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What does Wallex do?
Wallex is an international FX and payment solutions platform that empowers businesses in entering new markets. We help customers simplify cross-border transactions through payments, collections, FX conversions, and our multi-currency wallet.
What does Wallex do differently than banks?
Wallex provides customers with competitive, near mid-market FX rates, lower transfer fees, and round-the-clock customer support. The Wallex platform supports many more currencies than banks, enabling international payments in 47 currencies, collections in 35 currencies, and allows users to hold 13 currencies in a multi-currency account.
Why should I switch to Wallex?
Wallex is built for businesses and provides comprehensive support for Asian currencies such as SGD, IDR, HKD, THB, MYR, PHP, CNY, and more. You get customized FX rates tailored to your business, bulk payments to 200 beneficiaries in multiple currencies in one click, transaction tracking in real-time through the MT103 document, and prompt, 5-star rated customer service whenever you encounter challenges with your transactions.
Is it safe to use Wallex?
Wallex holds a license as a Major Payment Institution, issued by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. This means all customer funds are safeguarded and kept in a customer segregated account separate from all other Wallex operations accounts. We operate within a very strict framework both for compliance and for the safety of funds in our custody. We are also licensed and regulated in Hong Kong and Indonesia.
How can I start to use Wallex for my business?
Start by signing up for your Wallex account. There is no cost or no minimum commitment when you sign up. Once your account is verified, you can start accessing all of Wallex’s offerings, including cross-border payments, local conversions, e-wallets, as well as virtual receiving accounts.
I've just registered on Wallex, how long until I'm able to make a transaction?
Once you have submitted your required documents, our Compliance team will review them, and we will be in touch if we require further documentation. If the documents are in order, your account should be approved after two days, and you will be able to make a transaction thereafter.
How long does it take to make a payment?
For international payments in SGD and IDR, our average processing time is under an hour. Payments for 20+ top currencies including USD, EUR, GBP, HKD, INR, MYR, and more are typically delivered on the same day when funds are received before the daily cutoff time. Depending on the currency you are making the payment in and other factors, funds usually reach the beneficiary on the same day or up to 2 working days later.
Why should my business choose Wallex?
Wallex brings international payments, collections, and FX conversions into one platform with near mid-market rates, ensuring you'll have a much more streamlined experience while saving on every transaction.
What can I do with a Wallex account?
You can pay suppliers in 47 currencies, collect funds in 35 currencies, and hold 13 top and Asian currencies. You can also access business-friendly features such as transaction tracking, maker-checker workflows, and bulk payments.
Can I pay in USD?
Yes, you can make payments in USD, and also receive USD with Wallex's virtual accounts.
How long does it take to set up an account?
Setting up an account takes only a few minutes. Once that is done, you'll need to provide some documents to be fully onboarded, and then you can begin transacting.
What documents do I need for my onboarding?
As a Singapore incorporated entity, here are the key documents you'll need:
- ACRA Company Profile
- NRICs/Passport and proof of address of all the Ultimate Beneficial Owners and users
- Shareholder entity information (if the shareholder is a corporate)
- Signed copy of User Authorisation Form
Foreign entities will require the addition of:
- Incorporation Documents
- NRICs/Passport of Directors
Please note that the documents needed will also depend on where your business is incorporated and which is the relevant Wallex entity you are transacting with. A Corporate Profile of the company as well as the identifying documents of the shareholders is usually the starting point. We may require more documents as well depending on the nature of the business.
What documents do I need to verify my identity?
A proof of identity document (either a national ID document or passport). Please refer to the requirements listed on your onboarding screen where the acceptable types of documents are listed.
Can multiple people use my account?
No. If there is a need for multiple users, please add them to your company's account as additional users.
What does Wallex's remittance app Xip do for my business?
Wallex Xip empowers your business in going from offline to online remittances by providing a fully digital suite of FX and payments services that you can integrate into your tech stack.
Why should I use Wallex Remittance app?
You can customize the currencies available, fee structure, look and feel of the app with support from our experienced team of developers, ensuring a faster go-to-market. They will also perform maintenance on an ongoing basis, so you have nothing to worry about.
