It’s no secret that I love new technology. I’ve recently discovered a brand new tool that makes everyday business transfers faster and cheaper.
Airwallex is a financial services platform built for modern businesses. It enables customers to create international bank accounts instantly, access interbank exchange rates and send money through local and international clearing networks to more than 130 countries.
Now before you say, I don’t do business overseas, think again. If you have virtual assistants or are outsourcing jobs on Fiverr or Upwork, that’s doing business overseas. Plus, a large percentage of our expenses are paid to US companies that charge in US dollars and every time that happens you are losing money. So if you want to stop that from happening, Airwallex is the perfect solution.
For more information on Airwallex and how to get started, check out this video I recorded with Airwallex’s Director of Partnership Phillipe Dewinter.
If you want to follow along, click through the link below to sign up and get $20,000 worth of foreign exchange fee free.
Send Money Overseas
Airwallex enables you to make payments in 23 currencies, into over 130 countries around the world. If you have freelancers, contractors or virtual assistants all around the world, this tool can be a game changer for your business.
Once you have your account set up, Airwallex also allows you to send money directly from your account to any global bank account at a very low rate. It charges just 0.3% to 0.6% above interbank FX rates, which means you can save more money.
With Airwallex, you’ll also save time by scheduling payments in bulk. You’re able to upload recipient and currency lists in .csv format which is perfect if you have a number of overseas employees.
In fact, we worked out that for a small business with a couple of virtual assistants, Airwallex could save you around $5,000 per year. For bigger businesses with overseas suppliers or customers, you can save up to $25,000. That money should easily pay for another family holiday or be put back towards growing your business.
Here’s a quick guide on how to transfer money to a foreign bank account:
- Create an Airwallex account and verify your business
- Transfer money into your Airwallex wallet
- Enter in your recipient’s banking details
NOTE: You’ll need to collect the following details from your recipient:
- Contact details: Name, address, email
- Bank details: Routing number, bank name, account number & BSB for Australian recipients
- Additional transfer information, such as proof of payment or order information
- Check the real-time FX rate and fees to know how much it will cost
- Confirm your bank transfer
This process may take 1 to 5 business days, depending upon your destination and the currency pair. You can track its progress on your desktop or mobile.
Receive International Funds
As a business owner, one of your main goals is to make it easier for customers to do business with you. If you have international customers, Airwallex allows you to receive funds in foreign currencies. You can open global accounts in EUR, GBP, AUD & USD within minutes.
Here are the steps for creating a new global account on Airwallex:
- Log in to your Airwallex account
- Navigate to ‘Wallet’ and select ‘Global Accounts’
- Click the ’Create Global Account’ button in the top right corner
- Select the currency for this new account
- Enter your account name
- Review applicable fees for your new account
- Download your account statement
After creating a global account, you can now invoice and accept payments from international customers in their preferred currency. Then, you have an option to have those funds stay as foreign currency in your Airwallex account, eliminating unnecessary conversion fees. You can also use those currencies to pay for your expenses that are charged in US dollars.
Pay International Expenses
If you’re paying an overseas supplier, CRM software, Facebook Ads or project management software, it’s most likely that you’re paying in US dollars. Airwallex enables you to open local currency accounts in the United States without leaving your office.
Now with your own card set up, you can get the best FX rates no matter the transaction volume. This means you’ll have the option to send a full payment amount on delivery when using Airwallex’s local transfer method.
If you have more questions or want more training on how to use Airwallex, you can visit their support page here.
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