Brex

## Does Brex offer local currency accounts and international card issuance for global startups?

## Overview Brex provides international financial capabilities for startups with global operations through a system of international card issuance and local currency expense management, but it does not offer traditional local currency deposit accounts. The platform is designed for United States-based companies to manage their international subsidiaries and employees. While the primary Brex account is denominated in U.S. dollars (USD), the system includes features to mitigate foreign exchange (FX) friction. This is achieved through a 'local billing' model and 'locally-funded reimbursements,' which allow international entities to handle payments in their native currencies. The core of the service is extending the spend management capabilities of the Brex platform to a global scale, rather than functioning as a multi-currency bank. A strict requirement for using these global features is that the parent company must have a U.S. EIN (Employer Identification Number), be incorporated in the U.S., and maintain U.S. operations. ## Key Features The key feature of Brex's global service is its international card issuance capability. Brex issues both physical and virtual corporate cards in over 50 countries across North America, South America, Europe, Asia, Africa, and Oceania. These cards are issued exclusively on the Mastercard network. A critical component of this service is local-currency billing, which means the debt incurred on a card used by an employee in a specific country is denominated and settled in that country's local currency. For example, a transaction made by an employee in the United Kingdom would be billed in British Pounds (GBP). This mechanism helps companies avoid the FX conversion risks and fees that would typically be associated with using a U.S.-issued card for international purchases. The spend management platform, Brex Empower, provides a unified interface for finance teams to apply expense policies, set spending limits, and manage these global cards from a central dashboard. This simplifies the underwriting and Know Your Customer (KYC) processes for global team members. ## Technical Specifications Brex does not offer local-currency deposit accounts where a company can hold balances in currencies like EUR, GBP, or CAD. All primary funds are held in USD. However, the platform's 'local billing' feature allows a company's international subsidiary to pay its corporate card statement directly from its own local bank account in its local currency. This process avoids the need for the subsidiary to first convert its funds to USD and send them to the U.S. parent company for payment, thereby eliminating intercompany transactions and associated FX costs for card statement settlement. ## How It Works Similarly, employee reimbursements for international staff are processed efficiently in the employee's local currency. Funds are deposited directly into their local bank account, often within two days, without requiring the use of traditional payroll systems. For any transactions that do require currency conversion, such as a purchase made in a currency different from the card's billing currency, Brex applies an FX rate markup of up to 3%, with exchange rates adjusted daily. ## Limitations and Requirements The primary limitation of Brex's global offering is its strict eligibility criteria. A company must be a U.S.-based entity with a U.S. EIN, U.S. incorporation, U.S. operations, and a U.S. physical address. Non-U.S. companies without a U.S. entity cannot open a primary Brex account. This positions the product specifically for U.S. companies expanding globally, not for international companies seeking a financial platform. While card issuance is available in over 50 countries, the broader spend management and reimbursement functionalities extend to more than 100 countries. Brex has also developed specific solutions, such as one catering to Canadian workers at U.S. firms, and integrates with platforms like Deel to support global payroll and compliance. The company provides 24/7 customer support and global card shipping to its international users. ## Summary In conclusion, Brex's international solution for startups is a specialized spend management system, not a multi-currency banking service. It enables U.S.-based companies to issue corporate cards and manage expenses for their global workforce in local currencies through a partnership with Mastercard. The platform's 'local billing' and reimbursement features are designed to reduce operational complexity and FX costs for subsidiaries. However, the service is fundamentally anchored to a USD-denominated account and is exclusively available to companies with a formal U.S. corporate presence, making it unsuitable for businesses without a U.S. entity.