This article discusses the following:
About Rydoo's reimbursement feature
We know that reimbursing employees is a time-consuming and tedious task. That's why we have developed a feature to help you reimburse all approved expenses on Rydoo much faster, more often, from-to any bank, and in different currencies.
Pay your employees back in a matter of clicks.
Reimburse often 🔂
Employees no longer need to wait for months to be reimbursed. Be their hero.
Reimburse in any currency 💱
Pay your employees in their preferred local currency through Wise’s fully transparent mid-market exchange rates.
Our reimbursement feature is powered by Wise (Previously TransferWise). Wise is an online account that lets you send money locally and internationally.
How does it work?
Reduce complex and time-consuming reimbursement tasks to these 4 steps:
Rydoo will send you every week a batch file with all approved expenses.
Upload that file into your Wise business account and check the total amount for all reimbursements.
Deposit the funds needed to your Wise account from any bank.
Once Wise receives the funds, it will automatically notify each employee with all the reimbursement details where they can indicate to which account do they want their money reimbursed.
Done! you have completed reimbursement payments in a few clicks and in one payment.
About the File batch
This batch file is a .csv file that includes all expenses reported throughout the week that are ready to be reimbursed. For more information on reporting expenses in Rydoo please click here.
The name and recipientEmail is the Rydoo user, who will be reimbursed via this batch file.
The paymentReference shows the date that the batch file report was created.
The amountCurrency, amount, and sourceCurrency will reflect your company's branch currency settings in Rydoo.
The targetCurrency is based on the Rydoo country setting on the user level. This arrangement allows you to pay your users in their preferred local currency, even if it's different from the currency of the branch they belong to.
The type in the file will always show "EMAIL" since this file is formatted to Wise's Send by email template
This Wise batch file is automatically sent once a week, every Friday. If you have multiple branches set up in your account, an individual email is sent for each branch.
Upload the batch file to your Wise account
Sign into your Wise business account and upload the Wise reimbursement report.
Once the file is loaded, review your transfers and pay!
The Wise batch file in action
Receiving Payments in Wise (user's perspective)
User receives an email from Wise notifying them that your company would like to send them money.
User is redirected to Wise to fill in their account information (e.g. for GBP they’ll need a sort code and account number, for EUR they’ll need an IBAN, etc.)
The user can tick a checkbox to save these details for future transfers. In this case, a recipient is created on the business’ Wise profile.
Next time this user needs to be paid, Wise will recognize their email and automatically use the saved details.
If the user does not tick this checkbox, they will need to fill in their details to complete future payments
Setting up your Wise Account
Before you can start making reimbursements, you will need to set up your Wise Business account. It only takes a few minutes!
You just need to enter some details about yourself and your business. Wise might need to verify your account before completing any transfers for you, or providing you balance details.
How to purchase this feature?
You can purchase this feature when you have bought an onboarding pack. Contact your designated account manager or email us at [email protected] for more information!
Here are some FAQs on Wise to help you get started:
What types of payments can I receive into my account? (for the user)
For more information on the Wise Business account, please visit their help center.
If you have questions regarding your account verification, payments, or balances, please contact Wise via their contact form here.