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The A to Z of Foreign Currency Translation
Understanding foreign currency translation
Foreign currency translation, or FX translation, is the process in which an international business translates the results of its foreign subsidiaries into domestic currency for accounting purposes.
This concept is crucial largely due to the constant fluctuation of foreign exchange (FX) rates, which impacts the value of assets and liabilities in foreign currencies. In accounting, even tiny differences like these can lead to significant fluctuations in the reported earnings and equity. Ergo, businesses must accurately account for these fluctuations and provide appropriate disclosures.
It is also particularly important today, as globalization has allowed businesses to easily expand across borders and tap into foreign markets. It is also crucial as it holds businesses to the General Accepted Accounting Principles (GAAP), which is a set of accounting rules, standards, and procedures that govern public companies.
Here are the three methods to calculate foreign currency translation:
Current rate method
This method, also referred to as the balance sheet foreign currency translation, involves translating all assets and liabilities of the foreign subsidiary into the parent company’s functional currency at the current exchange rate. However, the company’s equities are translated using the historical foreign currency translation rates.
Temporal rate method
The temporal rate method, also known as the historical method, considers both current and historical foreign currency translation rates based on the entity’s books. There is no universal exchange rate that applies to all items.
Monetary-nonmonetary translation method
The monetary-nonmonetary method compartmentalizes the monetary and non-monetary assets and liabilities. Monetary accounts are translated at the current exchange rate because these items are readily convertible into cash and values. Non-monetary items are translated at historical rates.
What is the foreign currency translation adjustment?
There is one more item to pay attention to when analyzing the balance sheet with foreign currency translations — the foreign currency translation adjustment, or more commonly known as the cumulative translation adjustment (CTA).
This adjustment accounts for any differences between the reported values of assets and liabilities due to varying FX rates. The gains and losses from this are compiled as an entry in the income statement of a translated balance sheet. More specifically, a positive CTA indicates a net gain from foreign currency translation, while a negative CTA indicates a net loss.
It is also important to note that the impact of foreign currency translation on the balance sheet can vary depending on the method and exchange rates used. For this reason, it’s often best to consult a professional accountant regarding the regulations around foreign currency translation.
🔑Read more: Top 4 Ways To Make Overseas Payments For Businesses 2023
How does the foreign currency translation process work?
Let’s take a hypothetical scenario to illustrate this.
A Singapore-based company, let’s call it XYZ Pte Ltd, designs bespoke software solutions for businesses in the USA, UK, and Australia. Because of their presence in several countries and the involvement of numerous global transactions (with multiple currencies), the business is required to perform FX translations on a regular basis.
Here’s what happens during the process:
- XYZ Pte Ltd translates the value of its receivables into its own currency, which is known as the functional currency. Note: The company uses the spot exchange rate, which is the rate applicable on the date of the transaction. And, because the exchange rate between the company’s base local currency and the corresponding foreign currency constantly fluctuates, it means that the value of its receivables (which are in SGD), also continuously fluctuates.
- Upon the conversion from the respective foreign currencies to SGD, the final SGD amount will reflect either a gain or a loss.
- XYZ Pte Ltd updates the value of all assets and liabilities during the reporting period.
At the end of the reporting period, XYZ Pte Ltd will have a final figure that states whether their foreign ventures led to a net profit or loss.
Here’s a more detailed breakdown:
| Customer Name | Country | Customer’s Payment Currency |
|---|---|---|
| Intelliverse Corp | Philadelphia, USA | USD |
| Kit & Matheson Associates | Liverpool, UK | GBP |
| Roo Technologies Ltd. | Melbourne, Australia | AUD |
Due to the involvement of multiple currencies, each of XYZ Pte Ltd’s clients has separate accounts receivable.
| Customer | Transaction Type | Account | Amount |
|---|---|---|---|
| Intelliverse Corp | Debit | Accounts receivable | $100,000 |
| Kit & Matheson Associates | Credit | Sales | $100,000 |
| Roo Technologies Ltd. | Debit | Accounts receivable | $100,000 |
Each transaction was entered on 30 Jun 2023 and the spot exchange rate between SGD were as follows:
SGD/USD: 0.75
SGD/GBP: 0.58
SGD/AUD: 1.11
With that, here’s what the accounting entries would look like for these clients:
| Customer | Amount in Foreign Currency | Exchange Rate (as of 30 Jun 2023) | Amount in SGD |
|---|---|---|---|
| Intelliverse Corp | $100,000 | 0.74 | S$74,000 |
| Kit & Matheson Associates | £80,000 | 0.58 | S$46,400 |
| Roo Technologies Ltd. | A$125,000 | 1.11 | S$138,750 |
However, between the payment initiation time and the settlement time, the FX rates between SGD and the other currencies have deviated. Therefore, XYZ Pte Ltd must update its accounts to reflect the changes.