How can I get started with Wallex Xip?
You can get in touch with our team to find out how you can harness Wallex Xip for your fintech.
Can the Wallex Payments API be customized to my requirements?
Yes, it can. We are always open to discussing your specific requirements and finding out how we can work to make it happen. The project timeline will be subject to Wallex's internal pipeline.
How long can integration to Wallex services take?
Our team of Product Managers and Developers will have weekly meetings with you to support your integration process to our services. We will also set up communication lines so that we are only a text away. By doing so, we ensure that the timeline of integration can match the pace of your own development.
What currencies can I send from my Wallex business account?
The full list of supported currencies is available for Singapore and Indonesia customers. We are constantly widening our currency offerings; do talk to us for any specific requests.
Can all my payments be settled instantly?
For international payments in SGD and IDR, our average processing time is under an hour. Payments for 20+ top currencies including USD, EUR, GBP, HKD, INR, MYR, and more are typically delivered on the same day when funds are received before the daily cut-off time. Depending on the currency you are making the payment in and other factors, funds usually reach the beneficiary on the same day or up to 2 working days later.
How do I fund my payments?
You can fund your payments by transferring money from your business's bank account to your Wallex business account.
Will the recipient receive the full amount?
This depends on your selection of fee option. Selecting the SHA option means all fees are shared. If you want the recipient to receive the amount in full, select OUR - where you, the sender, bear all the charges.
Why do I need to specify where my money came from?
As Wallex is a licensed Major Payment Institution and there is a need to prevent money laundering and terrorist financing, we need to know the origins of your money in order to comply with the necessary regulations.
Can I make a transfer without supporting documents?
If your account has not completed onboarding and the requisite KYC checks, you will be unable to make any transfers. Please complete onboarding as soon as possible so that you may effect your transfers.
Do I need supporting documents to make a transfer?
Yes, you require supporting documents as you will be unable to make any transfers until you have completed onboarding. Please complete onboarding as soon as possible so that you may effect your transfers.
What if my payment does not go through?
Your funds will be returned to your account in the unlikely event that the transaction does not go through.
I have to make international payroll payments. Can I set up multiple money transfers at one go?
Yes, Wallex allows you to make payments to multiple beneficiaries with our bulk payments feature. You can pay up to 200 beneficiaries with 47 currencies in one go.
What are the currencies I can collect?
You can set up virtual accounts in 35 currencies including USD, GBP, EUR, and Asian currencies such as SGD, HKD, CNY, and THB. Find a detailed list here.
Do I need a Wallex account to use the Collections service?
Yes. Once you have a Wallex account set up, you can activate your global collection account with a single click.
How do I open a Collections account?
You can open a virtual Collection account from your Wallex dashboard once you have been onboarded. It takes only seconds to create a virtual Collection account. Please note that this applies only to selected currencies.
Can I receive an incoming bank transfer to my Wallex account?
Yes. You can collect payments by bank transfer as long as the currency is supported by our platform. View the currencies we support collections in here.
How long does it take to receive a fund transfer in the Collections account?
This depends on the type of channel your sender chooses. Transfers made via the Local channel can be completed in minutes.
Which foreign currencies do you support?
You can convert your funds into one of our 47 supported currencies. You can view the full list here.
Is Wallex a better alternative to banks?
For businesses looking to make cross-border transactions, Wallex is a more cost-efficient and faster alternative to banks, which operate on legacy systems and thus face higher costs. Being a startup, Wallex is leaner than banks and has lower costs as a result. Thus, we are able to pass on these savings to our customers and offer better rates.
How long does it take to convert my money?
Conversions take place in real-time, so your converted funds will be in your Wallex business account immediately.
How long is the rate guaranteed for?
This depends on your selected mode of transmission as well as the location to which you are sending. Different currencies have different rates due to the volume of the market as well as the various modes of transmission available.
What happens if I miss the guaranteed rate period?
Wallex's rates are only valid for the guaranteed rate period, which means you will have to obtain a new currency quotation.
