Amvigas specialises in marine services, with its core service being the inspection of oil vessels. The company has conducted inspections for notable oil companies, including Exxon Mobil, Emirates National Oil Company, Chevron, Conoco Philips Oil & Gas, and Qatar Gas.
The company also provides consultancy services and depends on a team of over 100 professional marine consultants located across the globe.
High remittance costs and complexities drive Amvigas to find a new global payments partner
Amvigas’ consultants are based in various countries such as Japan, Malaysia, South Korea, China, Taiwan, Hong Kong, the Philippines, Indonesia, Thailand, Australia, New Zealand, India, Pakistan, UAE, Egypt, Canada, Mexico, and across Europe. Many of them are paid in USD. The company also makes occasional payments to inspection equipment suppliers such as MMC in the US, and to Idemitsu in Japan for personal protective equipment.
Amvigas depended on banks to perform these transactions but eventually began to look for alternatives, as they felt that doing so was operationally and financially inefficient.
High remittance costs
Making international payments through banks created mounting costs due to expensive FX rates and high transfer fees.
USD transaction complexity
Amvigas wanted to make consistent payments in USD to all their consultants but doing so through local banks proved to be a complex affair when their team is based in different countries across the world.
Limited and insufficient support
Because Amvigas conducted frequent high-volume transactions, their banks provided the company with a relationship manager. Yet, this hardly made a difference when they needed support because Amvigas was required to fill out forms and adhere to many procedures. This meant solving a payment issue would become a long and drawn-out process.
Amvigas enjoys lower payments costs, faster transactions, and more comprehensive support after switching to Wallex
In their search for an alternative to banks, Amvigas found out about Wallex and learnt that we can help them make international payments to more than 180 countries, which would simplify their operations significantly.
Amvigas made the switch and today, the company uses Wallex to make about 50 transactions every month.
Remittances are faster and cheaper
Every payment made by Amvigas through banks was performed via wire transfers, with funds being routed through a network of intermediary banks. These payments would usually involve one or two intermediary banks, with each bank charging a transaction or service fee. As a result, their expenses grew exponentially.
Switching to Wallex gave Amvigas the option of sending funds via the local transfer option, which goes through a network of bank accounts around the world with local currencies. As a result, they are freed from having to pay the fees charged by each intermediary bank.
Global payments that are secure and seamless
Wallex's secure online platform proved to be intuitive and easy to use. This saved the finance team a considerable amount of time and effort by eliminating the need for multiple physical visits to the bank.
Every transaction can now be performed online through Wallex, whether it was USD $100 or USD $120,000.
“The payment process is now a lot smoother. To us, the most important feature is to receive and send payments to externals without glitches.”
Amvigas adds that maintaining financial records is much easier than ever, citing the simplicity of pulling out items such as their account statements and reports from the platform.
Top-notch and responsive customer service
Amvigas was assigned their dedicated Account Manager when they first came on board, and they have received the same top-notch and responsive customer service ever since. After their experience with relationship managers at banks, Amvigas was especially delighted to always receive prompt responses and support from their Account Manager.
Making repeated phone calls has since become a thing of the past as Amvigas knows that their Account Manager is just a quick WhatsApp text message away, and they are confident that every payment issue they encounter will be resolved quickly.
“It is key to have an international payments solution that you can interact with in a positive and timely manner.”
Today, Amvigas saves over 50% (over USD $5,000) on remittance costs through our cheaper transfer rates and fees, and saves up to two business days of processing time by using the local transfer option.
Experience the same convenience and cost-saving benefits as Amvigas when you partner with Wallex. Never pay more than you need to for your international payments with our competitive exchange rates customised to your business, enjoy same-day settlements in top and Asian currencies, and effortlessly collect money from overseas customers in USD, EUR, GBP, SGD and IDR using our virtual accounts.
Schedule an appointment with Wallex today and let’s talk!
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