If you refer business outside of the United States and Canada, you can create a referral in reZEN using our standard process. However, please keep the following in mind:
- If the referral is paid in another currency, you must adjust the amount received to match the exchange rate on the day of the exchange. You will not have this number until the transaction closes and the wire is sent, so this will be an estimate for now. Go to Tips 2 and 3 for how to update this later.
- If you are subject to tax, please leave a note for the Transactions Team to adjust the tax rate on your file - as taxes are typically not collected on these referrals.
Here are some tips to ensure Real is able to match the incoming wire with the international referral, settle the transaction, and pay you:
- Remind the agent to whom you referred clients to include the transaction reference number when they send the wire.
- Once you know the wire has been sent, confirm the amount that was sent, the date it was sent, and the currency in which it was sent to calculate the amount Real will receive in USD. Make sure the referral gross commission amount matches that amount. The simple formula for this is (amount sent in foreign currency x exchange rate = amount in USD)
Example:
Amy refers her clients who are retiring in Mexico to a local agent.
Amy enters the transaction in reZEN and ensures she provides the reference number to the agent in Mexico to include when the wire is sent.
When the transaction closes, Amy asks the agent in Mexico for the wire verification which shows that 22,000 Pesos were wired to Real on May 31st, 2024.
Amy looks up the exchange rate for May 31st, 2024 which is .059.
22,000 Pesos x .059 (exchange rate on the date the wire was sent) = $1,298 USD
Amy checks her transaction in reZEN and updates the gross commission/referral amount to $1298 - the amount in USD that Real is expecting to receive, by following Step 3.
- Update your referral to make sure the referral amount reflects the expected payment to Real in USD.
First, Click Edit Transaction.
Next, click Edit Deal Information and update the referral amount to the amount Real is expecting to receive in USD.
That’s it! The expected amount should now match the amount of the wire sent to Real.
- Just like any transaction you enter in reZEN, ALWAYS upload proof of payment to ensure the transactions team can locate funds and match them with your transaction as quickly as possible. Learn more about Proof of Payment here: Proof of Payment
5. Once a confirmed deposit shows in the “Deposits” tab of your transaction, make sure the gross commission amount matches the amount of the confirmed deposit.
That’s it, you’re done! The transactions team can now settle this transaction and remit payment to you.