Background
A global car import and export company was looking for a new payment provider. Looking forward, they wish to expand in the retail division and into more overseas markets.
The car industry is a highly competitive industry, where time and cost can be deal breakers. With that in mind, they hold efficiency and cost-effectiveness as their main values to their customers. With those values aligning with ours, the global car import and export company found Wallex to be a great fit as their international payments provider.
The Challenge
- High exchange rates and fee
The global company originally used a long-established money service provider to make their payments, but they were in the hunt for more competitive rates.
They made international payments in JPY and GBP frequently as they are direct importers of Japanese and continental cars. Aside from being wholesalers for brand new cars, they also supply, distribute and resell used cars. - Require a convenient and responsive service
Although there are other cross-border payment providers that are fully online, they found that online does not necessarily mean convenience. To them, it was more important that they had a person to call directly.
"When you need something, it is easier to have someone to call. Sometimes it is tricky when it is fully online and there is no direct contact person."
The Solution
- Prompt and responsive team
The global company credits Wallex’s Account Management team for being incredibly reliable and helpful. There is always a representative to contact and readily service their account, being able to solve their issues quickly. - Convenient platform and account management
Wallex as an online platform is also very convenient. It is easy to see the real-time rates and make international business transfers.
Unlike some other alternatives, Wallex also provides a local dedicated Account Manager for each business. This allows your account management to be more focused for your needs.
For this global car import and export company in particular, our online Wallex platform allowed them to focus on easily making international payments and retrieving transactional information as well as reports. - Secure method of transfer
With so much money going around, security is important. The company feels incredibly assured with the security of the Wallex platform, where all information is safely stored and encrypted. - Competitive rates and ease of transferring funds internationally
With Wallex, the global company receives more competitive rates. They can also readily transfer funds in JPY, HKD and GBP.
In the future, they would like to explore Euro and USD which Wallex also covers.
The Results
With Wallex, they are saving cost and time through:
- More competitive rates
At present, the global car import and export company saves over SGD$3,500 every year. - Good account management, saving up to 5 hours every month
Our Account Management and Customer Success team respond to the company's rates requests and payment queries within minutes. This saves the company from spending more time searching for better rates, or waiting to get more customer service support. - Convenience of online platform, good UX of Wallex
