If your company is currently dealing with or intending to deal with more than one currency, you need a solution to efficiently handle all your cross border payment and currency transactions needs with minimum fees. After all, why should you be penalised for expanding your business reach? That’s where Airwallex comes in.
What is Airwallex?
Airwallex was founded in Australia in 2015 with the aim to mitigate the high FX fees and banking costs that plagued cross border businesses on their profit margins. It had grown to 1,000 people strong over 19 offices around the world – including in Singapore.
Airwallex is not a bank – this is good because the incumbent banks run on legacy systems that pass their operating costs to their customers in the form of high fees. Airwallex is a Fintech company, and it is licensed in Singapore as a Major Payment Institution and is regulated by the Monetary Authority of Singapore (MAS).
Airwallex provides business account services to businesses and entrepreneurs globally, letting them receive payments in a range of currencies, send money to others, and spend with a linked debit card.
Using Airwallex for global payments
When you open an Airwallex wallet for your business you’ll also have the option to open global accounts in several different currencies. These accounts let you receive foreign currency payments, which are then transferred to your Airwallex wallet for spending.
Once you have funds in your account you can also make payments to others – handy if you’re paying contractors, suppliers or staff for example. There’s no upfront Airwallex fee for international transfers, but some charges may still apply depending on how you set up your payment. Any payment which includes a currency conversion will mean paying a markup on the exchange rate, too.
Hold up to 11 different currencies with no monthly fees and minimum balances.
Why should you use Airwallex?
International payments can be costly, slow and difficult to track.
Airwallex uses smart technology using a broad payment network, and works with best in market liquidity providers to deliver a more seamless, affordable option for your business.
With flexibility to only use what you need, when you need it – combine one or more of our products for a tailored solution and ease the pain of cross border payments for your business.
MULTI-CURRENCY DEBIT CARDS
To top it off, Airwallex has their very own business debit card which your business can utilise on your day to day transactions and even reap benefits.
- Unlimited 1% Cashback
- Multi currencies card – with no international transaction fees
- No setup costs and no monthly fees
- Manage your card online
- Empower your employees
This is a lucrative offer, especially because corporate card plans are notoriously known for being expensive to maintain. It’s transparent paper trail also allows you to do your reconciliations seamlessly, and track every single itemised expense.
Intergrate with Accounting
Airwallex is also a proud partner with Xero, the renowned cloud-based accounting software with dozens of APIs and modules to personalise accounting needs of your business. This means that your books can be closed faster and more accruately, because the business debit card connect up to Xero for effortless reconciliation.
That’s not all! Give your employees autonomy by letting them run the entire expense claim processes. No longer will they have to hold on to receipts for reimbursement – it’s a lengthy drawn out process that nobody enjoys! Sync real-time transactions, merchant information and tax rates to your chart of accounts (COA).
This makes it easier for your inhouse management accounting. Position your company better for insights on key financial metrics, to be data-driven for your own forecasting and budgeting exercises. So you see, you aren’t just getting a bank account with Airwallex, you are getting an entire suite of financial services and products all vertically integrated into one.
Every company has a need to obtain the best financial services to help them connect with their international stakeholders – be it customers, suppliers or even creditors. Airwallex runs on a seamless system that takes away all the hassle away, leaving you to focus on your business top line.
In fact, you can register for a FREE business account to trial on Airwallex services by contacting us here.