How do wallets work?

What is the use of wallets?

By opening a new wallet, you avoid the applicable commissions, exchange rates and conversion fees when making payments in differing currencies.

๐Ÿ’ธ Let's say you have subscription fees for subscriptions in USD charged each month from your EUR account. From your EUR wallet, you're subject to exchange rate fluctuations and conversion fees (2.99%) for each and every transaction. If you open a wallet in USD, funded directly via a transfer in USD, you can avoid such costs.

Do I need to go through KYB again?

๐Ÿ’กIf a foreign currency account is attached to your main account later on Spendesk, it will not be necessary to go through the KYB process of your company again. It'll, however, be mandatory in the case of opening a foreign currency account for a new legal entity.

What are the supported currencies?

Supported currencies, for now, are EUR, GBP, USD, SEK, NOK, DKK.

Open a wallet on Spendesk

  • From your account details on the top left-hand corner of your Spendesk interface, click on the name of your company, then on "Add an account":

  • Select the left option for a new wallet:

  • Pick your currency and a wallet name:

  • Fill in your bank details and validate by clicking on "Create new Spendesk account":

Open a new subsidiaryย 

How do subsidiaries work on Spendesk?ย 

๐Ÿ“‚ Opening an account for a different subsidiary will create a new branch supporting a different currency (i.e. EUR โ‚ฌ, GBP ยฃ, USD $, SEK, NOK, DKK).

How do you open a different Spendesk account for another subsidiary?

First option:

๐Ÿ” You can do it the same way as for the wallet (see screenshots above) but you have to select "a new company" (right option) and follow the steps.ย 

Other option:

  • Head over to Settings > Settings & billing > Your current plan

  • Click on Add a new branch

  • Fill out the form with the relevant information linked to your new entity and validate.

๐Ÿ’ก Once your new subsidiary is created and funded, you can: ย 

  • invite new members.

  • Set up their Spendesk policy

  • Create teams and set up approval flows

  • Set up accounting codes (cost centers, vat accounts, general accounting codes).

๐Ÿ’ผ Need more information?

Feel free to reach out to your assigned Customer Success manager or to our support team at any point if you require some assistance: support@spendesk.com.

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