According to the press release, the partnership will provide the ability for Wallex’s Singapore and Hong Kong customers to collect funds in USD, GBP, and EUR via local payment channels, enabling them to expand and be more competitive in overseas markets.
Previously, customers would need to use regional banks for these collections, or require international payments to be made, incurring as much as 1.5% foreign exchange charges, as well as conversion and payment fees for every transaction, making the process laborious and expensive.
However, by integrating Currencycloud Spark, Wallex customers will be able to hold these three currencies, and 11 others, simultaneously in a single account. Customers will receive the funds within minutes and can choose to hold, convert, withdraw, or make international payments when the time and rates suits them.
Consequently, Wallex’s customers will save both time and money, while adding a level of convenience that will facilitate cross-border payments.
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