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Within Singapore’s business and entrepreneurship community, it’s common knowledge among business owners and leaders that local companies have to expand beyond Singapore to achieve success at a larger scale. Going global isn’t just about selling our products and services to customers and clients in other countries; it’s also about setting up our business operations overseas, making payments to staff and partners, and navigating local regulations and processes. The simple fact is that the Singapore market is small and if companies want to increase their revenue and profits, they will need to use resources beyond Singapore’s borders. This global approach allows them to access a wider range of opportunities and materials not available locally, helping them to grow and succeed in the international market. While expanding a business beyond Singapore’s borders is widely recognised as a crucial step for local companies, taking operations abroad comes with its challenges. For a start, business owners have to overcome cultural and language barriers that can complicate communication and operations. Moreover, success in new markets often hinges on forging the right partnerships and connections with people who understand the local market. It’s not just about what you do, but also who you do it with that matters. A key aspect of international expansion is the scaling of financial operations. This involves managing the payment of wages to employees and payments to suppliers abroad, as well as handling incoming payments from foreign customers. As all these transactions occur in foreign currencies, it’s important to not overpay unnecessarily. For example, when we hired our first overseas staff at DollarsAndSense years ago, we realised that making a bank transfer from our business account to their overseas bank account could be quite costly. Not only did we incur a transaction fee each time a transfer was made, but we also faced less-than-ideal foreign currency exchange rates. At times, our staff even received an amount lower than what we intended to pay them due to international bank transfer charges. As recipients, we also faced similar problems when customers paid us in foreign currencies. Quite often, the amount we receive is lower than the amount in the invoice because of foreign currency exchange rates and international fund transfer fees. Opening an overseas bank account in a foreign country usually entails excessive paperwork and can be costly. A more convenient and affordable solution is to open a global business account with a digital platform such as Airwallex. Through Airwallex’s , Singapore companies can create local bank account details in 12 markets online for free to receive payments from their overseas      customers in their preferred currency, whether it’s in SGD or foreign currencies including the USD, CNY, EUR, GBP, JPY, AUD, CHF and more. For example, if we are expanding our operations to the United States, we can open a with US local details under our business name to transact without cross-border fees for payment collection or settlement. Once business verification is complete and registration is finished, the global accounts can be set up in seconds. We will receive our overseas bank account details, which can be included in the invoices issued to customers in the market to receive payments. If we are doing business in Hong Kong, we can open a HKD Global Account with Hong Kong local details under our business name, which allows us to conduct HKD payments to our suppliers and staff in Hong Kong via local transfer methods, such as ACH, RTGS, and FPS such that the transfers can arrive within a day. These systems are similar to Singapore’s GIRO, MEPS, and FAST payment services. This approach also allows us to receive payments from our Hong Kong customers through the same local methods. By operating in this manner, we eliminate the high fees associated with international SWIFT transfers whenever we make or receive payments from abroad. In addition to Hong Kong SAR, we can establish global accounts in various locations through Airwallex, including the United States, United Kingdom, Europe (SEPA – Single Euro Payments Area), Japan, Australia, Canada, Indonesia, and more. For Singapore-based businesses who operate with multiple currencies or businesses outside of Singapore looking to expand into the Singapore market, opening a Singapore based multi-currency account with 13 currencies will allow them to receive, hold and transfer these currencies without incurring foreign exchange fees. Furthermore, the  offers the necessary banking functions to facilitate both incoming and outgoing transactions in SGD, utilising Singapore’s local bank transfer systems like GIRO, MEPS and FAST. One important point to note is that Airwallex is licensed and regulated in each region in which it operates. For example, in Singapore, Airwallex (Singapore) Pte.Ltd is licensed in Singapore as a Major Payment Institution (license number PS20200541) and is regulated by the Monetary Authority of Singapore (MAS). Customer funds are safeguarded as required by MAS. Our companies often incur extra costs through credit card foreign transaction fees. This usually happens when we use our SG-issued credit cards to 1) make online purchases and to pay for services billed in foreign currencies, such as software subscriptions and social media ads, and 2) cover business expenses during overseas travel. To minimise these unnecessary foreign transaction fees, using multi-currency cards for expenses in foreign currencies is a recommended strategy. The , for instance, allow us to pay in foreign currencies without incurring international transaction fees. Moreover, these cards offer 1% unlimited cashback on all purchases, which can further reduce our overall business expenses. can be issued almost instantaneously, allowing the company to issue physical and/or virtual cards, which can be easily added to Apple Pay/Google Pay. Another advantage of issuing company cards to employees is that it can significantly enhance our ability to monitor and control expenditures from one place. This is particularly beneficial for managing the expenses of employees based outside Singapore, as it allows for the consolidation of various expenses, such as software subscriptions, travel costs, and team activities, onto a single card. Moreover, setting transaction limits on these cards helps prevent unforeseen overspending. From an administrative perspective, this system greatly reduces the workload as it eliminates the need for employees to fill out claim forms and wait for manual reimbursement. Additionally, the Borderless Cards feature an integrated expense management system. This system simplifies submitting expenses on the move and provides companies with operational oversight over the expenditures of different employees and entities, enhancing overall financial management. Expenses charged to the can be directly paid from our multi-currency wallet, avoiding unnecessary foreign exchange conversion fees. Airwallex simplifies cross-border transactions and offers competitive currency conversion rates that provide a more affordable solution when we pay our overseas suppliers or partners. Opening a global account with Airwallex is straightforward and cost-effective. There are no account setup fees, monthly maintenance fees, or minimum transaction requirements. There are also no charges for issuing company and employee cards. Airwallex allows for direct integration with accounting software systems like Xero, Netsuite, and QuickBooks, enabling smooth financial management. We also can use the integrated to offer different payment methods and accept various currencies from our customers. This can increase customer checkout rates and eliminate costly FX conversion fees, as we can receive and make payments in the foreign currency of our choice. Embracing tools like Airwallex is crucial for Singaporean businesses aiming for global expansion. With competitive currency conversions and fee eliminations, Airwallex supports international growth and streamlines operations. If you’re interested in leveraging these benefits for your business, you can start by