Background
Amvigas is a company that specialises in Marine Consultancy. They are an emerging leader in the field, particularly focused on Marine Inspections and Audits. They have over 100 professional marine consultants located across the globe, in various countries spread across all continents (Australia, Asia, Europe, North Americas, South America, Middle East and Africa).
With that, they required an international payments provider to pay their consultants. As Wallex processes transfers to over 160 countries, Amvigas uses Wallex to make about 50 transactions every month.
The Challenge
- Lower cost for remittances
Previously, Amvigas used a traditional bank as their international payments provider. However, the cost for remittances was too high. - Pay in United States Dollars (USD)
Amvigas wished to pay their remittances in USD, which could be tricky when it came to using local banks. Whilst their consultants are located across the globe, Amvigas wanted to consistently transfer the same currency (USD) across all countries. - Receive prompt service and support
Firstly, traditional banks tend to only provide Relationship Managers if a business does high-volume transactions. Secondly, while Amvigas was provided a Relationship Manager, traditional banks tend to require many procedures and forms. Solving a payment issue ends up being a more drawn-out process.
The Solution
- Cost for remittances are now lower through Wallex
Traditional banks use SWIFT, where payments would be routed to a network of intermediary banks. Each of those intermediaries charge a transaction or service fee.
On the other hand, Wallex provides the option of local transfers which uses a network of bank accounts around the world with local currencies. This process removes the need of intermediary banks and their fees. - Seamless and safe payments around the world
“The payment process is now a lot smoother. To us, the most important feature is to receive and send payments to externals without glitches.”
As the Wallex platform covers over 160 countries, Amvigas can seamlessly make cross-border payments to all their beneficiaries in USD.
“When it comes to money, you have to be extra careful.”
Amvigas has also found the platform to be safe as Wallex prioritises the security of clients’ data and money. - Excellent service from Wallex
At Wallex, all corporate accounts get an Account Manager. Amvigas particularly appreciates their dedicated Account Manager, so there is always the same reliable person and phone number to directly reach out to.
Unlike numerous phone calls, it can be a quick Whatsapp message. If there are ever issues with payments, their Account Manager goes out of the way to ensure they can resolve payment issues quickly.
Amvigas also highlights how easy it is to pull out items such as Account Statements and Reports.
“It is key to have an international payments solution that you can interact with in a positive and timely manner.”
The Results
With Wallex, Amvigas is saving cost and time through:
- Saved over 50% (over $5,000 USD) on remittance costs last year through cheaper transfer rates and fees
- Prompt service from Wallex saves up to 2 business days of processing time
- Efficient account setup allows them to open their account x8 faster
