How Bowtie uses virtual corporate cards to streamline its operations in Hong Kong
Discover how Bowtie uses Airwallex to make faster payments across the globe at market-leading rates.
90%
saved in unnecessary fees
3%
savings on FX conversion fees for international payments
10+ hours
saved for expense reimbursement
Bowtie is a licensed life insurance company and Hong Kong’s very first virtual insurer. Built with modern technology and medical expertise, Bowtie’s powerful platform offers medical insurance plans under the Voluntary Health Insurance Scheme (VHIS) and other real insurance products to customers instantly and directly.
Company size
50 - 100 employees
Location
Hong Kong
Industry
Insurance
Bowtie regularly pays international service providers located all around the world. Previously, Bowtie used local cards to make overseas payments to its suppliers or service providers, bearing heavy foreign exchange and transaction fees imposed by banks. With the help of Airwallex, Bowtie is able to save on global payments by eliminating such tedious fees.
Challenge 1: Bowtie regularly pays international service providers located around the world
Previously, Bowtie used local cards to make overseas payments to its suppliers or service providers, bearing heavy foreign exchange and transaction fees imposed by banks. With the help of Airwallex, Bowtie is able to save on global payments by eliminating such tedious fees.
Solution & Results: How Airwallex corporate Visa cards help Bowtie save 3-5% FX conversion fees
After using Airwallex, we are able to use their Company Cards to directly settle our foreign currency transactions. Airwallex doesn’t charge us any international transaction fees or TT fees. Their FX rates are also relatively competitive. Through Airwallex, we can save around 3-5% for these foreign currency payments
Gabriel Kung
Chief Commercial Officer of Bowtie
"Airwallex’s webapp allows us to control and set different spending limits for all employees, and manage everyone’s spending on the same platform, which has been incredibly convenient."
Challenge 2: Bowtie spends a lot of time on employee expense reimbursement
Prior to using Airwallex’s service, like most businesses in Hong Kong, Bowtie relied on an inefficient employee expense reimbursement model to pay its staff back for business-related spending.
Solution & Results: How Airwallex corporate Visa cards help Bowtie streamline the process of expense reimbursement
Thanks to Airwallex employee cards, Bowtie is able to issue free virtual Visa cards to its employees instantly online, enabling teams to make purchases easily to get the job done. Not only does this save the company time in expense reimbursement, but Bowtie can also track employee spending in real-time on Airwallex’s online portal to make sure that it is always on budget.
Edwin Wong
Deputy Chief Finanical Officer of Bowtie
"Their FX rates are also relatively competitive. Through Airwallex, we can save around 3-5% for these foreign currency payments."
See how our customers are finding Airwallex
"Airwallex has been a game changer for all our banking needs. As a fast-growing startup, we need a scalable yet cost-efficient batch payment solution to pay our employees and vendors both inside and outside Hong Kong. Airwallex helps us save money on every bank transfer with their near-zero transaction fee and market-beating FX rates. We also use Airwallex’s multi-currency Visa cards for business travel expenses and SaaS subscriptions to avoid hidden bank fees that would otherwise have been difficult to spot. Would highly recommend other startups to get started with Airwallex!"
Henson Tsai
Founder, SleekFlow
"Importing the best wine and sake overseas always involve extra costs on transaction fee & FX fee. With Airwallex, we saved 100% of our overseas remittance cost and we could provide the best price for our customers."
Tomy Wu
Co-Founder, MyiCellar
"Airwallex is an innovative fintech platform with a first-class customer support team. They transformed the previously painful process of creating corporate cards and managing business accounts into something simple, convenient, and cost-effective. The onboarding was quick and smooth, the security features exceeded our expectations, and most importantly, it is really easy to use. Airwallex saves a lot of my team's time and the simplicity is genius."
Gavin Black
Interim CEO & Chief Financial Officer, PURE Group
"I’m so thankful that Airwallex exists! In Hong Kong, it's so hard to find financial service providers that are friendly to small businesses. Airwallex allows me to exchange currencies at really great rates, and the interface is very modern and easy to use compared to my bank. We save so much money with Airwallex! In just a few months, we've already saved more than HK$78,000 in unnecessary fees!"
Jennifer Chong
CEO, Linjer
"Airwallex provides us with flexibility and cost savings on our international fund flows. We are using Airwallex to pay international suppliers and are saving up to 90% on transaction fees and FX verses traditional banks - thanks to their competitive exchange rate and low transaction costs."
Kelvin Kan
Founder, Homemakase
"Airwallex has been great for our team - it makes payments and transfers so much easier, and has saved us significant amounts of time compared to what we were doing before with HSBC. Airwallex's platform is easy to use and very intuitive. Airwallex virtual card has solved most of our painpoints with sharing corporate card numbers and credit card limits. The best part is being able to save money on all our monthly bank transfers, and we've already saved thousands of dollars by using Airwallex. Airwallex's support has also been highly responsive to troubleshoot any issues in a timely manner."
Sarah Chang
Co-founder & COO, Forkast.News
"Airwallex offers both physical and virtual corporate cards tailored to the needs of different staff. Their virtual corporate card can even be set up in just 1 minute. Its features make expense management and approval processes notably easier for us."
Justin Chu
General Manager, K Dollar Program
"With Airwallex, we were able to start accepting local payments quickly. Because the user experience is intuitive and the checkout process faster, we’ve actually had a 50% increase in shoppers using local payment methods."
Rebekah
Business Development Director, Slowood
