Omnidesk is a local company based in Singapore that offers height adjustable standing desks and other related accessories. Their goal is to bring quality and affordable customisable ergonomics to the everyday person.
To work with suppliers internationally, they use Wallex to send USD and CNY to China as well as MYR to Malaysia. They also use Wallex to convert SGD to USD, CNY and MYR before doing so - holding these currencies in their multi-currency wallet for easy accessibility.
- They needed the flexibility to send USD or CNY to companies in China easily
Some suppliers preferred to receive USD, while others preferred CNY. Then, there are cases where the same supplier would alter their preference depending on the circulation, FX trends and best rates.
They needed an international payments solution like Wallex which allowed them to flexibly send payments to 180+ countries in 46+ currencies.
- They wanted an alternative to compare market rates
At the start, they were comfortable with their traditional remittance provider but they felt there was an opportunity to save more costs when they made bigger international money transfers.
Knowing rates would make a big difference to save costs, they wished to find a competitive alternative.
- Their previous Account Manager only responded via email
Through the traditional remittance provider, their Account Manager only responded via email. This meant that it took longer to get a reply, so it was not as easy to capitalise on the best and most favourable FX rates.
- Wallex Account Manager provides prompt response for favourable rates
Omnidesk finds that getting a dedicated Account Manager is time-saving and convenient. Through their Account Manager at Wallex, they can contact his personal phone number and get a reply within the hour. This is far more simple than emailing back-and-forth which can end up taking a day.
- Beyond rates, the Wallex Account Manager helps to follow-up when there is any payment issues
While rates are important for any international business transaction, it is only the start. It is also important to ensure each international business transaction is successful, which is what the Wallex Account Manager does. This makes a huge difference for business relationships.
For example, when Omnidesk engaged a new supplier, they needed to pay the supplier in CNY to a bank in China. However, for the recipient name, one of the Chinese characters was typed wrongly. Omnidesk needed Wallex to quickly correct the name, so the bank would recognise the correct bank account name to transfer. In this scenario, it was the Wallex Account Manager’s expedited response that helped to rectify this issue immediately.
- Wallex shares currency updates
The Wallex Account Manager will personally share updates when the rates are favourable. For example, during the recent drop in USD rate, their Account Manager personally informed Omnidesk so they were alerted on the opportune time to transact and save costs.
Wallex also provides a weekly FX newsletter to all customers to stay up-to-date.
- Omnidesk now uses Wallex for 85-90% of their international money transfers to suppliers
- They save 1 day in terms of speed and over $150 in terms of fees after switching to Wallex