Published on
June 28, 2024

HMNS Boosts Savings and Operational Efficiency with Wallex

min read

The Background

HMNS (pronounced “humans”) is a perfumery brand founded in 2019, primarily engaged in the manufacturing & retail of local perfumes, distributing them within the region.

To streamline their international transactions, particularly for sending payments to China and Malaysia, HMNS has leveraged the efficient services of Wallex, ensuring smooth and secure transactions that support their expanding business needs.

🔑 Read More: Inside Look: Businesses Who Transformed Their Cross-Border Payments Experience With Wallex

The Challenge

Before switching to Wallex, HMNS faced significant challenges with a local bank, their previous payment provider.

Given that a substantial portion of their business relied on making international transactions, particularly sending payments to China and Malaysia, the continued challenges made it untenable for HMNS to operate efficiently, ultimately impacting their growth and process optimisation efforts.

Complicated processes

The banking processes HMNS had to navigate were cumbersome and time-consuming. Sending money to overseas partners and suppliers involved numerous steps and required extensive documentation, leading to inefficiencies and delays.

This complexity hindered HMNS’s ability to operate smoothly and respond swiftly to business needs.

Transaction delays

Slow transfer speeds were a persistent issue, with funds often getting "hung in the air" during each transaction, and take an extended time to reach the beneficiary. This delay, sometimes lasting up to three days, disrupted HMNS’s operational flow and caused significant frustration.

The unpredictability of when funds would land in the beneficiary's account created additional challenges in managing cash flow and meeting payment deadlines.

🔑 Read More: La Cosecha Maintains A Healthy Cash Flow With Wallex

Lack of transparency

The bank's lack of accountability and transparency compounded these issues. HMNS frequently encountered situations where there was no clear explanation for transaction delays or problems.

The absence of straightforward communication and clarity from the bank left HMNS in the dark, unable to understand or resolve issues promptly, further exacerbating operational inefficiencies.

The #SwitchtoWallex

These challenges underscored the need for HMNS to source for a more convenient and time-efficient solution for the cross-border payment needs. The following includes a glimpse of the considerations behind why HMNS made the strategic decision to switch to Wallex.

Clarity of information

HMNS received clear and detailed information from the outset, including comprehensive insights into Wallex's offerings and the benefits they brought to the business. This transparency assured HMNS that they could effectively streamline their cross-border payment processes with Wallex.

Seamless platform interface

The Wallex platform offered an easy and intuitive transaction process. There were no complicated procedures or commitment fees when signing up, making the overall process straightforward and user-friendly for HMNS.

Highly responsive support team

HMNS experienced unparalleled support at every touchpoint from Wallex's highly responsive team. The level of support provided exceeded that of any other competitor HMNS had considered, giving them the peace of mind that switching to Wallex would ensure they were well supported.

🔑 Read More: PT Intralab Ekatama Maximises Savings and Enhances Productivity with Wallex

The Result

Savings of up to 80% in transfer fees

Switching to Wallex resulted in savings of up to 80% in transfer fees for HMNS.

What was once IDR 400,000 per transaction became just IDR 80,000, dramatically reducing their expenses and significantly impacting their overall business cost savings.

International transactions settled within 24 hours

With Wallex, international transactions are settled within 24 hours, eliminating the need to wait more than a day for payments to process.

This efficiency in payment processing ensures that HMNS can maintain smooth and timely operations.

Highly competitive FX rates

Wallex provided HMNS with a competitive edge through favourable exchange rates, especially for MYR and USD.

These highly competitive FX rates contributed to substantial savings, enhancing the cost-effectiveness of their international transactions.

Hassle-free transaction experience

Here is a customer testimonial from Mrs Dina, Finance Accounting Manager of HMNS:

“Making a transaction on the Wallex platform is easy. We have never faced any issue when making our transactions.”

Experience the Wallex Difference

Wallex is recognised as a leading and secure payments solution tailored for businesses across industries. Trusted by companies of all sizes, Wallex facilitates seamless international payments in 46 currencies, spanning over 180 countries.

Our platform empowers customers to efficiently plan, manage, and hedge their FX needs, all through a secure interface, ensuring peace of mind during each cross-border transaction.

Embracing a forward-thinking approach, top-tier companies such as Investree, Style Theory, CodaPay, Ismaya Group, Marugame Udon, and 40,000+ customers in Asia have made the switch to Wallex, collectively trusting us with over SGD $10 billion in customer funds to transfer across borders.

To explore how Wallex can elevate your business's cross-border payment experience, speak to us today!

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