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Opening a new subsidiary on Spendesk
By creating a new wallet, you avoid the applicable commissions, exchange rates and conversion fees when making payments in differing currencies.
In addition, if this foreign currency account is attached to your main account, it will not be necessary to go through the initial validation process of your company again (see article KYB). This will be however a mandatory process in the case of opening a foreign currency account for a new legal entity.
To illustrate, paying your subscription fees in USD from your EUR wallet subjects you to exchange rate fluctuations and conversion fees (2.99%) for each and every transaction.
Yet, opening a wallet in USD, which you can directly fund via a transfer in USD, allows you to avoid such costs.
How to open a new subsidiary.
Opening up an account for a different subsidiary will create a new wallet to match a different corporate entity, or a new branch supporting a different currency (i.e. EUR €, GBP £, USD $, SEK, NOK, DKK).
Here's how to open a different Spendesk account for another subsidiary:
- - Head over to ["Settings" > "Settings & billing" > "Your current plan"]
- - Click on ["Add a new branch"]
- - Fill out the form with the relevant information linked to your new entity and validate.
Feel free to reach out to our support team at any point if you require some assistance: firstname.lastname@example.org.
Once your new subsidiary is created and funded, you can:
Keep in mind this option is only available to Account Owners.