| Customer | Amount in Foreign Currency | Exchange Rate (as of Settlement Time) | Amount in SGD | Change in SGD |
|---|---|---|---|---|
| Intelliverse Corp | $100,000 | 0.85 | S$85,000 | +S$11,000 |
| Kit & Matheson Associates | £80,000 | 0.6 | S$48,000 | +S$1,600 |
| Roo Technologies Ltd. | A$125,000 | 1.15 | S$143,750 | +S$5,000 |
Because of this change, the new accounting journal will look like this:
| Customer | Transaction Type | Account | Amount in SGD |
|---|---|---|---|
| Intelliverse Corp | Debit | Cash | S$85,000 |
| Kit & Matheson Associates | Credit | Foreign Exchange Currency Gain | S$11,000 |
| Roo Technologies Ltd. | Debit | Accounts receivable | S$74,000 |
This example depicts the potential slippage of revenue that a company can incur due to FX rate fluctuations that occur between the payment and settlement time. On the other hand, if the exchange rates become more favorable during this period, XYZ Pte Ltd will have made a profit.
A crucial item to note is the importance of maintaining consistency throughout the currency translation process to ensure the accuracy and reliability of the financial statements.
🔑Read more: Remittances 101: Understanding How Money Moves Across Borders
What are translation risks?
By definition, translation risks are the exchange risks associated with companies that trade in more than one currency and have foreign assets on their balance sheets. More precisely, it’s the risk that the value of a business's equities, assets, liabilities, or income will change due to exchange rate fluctuations. Translation risks are also referred to as “accounting exposure”.
This happens because FX rates can vary dramatically in a short period of time, especially during major economic announcements such as interest rate decisions. In addition, this risk is present whether the exchange rate increases or decreases the value of an asset.
There is also a clear line to be drawn between transaction risk and translation risk. Transaction risks refer to the risks that when the value of a business transaction may change before the completion, due to changes in the FX rates. Translation risks, on the other hand, solely focus on the change in the value of a foreign-held asset due to changes in the FX rates.
Fortunately, there are a variety of mechanisms that allow businesses to hedge against translation exposure.
Managing translation risks
To manage (and mitigate) translation risks, the most common options are currency swaps or futures contracts. These methods enable companies to lock in an exchange rate for a future date or allow businesses the right to buy or sell foreign currencies at a pre-determined price.
In addition, companies can also request to trade (buy and sell goods or services) in a foreign currency. This way, the risks associated with local currency fluctuations will be transferred from the company to the client because they will be the party responsible for making the currency exchange.
🔑Read more: 5 Ways to Reduce Your Business FX Risks
Using constant currencies in foreign currency translation
Constant currencies are exchange rates used to minimize the effect of FX volatility during the calculation of financial performance numbers in financial statements. This is typically used by companies with significant operations in foreign countries because floating exchange rates can often mask the true performance.
The notion behind this theory is that it helps provide a more accurate gauge of performance for a company, devoid of external factors such as the unpredictability of foreign exchange rate mechanisms.
However, constant currencies are not a substitute for accurate foreign currency translations. Instead, they’re a complementary tool used in conjunction with standard foreign currency translation methods to provide a more in-depth analysis of a company’s financial performance.
Best practices for foreign currency translations
The foreign currency translation process is, no doubt, a complex one. But adhering to the best practices can ensure accurate and reliable financial statements over the long term. Here are some practical tips for achieving this:
- Consistency: Maintain consistency in the methods and procedures used across the translation process. In addition, any changes in approach should be clearly documented.
- Seek expert advice: The process of foreign currency translation requires careful consideration and attention, especially for corporates that have a presence in more than a handful of countries. Always consult an expert to ensure regulatory compliance and the accuracy of data.
- Stay up to date: Accounting standards and industry regulations are constantly evolving. Keeping up to date with the latest changes helps ensure your financial statements are meeting current requirements.
- Use technology: Use automation tools or accounting software to streamline the translation process and minimize errors.
Reducing global payment costs with Wallex
With a Wallex Multi-Currency Account, businesses can easily manage dozens of international currencies. In other words, it permits better control over disbursements, so companies can avoid unfavorable exchange rates.
For more information, check out our Multi-Currency Wallet here, or get in touch with our team here.
How You Or Your Business Can Send SGD to KRW
What comes to mind when you think of “South Korea”? You would probably think of K-Pop stars like BTS and BLACKPINK, Korean dramas on streaming platforms like Netflix and Viu, and more.
With South Korea’s cultural economy becoming more popular around the world, it is an incredibly lucrative opportunity for online sellers, retailers and businesses. Consumers are not only interested in K-Pop and K-Drama merchandise, but also the fashion and beauty products that their idols promote.
Aside from that, South Korea is a popular importer for electrical equipment, mineral fuels (e.g. oil), computers and other machinery, vehicles, medical apparatus and more.
When it comes to making business transfers, banks remain the common way to make cross-border business payments to South Korea. However, limitations exist. Banks tend to provide favourable rates to high-volume transactions and require a lot of documents and paperwork before setting up an account. This can become cumbersome and leave many enterprises underserved.
In this article, we share more about South Korean Won (KRW) and its common international payments challenges, as well as how we make it easier for you.
South Korean Won (KRW) As An Exotic Currency
South Korean Won (KRW) is an exotic currency. Forex markets across the globe group currencies into three categories: major, minor, and exotic currencies. This classification is based on how well they trade in the currency market.