Where can I check your rates?
You can check indicative rates with our currency calculator here. If you're looking to make high-value transactions, please get in touch with your account manager.
How many currencies does Wallex support for making international payments?
You can convert your funds into one of our 47 supported currencies, which includes USD, EUR, GBP, SGD and JPY. You can view the full list here.
How many currencies can I convert my funds into and what are they?
You can convert your funds into one of our 47 supported currencies. You can view the full list here. Currencies Supported
What are the fees for making payments or making a conversion?
This is dependent on your selected mode of transmission as well as the location to which you are sending. Different currencies have different rates due to the volume of the market as well as the various modes of transmission available. To find out more about the different charges, please refer to our blog as well as our website.
Are there any restrictions on the amount of money I can pay or convert?
Largely there is no limit. We will use our vast partner network to intelligently route your funds through the recommended channels depending on your need.
Why should I use Wallex for my FX needs instead of my current provider?
Wallex supports a total of 47 currencies, which is much more than the 10 - 13 that banks offer. Businesses can also get more competitive FX rates which are customized to their specific needs.
Are there any additional fees or charges besides the Wallex fee?
No. What you see is what you get. There are zero hidden fees that you need to pay for every transaction and conversion.
What currencies can I convert using Wallex's platform?
You can convert your funds into one of our 47 supported currencies, which includes USD, EUR, GBP, SGD, and JPY.
Can I hold multiple currencies in a single account with Wallex?
Yes, you can hold 13 top and Asian currencies in your Wallex multi-currency account, which you can use to pay, hold, and convert FX, depending on when rates are favorable to you.
How does Wallex's exchange rate compare to traditional banks?
Wallex provides a near mid-market rate that is far more competitive than what you will get at banks. You can also get customized rates based on the nature of your business and frequency of conversions. Speak to a sales rep to find out more.
I made a payment with Wallex. Where can I track the status of my international payment?
You can track the status of your payment with the SWIFT gpi tracker once the payment is completed.
What's the difference between a Wallex multi-currency business account and a bank account?
The Wallex multi-currency business account allows you to pay, collect, convert, and hold 13 different currencies including USD, GBP, EUR, SGD, HKD, and more. Incoming funds are not automatically converted to your local currency, so you save on multiple FX costs, and it also streamlines your business processes.
Is there a minimum balance I must maintain?
No, you do not need to maintain a minimum balance in your Wallex multi-currency business account, nor will there be penalties charged.
What are the rates for using the Wallex multi-currency business account?
The Wallex multi-currency business account is free to use for onboarded users. Fees are only charged when you make payments, collections, or conversions.
Can I transfer my SGD to USD within the account?
Yes. The Wallex multi-currency account enables you to transfer between 13 currencies in your Wallet seamlessly at competitive, near mid-market rates.
How long can I hold funds in other currencies?
You can hold your foreign currencies as long as you want. There is no time limit or restriction on holding your funds.
What does it cost to open a Wallex account?
It costs nothing to open a Wallex account. Open one today at no cost for your business here.
Are there any membership or subscription fees to use Wallex?
No. Wallex does not charge any membership or subscription fees. You only pay when you make transactions or conversions.
How can I make cheap payments to my suppliers?
Wallex lets you save more on every international payment or transaction by offering more competitive FX rates. You can also select the Local channels option for sending funds, which is more cost effective and faster than using wire transfers, which you can also select when using Wallex.
How is Wallex able to offer better rates than banks?
Banks operate on legacy systems and thus face higher costs. As Wallex is a startup, we are leaner than banks and have lower costs as a result. Thus, we are able to pass on these savings to our customers and offer better rates.
Is there a minimum monthly commitment to use Wallex?
No, there is no minimum monthly transaction. You can use Wallex for your payments and FX needs as and when you need to.
Can I refer my friend's business to Wallex?
Certainly! We are open to helping businesses expand out to Asia and beyond with better speed, support, and savings on their international payments and FX needs.
I am not currently a Wallex user. Can I still participate in this referral program?
