WEX Inc has confirmed its European travel customers now have the ability to issue and settle payments in 24 currencies, up from 11 currencies, through WEX Virtual Payments.
As a result of this expansion, WEX Europe has added the following currencies to its virtual card portfolio: Canadian Dollar, Hong Kong Dollar, Czech Koruna, Hungarian Forint, Turkish Lira, Japanese Yen, Mexican Peso, Russian Ruble, Singapore Dollar, Thai Baht, Brazilian Real, Malaysian Ringgit and Emirati Dirham.
The combination of currencies is made available by using both the Visa and MasterCard networks and their combined currency offering. WEX customers benefit from substantial savings on foreign exchange and transaction fees and an increased access to the currencies in growth markets.
Ian Johnson, commercial director Europe, Virtual Payments at WEX said:
“With our extended currency offering, we’re able to help our customers pay their global suppliers in local currencies in a more efficient and cost-effective way. They can now pay suppliers in destinations like Mexico, Thailand and Singapore without the risks of currency fluctuation and fully avoid foreign exchange and conversion fees whilst improving reconciliation in local currencies without variances.”
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