Multi-FX

Fund Multi-FX accounts

In the Tipalti Hub, you can fund all your international subsidiaries in one click. This feature allows you to:

Multi-FX with ACH debit transactions are supported. Tipalti Hub factors Multi-FX trades into fund calculations and incorporates them into the ACH debit logic, while updating you with all relevant details in the ‘Convert currency’ popup. In addition, activating “Auto Top Up” will ensure that you have available funds without having to wait for the holding period, reducing payment times even further.

Multi-FX with ACH debit is not available for PayPalADAccount Direct (Account Direct) payers.

All payers (except UK)

Required user role Convert Funds

The following video demonstrates the Multi-FX workflow in the Tipalti Hub.

To initiate currency conversion:

  1. On any "Payments" screen, click "Convert currency" to open the "Convert currency" dialog.
  2. In the "Rates overview" step:
    1. In the "Currency" field, select the currency that you want to convert.
    2. If you have multiple entities, in the "Account" field, select the account that you want to use or fund. If you have only one entityAn entity can be a subsidiary, division, business unit, brand, etc. of your organization. Entities can have similar or different AP processes and workflows., skip this step.
    3. In the "Insert amount" box, you can type the amount that you want to convert or receive. The converted amount displays along with the used conversion rate.

      4. Once you get a rate, it is locked for you for 2.5 minutes. If you wait longer to confirm the conversion, the rate will be refreshed

    1. If you want to fund another entity, click "+ Add conversion" and complete the required fields.
  3. Click "Next".

    4. Rates overview step

  4. Review the FX transaction and click "Confirm".

    5. Confirm conversion step

  5. Click "Close".

    6. Conversion summay

  • Funds are converted during Sunday 18:00 p.m. PT - Friday 14:00 p.m. PT.
  • If you don't have sufficient funds in your account for the conversion, you can still confirm it and the transaction will be initiated as soon as you fund the account. In this case, the rate can't be locked and it becomes an estimation. You will be requested to fund the transaction with a 2% buffer to allow for rate fluctuations.
  • Depending on the currency, Tipalti offers a 1-2 business day SLAService-Level Agreement for conversion (see Currency cutoffs and validations).

Conversion amount validations

Two validations are run when entering the conversion amount.

  1. The minimum conversion amount must be equivalent to 100 USD.

    2. Minimum conversion amount

  2. The maximum amount must be within the lower limit of the two currencies.

    3. Maximum conversion amount

Once you've submitted a conversion request, the associated information displays in the Tipalti Hub and in reports.

  1. "Currency conversions" subtab: Lists all existing and historical FX transactions.

    2. Currency conversions subtab

  2. Notification: You receive an email notifying you that a conversion request was submitted in Tipalti.

    3. Currency conversion request email

  3. "Account statement" subtab: Lists the finalized FX transactions.

    4. Account statement

  4. Reports: You can view the debited or credited FX transactions to your Tipalti virtual account in the Account statement and Reconciliation reports.

    5. Transaction type in Account Statement report

  5. "Funds required" subtab: When FX Trade is in "Pending funds" status, the unconverted amount is reflected in the "Currency conversions" row.

    6. Currency conversions row

If the FX trade is in "Pending Funds" status and it has not yet been processed, you can cancel the transaction if needed.

  1. Go to Payments > Currency conversions.
  2. Find the transaction with "Pending funds" status.
  3. At the end of the row, click "Cancel". The status of the transaction changes to "Canceled".

    4. Cancel FX transaction

UK payers

  • Open different currency accounts in Tipalti.

  • Fund in the currency in which you have funds in your bank account.

  • Send an email to mfx@tipalti.com with the funds required in each of the currency accounts.

  • We do the rest.