Overview
Multi-currency allows your team to issue spend in an employee's local currency. For example, your admin team can now issue spend 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 or funds, transaction, and reimbursement flows. This change does not impact accounting, and the currency cannot be changed for existing cards or funds.
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Admins
As an admin, you may issue spend 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 Entities drawer, select Entity details, and assign currencies to each entity.
If multi-entity is not enabled and you want to set currencies at the business level, you may go to Settings > Company Settings > scroll down to Currencies. You will need to manually select the currency, and you can view the assigned currency from the Locations page.
In the spend issuance flow, your default currency will populate, and you may change it (e.g., if you are issuing a card or funds for an employee who belongs to a CAD entity with a default CAD currency assigned, you can update the currency to USD in the issuance flow).
Issuing spend and creating spend programs
Admins can create a non-USD currency by selecting the currency dropdown in the spend creation flow, the “Product or Service” flow, and the physical card request screen.
Reviewing spend
In your Funds & Cards tab, you will be able to see the card or funds spending limit in the local currency, see utilization against the total spending limit, and understand how much your business limit has been spent
The globe icon appears when the transaction's cleared currency/reimbursement currency is different from 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 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 yet support policies in different currencies.
Please note: The currency on a card, funds, or spend program may NOT be edited after creation.
Employees
Cards, funds, and 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.
You can view your transaction amount in the card or funds currency in your recent activity. When the cleared currency is not the same as the statement currency, the globe icon will display. Hovering over the icon will show the cleared currency amount.
Reimbursements
If you attach your reimbursement to a non-USD spend, you can see the reimbursement amount in that spend. If your reimbursement is not attached to a non-USD card or funds, 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.