GreyGreen saves €70k a year by switching to Airwallex

Tony Lloyd

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. 

Jonny Smith

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 €70k 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

The problem 

• 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. 

The solution

• 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. 

Tony Lloyd

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.”