SMEs can now remit money to more locations while enjoying convenient market exchange rates and up to 6X more savings on their transfers, compared to traditional banks and other money transfer operators. These features enable YouBiz to a platform for companies of all sizes to manage their budgets and scale internationally.
Company officials stated that during the pandemic, many SMEs adopted digital tools and payment modes for their business operations. YouBiz identified opportunities to close the remittance gaps that these local companies face and launched key transfer features to power their multi-currency remittance needs. They enhanced their platform and introduced even more features to free up valuable time and resources from finance management, for business owners to remain focused on their growth and expansion plans.
A recent cited by study YouBiz showed that the total volume of international digital remittances is set to exceed 2 billion globally in 2027, beyond the estimated 1.1 billion in 2022. Many local businesses are in need of a smart and affordable financial solution that enables easy, effective, and efficient cross-border payments and remittances, which can be categorised into local and non-local transfers.
With the launch, YouBiz users are able to make non-local transfers in 8 major foreign currencies (AUD, CHF, EUR, GBP, HKD, JPY, THB, and USD) to 146 countries. On the other hand, local transfers are available in the 8 major foreign currencies previously listed, as well as 4 other currencies (SGD, IDR, MYR, and VND).
Businesses can create up to 30 accounts in SGD and each of the 8 major foreign currencies to manage various department and project budgets, lock in favourable exchange rates or receive payments, at no additional charge.
The pandemic brought about a major shift in the way businesses operate. Companies are increasingly distributed, working with overseas vendors, and expensing payroll in different currencies as remote work continues to gain traction. In adopting digital-first strategies to boost their growth engines and scale their businesses, SMEs’ foreign currency needs have multiplied. And as borders reopened, businesses have accelerated their global expansion plans.
To equip businesses with the necessary tools for internationalisation, YouBiz offers a smart expense management platform that brings together multi-currency accounts, local and international transfers, corporate expense management, and credit features in a single hub. SMEs get instant access to accounts and transactions through a comprehensive dashboard, and an entire suite of payment features that allow local companies to be more productive with their business and prudent with spending. They also enjoy unlimited 1% cashback on all card spend with no cap, as well as earn attractive rewards on their corporate expenses.
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