Role: ✔ Admin
This article will inform you about the time and details of the reimbursement payout process in Spenmo after your Admin or Team Manager approves the request.
Reimbursement Payout Processing Time
For domestic expenses (expenses incurred in dashboard currency), employees who have input their PayNow or Bank Account details will be paid out automatically when “Pay Immediately” is selected by their respective admin or Team Manager. Please note that this feature is only applicable for dashboards that use domestic currencies such as SGD, IDR, and PHP and does not apply to dashboards that use USD currency.
For non-domestic expenses (expenses incurred in another currency that needs to be converted to dashboard currency), depending on your company policy:
1) Employees can convert the foreign currency and input domestic currency (e.g. SGD for Singapore) and attach supporting documents (such as money changer invoice/bank statement from employee) as proof of how much domestic currency was being spent.
2) Employees can input foreign currency. Spenmo will be processing such reimbursements using a mid-market FX rate on the settlement date, which is fair for both the company and the employee.
There may be a time gap between when the funds have been deducted from your team balance and when the beneficiary receives their funds due to the delay between the payment partner and the beneficiary bank.
Please provide a maximum of three working days for the funds to be reflected in their bank account and reach out to firstname.lastname@example.org or your Customer Success Manager if it has not been reflected by then.
Reimbursement Payout Processing Details
Below are the details of the reimbursement process for clients that have:
- Insufficient funds in the respective team balance
Reimbursement will not be processed if your team balance is insufficient. Should your team balance have partially sufficient funds for some reimbursement requests, we will not automatically process the reimbursement payout requests on the settlement date of that month; instead, they will be carried over to the next month. Please set your low balance notification and always check the Spenmo wallet balance D-1 before your automated settlement date to prevent such issues from occurring.
- Incomplete or incorrect bank account details
Reimbursement requests into a bank account should have complete bank account details. This includes:
- Account Name
- Bank Name
- Bank Account Number
Should any of this information be incomplete or incorrect, we will not automatically process the reimbursement payout requests on the settlement date of that month; instead, they will be carried over to the next month. Please ensure that your employee enters the correct bank details (learn how to instruct your employee to set their bank account **insert link to other KB***).
Please reach out to email@example.com for any additional assistance required.