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Which is Better for International Payments in Indonesia: FinTech or Banks?

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Which is Better for International Payments in Indonesia: FinTech or Banks?

Rate of Change

It's no secret that bank fees for cross-border transactions can pile up quickly and become prohibitively expensive for firms, particularly those who conduct these transactions regularly. FX rate expenses and transaction fees are the two main components of cross-border transaction costs.

Banks with a long history

Banks utilize their own foreign exchange rates, which are frequently higher than the true mid-market rates, resulting in a loss of money for every dollar transmitted through the banks. Banks can make marginal gains when facilitating foreign transactions by having varying buy and sell rates. After all, banks are businesses that need to make money in some way, and this is just one of them.

Indonesian Wallex

Businesses can get mid-market FX rates through Wallex Indonesia. Cross-border transactions should not result in your company losing a lot of money; every dollar you earn is legally yours, and Wallex Indonesia's FX rates are transparent and accurate, allowing you to get the most out of every dollar.

Fees for Transactions

Banks with a long history

Transaction fees are the following expense encountered while doing cross-border transactions. When transferring money from a business bank account, banks in Indonesia normally charge USD 25 for intermediary bank charges, plus an additional service charge of IDR 50,000. In Indonesia, certain banks charge a percentage of the total amount transferred. The cost of sending money across borders with a bank will pile up over time and repeat transactions, leaving a significant dent in your wallet. Banks in Indonesia frequently charge monthly administration fees for business bank accounts.

Indonesian Wallex

Wallex Indonesia, on the other hand, levies a flat cost of IDR 100,000 for every transaction. There are no percentage-based fees, therefore transfers involving big sums of money won't be prohibitively expensive. When combined with the fact that there is no maximum transfer amount, your potential savings increase proportionally to the amount of money transmitted. Furthermore, there is no monthly administration cost with Wallex Indonesia, so you'll have one less maintenance expense to worry about when you use Wallex Indonesia.

Speed

Traditional Banks with High Speed

It's crucial to understand how banks transfer money across borders in order to understand the transfer speeds they provide. SWIFT is used by banks all across the world to move money from one country to another, and Indonesian institutions are no exception. SWIFT is a payment network that enables businesses and people to receive and send payments even if the other party uses a different bank. Each network member institution is assigned a unique ID code that allows banks to connect with one another and ease transactions.

Indonesian Speed Wallex

Transfers out of Indonesia are simple and worry-free with Wallex Indonesia. Our technology connects companies to a global network of payment partners, removing the need for middlemen. The ultimate effect is straightforward: enjoy faster processing times while avoiding unneeded expenses. With our platform, a transfer from Indonesia to Singapore can be completed in as little as a day, giving your company more time to focus on the important things.

Wallex Makes Cross-Border Payments Easier

With Wallex, you can expand your business and streamline your payments. Get in touch with one of our FX experts to find out how we can help you save time and money as you grow your company.

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Starting an E-Commerce Company in Asia

You can manage over 40 currencies, accept and make payments to over 180 countries and make the strategic conversion at reasonable rates on just one platform.

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Starting an E-Commerce Company in Asia

Get in touch with Wallex today to create an account or learn more about how our services can help you.

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Building an E-Commerce Business in Asia

There are several chances in the Asia Market, which includes Singapore and Indonesia. With more advanced development and rising industries, Asia is one of the world's fastest-growing regions.

For E-commerce, the Asia market, particularly Southeast Asia regions like Singapore and Indonesia, is profitable. The eCommerce market in Asia is exploding; millions of individuals across the region shop online, and the number is growing every year.

When starting an ecommerce business in Asia, there are a few things to keep in mind.

You can manage over 40 currencies, accept and make payments to over 180 countries and make the strategic conversion at reasonable rates on just one platform.

Get in touch with Wallex today to create an account or learn more about how our services can help you.

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Starting an E-Commerce Company in Asia

Starting an E-Commerce Company in Asia

In the Asia Market, including Singapore and Indonesia, there are numerous opportunities. Asia is one of the world's fastest-growing regions, with more advanced development and burgeoning industries.

For E-commerce, the Asia market, particularly Southeast Asia regions like Singapore and Indonesia, is profitable. The eCommerce market in Asia is exploding; millions of individuals across the region shop online, and the number is growing every year.

