Yes, TransferWise is the disruptor of the remittance industry. It’s been well explored by influencers all over the world. Some might call it the doomsday for traditional money changers since it is surely one of the best ways to remit money across borders for digital nomads, expatriates and travellers. But this service is way beyond that scale now. Check out TransferWise for Business, the new way to do business in a globalised economy.
It is truly a delight to be living in the 21st century.
Supporting Entrepreneurs and SMEs
Old-world bank accounts only work properly in one country. They hold money only in one currency. And it gets expensive when you try to use them across borders even if you hold a multi-currency account, especially if you are a small local business.
Opening any bank account comes with a wide range of standard fees, especially for businesses.
Business accounts in Singapore are most known for reinforcing their minimum balances, which range from S$5,000 to S$10,000 depending on which bank you choose, with “fall-below” fees that can be up to S$50.
You may find that banks only provide “special rates” to bigger businesses due to the large volume of transactions, leaving smaller businesses to be disadvantaged.
You’re likely to also face annual account fees or even monthly account fees, which our team experience too.
Moreover, if you’re a business owner that largely deals with foreign clients and find that you incur unnecessary costs on foreign transfer fees with local banks or PayPal*, let TransferWise’s Business Borderless account solve this for you.
*You can save up to 19x if you use a TransferWise Business account as payment platforms like PayPal inflates exchange rates when you send and receive international payments, making it hard to see what you’re actually being charged.
However, the drawback is that you are only able to do bank account transfers only, rendering it less versatile and flexible than PayPal.
Therefore, your recipient needs to have a bank account or a TransferWise account (if the recipient has set a primary account in the same currency), in which case he or she is a TransferWise user as well, to receive payment from you.
Fortunately, in the scenario where the recipient did not share the bank details with you and is NOT a TransferWise user, you can simply untick the checkbox which says that you know the recipient’s bank details.
TransferWise will send an email to the specified email address requesting for the bank details, or the transfer will be refunded back to your balance within 5 working days.
Bear in mind that this feature is currently unavailable on the app version.
More Features For Your Enterprise
TransferWise for Business also has several features that you may find helpful for both large and small businesses alike.
By integrating with Xero, all your transactions can be automatically imported into Xero, making it easier to keep track of your payments.
With an open API, you can automate your payments and connect it to your business tools.
The features keep sounding better and better, don’t they?
Lastly, you’re able to do batch payments and make up to 1,000 payments in one go by uploading a single payroll file.
Fund your business bank account from overseas with TransferWise
If you’re a business owner in Singapore, the TransferWise Business Account is able to provide you with Singapore local bank details (one of their latest product releases!).
But perks like having a PayNow via QR code or UEN number can only be done via the common local banks in Singapore.
But, who knows when this will change?
Nevertheless, having a TransferWise Business Account translates to getting your very own UK, Eurozone, Australian, New Zealand, Singapore, Poland and US bank details for free — without a local address. You can send AND receive money like a local, with these banks.
Hold that money in your account for future payments or convert it to your primary bank account.
TransferWise Business Account works as a perfect complement to your local business bank account as you can avoid unnecessary foreign transaction fees with it.
Keeping Your International Transactions Fee as Low as Possible
TransferWise uses the real mid-market exchange rates to convert your money from one currency to another. That means that, unlike regular bank transfers, there’s no hidden markup on the currency conversion rate.
This concept is the same for both business and personal Transferwise Accounts.
And since TransferWise receives and sends your money via local bank transfers in both Singapore and overseas, those international fees are omitted entirely.
Pricing for Business Accounts
It’s free to set up your TransferWise for Business account. There is $30 fixed one-off fee for activating any international account details (just one payment for all 7 currency banking details), which is very reasonable, considering the maintenance fees and other costs you will also incur if you were to create a business account with the usual local banks.
So, what are you bosses waiting for?
Of course, you are limited to the currencies TransferWise supports but it’s definitely more than enough for most businesses.
Do consider getting a business account set up with TransferWise asap before they change their mind about their pricing!