The Wallex Referral Programme is only open to existing Wallex customers. To receive the rewards for referring businesses, you will first have to set up an account and complete at least one transaction.
What are the rewards for making a referral?
Referral rewards are constantly changing to incentivize our partners. If you're an existing Wallex user, you can contact your Account Manager to learn about the current referral rewards.
Can I earn rewards just by referring businesses?
To receive the referral rewards, the businesses you refer will need to set up an account and complete at least one transaction with Wallex.
Is there a limit to the number of referrals I make?
There is no limit to the number of referrals you make and rewards earned as long as the referrals fulfill the criteria mentioned above.
What's the difference between a Wallex multi-currency business account and a bank account?
The Wallex multi-currency business account allows you to pay, collect, convert, and hold 13 different currencies including USD, GBP, EUR, SGD, HKD, and more. Incoming funds are not automatically converted to your local currency, so you save on multiple FX costs, and it also streamlines your business processes.
Is there a minimum balance I must maintain?
No, you do not need to maintain a minimum balance in your Wallex multi-currency business account, nor will there be penalties charged.
What are the rates for using the Wallex multi-currency business account?
The Wallex multi-currency business account is free to use for onboarded users. Fees are only charged when you make payments, collections, or conversions.
Can I transfer my SGD to USD within the account?
Yes. The Wallex multi-currency account enables you to transfer between 13 currencies in your Wallet seamlessly at competitive, near mid-market rates.
How long can I hold funds in other currencies?
You can hold your foreign currencies as long as you want. There is no time limit or restriction on holding your funds.
What does it cost to open a Wallex account?
It costs nothing to open a Wallex account. Open one today at no cost for your business here.
Are there any membership or subscription fees to use Wallex?
No. Wallex does not charge any membership or subscription fees. You only pay when you make transactions or conversions.
How can I make cheap payments to my suppliers?
Wallex lets you save more on every international payment or transaction by offering more competitive FX rates. You can also select the Local channels option for sending funds, which is more cost effective and faster than using wire transfers, which you can also select when using Wallex.
How is Wallex able to offer better rates than banks?
Banks operate on legacy systems and thus face higher costs. As Wallex is a startup, we are leaner than banks and have lower costs as a result. Thus, we are able to pass on these savings to our customers and offer better rates.
Is there a minimum monthly commitment to use Wallex?
No, there is no minimum monthly transaction. You can use Wallex for your payments and FX needs as and when you need to.
Can I refer my friend's business to Wallex?
Certainly! We are open to helping businesses expand out to Asia and beyond with better speed, support, and savings on their international payments and FX needs.
I am not currently a Wallex user. Can I still participate in this referral program?
The Wallex Referral Programme is only open to existing Wallex customers. To receive the rewards for referring businesses, you will first have to set up an account and complete at least one transaction.
What are the rewards for making a referral?
Referral rewards are constantly changing to incentivize our partners. If you're an existing Wallex user, you can contact your Account Manager to learn about the current referral rewards.
Can I earn rewards just by referring businesses?
To receive the referral rewards, the businesses you refer will need to set up an account and complete at least one transaction with Wallex.
Is there a limit to the number of referrals I make?
There is no limit to the number of referrals you make and rewards earned as long as the referrals fulfill the criteria mentioned above.
What is an ACH code?
Automated Clearing House - used in the US
What is a BSC code?
Bank Sort Code - used to identify banks and branches in the UK
What is a BSB code?
Bank-State-Branch code - used to identify banks and branches in Australia
What is a CHIPS code?
Clearing House Interbank Payments System Universal Identifier - primarily used to send US dollars domestically and internationally
What is a IFSC code?
Indian Financial System Code - used to identify banks and branches in India
What is a NEFT code?
National Electronic Funds Transfer code - a system used to transfer funds in India
How do I change my email address?
Please contact Wallex support in chat or email if you have to change this.
How do I change my username?
Please contact Wallex support in chat or email if you have to change this.
Can I edit any of my account details?
Please contact Wallex support in chat or email if you have to change this.