When starting an ecommerce business in Asia, there are a few things to keep in mind.

 Size of Market

As previously indicated, the Asian market is fiercely competitive. Focus on one location or country at a time if you want to start a business. Rather than launching your product across Asia, focus on a few significant markets, such as Singapore or Indonesia, and build your way up. Aside from that, you must be realistic in your estimates. This implies you must not only identify the size of your market, but also be certain of your customers' demands and desires.

App Opportunity

Due to the rapid digitization of the business sector, mobile applications have become the personification of business. This necessitates a fluid and flawless mobile application, which is a primary driver driving up demand for mobile app development and testing centres. The mobile application and testing solutions market is predicted to increase significantly between 2020 and 2030 as a result of this need. The market is expected to grow at a healthy 17 percent CAGR throughout this time period, reaching a revenue value of US$ 25 billion by the end of 2030. (2020, PR Newswire Asia).

Consider investing in a shopping app in addition to a mobile-friendly website. Shopping applications currently account for up to 66 percent of mobile sales for companies that use both online and shopping apps.

Localization

E-commerce enterprises must have a brand image and strategy that considers the cultural characteristics of the Asian market. Between countries, there is a significant cultural and economic separation. As a result, a one-size-fits-all approach will fail. From one country to the next, tastes, fashion, languages, religion, and interests differ. 75 percent of buyers are believed to be more likely to buy products that have thorough information in their native language. (Ecommerceiq.asia) As a result, it would be great for all e-commerce enterprises to understand the needs of each market by providing local content, running specials around local holidays, and using recognised faces in advertisements and photoshoots.

For example, Singapore has four major languages, and a multilingual website and SEO will influence your reach. In summary, optimize your business to adapt to your market of choice.

Right Payment Solutions

It is best to simplify payment methods for your customers by integrating a one-click payment gateway. A few payment methods include;

Bank transfer which is most prevalent in Indonesia

Credit/Debit Card, often used in Singapore

Digital wallets, which is fast-growing and

Cash-based method; also popular in Indonesia.

Need a smart, low-cost payment solution for your business? Use Wallex! We offer easy currency conversion and payment/transaction solutions for a borderless business. We’ve worked with successful companies in Asia, offering them a fast solution for their global payment and currency exchange needs.

You can manage over 40 currencies, accept and make payments to over 180 countries and make the strategic conversion at reasonable rates on just one platform.

Get in touch with Wallex today to create an account or learn more about how our services can help you.

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Wallex's mission is to deliver low-cost, simple, and quick payment solutions to small and medium-sized enterprises in Asia.

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The Only Comprehensive Guide to International Business Payments You'll Ever Need

Payroll deductions.

Remote working is one of the most significant consequences of the recent epidemic. According to new research, remote workers can be much more productive than office workers. Other research backs this up: Global Workplace Analytics discovered that teleworkers are 20-25 percent more productive than office workers. When you engage freelancers, they usually prefer to be paid in a global prime currency such as USD or EUR.

If you have a remote office in another nation and want to pay your employees from your headquarters, you'll need to make payroll in the currency that your employees are used to.

This will almost always entail an international payment for your company. This comprehensive approach to dealing with payroll for remote employees in many countries may be found here.

visit us : www.wallexasia.com 

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Women's Empowerment is a project that aims to give women more opportunities.

visit us : https://www.wallex.asia/id/

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Closing the Gap in Language Diversity

Companies are beginning to realise that content is critical to enhancing their marketing efforts in this day and age of digital marketing. Businesses are turning to companies that provide digital content marketing services in their quest to create exceptional content. Wordsmith is one of these businesses, but with a difference. They specialise in copywriting and revision, as well as providing translation, interpreting, content writing, and editing services.

Small but powerful.

Wordsmith has a lengthy history in the field of language and content creation. Despite the fact that they have only been around since 2011, they claim to have 20 years of experience. The Wordsmith group has grown from a small team of three, including the CEO, to ten people in that time.

Wordsmith is a content creation company that works in over 14 different languages. That isn't the only interesting statistic regarding Wordsmith staff, though. The majority of them are women, which Wordsmith admires and encourages.

Wordsmith's services are used by many businesses to focus on their target market by addressing their pain points and answering any questions they may have.

They generally work with a variety of clientele, including corporations, non-governmental organisations, advertising agencies, and legal companies.