News
News Categories

YouBiz brings affordable overseas remittances to local SMBs

By Ken Wong - on 18 Nov 2022, 12:43pm

YouBiz brings affordable overseas remittances to local SMBs

Image source: YouBiz.

SMB finance management platform YouBiz launched global transfers in eight major currencies to a total of 146 countries today.

Cross-border payments and remittances are usually categorised into local and non-local transfers. These are:

  • Local transfers: refer to the transfer of currencies into an account within the corresponding home country i.e. the transfer of US$ to the US.
  • Non-local transfers: refer to the transfer of currencies into an account outside of the corresponding home country i.e. the transfer of US$ to China.

With this launch from YouBiz, YouBiz users are able to make non-local transfers in eight major foreign currencies (AUD, CHF, EUR, GBP, HKD, JPY, THB and USD) to 146 countries. While local transfers are available in the previous eight currencies and four more (SGD, IDR, MYR and VND).

SMBs will be able to create up to 30 accounts in SGD and each of the eight major foreign currencies to manage department and project budgets, and more importantly, lock in favourable exchange rates or receive payments at no additional charge.

 

YouBiz management platform

Comparison of the remittance cost in SGD for non-local transfer of USD. Image source: YouBiz.

To ease the pain of this foreign currency account management, YouBiz offers users access to 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.

SMBs get instant access to accounts and transactions through a 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 credit card spend with no cap, as well as earn attractive rewards on their corporate expenses.

Based on a YouBiz study, based on US$40,000 as the average remittance amount, SMBs can potentially enjoy up to six times the savings on foreign currency transfers compared to traditional banks and other money transfer operators.

Registration for a YouBiz account and card is free and requires no minimum account balance or card fees. Businesses can start creating their YouBiz card and account here.

Join HWZ's Telegram channel here and catch all the latest tech news!
Our articles may contain affiliate links. If you buy through these links, we may earn a small commission.