-
Hyperwallet can facilitate payments made through Amazon’s online marketplace
-
Kantar and Bellin have linked up to provide a joint financial service to globally expanding services
-
Transferring funds through an international transfer provider will deliver significant cost savings over banks
Looking to expand your business internationally, there are some companies on hand to link up with to help you manage your financial affairs and foreign currency payments. There are many considerations that SMEs need to consider when launching products internationally, not least is how to sell those products abroad. What level of presence does the company wish to take and do they want to launch direct to the market, or take an online marketplace approach? Once you have established, how do you deal with international money transfers?
Now that Amazon has fully launched in Australia, Hyperwallet has announced that it will support sellers who are transacting through the behemoth’ online marketplace and receiving payments in Australian dollars. Hyperwallet has a series of established global banking network relationships and API links, so is able to facilitate payments in many other local currencies. The service will allow sellers to receive customers payments direct into their bank account. Businesses can sign up via a specific Login with Amazon option on Hyperwallet’s website. The deal will see businesses benefit from the ability to accept multi-currency payments, direct to their account, without using an expensive service offered by their bank.
If you are a larger SME or offering a service, you may be looking to establish direct to the market, or distribute your products through an established network, as you expand internationally. The recent partnership between Kantox and Bellin will see them support these businesses as they start to expand globally. Kantox is a fintech currency solutions provider who can provide support and products to protect against currency fluctuations when sending money abroad, such as supplier payments or large payments for stock orders. Bellin offers a Treasury as a Service (TAAS) outsourced function, delivering Treasury services to internationally expanding SMEs. As companies expand their business and start to move beyond borders, they are faced with the additional challenges, not least in international currency transfers and payments in foreign currency. This partnership is aimed at delivering the experience, knowledge and capabilities required as well as the ability to have a smooth foreign currency payments function, which offers the ability to hedge against currency risk, protecting the business from unfavourable currency moves.
It can often be an expensive process if businesses use their bank to carry out foreign currency exchanges. Banks typically charge a fee for each transaction and large spreads over the interbank rate. Money transfer providers offer exchange rates that are between 0.5% to 1.5% away from the interbank rate. Many of them have a range of financial services, including vanilla to exotic risk management products to manage currency risk. Take a look at our comparison tool to find the most competitive money transfer companies globally.
