Edtech firm ErudiFi sends, holds, and receives USD, IDR and PHP easily through Wallex

2 min read


Headquartered in Singapore, ErudiFi is an education financing startup that aims to make studying affordable in Southeast Asia. Operating as Danacita in Indonesia and Bukas in the Philippines, Erudifi bring financial inclusion to underserved students across the region and help them to afford an education.

The company raises capital from institutional lenders and venture capitalists (VCs) in USD. Funds are then channelled via banks to their operating subsidiaries in Indonesia and the Philippines, where transactions are made in IDR and PHP.

Bank fees and inefficiencies proved to be obstacles for Erudifi

Operating across different countries and transacting in multiple currencies proved to be a challenge for Erudifi. Here were the main obstacles they faced:

Inefficient processes

Each time ErudiFi wanted to make an international payment, they needed to get a quote for a preferential rate from the Account Manager separately. Making a single payment effectively consisted of two steps. Moreover, setting up an account took them a relatively long time.

Needed all-in-one platform with access to Southeast Asian currencies

Erudifi wanted to consolidate their currency payments, collections, and holding into one platform for greater centralisation. They also needed this platform to enable them to access, and transfer Southeast Asian currencies internationally.

Bank rates are not as competitive

When transferring money internally. Erudifi realised that bank rates were very high compared to the mid-market rate, translating to inflated and unnecessary expenses.

The Solution: Switching to Wallex

After evaluating their options, ErudiFi made the decisiont o swtich to Wallex, who they now depend on for making cross-border transfers from Singapore to Indonesia and the Philippines for currencies such as USD, IDR and PHP.

Competitive FX rates

Wallex offers near mid-market rates and allows clients to customise their rates based on their business needs with a local dedicated Account Manager.

Ease of use and simplicity

Erudifi directly receives the quote for their rates and additional fees when making their international payments. This makes it easy and quick to complete international transactions as everything is submitted at the same time within the platform itself.

A regulated fintech alternative

Many companies are hesitant to make the switch to banking alternatives such as Wallex because they are less established and thus involve higher risk. For ErudiFi, Wallex holding a Major Payments Institution licence from MAS was “a stamp of approval that gave assurance”.

Ease of account setup

Erudifi found that setting up their account to be a simple, straightforward and speedy process that did not compromise security and any necessary compliance checks. In their own words, “Setting up a Wallex account was a breeze.”

Prompt support from dedicated Account Manager

Whenever the company faced any transaction issues, Erudifi's local and dedicated Account Manager from Wallex was “incredibly helpful”, going out of their way to ensure the transaction goes through, whether it involves payment limits or speed of settlement.

The Results

With Wallex, ErudiFi has managed to save both time and money through:

  • Prompt support that ensures payments get sent on time at favourable rates
  • Efficient account setup allowed them to open their account x4 faster
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