Are your international transactions costing you a huge sum of transfer fees every month? Let us help you to save more!
First, you should have some prior knowledge of how your money gets transferred across borders to different countries.
How does international money transfer work?
- The sender initiates a payment request and transfers funds to a money transfer operator, which could be their bank or a fintech provider.
- This operator then transmits the money transfer instructions to the recipient’s bank via a secure messaging network SWIFT.
- During the money transfer process, intermediary banks may be involved in routing the payment message, which may then incur additional fees to the transaction.
- Upon receiving the payment instructions, the recipient’s bank credits the account with the transferred funds, usually within several business days.
How then, can we reduce the transfer fees incurred? There are several ways in which local businesses can do so.
- Compare FX rates
SMEs can select financial providers that offer better exchange rates than traditional banks.
- Choose providers with minimal fees and transparent pricing
Select service providers that offer low fees and clear pricing, which can significantly reduce your international transfer costs. This approach helps your business to manage expenses more effectively and improves financial transparency.
- Adopt multi-currency accounts
Use multi-currency accounts that will allow you to receive, hold and send funds in various currencies. This reduces the need for frequent currency conversions, thereby making cross-border transactions more efficient and cost-effective.
- Consolidate payments
Instead of initiating many small transactions one at a time, combine your payments to suppliers or employees into a single transaction. This reduces per-transaction fees and streamlines the payment process.
- Plan ahead for transfers
By planning and scheduling transfers ahead of time, you can take advantage of better exchange rates and avoid being charged extra fees. This can help to lower transaction costs and improve financial planning.
Get AirWallex to Save!
Airwallex is a global financial company that provides SMEs with an all-in-one platform consisting of cross-border payments, currency exchange, and digital banking services. Founded less than 10 years ago, Airwallex has rapidly become a key player in international finance, supporting businesses in Singapore and worldwide.
Benefits of tapping on Airwallex
- Multi-Currency Support
Handles funds in more than 23 different currencies, reducing the need for frequent conversions.
- Security
Robust security protocols, including encryption and multi-factor authentication, hence ensuring your data and transactions are safe.
- Compliance and Regulations
All customer funds are protected according to Singapore’s financial regulations as they are licensed by the Monetary Authority of Singapore (MAS).
If you are keen to try out Airwallex, simply register by clicking on the button below and get up to 3% of unlimited cashback on card spend*. Alternatively, you contact us at 6515 7906 or enquiry@361dc.com to learn more.
*The offer ends on 30 September 2024
