Background
The special purpose vehicle (SPV) would like to put investment into the India market, requiring them to send and receive payments from India.
Through Wallex, the SPV could easily transfer USD to overseas banks and their beneficiaries with the MT199.
As Wallex allows you to send money to 46 other currencies and 180 other countries, they also have the opportunity to expand to other currencies and countries in the future.
The Challenge
- Unable to open a business account overseas
As the SPV is wholly owned by an individual director, it was tough to open a business account via traditional banking services.
Traditional banks tend to have strict and complicated account opening processes. For companies wholly owned by individuals, it is tough to meet the criteria.
“It is not easy for small enterprises and enterprises wholly owned by individuals to open a traditional banking account.” - Difficult to get timely service from a Relationship Manager/Account Manager through a traditional banking account
Adding onto the challenges, opening an account through a bank is not only slow, but upon signing up, the SPV could not get timely service for their transactional needs.
The Solution
- Easy-to-use platform
“Wallex’s page design is good. It is easy to find the functions I want to use.”
Aside from a quick account setup, it is easy to operate, process and make transactions on the Wallex platform. - Service from Account Manager at Wallex is timely
“The service is timely, which is the most important reason for any cross-border payments platform.”
The SPV found an improved customer service experience when using Wallex. Wallex provides each business a local dedicated Account Manager. Through their Account Manager, they receive prompt support that is available 24/7.
The Results
With Wallex, they are able to:
- Set up an account securely and pass compliance checks within 3 business days
- Send USD from China to India in 1 to 2 days
For beneficiaries to receive funds on the same day, orders must be created before 2pm (GMT+8) daily
%20can%20send%20USD%20to%20any%20country%20cheaply%20and%20easily){kind=link}