There are far less barriers to doing business across borders than ever. Cross-border payment solutions are more accessible than before, enabling companies to reach new markets, attract talent, and develop new products and services, as the process of how to send and receive money continues to evolve.
For businesses who want to expand globally, time and speed is of the essence. However, in the world of international payments where different countries use different currencies, not all cross-border payment solutions are built equal.
This is where having a Wallex Multi-Currency Account can make a difference — by simplifying the way your business makes and receives payments, and manages its FX.
Here are 5 reasons why you should open a Wallex Multi-Currency Account!
Manage your FX Easily
The Wallex Multi-Currency Account can hold a total of 13 currencies, which include top global and Asian currencies. These are:
This affords you unparalleled flexibility because you can make and receive payments in different currencies as and when the need arises, saving you from spending unnecessary time and money.
Otherwise, you would need to manually convert foreign currencies to your preferred currency each time you collected an overseas payment, and vice versa when making an international payment.
Conversions are also fast and seamless with the Wallex Multi-Currency Account. Every order for conversions is performed instantly and securely from a network of liquidity providers from around the world.
Save on Conversion Fees
The fees associated with FX conversions may seem small at first, but it can add up over time with enough frequency.
A key benefit of using the Wallex Multi-Currency Account lies in the ability to save on these conversion fees.
Unlike banks and remittance providers, Wallex offers competitive, near mid-market exchange rates with zero hidden fees, allowing you to save more each time you convert FX. This is particularly useful for businesses where there is a high frequency of FX trading involved such as commodities trading or import/export.
With Wallex, you qualify for better FX rates with volume discounts. In other words, the more you trade, the less you pay.
🔑 Read More: How To Get The Best FX Rates For Your Business
All Currencies in One Platform
Doing business across many different countries used to mean juggling different bank accounts in different jurisdictions, frequently checking on balances and transactions, or constantly converting between your foreign and preferred currencies.
The Wallex Multi-Currency Account eliminates the need to undertake these tasks by consolidating your currencies into a single dashboard. You can view all balances in one glance, keep track of incoming or outgoing payments, and reconcile your accounts with much more ease.
🔑 Read More: 5 Ways to Reduce Your Business FX Risks
High Liquidity and Flexibility
Need to make a last-minute inventory purchase in JPY? Want to make a quick conversion of your GBP to USD when the exchange rate is favourable? Looking to make a withdrawal of your SGD for petty cash expenses?
You can do all this and more with the Wallex Multi-Currency Account, including transferring funds between balances any time you wish, allowing you to top up balances in one currency with another.
This provides you with the liquidity and flexibility to access your funds or specific currencies when the need arises without the lengthy processing times or fees involved.
Hedge Against FX Volatility
Consider this scenario: the SGD just lost 10% of its value against the GBP. Now, it will cost your business in Singapore 10% more to procure goods or services in GBP from the UK when converting from SGD.
It’s possible to avoid such scenarios with the Wallex Multi-Currency Account. If you anticipate that the SGD may lose value in the short-term, you can transfer your SGD holdings into GBP or JPY, thereby hedging against any FX volatility and preserving the value of your FX holdings. Once the SGD’s value has returned to a level you’re comfortable with, you can then convert your FX holdings back into SGD.
Open your Multi-Currency Wallet with Wallex today
Opening a Wallex Multi-Currency Account for your business enables you to respond with greater flexibility to unforeseen events, from last-minute supplier payments to FX volatility — and it costs you nothing!
There are no monthly fees and no minimum balance requirements or penalties. The only time you pay is when you make a conversion, and our competitive, near mid-market FX rates with zero hidden fees ensure you never pay more than you need to.
Interested in opening your Wallex Multi-Currency Wallet? Get in touch with our team today to find out more!
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