Exotic currencies, like South Korean Won, are those that are traded thinly or at low volumes. They are illiquid and tend to lack market depth.
Trading at low volumes does not necessarily mean weak or undervalued currencies. It simply means they don’t show a popular behaviour in the trading market and are available in very limited volumes.
As exotic currencies are not widely used, there tends to be a lack of information and understanding about what it means to do business in South Korean Won. It is important to better understand the currency and its transfer before making further business decisions.
Common Challenges When Making Payments In KRW
These are the typical challenges associated with KRW:
- Limited Volume Cause High Fees
As an exotic currency, KRW sees lower trading volumes compared to major currencies. As a result, banks and payment platforms typically use SWIFT and that incurs more service fees to the transactions without much transparency. This makes the eventual payment more expensive. - Delay of Payments
If the provider does not have a direct payment partner in South Korea, it takes longer to make a payment because the transfer route is more complex. - Volatility Makes It Risky
Using leverage, KRW can increase profits. However, due to its volatility, it can also create huge losses.
It is fundamental therefore to employ the services of a provider with proven delivery experience in this currency.
With Wallex:
- Up to 10x cheaper on fees
- An alternative to SWIFT, we connect with local partners to make your payments faster and within the same day
- Our advanced risk management tools help you hedge risks and lock rates for up to 24 hours before committing the transaction
- Payments are encrypted end-to-end to ensure security
How To Transfer Money To A Korean Bank Account
Follow the steps below to start sending money to South Korea through Wallex:
Step 1: Open a Wallex account for free
Signing up is 100% free with no maintenance fees or hidden charges.
Step 2: Add your beneficiaries and start transacting
Once your account is activated, you can add your beneficiaries and set up your FX payment online.
Step 3: Track payments
Wallex offers complete transparency and you can keep track of your KRW payment on Wallex's platform.
How long does it take to send money to South Korea?
Through local transfers in South Korean Won, you can now send money to South Korea on the same day.
You can keep track of your KRW payment on Wallex's platform, and our dedicated Account Managers will keep you updated in case of any delays.
How much does it cost to send money to South Korea?
You can check the indicative rate for setting up a payment below.
About Wallex
Here’s why Wallex is the best solution for your business to make payments in KRW:
- Full transparency of FX rates, fees and status
- Assurance that your funds will be delivered on time
- All transactions can be done online
- Faster transfer and turnaround time
- Dedicated account manager to directly help you with any enquiries
Wallex can provide the lowest rates and highest payment limit for KRW among payment providers.
Talk to us. Visit www.wallex.asia to schedule a demo.
How You Or Your Business Can Send SGD to KRW
What comes to mind when you think of “South Korea”? You would probably think of K-Pop stars like BTS and BLACKPINK, Korean dramas on streaming platforms like Netflix and Viu, and more.
With South Korea’s cultural economy becoming more popular around the world, it is an incredibly lucrative opportunity for online sellers, retailers and businesses. Consumers are not only interested in K-Pop and K-Drama merchandise, but also the fashion and beauty products that their idols promote.
Aside from that, South Korea is a popular importer for electrical equipment, mineral fuels (e.g. oil), computers and other machinery, vehicles, medical apparatus and more.
When it comes to making business transfers, banks remain the common way to make cross-border business payments to South Korea. However, limitations exist. Banks tend to provide favourable rates to high-volume transactions and require a lot of documents and paperwork before setting up an account. This can become cumbersome and leave many enterprises underserved.
In this article, we share more about South Korean Won (KRW) and its common international payments challenges, as well as how we make it easier for you.
South Korean Won (KRW) As An Exotic Currency
South Korean Won (KRW) is an exotic currency. Forex markets across the globe group currencies into three categories: major, minor, and exotic currencies. This classification is based on how well they trade in the currency market.
Exotic currencies, like South Korean Won, are those that are traded thinly or at low volumes. They are illiquid and tend to lack market depth.
Trading at low volumes does not necessarily mean weak or undervalued currencies. It simply means they don’t show a popular behaviour in the trading market and are available in very limited volumes.
As exotic currencies are not widely used, there tends to be a lack of information and understanding about what it means to do business in South Korean Won. It is important to better understand the currency and its transfer before making further business decisions.
Common Challenges When Making Payments In KRW
These are the typical challenges associated with KRW:
- Limited Volume Cause High Fees
As an exotic currency, KRW sees lower trading volumes compared to major currencies. As a result, banks and payment platforms typically use SWIFT and that incurs more service fees to the transactions without much transparency. This makes the eventual payment more expensive. - Delay of Payments
If the provider does not have a direct payment partner in South Korea, it takes longer to make a payment because the transfer route is more complex. - Volatility Makes It Risky
Using leverage, KRW can increase profits. However, due to its volatility, it can also create huge losses.
It is fundamental therefore to employ the services of a provider with proven delivery experience in this currency.
