Skip to main content
All CollectionsGeneral GuidePayroll
How to Use Multi-Currency Payments Through Talenox?
How to Use Multi-Currency Payments Through Talenox?

Paying out cross-border salary transfers.

Nicholas avatar
Written by Nicholas
Updated over a week ago

The following are some frequently asked questions that we often encounter:

  1. "Can I make salary transfers to my foreign employees in a foreign currency?"

  2. "Does Talenox support paying my employees who are based overseas with a foreign bank account?"

  3. "Can I only make transfers in the local currency?"

To enable this Forex Transfer feature for your company, please contact support@talenox.com.

Our team is ready to guide you through the setup process and explain how you can streamline your cross-border payroll needs effectively.

NOTE: Reach out today and unlock monthly credit rebates on your subscription when meeting our multi-currency payroll criteria—promo valid until 31 Dec 2024.

How to Set Up Multi-Currency Payments?

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:

2) During payroll processing, select "Forex Transfer" as payment method (or pre-filled forex account details under Employee Profile)

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) There will be an error prompt if there is any pending transfer of the same payment(s).

6) Once good to go, you will be directed 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

7) 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.

8) 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.

9) During the entire payout process, you can head to Month Total > Make Payment > Overview > Payment Paid and click “View Fund” to check rate or the arrow to expand payout status.

9) Once salary transfer is successful, an email notification will be sent to you, and you’ll see the Payment Status column 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. 😄


​

Did this answer your question?