Coconut Bowls eliminates unnecessary conversion fees with Airwallex
How Coconut Bowls, a high growth eco-friendly brand, improved their margins and streamline global finances with Airwallex.
improvement in profit margins by eliminating double conversions
savings on SaaS like Shopify and Klaviyo from international transaction fees
saved each week from simplified processes
Coconut Bowls provide a sustainable alternative to bowls, inspired by the opportunity to reduce single use plastics.
Startup, Social Commerce
Byron Bay, Australia
20 - 50 employees
Airwallex products used
Before using Airwallex, Coconut Bowls were faced with two challenges:
Unnecessary currency conversions resulting in high fees eating into margins
Coconut Bowls were forced to convert foreign currency revenue to AUD within 72 hours when using their previous FX provider. However, they would then frequently convert that back into USD and other currencies to pay overseas suppliers and contractors.
Highly manual and inefficient processes to manage cash flow
Coconut Bowls were using a variety of finance platforms in their business, such as AMEX for international payments, an FX provider for collecting funds internationally and bank-issued credit cards for managing their online subscriptions. This process was not only time-intensive to manage, it was impacting their bottom line.
Coconut Bowl boosted profit margins by 3% and simplified global finance processes with Airwallex. They can now collect, hold and pay with multiple major currencies like USD, GBP, EUR and AUD. Eliminating unnecessary currency conversions while having better visibility of their global cash flow in a single place.
“Coconut Bowls very quickly attracted global attention and we began making sales in USD, GBP and Euro. Before Airwallex, we were making unnecessarily expensive conversions. Our margins have easily increased by 3% simply by switching to Airwallex.”
About Coconut Bowls
In late 2015, Australian digital nomad Jake McKeon was at a beach in Bali, watching a local man carve and polish souvenirs out of discarded coconut shells. Jake was inspired by the coconut shells, naturally shaped like a bowl, no plastic needed. Thus, Coconut Bowls was born. Coconut Bowls instantly attracted customers on a global scale, and started seeing international sales take-off. Very soon, the team needed a better way to manage their global cash flow that didn’t take a huge clip on each transaction.
Open a multi-currency account built for borderless business
Today, Coconut Bowls has sold hundreds of thousands of bowls to customers in over 150 countries. They have replaced single-use items in more than 600 cafes in Australia.
How Coconut Bowls transformed their Business With Airwallex
Improved their profit margins by 3%
Coconut Bowls can now collect and hold their USD, GBP, EUR and AUD revenues in one place with Global Accounts. They could then pay their suppliers and contractors directly with these currencies at no additional conversion fees. Eliminating unnecessary currency conversions that they were previously forced to make.
Airwallex Global Accounts also gave their wholesale customers the option to pay in their local currency, without Coconut Bowls needing to set up a local business entity.
Saved 3% on their USD SaaS subscriptions like Shopify and Klaviyo
With their fast-growing business, fees on their Shopify and Klaviyo subscriptions were becoming sizable, alongside the 3% international card transaction fees they were paying on them. By simply paying with their Airwallex’s multi-currency virtual cards, the team realised immediate cost savings.
Streamlined processes with better visibility of their global cash flow
Coconut Bowls could now have full visibility of their global revenues and expenses in one place. The integration to Xero also meant the days of manual reconciliation between multiple accounts were over. Now, their transactions automatically sync every hour, saving hours of manual work each week.
Dedicated virtual cards for each major SaaS subscription also gave them better control of their SaaS spend. The team could easily cancel the subscription by cancelling the card, no login details to remember or phone calls to make.
See how our customers are finding Airwallex
“Airwallex is our one-stop shop for all our banking needs, in one easy-to-use interface. Without Airwallex, we would not have been able to scale our business as fast as what we’ve been able to achieve.”
Andrew Ford and Rosa-Clare Willis
“Airwallex has been a game changer for us. I cannot recommend these guys enough. The forex services are super efficient and super competitive. The customer service is not gold-plated, it's solid gold. One of the best eCommerce services for merchants we have come across since Paypal hit the scene 20 years ago."
CEO, Cosmetics Now
“The new Expense Management system has been a real time saver for us in relation to the administration of our benefits program. Team members can upload receipts as they shop and we are able to clear our reconciliations much faster this way.”
Payroll & Benefits, Linktree
“Airwallex provides us with flexibility and cost savings in dealing internationally. We used Airwallex to receive our recent global fundraising round and pay international suppliers and are saving at least 5% per dollar transferred versus the big banks.”
George van Dyck
Finance Manager, Zoomo
“Having all our global SaaS subscriptions in one place has streamlined our finance processes and enabled better tracking and control of expenses. It’s even better knowing that Airwallex isn’t hitting us with any international transaction fees.”
Chief Operating Officer, Dovetail
“Airwallex has made it really easy to pay our suppliers in any currency. We have not only saved $10,000 each month, but our suppliers now get their payments faster and in-full. We receive a notification once it’s dispatched, and it eliminates the worry factor of where our money is at. This is important for us to keep building a strong relationship with our suppliers.”
Director, Hawkeye Vintage
Watch a 3-minute demo
We're not a bank, we're better.
Cookies on the Airwallex website