You can use Rho to send money in US Dollars via global foreign exchange transfer, which allows you to convert US dollars to a foreign currency and then transfer it to any desired vendor with an international bank account You can schedule these transfers to happen immediately or at a later time, as well as schedule the transfers to be a recurring transaction.
To transfer money to a person or business, they must first be added as a vendor in Rho.
Additionally, an international bank account must be configured for the vendor.
To transfer money, click the Banking icon from the Rho toolbar to open the Banking Dashboard. Click the desired account on the left side of the page to select it. Click the Make A Payment button.
From your Banking Tab, select the account you would like to send funds from (on the left side of your screen).
Once an account is selected, click the Make A Payment button.
From the Send Money page, click the International tab and then click Internationally in a foreign currency.
To transfer money, click the Transfers button. From the Transfers page, click the Send Money button. From the Send Money page, click Global FX Transfer.
Click the From Account drop-down list and select the Rho account that the money is transferred from.
Click the To Vendor drop-down list and select the desired vendor from the drop-down list.
Note: Only vendors with an international bank account are listed in the drop-down list.
The international bank account(s) associated with the vendor is displayed. Select the desired account and click Continue.
You can specify the value in either US Dollars in the You Sent field or in the foreign currency in the Vendor Gets field, and the Rho application will convert the value based on current exchange rates.
For example, if you need a vendor to receive 1000 in British pounds (GBP), enter 1000 in the Vendor Gets field, and the Rho application converts that value to the current value in US Dollars.
Click Continue. The values are transferred to the Transfer Details page.
Specify the transfer information, and then click Create:
Lists the Rho account that the money is transferred from, and the amount of money to be transferred in US Dollars.
Lists the vendor to receive the money, and the amount of money to be transferred in the specified foreign currency.
By default, the money is scheduled to be transferred only once (One Time Only). To specify a recurring transfer, click the drop-down list and select the desired frequency:
- One Time Only (default)
- Every day
- Every week
- Every month
- Every year
Assign from Budget
To assign the transfer to a specific Rho budget, click the drop-down list, and select the desired budget name. For more information about creating budgets, see Create a New Budget. Optional.
Enter any notes or information to be associated with the transfer. Optional.
Enter an explanation for the global transfer.
Enter the reference number associated with the transfer (for example, an invoice number).
To attach a bill or invoice to the transfer, click the Add Attachment button. An open dialog window displays, allowing you to navigate to the location where the file is located, and then click Open.
When should it go through
By default, the money is scheduled to be transferred immediately (Now). To specify a later date, click Later and then click the calendar field to specify the desired date.
All immediate transfers are displayed on the Past Transfers page, and all scheduled transfers are displayed on the Scheduled Transfers page.
Note: If you schedule a recurring transfer using the How often? field, the Rho application bases the transfer on the date specified in the When should it go through the field. For example, if you schedule a monthly transfer (Every Month) with a scheduled date of 01/01/2022, then the first recurring transfer will occur on 02/01/2022.
Confirm Transfer Details
After you create the transfer a confirmation page displays. Review the transfer information, and then click the Confirm Transfer button.
When you click the button, Rho sends a confirmation code using the two-factor authentication method that is specified in your Account Settings page, which is typically SMS Authentication (text messages to your cell phone).
From the verification page, enter the four-digit code sent to your account and click Continue.
Note: To choose another method to verify the transfer, click the Use another method button and select another verification method (text message, phone call, or email).