With Wallex:
- Up to 10x cheaper on fees
- An alternative to SWIFT, we connect with local partners to make your payments faster and within the same day
- Our advanced risk management tools help you hedge risks and lock rates for up to 24 hours before committing the transaction
- Payments are encrypted end-to-end to ensure security
How To Transfer Money To A Korean Bank Account
Follow the steps below to start sending money to South Korea through Wallex:
Step 1: Open a Wallex account for free
Signing up is 100% free with no maintenance fees or hidden charges.
Step 2: Add your beneficiaries and start transacting
Once your account is activated, you can add your beneficiaries and set up your FX payment online.
Step 3: Track payments
Wallex offers complete transparency and you can keep track of your KRW payment on Wallex's platform.
How long does it take to send money to South Korea?
Through local transfers in South Korean Won, you can now send money to South Korea on the same day.
You can keep track of your KRW payment on Wallex's platform, and our dedicated Account Managers will keep you updated in case of any delays.
How much does it cost to send money to South Korea?
You can check the indicative rate for setting up a payment below.
About Wallex
Here’s why Wallex is the best solution for your business to make payments in KRW:
- Full transparency of FX rates, fees and status
- Assurance that your funds will be delivered on time
- All transactions can be done online
- Faster transfer and turnaround time
- Dedicated account manager to directly help you with any enquiries
Wallex can provide the lowest rates and highest payment limit for KRW among payment providers.
Talk to us. Visit www.wallex.asia to schedule a demo.
如何以低成本简化国际供应商付款
如果您拥有一家企业，那么您必须熟悉供应商或供应商付款。它是企业经营活动中资金流动的重要形式之一。每个企业都必须有某种系统到位，以确保您有一种万无一失的方式，将所有供应商付款发票放在一起并跟踪它们的到期时间。然后，您及时支付他们的款项，确保满足所有细节。
然而，您的系统可能并不像您想象的那样万无一失。
在本文中，我们解释了国际供应商付款的挑战。我们揭示了每个企业都可以采用的万无一失的策略，以系统的方式及时管理您的供应商付款，确保与您的供应商建立良好的关系，并最终使您的业务尽可能地正常运行。
跨境供应商支付的主要挑战
一家中小型企业每月至少向供应商付款 10 到 20 次。现在，越来越多的公司与国际供应商合作，以利用更低的成本、专业知识或能力、优化的生产实践、行业领先的位置和潜在的规模经济。但与此同时，他们面临着有效管理供应商付款的挑战：
- 给不同的供应商
- 在一个月的不同时间
- 使用不同的付款方式
- 多币种
- 以尽可能低的成本
- 在线进行高价值交易
许多公司依靠国际银行转账或支票付款，然后进行人工对账。这是昂贵的、麻烦的、耗时的并且容易出错。
银行收取高达 3-5% 的费用，有时甚至更高。转账金额越高，费用越高。一些银行会根据您汇款的货币收取不同的费率。
随着时间的推移，与该供应商的更多交易会增加外流，增加成本，并导致利润和现金流出现问题。
除了如此高的银行费用外，您的公司还必须应对不利的汇率。与您在 Google 上看到的相比，银行提供的货币汇率始终较低。他们还对国际外汇 (FX) 转账收取显着的加价。随着时间的推移，这些高昂的转账费用（1.5% 或更高）和外汇转换费用会增加您的成本，并影响您的最终利润。
有一种简单的方法可以解决所有这些挑战，以更低的成本简化供应商付款。
如何使用 Wallex 简化供应商付款
