Virtual Cards available in 24 currencies helping European travel business save on global supplier payments.
LONDON – WEX Inc., a global provider of corporate payment solutions, announced 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.
WEX, through its subsidiary WEX Europe, is strategically expanding its international footprint as a virtual payments specialist to provide credit, prepaid, and debit virtual card numbers (VCNs) in all major currencies.
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.”
Virtual Card Numbers (VCNs) were pioneered by WEX in 2000, and the company remains focused on serving the global travel industry where it has an extensive customer base. WEX VCNs are being used in over 190 countries worldwide and in more than 45 currencies, with the billing currency offering 24 major international currencies.
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