Have you ever been charged an outrageous overseas bank transaction fee for paying an overseas client? On top of that, did the bank payment take days or weeks to arrive? Airwallex founders ran into this same issue when they started a cafe in Melbourne and tried buying goods from China. So they scrapped the cafe idea and built a $3.4 billion (AUD) financial technology (FinTech) company, Airwallex, instead. Airwallex allows businesses to send and receive money quickly and with 90% lower fees than global banks. SBC Media sat down with Matthew Sek, Airwallex’s Acting Director of Commercial & Product Strategy, to see how their services can help small businesses expand overseas and reach new markets affordably and with ease.
Why are quick overseas payments a new phenomenon?
Prior to the emergence of FinTech solutions, most businesses would use (and many still use) the traditional networks to make international transactions. This meant funds had to move through multiple banks before reaching its final destination – costing time and money. Airwallex leverages technology to better route money using local payment systems so your international payments happen faster with 90% lower fees.
How can FinTech solutions simplify complex overseas financial systems for small business traders?
Marketplaces are now global, such as Amazon, eBay, Upwork. Shipping providers and suppliers are now global. Teams and talent are now global. It has never been easier (and more necessary) for small businesses to be global from day one – and that’s why Airwallex exists. Airwallex’s global business account empowers SMEs to collect, hold and manage in your currency of choice in just a few clicks, without the expensive fees.
How can Airwallex help small businesses expand overseas?
The first and fast tangible benefit of Airwallex for these businesses is winning back your profit margins from expensive FX fees. We’ve helped Deliciou, a local Melbourne food producer save over $24,000 a month to reinvest back into growing their business into their fastest-growing markets – US and Europe. The second benefit is in building better supplier relationships because your payments now arrive faster and in-full.
How can Airwallex assist small businesses to engage with international customers?
Airwallex’s Global Accounts feature allows businesses to set up US, UK and EU local bank accounts in a few clicks (with no branch visits or paperwork needed). This makes it easy for businesses to invoice customers with local bank account details and in their local currency to get paid. For Orbitkey, this made the difference in expanding their European retail distributor network who simply wanted to pay like a local.