Wallex 提供定制的、低成本的跨境供应商支付解决方案，因此您可以按时足额向所有国际供应商付款。银行经常收取任意费用和佣金，其中许多是隐藏的，客户不知道。他们还隐藏真实汇率以增加利润。 Wallex 消除了这些问题，没有隐藏成本和 100% 透明的传输过程。通过单一平台，您可以管理所有跨境支付和交易外汇。与银行相比，使用 Wallex，您可以获得最佳汇率和极低的交易费用。这意味着您可以在每笔支付交易中省钱，从而降低成本和提高利润。
印度尼西亚的金融科技公司 Investree 通过 Wallex 节省了 70% 的跨境支付费用。像他们一样，Wallex 可以帮助您简化供应商付款，无论他们在哪里或他们（或您）使用哪种货币。快速、及时的付款还可以帮助您加强与供应商的关系，从长远来看，这可以为您的业务带来许多好处。
以下是您通过 Wallex 获得的一些银行转账无法实现的优势：
- 以 46 种货币向 180 多个国家/地区进行低成本付款
- 获得最公平的外汇汇率和最低的费用，以降低成本并提高利润率
- 收款速度比国际电汇快 4 倍
- 实时跟踪付款
- 端到端加密保护您在传输中的资金
- 专门的客户经理可快速解决查询并解决任何问题
- 其他简化跨境供应商支付的世界级功能
大多数企业与多个供应商合作，平均每月至少向供应商付款 25 到 30 次。那么您如何管理这些多个供应商/付款/货币？你：
- 使用电子表格维护和跟踪发票
- 手动计算和扣除税款
- 进行手动对帐
- 当您在银行的付款帐户中添加新供应商作为受益人时必须等待
- 担心安全问题
- 担心履行合规责任
这些都是与国际供应商合作的公司面临的共同挑战。 Wallex 通过其简单、低成本的自动化支付解决方案为所有这些问题提供解决方案。
除了透明的外汇汇率、低费用和快速转账外，Wallex 还提供专为与多家国际供应商合作的企业设计的功能：
- 批量付款和审批：一次性上传多笔付款
- 多级审批人矩阵：为了更好的公司治理
- 利率锁定 24 小时：保护您的组织免受货币波动的影响
免费开始使用 Wallex
任何在国际上运营的组织都必须简化其供应商付款流程，以确保业务继续平稳运行并盈利。通过国际银行转账支付远非管理这些应付账款的最佳方式。它们不仅昂贵且缓慢，而且从长远来看还会影响您公司的利润、现金流和竞争力。
切换到 Wallex 的低成本、快速和透明的供应商支付解决方案，体验跨境贸易的所有优势。单击此处免费开始。
如何以低成本简化国际供应商付款
如果您拥有一家企业，那么您必须熟悉供应商或供应商付款。它是企业经营活动中资金流动的重要形式之一。每个企业都必须有某种系统到位，以确保您有一种万无一失的方式，将所有供应商付款发票放在一起并跟踪它们的到期时间。然后，您及时支付他们的款项，确保满足所有细节。
然而，您的系统可能并不像您想象的那样万无一失。
在本文中，我们解释了国际供应商付款的挑战。我们揭示了每个企业都可以采用的万无一失的策略，以系统的方式及时管理您的供应商付款，确保与您的供应商建立良好的关系，并最终使您的业务尽可能地正常运行。
跨境供应商支付的主要挑战
一家中小型企业每月至少向供应商付款 10 到 20 次。现在，越来越多的公司与国际供应商合作，以利用更低的成本、专业知识或能力、优化的生产实践、行业领先的位置和潜在的规模经济。但与此同时，他们面临着有效管理供应商付款的挑战：
- 给不同的供应商
- 在一个月的不同时间
- 使用不同的付款方式
- 多币种
- 以尽可能低的成本
- 在线进行高价值交易
许多公司依靠国际银行转账或支票付款，然后进行人工对账。这是昂贵的、麻烦的、耗时的并且容易出错。
银行收取高达 3-5% 的费用，有时甚至更高。转账金额越高，费用越高。一些银行会根据您汇款的货币收取不同的费率。
随着时间的推移，与该供应商的更多交易会增加外流，增加成本，并导致利润和现金流出现问题。
除了如此高的银行费用外，您的公司还必须应对不利的汇率。与您在 Google 上看到的相比，银行提供的货币汇率始终较低。他们还对国际外汇 (FX) 转账收取显着的加价。随着时间的推移，这些高昂的转账费用（1.5% 或更高）和外汇转换费用会增加您的成本，并影响您的最终利润。
有一种简单的方法可以解决所有这些挑战，以更低的成本简化供应商付款。
如何使用 Wallex 简化供应商付款
Wallex 提供定制的、低成本的跨境供应商支付解决方案，因此您可以按时足额向所有国际供应商付款。银行经常收取任意费用和佣金，其中许多是隐藏的，客户不知道。他们还隐藏真实汇率以增加利润。 Wallex 消除了这些问题，没有隐藏成本和 100% 透明的传输过程。通过单一平台，您可以管理所有跨境支付和交易外汇。与银行相比，使用 Wallex，您可以获得最佳汇率和极低的交易费用。这意味着您可以在每笔支付交易中省钱，从而降低成本和提高利润。
印度尼西亚的金融科技公司 Investree 通过 Wallex 节省了 70% 的跨境支付费用。像他们一样，Wallex 可以帮助您简化供应商付款，无论他们在哪里或他们（或您）使用哪种货币。快速、及时的付款还可以帮助您加强与供应商的关系，从长远来看，这可以为您的业务带来许多好处。
以下是您通过 Wallex 获得的一些银行转账无法实现的优势：
- 以 46 种货币向 180 多个国家/地区进行低成本付款
- 获得最公平的外汇汇率和最低的费用，以降低成本并提高利润率
- 收款速度比国际电汇快 4 倍
- 实时跟踪付款
- 端到端加密保护您在传输中的资金
- 专门的客户经理可快速解决查询并解决任何问题
- 其他简化跨境供应商支付的世界级功能
大多数企业与多个供应商合作，平均每月至少向供应商付款 25 到 30 次。那么您如何管理这些多个供应商/付款/货币？你：
- 使用电子表格维护和跟踪发票
- 手动计算和扣除税款
- 进行手动对帐
- 当您在银行的付款帐户中添加新供应商作为受益人时必须等待
- 担心安全问题
