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385 votes
Hi everyone, thank you for all the interest and we appreciate the needs for those using foreign currency to have more efficiency in how you process these bills for payment. Your feedback and votes here have not gone unnoticed - We have a team that have been doing some ground work in this space and at this time we have beta that we'd like to invite any UK customers to join and feedback to our team on the experience. If you'd like to be a part of this please fill in our form here and we'll be in touch.
We appreciate this idea is farther reaching than UK alone and while the beta is limited to this region for the time being, based on results we will look at expanding this to other places.
We'll keep you updated of further developments here.
An error occurred while saving the comment An error occurred while saving the comment 
Alex Axentiev
commented
I see! Marking invoices in multiple currencies as paid is a natural part of the workflow we already do so happy to make it available on our platform for free use if this is such a frequent problem for Xero users.
Just email me at alex@hedgeflows.com if you are interested and we look at enabling if there is enough demand.
An error occurred while saving the comment Alex Axentiev
commented
Thank you very much for your feedback, Sarah and MoGio Bookkeeping.
I would argue it is not Xero but your bank providers that would have to do the work first. I imagine it is hard for Xero to support payments with 100s of payment providers worldwide in multiple currencies, when many banks don't yet support batch payments in foreign currencies (most only support flat file uploads for foreign payments).
At the same time, as you can see from the video, batch payments can be done with Xero invoices - you CAN process batch payments, and we create specific payments for your invoices in Xero, auto-reconciling them (see screenshot). We also can generate remittances for you without you having to wait for the overnight bank feeds. So it CAN be done with your Xero ledger, and as you can see from the reviews for our app (https://apps.xero.com/uk/app/hedgeflows/reviews) - it works for companies looking for a solution to the batch payment issue.
An error occurred while saving the comment Alex Axentiev
commented
Have a look at our demo video for payment runs solution that syncs two-way with Xero - https://youtu.be/h5aq8g6_ZT8
Best wishes,
Alex
An error occurred while saving the comment Alex Axentiev
commented
Hi Sonya,
Our basic tier is actually free and includes 50 local payments (such as SEPA in Euro, Faster Payments in Pounds Sterling or ACH in US dollars). We would only charge for FX conversions or SWIFT payments, should you need them.
Naturally, we have other subscription tiers, which are designed to give you value-added features but clients that use them usually reap the benefits of cost savings vs bank charges plus time savings for finance teams.
Foreign currency finances can have more complexity and nuances, and there are many areas where using a specialist app can help way beyond what Xero delivers - easily understanding drivers behind FX Gains & Losses, for example.
An error occurred while saving the comment Alex Axentiev
commented
Hi Sonya,
Thank you for your insights. We actually solve both recording payments automatically in Xero (individual payments linked to the correct invoices) and can send remittance emails to your suppliers with the list of the invoices covered.
I hope you don't mind me talking about our own product... Xero works with certified Apps in their marketplace, and HedgeFlows is one of them, working passionately to solve problems exactly like the one discussed in this forum. I hope someone here will find this useful.
An error occurred while saving the comment Alex Axentiev
commented
Sarah/Victoria/Kathy,
Just connect HedgeFlows to Xero, and we make foreign invoices and payments as simple and easy as domestic ones.
We import foreign invoices from Xero and help you to do payment runs in several currencies at once, syncing them back to Xero. You will most likely save money compared to doing it with your bank too.
If foreign transfers are really a problem for you, you can do much worse than explore our solution and judge it for yourselves!
An error occurred while saving the comment Alex Axentiev
commented
Hi Dave,
If you are based in the UK please have a look at our certified Xero app as we streamline foreign payment runs and do much more to simplify foreign finances.
https://www.hedgeflows.com/foreign-currency-payment-runs
Kind regards
Alex
An error occurred while saving the comment Alex Axentiev
commented
Thanks, Nigel. Firstly, I agree it would be easier if Xero fixed it. In the meantime, however, HedgeFlows would do pretty much what you described - sync back to Xero with individual invoices paid and send remittance notes with a list of invoices covered. I think Crezco (in the UK) and Paytron (in AU) also can do something similar.
Alex Axentiev
supported this idea
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An error occurred while saving the comment Alex Axentiev
commented
Hi all,
There are several providers for this already around the world - check certified Payments apps in the Xero marketplace in your region.
HedgeFlows for instance can do payment runs in 30 currencies, help save on fx conversions and SWIFT fees, as well as help automate currency cost and risk management for larger businesses.
For those of you in the UK - why not try something that will save you time and your business money vs. making foreign or domestic payments with your bank and waiting for the fix from Xero?...
HedgeFlows.com offers a flexible approval process, embedded (but optional) FX at market-leading rates, and the ability to schedule payment runs days or weeks in advance with a full audit trail, automated remittances and real-time reconciliation to Xero.
Please see the reviews in Xero marketplace: https://apps.xero.com/uk/app/hedgeflows/reviews
If you sign up until 31/01/25 with code "ALEXSENTME", you get a FREE 3-month subscription, which includes 100 local payments in GBP, EUR or USD each month.