Towards the end of last year we explored several ways of setting up international payments which ultimately led to us partnering with Payoneer. You can read more about this partnership on our blog.
This approach gave our customers privileges when opening accounts and receiving international payments. Whilst it helped with getting paid internationally it didn’t make it easy to do tax and accounting on your foreign income.
How we’re approaching it
Coconut’s strength lies in really solid bookkeeping, accounting and tax. Setting up IBAN accounts that can accept multiple currencies is a complicated beast and a problem that is well solved by numerous companies including Revolut and Transferwise.
We’d like to solve this problem for our customers by allowing folks to connect foreign currency accounts into Coconut, across a number of institutions. You’ll then be able to see your foreign currency accounts the same way you do with any other accounts you’ve connected to Coconut via Open Banking.
We also plan on adding multi-currency support in the app.
- What percentage of your income is from overseas work?
- What currencies do you typically get paid in?
- How do you currently get paid for work done overseas?
- Do you also incur expenses in other currencies?