- 担心履行合规责任
这些都是与国际供应商合作的公司面临的共同挑战。 Wallex 通过其简单、低成本的自动化支付解决方案为所有这些问题提供解决方案。
除了透明的外汇汇率、低费用和快速转账外，Wallex 还提供专为与多家国际供应商合作的企业设计的功能：
- 批量付款和审批：一次性上传多笔付款
- 多级审批人矩阵：为了更好的公司治理
- 利率锁定 24 小时：保护您的组织免受货币波动的影响
免费开始使用 Wallex
任何在国际上运营的组织都必须简化其供应商付款流程，以确保业务继续平稳运行并盈利。通过国际银行转账支付远非管理这些应付账款的最佳方式。它们不仅昂贵且缓慢，而且从长远来看还会影响您公司的利润、现金流和竞争力。
切换到 Wallex 的低成本、快速和透明的供应商支付解决方案，体验跨境贸易的所有优势。单击此处免费开始。
為什麼開設虛擬帳戶比美國銀行帳戶更好
為什麼開設虛擬帳戶比美國銀行帳戶更好
美元是開展國際業務最受歡迎的貨幣，因為大多數國際貿易和交易都接受美元。 它相對堅挺和穩定，是世界儲備貨幣。 這就是為什麼許多企業（甚至是美國境外的企業）對直接接收美元的可能性感興趣。
然而，在美國開設銀行賬戶的挑戰在於，作為外國人，文件清單是一個重大難題。 通常，您必須提供：身份證明、地址證明和您的社會安全號碼 (SSN) 或個人納稅人識別號碼 (ITIN)。 這些都是本地文件，因此這意味著您必須是美國居民或美國企業員工才能設立本地銀行賬戶。
此外，您必須親自開設銀行帳戶。 想像一下在不知道帳戶設置是否成功的情況下支付機票費用，那會是多麼令人痛苦！
那麼，作為企業，您還可以探索哪些其他選擇？
企業多幣種賬戶：優點和缺點
多幣種賬戶變得越來越流行，即允許您同時持有多種貨幣的銀行賬戶。 與任何其他本地銀行賬戶一樣，您也可以存款、取款和匯款 - 不過這次可以使用包括美元在內的多種貨幣。 這就是許多國際銀行正在推廣企業多幣種賬戶的原因。
然而，不公開的是，多幣種賬戶無法逃避銀行徵收的高昂費用。 您仍將面臨昂貴的外匯保證金和交易費用。 您還需要承諾持有美元餘額，否則您將被收取最低餘額費用。
如果您是中小型企業，您可能無法獲得專用賬戶服務。 想一想。 如果您的客戶告訴您他們已付款但尚未出現在您的帳戶中，或者您確實需要加快付款以免擾亂您的現金流，該怎麼辦？ 這些情況證明，當您需要解決美元收款問題時，擁有客戶經理確實很有幫助。 當您有專門的人員來跟進、加速和解決您的問題時，這會對您的業務產生巨大影響。
企業多幣種賬戶與 Wallex 全球企業賬戶
作為銀行的替代方案，Wallex 擁有一個完全在線的平台，可以滿足您企業的多貨幣需求，並提供無縫的外彙和誠實的匯率。 您可以免費在 Wallex 註冊全球企業賬戶。 與多幣種賬戶一樣，您可以用它來支付、持有、兌換和收取多種貨幣。 除美元外，您還可以收取英鎊、歐元、印尼盾等貨幣的資金。
與銀行相比，Wallex 可以提供具有競爭力的中等市場利率。 當您通過 Wallex 收款時，您可以通過避免不利匯率來減少外匯損失，並節省多種轉換費用，從而增加您的淨收入。 除了通過SWIFT 支付和電匯(TT) 進行交易外，Wallex 還提供通過本地轉賬 進行交易的機會，可以滿足您的需求顧客。 通過本地轉賬，他們可以更便宜、更快、更輕鬆地向您付款。
在 Wallex，無論業務量或規模如何，每個企業都會配備一名當地專門的客戶經理。 教育科技公司Erudifi 分享他們的客戶經理如何支持他們克服付款限製或速度問題，而貿易公司Alzys Global 放心，總有人可以打電話。
在 Wallex 開設美元收款賬戶是安全的
Wallex 持有新加坡金融管理局 (MAS) 根據《2019 年支付服務法》頒發的主要支付機構許可證。該平台還在香港和印度尼西亞獲得許可並受監管。
所有客戶資金均受到保護並保存在與所有其他 Wallex 運營賬戶分開的客戶隔離賬戶中。 Wallex 在合規性和託管資金安全方面都在非常嚴格的框架內運營，因此開設全球收款賬戶來接收美元付款是安全的。
開設 Wallex 全球企業賬戶所需文件清單
與海外銀行不同，您可以使用當地公司註冊文件開設 Wallex 全球企業賬戶並直接接收美元付款。 所需文件包括：
- 公司註冊文件
- 董事、最終受益人 (UBO) 和授權用戶的文件
- 地址證明
如何通過 Wallex 開設美元收款賬戶
1. 在 https://accounts.wallex.asia/signup 註冊 Wallex
2. 在線提交 KYC 文件，一鍵完成！
3. 文件驗證通過後，您就可以開始使用Wallex平台了。 單擊菜單上的“收藏夾”，然後單擊“添加新收藏夾/VA”以選擇美元。
4. 選擇美元後，點擊“激活本幣賬戶”。 您的帳戶將立即激活。
5. 然後，您可以繼續創建您的美元收款賬戶詳細信息，該詳細信息可以與您的客戶和客戶共享。
6. 資金將存入您的 Wallex 錢包。 您可以直接在儀表板上查看您的多幣種錢包。
7. 如果您願意，您可以進一步將資金匯出，以便向全球 160 多個國家/地區付款。 在此了解有關我們跨境支付解決方案的更多信息。
總結：像擁有本地銀行賬戶一樣接收美元
1. 節省開戶時間
單擊按鈕即可創建您的 Wallex 全球收款帳戶。 免去銀行排隊和設立國際銀行賬戶時通常涉及的過多文書工作。 您無需親自前往開設銀行賬戶，因為一切都在網上進行！
2.增加你的淨收入
Wallex 提供具有競爭力的費率和費用，讓您減少外匯損失。 通過減少中間商，我們還可以幫助您節省多項轉換費用，從而增加您的淨收入。
3.無月維護費
每月零維護或低於費用。 我們的全球賬戶隨時為您服務。
在您的賬戶中保留美元也沒有時間限製或限制，讓您可以舒適方便地進行兌換，並以盡可能最佳的市場匯率進行資本化。
開始使用 Wallex 接收美元
使用 Wallex 在幾分鐘內建立您的全球收款賬戶。 免費註冊 www.wallex.asia.
