GreyGreen saves £60k a year by switching to Airwallex
Find out how global events company, GreyGreen, use Airwallex to improve their profit margins as they scale internationally.
£60k per year
saved in bank fees
110% YOY growth
forecasted for 2022
90% of growth
from international expansion
CEO and Co-Founder, GreyGreen
“It’s been an absolute dream. Really simple to operate, really simple to use. We’ve got cards for our staff now, so when they’re on site in America they can use the Airwallex card. I’ve worked out that it’s likely to save us around £60k a year in bank charges alone. So pretty good.”
Tony Lloyd is the CEO of GreyGreen, a B2B events company based in the UK and operating across Europe, the United States and Asia. 70% of their revenue comes from America, and a big chunk of their company expenditure is in US dollars.
In Tony’s words, before they started using Airwallex, managing money across borders was “horrendous”. They were using a high street bank to collect, convert and send funds to their US clients and partners, and it was costing them.
“Their charges were crazy," says Tony. "2.75% every time they converted dollars to sterling. And then 2.75% again every time we paid that money back as a bill. It would take a considerable amount of time for a transaction to happen and their exchange rate was not particularly favourable.”
Tony tried to solve the problem by opening a US dollar account with the same bank, but realised this would create additional problems.
“We did ask them if they had a dollar account,” says Tony, “and they said they did but it wasn’t online, you had to go into the branch. So, for example, if I wanted to transfer $1,000 to a hotel venue, I’d have to go into the branch, queue up, and fill out a form just to transfer money to another account.”
GreyGreen's accounting firm, Blu Sky, recommended Airwallex
Jonny Smith is the Client Relationships Director at Blu Sky Chartered Accountants, a cloud accounting firm based in the North East with clients across the UK.
Blu Sky help small businesses navigate their early growth years. As a relatively young firm, they understand the complexities of rapid expansion, and are well positioned to advise clients as they scale domestically and internationally.
Jonny notes that, when it comes to global expansion, many businesses overlook the financial logistics.
Client Relationships Director, Blusky Chartered Accountants
“The companies that are growing internationally are so focussed on how it’s going to work from an operational side. The finance side that comes on the back of that is just as important, but often overlooked.”
Airwallex helps GreyGreen expand internationally without the red tape
When Jonny spoke to Tony about Airwallex, Tony knew that our solutions had the potential to transform his company's finances.
With Airwallex in place, Tony opened a US dollar account online at the click of a button. He can now accept customer payments in US dollars, hold those dollars in his Airwallex account, and pay out for free via Transfers and Borderless Cards.
When Tony needs to exchange currencies, he benefits from Airwallex’s market-leading FX rates, which are 80% cheaper than high street banks.
“It’s been an absolute dream,” says Tony. “Really simple to operate, really simple to use. We’ve got cards for our staff now, so when they’re on site in America they can use the Airwallex card. I’ve worked out that it’s likely to save us around £60k a year in bank charges alone. So pretty good.”
Airwallex is also making life easier for Tony’s customers. Now he has a US account and IBAN, his American clients can pay him via domestic bank transfer and avoid international fees.
GreyGreen’s YOY growth rate is on track to hit 110% this year, and 90% of that growth is coming from international expansion. With an Airwallex account, GreyGreen can continue to scale globally without paying the price.
Helping GreyGreen reach exponential growth
A high street bank was charging GreyGreen 2.75% for currency exchange each time they collected revenue from their US customers.
GreyGreen was charged an additional 2.75% each time they transferred money to their US suppliers.
GreyGreen’s employees often travel for events, and needed a way to spend whilst abroad without incurring high fees.
GreyGreen’s bank offered a US dollar account, but required in-branch visits each time they made a transaction, creating needless admin for Tony and his team.
With Airwallex, GreyGreen can open multiple foreign currency accounts — including US dollar, euro, and Singapore dollar — online at the click of a button.
GreyGreen collects US dollars from American customers straight into their Airwallex account without having to convert funds to pound sterling. These transactions are free for them and their customers.
GreyGreen pay out to US suppliers for free using Airwallex Transfers.
GreyGreen employees use Airwallex Borderless Cards when spending abroad. They can spend directly from the US Dollar Account, thereby avoiding FX fees.
When GreyGreen does need to exchange currencies, they benefit from market-leading FX rates which are 80% cheaper than high street banks.
GreyGreen can manage all their finances, including Payments, Transfers, Cards, and Expenses, online from a single interface.
CEO and Co-Founder, GreyGreen
“The obvious benefit is that we’re spending dollars in America instead of converting money all the time. The controls and spending limits are good. Each team has one card between them. Ordering them is incredibly straightforward, and every time someone on the team gets their Airwallex card they get really excited.”
Empowering businesses to grow without limits
Jonny’s advice to businesses that are looking to expand abroad is to think about the financial practicalities.
“How are you going to invoice your clients and get the money from them? If you do have to send employees abroad, what solutions are in place, how are they going to pay for things? Because you can probably save more money than you think.”
Tony’s advice is simple: Just use Airwallex.
James Scobie, Channel Partnerships Manager at Airwallex says: “Blu Sky Chartered Accountants specialise in helping small businesses in the crucial early growth years. We’re delighted to partner with them, and to provide the financial infrastructure that enables businesses like GreyGreen to achieve global expansion.”
See how our customers are finding Airwallex
"Airwallex have been a fantastic partner for Olsam Group as we grow our eCommerce brands to new channels and new markets. Their easy to use interface and integrations have been a joy for our finance team to use as we scale."
"For ME + EM, expanding into international markets such as the US has been our focus - and with Airwallex, we were able to use their local USD Global Account to collect from our Paypal US account, thereby allowing us to save 3% on each transaction. The process of working with Airwallex has been seamless - our suppliers get paid quickly, we have a dedicated Relationship Manager who has been really patient, helpful and quick to respond. I am keen to use their cards to pay for our ad spend in the near future to save further on our USD invoices."
Finance Manager, ME + EM
"We've had such a fantastic experience switching to Airwallex. Previously we were using a traditional bank to make all of our international transactions and they'd constantly lock us out of the account everytime we made a transfer, resulting in hours and hours of lost time on hold. Airwallex is secure, makes it super quick and simple to make and receive international payments."
Managing Director, Perspective Pictures
“We used to pay Stripe between $5,000 and $10,000 a month in conversion fees because most of our customers pay in dollars. Now we funnel that money into our Airwallex US dollar account, we don’t have to pay commission. We’ve saved more than $100,000 so far this year”
Founder and CEO, Brandbassador
"We love Airwallex! It has considerably eased our invoicing and payments to contractors around the world. Sending and receiving money is much faster and cheaper than before."
Co-Founder, Mobile Transaction
“We are so glad that we have found Airwallex! There are no hidden charges, they are quick to respond to any queries and we had the smoothest transaction with amazing support from the team continually.”
Supply Chain Executive, Miss Patisserie