If receiving payments in a foreign currency and you have invoiced in that currency - e.g. USD - Bill.com has designed their user experience so that you think you HAVE to verify a bank account in your local currency e.g. GBP. In the small print - they say they'll do the currency conversion, with a markup and a terrible rate. There is no way to back out of this. If opting to verify your US account instead - an IBAN is requested. US accounts have SWIFT/BIC codes. This seems intentional. You have to ignore these emails in order for the invoice to settle to the account on the invoice. Very underhanded, shady business of extracting surcharges and marked up exchange rates from vendors of their clients. AVOID AVOID AVOID.
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BILL (NYSE: BILL) is a leading financial operations platform for small and midsize businesses (SMBs). As a champion of SMBs, we are automating the future of finance so businesses can thrive. As a leading provider of cloud-based software, BILL simplifies, digitizes, and automates back-office financial processes for small and mid-sized businesses. BILL Financial Operations Platform helps businesses efficiently control their payables, receivables and spend and expense management. Our customers come from all industries, ranging from startups to established brands and nonprofits to franchises. Hundreds of thousands of businesses rely on BILL’s proprietary member network of millions to pay or get paid faster. Headquartered in San Jose, California, BILL is a trusted partner of leading U.S. financial institutions, accounting firms, and accounting software providers. For more information, visit bill.com.
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