Details' section has been selected.
2) Fill in the following details into the employee's 'Payment Details' section
Bank IBAN (only for countries that require this)
Swift Code
Account Name (name of employee in bank account)
Account Number
Country Code
Currency
NOTE: The employee's being paid out in foreign currencies will have a separate payment flow for them through forex transfer, which is why their payment details have to match as such.
Step 2: Processing Payroll for Employees in the Currencies Required
1) You'll need to process payroll for your employees in Talenox. You can follow the steps in these guides to understand how to process payroll smoothly each month:
Step 3: Transferring Salaries to Employee's Overseas Bank Accounts
1) Once payroll has been processed accurately in Talenox, you'll need to head to Payroll > Month Total > Export Bank Payment / Statutory Funds / Reports > Make Payment.
2) In the 'Make Payment' page, click on Select Payment Method > Forex Transfer.
3) If you would like to get an estimation of the forex rate, click on the “Check Rate” option, this will provide you an estimation without committing to a forex transfer yet.
4) Once you would like to proceed after checking the rate, click on “Transfer Now”. Click on “Confirm” when the next message pops up, only when you are sure you'd like to continue with this transaction.
NOTE: Once you have confirmed, you would have committed to a transfer, and we will lock in the forex rates for you. You will have to transfer the funds by 4pm next day, otherwise cancellation charges will apply.
5) You will be brought to a screen where you can view the following transfer details:
Transfer Details - how much to pay
Talenox Account Details - which bank to make payment to
What to expect after you have made the transfer - the next steps to expect from the process
After receiving the confirmation of payment made to Talenox Account - status updates on employee payouts to their foreign bank accounts
Breakdown of Transfer Amounts - Currency buying rates, transfer fees, admin fees, and total transfer amounts
6) Once you have transferred the funds to our account, we will update you in a few minutes to an hour depending on the complexity of the Anti-Money Laundering (AML) checks. An email notification will be sent to you.
7) Once your funds are approved, we will immediately make the transfer. Depending on the country the bank account of your staff is located in, he/she will receive the funds in a few minutes to a couple of working days.
8) Once salary transfer is successful, an email notification will be sent to you, and you’ll see the payment status updated in the Make Payment page.
NOTE: We will highly encourage you to do a penny test (run a payment with a $1 value for each staff) to ensure the bank transfer overseas is successful before making an actual full amount salary transfer to your employees. 😄