除了接受美元國際付款外，您還可以接收 34 種其他貨幣的國際付款。在此處了解有關全球收款帳戶的更多信息。
Mengapa Membuka Virtual Account Lebih Baik Daripada Membuka Rekening Bank di AS
Mengapa Membuka Virtual Account Lebih Baik Daripada Membuka Rekening Bank di AS
USD adalah mata uang paling populer untuk melakukan bisnis internasional karena diterima untuk sebagian besar perdagangan dan transaksi internasional. USD relatif kuat dan stabil, menjadi mata uang cadangan dunia. Inilah sebabnya mengapa banyak bisnis tertarik pada kemungkinan menerima USD secara langsung, bahkan mereka yang berada di luar Amerika Serikat.
Namun, tantangan membuka rekening bank di AS adalah sebagai orang asing, daftar dokumen merupakan teka-teki yang signifikan.Biasanya, Anda harus memberikan: Bukti Identitas, Bukti alamat, dan Nomor Jaminan Sosial (SSN) Anda atau Nomor Identifikasi Wajib Pajak Perorangan (ITIN). Ini semua adalah dokumen lokal, jadi itu berarti Anda harus menjadi penduduk AS atau dalam bisnis AS untuk membuat rekening bank lokal.
Selain itu, Anda harus membuka rekening bank secara langsung.Bayangkan membayar ongkos penerbangan tanpa mengetahui apakah pembuatan akun akan berhasil, itu bisa membuat stres!
Jadi, sebagai bisnis, alternatif apa lagi yang bisa Anda jelajahi?
Rekening Multi-mata uang Perusahaan: Pro dan Kontra
Rekening multi-mata uang menjadi semakin populer, yaitu rekening bank yang memungkinkan Anda menyimpan banyak mata uang sekaligus. Seperti rekening bank lokal lainnya, Anda juga dapat menyetor, menarik, dan mengirim uang - meskipun kali ini, dengan jangkauan yang luas mata uang yang mencakup USD. Inilah sebabnya mengapa banyak bank internasional mempromosikan akun multi-mata uang perusahaan.
Namun, yang tidak diketahui publik adalah bahwa akun multi-mata uang tidak luput dari biaya selangit yang dikenakan oleh bank. Anda masih akan dihadapkan pada margin FX yang mahal dan biaya transaksi.Anda juga harus berkomitmen untuk memiliki saldo USD, atau Anda akan dikenakan biaya saldo minimum.
Jika Anda adalah bisnis kecil-menengah, Anda mungkin tidak mendapatkan layanan akun khusus. Coba pikirkan. Bagaimana jika pelanggan Anda memberi tahu Anda bahwa mereka telah membayar tetapi belum muncul di akun Anda, atau Anda benar-benar membutuhkan pembayaran untuk dipercepat sehingga tidak mengganggu arus kas Anda? Situasi ini membuktikan bahwa memiliki manajer akun sangat membantu saat Anda perlu memecahkan masalah penagihan pembayaran USD. Ini dapat membuat perbedaan besar bagi bisnis Anda saat Anda memiliki personel yang berdedikasi untuk menindaklanjuti , percepat dan selesaikan masalah Anda.
Akun Multi-Mata Uang Perusahaan vs Akun Bisnis Global Wallex
Sebagai alternatif dari bank, Wallex memiliki platform yang sepenuhnya online untuk kebutuhan multi-mata uang bisnis Anda, dengan FX tanpa batas dan kurs jujur. Mendaftar untuk Akun Bisnis Global dengan Wallex. Seperti akun multi-mata uang, Anda dapat menggunakannya untuk membayar, menahan, mengonversi, dan mengumpulkan berbagai mata uang. Selain USD, Anda juga dapat mengumpulkan dana dalam GBP, EUR, IDR dan lainnya.
