This article will introduce to Kwanji and how they work with KashFlow.
Who is Kwanji?
Kwanji Fx is a free service for international payments aimed at small and mid-tier businesses offering quick and easy online comparison of rates and fees from a number of competing foreign exchange brokers and the ability to complete transactions – all within a few clicks. It is a simple and easy to use service which delivers major savings on international payments when compared with banks or single broker options.
What problem does Kwanji solve?
Whilst operating globally is great for business, the payment side can be a nightmare. Using a bank is hugely costly and it is easy to get caught out with high or hidden fees. Using a specialist broker is more cost effective but requires a whole lot of valuable time and effort to find the right one and ensure they remain competitive time after time. And of course an individual small or mid-tier business is never going to get the best deal going. So overall: complicated, time consuming and expensive.
Key features
Significant savings – up to 95% when compared to bank transfers
Fast and simple – takes seconds to see and compare the savings to be made
Transparent – unlike the banks there are no hidden fees
Choice – from multiple, carefully selected brokers all offering their best deals
Control – the Kwanji Fx online platform allows clients to transact in the way that suits them. No salespeople, no hassle
Free – once registered they can use Kwanji Fx whenever they want, wherever they are in the world
Integration – can be integrated with e accounting software for seamless processing (growing number of partners including Kashflow)
Currency pairs and Countries
- Kwanji Fx supports 127 countries and 112 currencies through its broker partners
- We have access to a wide range of in-country bank accounts for speed and ease of transfer
- Treasury exchange functionality
Why Kwanji
Beats using a bank – no more high fees or surprises
Beats using a single broker – more competition, more choice, more options
Easy & hassle free – clients can manage all their foreign exchange transactions via a single Kwanji account
FAQs
Q Is the service really free to me? How does Kwanji make its money?
A The service is completely free to use. Kwanji gets paid by whichever broker you select
Q Is it safe?
A Yes. The broker partners are FCA regulated and use the normal recognised standards e.g. SWIFT for the interbank transfers
Q How much will I save?
A Banks typically make a turn of 3% to 5% plus on the exchange rate and charge €10 to €25 as transfer fees. By comparison, with Kwanji Fx the variable pricing can go down as low at 0.25% on larger transactions and zero transfer fees (for payments of > £2000.) The key is that the brokers are all competing for the business so will be putting forward their best offers. Some Kwanji Fx customers have seen savings in excess of 95% when compared to bank transfers.
Q How long does it take for the payment to get there?
A It depends on the currency pair chosen and whether the broker has a supporting bank at the relevant locations but could be as quick as same day. Usually we say allow 2 days from confirmation of payment instruction and the broker being in receipt of funds to the recipient receiving the payment.
Q How do I register and use Kwanji Fx?
A All you need is a Mac or PC and internet access. The first step is to register with Kwanji Fx online. Next you will need to complete the usual anti- money laundering verification. At Kwanji Fx we have streamlined this as much as possible but expect it to be as thorough as if you were opening a new bank account. Anti-money laundering is an important part of any regulated business activity and we take it seriously whilst trying to make it as operationally slick as we can. Once this has been completed you will be ready to trade. Simply input the amount and currency of the payment you want to make, select or input your recipient details and then compare the broker responses. Once you have chosen your broker you will receive instructions on how to settle with the broker (e.g. via online banking) and once that is done your payment will be completed and you will receive confirmation of its receipt. You can then manage all your transaction information via your Kwanji Fx account.
References and Enquiries
How to get started
1. Sign up to Kwanji
2. Just enter your name, company name, email address and create a password.
3. Now you are in the Kwanji dashboard, click on ‘Add ons’.
4. Click on ‘Kashflow +’
5. Enter your KashFlow user name and password.
6. Your invoices will now appear in Kwanji, click on ‘See all bills’ to expand the view.
7. Click on ‘Pay’ and now you can choose currency pairs, the amount to pay, compare brokers, complete recipient details and make the payment.
The first time you set up a foreign exchange broker you will need to complete the ‘KYC’ form. There are simple steps to follow online to activate the broker however please contact support@kwanji if you require further assistance.
For more detailed case studies, testimonials, references, and arranging demonstrations or just to talk to us please give them a call on +44 (0) 203 575 1441, email us at [email protected] or go to the website www.kwanji.com and register.