In a significant move to support small and medium enterprises (SMEs) in Hong Kong, Wise has unveiled an innovative international business account. This new offering aims to streamline global transactions for SMEs by providing access to over 40 currencies without imposing minimum balance requirements or monthly fees. The account allows businesses to receive payments from around the world using local banking details for nine major currencies and additional currencies via SWIFT transfers. Users can manage funds efficiently, paying suppliers or converting currencies at competitive rates. Supplementary services include batch payments, invoice generation, and QR code payments, enhancing operational flexibility.
Empowering SMEs with Seamless Global Transactions
In the vibrant financial hub of Hong Kong, Wise has introduced its latest solution to cater specifically to the needs of SMEs. Launched recently, this international business account is designed to facilitate effortless global transactions. With no constraints on minimum balances or recurring subscription costs, it offers unparalleled freedom to businesses looking to expand their operations internationally.
The account enables businesses to accept payments seamlessly across borders using detailed information that mirrors local bank accounts for nine prominent currencies, including USD, GBP, and EUR. Additionally, it supports receiving payments through 14 more currencies via SWIFT transfers, ensuring transparency regarding any associated fees. Businesses can utilize received funds immediately, whether for supplier payments or other expenses, all while avoiding unnecessary conversion charges.
To further enhance functionality, Wise provides tools for making bulk payments to up to 1,000 recipients with a single click, generating professional invoices free of charge, tracking payment statuses, and creating unique Quick Pay links and QR codes for repeated multi-currency transactions from clients.
An insightful survey conducted by Wise revealed that nearly 96% of 200 surveyed SMEs have engaged in cross-border payments within the last six months, with over half doing so weekly. Looking ahead, these businesses anticipate increased demand for such services, expecting more overseas transactions from partners, consumers, and suppliers, as well as setting up new entities abroad.
From a journalistic perspective, this development marks a pivotal moment for SMEs in Hong Kong. By removing barriers like minimum balance requirements and monthly fees, Wise empowers these businesses to operate more freely in the global market. The added convenience of handling multiple currencies and streamlined payment processes will undoubtedly contribute to the growth and competitiveness of SMEs, fostering a more connected and dynamic business environment.