Dibandingkan dengan bank, Wallex dapat menawarkan kurs pasar menengah yang kompetitif. Saat Anda mengumpulkan uang dengan Wallex, Anda dapat mengurangi kerugian FX dengan menghindari kurs yang tidak menguntungkan dan menghemat beberapa biaya konversi, yang akan meningkatkan penghasilan bersih Anda. Selain bertransaksi melalui Pembayaran SWIFT dan telegraphic transfers (TT), Wallex juga menawarkan kesempatan untuk bertransaksi melalui local transfers yang dapat memuaskan pelanggan Anda. Transfer, bisa lebih murah, lebih cepat, dan lebih mudah bagi mereka untuk membayar Anda.
Di Wallex, setiap bisnis juga mendapatkan Manajer Akun khusus lokal terlepas dari volume atau ukuran bisnis.Perusahaan Edtech Erudifi membagikan bagaimana Manajer Akun mereka mendukung mereka dalam mengatasi batas pembayaran atau masalah kecepatan, sementara perusahaan dagang Alzys Global diyakinkan bahwa selalu ada seseorang untuk dihubungi.
Aman Untuk Membuka Akun Koleksi USD Dengan Wallex
Wallex memegang lisensi sebagai Lembaga Pembayaran Utama, yang dikeluarkan oleh Otoritas Moneter Singapura (MAS) berdasarkan Undang-Undang Layanan Pembayaran 2019. Platform ini juga dilisensikan dan diatur di Hong Kong dan Indonesia.
Semua dana pelanggan dilindungi dan disimpan dalam akun terpisah pelanggan yang terpisah dari semua akun operasi Wallex lainnya Wallex beroperasi dalam kerangka kerja yang sangat ketat baik untuk kepatuhan maupun untuk keamanan dana yang disimpan, sehingga aman untuk membuka Global Rekening Penagihan untuk menerima pembayaran USD.
Daftar Dokumen yang Diperlukan Untuk Membuka Akun Bisnis Global Wallex
Tidak seperti bank luar negeri, Anda dapat menggunakan dokumen pendaftaran perusahaan lokal Anda untuk menyiapkan Akun Bisnis Global Wallex dan langsung menerima pembayaran dalam USD. Dokumen yang diperlukan antara lain:
- Dokumen Pendirian
- Direktur, Ultimate Beneficiary Owner (UBO) dan Dokumen Pengguna Resmi
- Bukti alamat0
Cara Membuka Akun USD Collections Dengan Wallex
1. Daftar ke Wallex di https://accounts.wallex.asia/signup
2. Kirimkan dokumen Anda untuk KYC secara online, semuanya dalam satu klik!
3. Setelah dokumen Anda diverifikasi, Anda dapat mulai menggunakan platform Wallex, klik "Koleksi" pada menu Anda, lalu "Tambahkan Koleksi Baru/VA" untuk memilih USD.
4. Setelah Anda memilih USD, klik "Activate Local Currency Account" Akun Anda akan segera diaktifkan.
5. Anda kemudian dapat melanjutkan untuk membuat Detail Akun USD Collections Anda, yang dapat dibagikan kepada pelanggan dan klien Anda.
6. Dana akan diterima di dompet Wallex Anda, Anda dapat melihat dompet multi-mata uang Anda langsung di dasbor Anda.
7. Jika mau, Anda dapat melanjutkan pengiriman dana Anda untuk melakukan pembayaran ke 180+ negara secara global. Cari tahu lebih lanjut tentang solusi pembayaran lintas batas kami di sini.
Singkatnya: Terima USD seolah-olah Anda memiliki rekening bank lokal
1. Hemat waktu saat Anda membuka akun
Buat Akun Wallex Global Collection Anda dengan mengklik tombol. Lewati antrean bank dan dokumen berlebihan yang biasanya terlibat dalam menyiapkan rekening bank internasional. Anda tidak perlu melakukan perjalanan fisik untuk membuka rekening bank, karena semuanya terjadi secara online!
2. Tingkatkan penghasilan bersih Anda
Wallex memberikan tarif dan biaya yang kompetitif, memungkinkan Anda mengurangi kerugian FX Anda Melalui lebih sedikit perantara, kami juga membantu Anda menghemat beberapa biaya konversi, sehingga meningkatkan penghasilan bersih Anda.
3. Tidak ada biaya perawatan bulanan
Nol pemeliharaan bulanan atau di bawah biaya. Rekening global kami siap membantu Anda.
Juga tidak ada batasan waktu atau batasan dalam mempertahankan USD di akun Anda, memungkinkan Anda untuk berkonversi sesuai kenyamanan dan kemudahan Anda - serta memanfaatkan harga pasar terbaik.
Mulai Menerima USD dengan Wallex
Buat akun penagihan global Anda dalam hitungan menit dengan Wallex. Daftar gratis di www.wallex.asia.
Selain menerima pembayaran internasional dalam USD, Anda juga dapat menerima pembayaran internasional dalam 34 mata uang lainnya Cari tahu lebih lanjut tentang Akun Global Collection di sini.
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