Remittances: Money transfers made easy with Volopay
If you have a vendor in a foreign country, any payment of money made to them is called remittance. More than $500 billion travels cross-border under remittances. Remittance money also plays an important part in developing small nations, as business remittances play a crucial role in keeping the economy afloat. With advanced technologies, there are many ways companies can send money online.
Disadvantages of bank transfers
One of the legacy financial systems used for remittances is bank payments via cheque or wire money transfer. Another way to do this is through peer-to-peer transfers, made possible using some form of electronic payment through an intermediary.
Yet another form of business remittance payment can be done through dedicated international money transfer companies such as Volopay for all your vendor payouts and expense claims.
While banking is largely used by business owners worldwide, there are glaring issues that have not been addressed by banking institutions which cost businesses millions of dollars worth of losses every year.
Disadvantages of using banks for remittance payment to vendors
They take way longer
Legacy remittance options such as a cheque and a wire transfer take way longer time than other alternatives available in the market. What’s worse, they only allow wire transfers to other banks only. This is especially problematic for business owners since not all vendors are comfortable with sharing account information and some might even hold their cash inflow in bank accounts.
They require an existing account
To avail of a bank’s remittance services, your business entity must be an existing customer. If you aren’t, you have to create a new business account with them to initiate the remittance payment thus making it time-consuming and not feasible. Having multiple accounts will force you to pay for services you don’t even use and adversely affect your business credit score overall.
Bank transfers are costly
Bank transfers are exorbitant international money transfer methods, costing as much as $40 per transaction with the lowest exchange rate than most other alternatives. The ultimate cost of bank-based remittance transfer also carries the fees charged by the receiving bank. All these concealed charges and international fees can end up costing a lot.
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Why choose Volopay money transfer
Owning a business is never easy. As a business owner, you have to don multiple hats and be on top of everything while growing your business simultaneously. At the same time, even if you hire employees to delegate important tasks such as managing finances, you want them to work at their utmost productive self, and not indulge in unnecessary time-consuming duties such as managing bank accounts, credit cards, and remittances. Volopay can do all that for you, and then some more!
With Volopay's account payable, you can eliminate the need to have multiple online money transfer accounts. Deposits, payments, and tracking are easy —with no minimums, lowest FX fees, and unlimited transactions, with Volopay:
Lowest FX charges
We know how annoying those sky-high bank charges can be, especially when you and your finance team are looking for ways to cut down on costs. Volopay offers better conversion and also charges lesser remittance fees compared to banks which helps with savings. As these payments can be recurring, you can enjoy better savings with each transaction, without having to reach deeper into your pockets.
Payment status at every stage
Don’t you just hate it when you’ve made a remittance through the bank (after paying their exorbitant fees as well!) but still have to wait for your vendor or employee to confirm that the payment has been received? Us too. That’s why Volopay has a live dashboard with a real-time payment status that lets you know whenever your online money transfer goes through, within a few clicks.
Global accounts
Do you have vendors and employees worldwide and are positively tired of calculating conversions charges for every remittance payment? Volopay offers you a Global multi-currency account that lets you hold money in up to 11 different currencies, so you don’t have to indulge in money transfer overseas. Not only is it extremely convenient, but it is also faster and more advanced than your conventional business bank account on any given day!
Security
Give your online money transfer an extra layer of security and use Volopay unlimited virtual cards with built-in budget restrictions for all recurring vendor payments. Create a virtual card for each online vendor (AWS, Google, LinkedIn, etc.) and never miss out on any payment due date. Every payment request is authorized by a customized approval workflow set by you, ensuring that no single remittance goes unchecked. As card numbers are unique, even if fraudulent activity occurs for one card, it will be isolated only to that card. So you don't need to go through every single online vendor and change your card number.
Transfer money in 130+ countries
Send money to your vendors or employees around the world in over 130+ countries using Volopay and manage all payments from a single dashboard. Our cards are VISA-powered, enabling you to make payments to any place where VISA is accepted. You get to know the where, when, and why of every spend. This introduces a whole new level of spend transparency in your business.
Amazing cashback
While banks and other leading remittance service providers charge you exorbitant fees for an online international money transfer, Volopay gives you a massive cashback of up to 5% with every FX transaction. We help you save every time you spend so you can do what you do best – grow your business to new heights.
Volopay’s automated accounting features let all these remittances automatically sync up with your existing accounting software, saving your finance team hundreds of hours every year and help achieve a seamless, transparent, and secure remittance process.
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FAQs
The reversal value on the refund for an XYZ transaction might differ if it is an international transaction as exchange rate and forex charges will be applied.
Volopay offers unlimited payments on all our plans.
Volopay charges conversion fees plus FX charges on all international transfers. However, with our amazing cashback offer of up to 5%, you can significantly reduce your transfer costs.
Absolutely! For recurring international vendor payments, you can set virtual cards with a recurring amount and cycle so that all your consistent payments are automated for you.
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Related pages to remittance
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Volopay is a third-party service provider that helps businesses easily carry out domestic as well as international money transfers.
With the rapid advances in technology, you can easily make international wire transfers and exchange various currencies.