Omnidesk, based in Singapore, is a company specialising in height adjustable standing desks and accessories. Their goal is to bring quality and affordable customisable ergonomics to the everyday person.
The company makes payments in USD and CNY to suppliers in China, and MYR to Malaysia, which required them to make frequent conversions of SGD to these currencies.
Flexibility to send USD or CNY to China
Many of Omnidesk's suppliers are based in China but they had different preferences in terms of payments. Some wanted to receive USD while others requested CNY. Further complicating matters was the fact that some suppliers would alter their preferred payment currency depending on the circulation, FX trends and best rates.
Seeking better FX rates
At the beginning, Omnidesk was comfortable with their remittance provider. But as time progressed, the company realised there was an opportunity to reduce their spending on overseas payments, particularly when making big international money transfers, where the costs were significantly higher.
Insufficient support from account manager
When they were making payments through their remittance provider, the account manager assigned to support Omnidesk would only respond via email. This meant waiting longer to get a reply on any matter. Even more importantly, this made it difficult for them to capitalise on FX rates when it was favourable to them.
Omnidesk switched to Wallex and now enjoys greater speed, support, and savings
Omnidesk now uses Wallex for 85-90% of their international money transfers. Wallex allows them to pay in 47 currencies to over 160 countries, which has made it much easier for them to pay USD and CNY to suppliers in China and MYR to Malaysia.
However, having a dedicated Account Manager has made the most difference to Omnidesk.
When making a CNY payment to a new supplier's bank account in China, Omnidesk keyed in a Chinese character wrongly. With the help of Wallex's Account Manager, Omnidesk was able to correct the name, thus rectifying the issue and ensuring the transfer went through smoothly.
Here's how Wallex delivers better speed, support and savings to Omnidesk:
Saves 1 day in transaction time.
Omnidesk's dedicated Account Manager is contactable via mobile at all times to resolve transaction issues, and provides updates when FX rates are in their favour.
Reduced fees by up to $150 per payment.
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