Overview
Multi-currency allows your team to issue spend in an employee's local currency. For example, your admin team can now issue limits that display in CAD on your Canadian employees' dashboard. Canadian employees can then spend in their local currency without having to mentally convert from USD. Multi-currency is also supported on the iOS and Android apps for existing card, transaction, and reimbursement flows. This change does not impact accounting, and the currency cannot be changed for existing cards.
Admins
As an admin, you may issue limits and create spend programs in non-USD currencies. First, you must navigate to your settings to configure currencies for your company at the business level or entity-level depending on your preference.
Setting up and assigning a currency to an entity
If multi-entity is enabled, you may go to the "Edit Entity" drawer and assign currencies to each entity. If multi-currency is not enabled and you would like to set currencies at the business level, you may go to Settings -> Spend Controls -> Global Controls -> Local Currencies . You will be able to view the assigned currency from the Locations page.
In the spend issuance flow, your default currency will populate and you may change the currency (e.g. if issuing a card for an employee that belongs to a CAD entity with a default CAD currency assigned, you can update the currency to USD in the issuance flow).
Issuing cards and creating spend programs
Admins can create a non-USD currency by selecting the currency dropdown in the card creation flow, the “New Product or Service” flow, and physical card request screen.
Reviewing spend
In your Cards tab, you will be able to see the card limit in the local currency, see utilization against the limit, and understand how much your business limit has been spent
The globe icon appears when the transactions cleared currency / reimbursement’s currency is not the same as the statement currency. Hovering over will show the transaction’s cleared currency / reimbursement currency and amount. For example, a CAD transaction will have a globe icon if the statement currency is in USD.
Spend controls like Amount and Maximum Transaction Amount are currency-aware and match the currency of the spend limit. Spend policies like Approvals and Submission Policies are still denominated in USD as we do not support policies in different currencies just yet.
Please note: The currency on a card or spend program may NOT be edited after it's created.
Employees
Cards & Transactions
Employees can now request spend in non-USD. In the request spend flow, your currency is defaulted to your entity’s default currency; however, you may change the currency to any currency available to your company. You may also request spend from any non-USD / local currency program.
In your recent activity, you will be able to view your transaction amount in the limit currency. The globe icon will display when the cleared currency is not the same as the statement currency. Hovering over the icon will show the cleared currency amount.
Reimbursements
If you attach your reimbursement to a non-USD spend, you will be able to see the reimbursement amount in that spend. If your reimbursement is not attached to a non-USD limit, the payout currency will be USD. Similar to transactions, the globe icon will display when the reimbursement currency is not the same as the cleared currency.
