How Hey! Chips accelerates international expansion with Airwallex

Hey! Chips is Singapore’s first award-winning fruit and vegetable chips brand that is sourced traceably from farm to table.

Since 2018, Hey! Chips has established a brand presence in Singapore, Malaysia, Indonesia, Hong Kong, and The Maldives. And recently, they expanded to the US and the UK. They sell directly on their website, and on other eCommerce platforms like Lazada, Redmart, Shopee and FairPrice Finest.

Challenge 1: difficult and time-consuming to set up overseas bank accounts

Hey! Chips’ rapid international expansion to four countries within four years wouldn't have been possible if they had chosen to work with traditional banks. It typically takes a few weeks to months for companies to get a business bank account set up in a foreign market. Owners or directors are also required to make trips down to local branches and submit the documents. This process can be time-consuming, taking away time and resources that could have been spent on growing the business.

Solution: simplified international payments with Global Accounts

With Airwallex Global Accounts, wholesale and eCommerce businesses like Hey! Chips can create foreign currency accounts in 11 currencies instantly and pay employees and suppliers just like a local business.

This also helps Hey! Chips build trust and improve relationships with their suppliers, as they won't have to worry about lag time of money transfers.

Emily Chu

Co-founder at Hey! Chips

“With Airwallex, we are able to move very seamlessly in the whole international expansion. There's almost no lag time. In a week or two, we actually get it done. Because of Airwallex, we're able to set up new business accounts overseas very quickly.”

Challenge 2: high telegraphic transfer (TT) Fees

For Hey! Chips, most of their overseas suppliers want to receive local currencies. Without local business bank accounts in the countries that they’re operating in, they had to do international bank transfers and incur high TT fees in the process.

Solution: fast, cost-effective transfers with Airwallex's FX & Transfers

With Airwallex FX & Transfers, Hey! Chips can bypass the SWIFT network and make payments with zero transfer fees and market-leading FX rates instantly. As an added benefit, 90% of Airwallex transfers arrive on the same day.

This allowed Hey! Chips to pay its suppliers on time while saving them up to 90% on TT and bank fees. With improved speed, flexibility, and full visibility of transaction history, Hey! Chips is able to scale its operations at the nimble pace demanded by the global market.

Challenge 3: difficulties sending money to Chinese suppliers

Hey! Chips engaged printing services in China, but whenever they needed to pay these vendors in China, they had very limited options for payment. As they could only pay via cash, they were searching for a faster, more cost-efficient solution.

Solution: dedicated Chinese Yuan (CNY) account with Airwallex Global Accounts

With Airwallex, Hey! Chips was able to set up a dedicated Chinese Yuan (CNY) account in a matter of minutes and pay these vendors in yuan without incurring costly conversion fees.

"It’s difficult to send money to China, and Airwallex helps us solve this problem with their fast and reliable," says Emily Chu, co-founder at Hey! Chips.

Challenge 4: complex, inconvenient payroll processes

With employees based overseas, Hey! Chips was forced to go through a highly time-consuming process of having to make manual transfers to each employee, creating an additional administrative burden for its finance team.

Solution: fuss-free batch transfers with Airwallex FX & Transfers

At the end of every month, Hey! Chips can do a batch transfer by uploading a CSV file to Airwallex’s website, saving the finance

“We use Airwallex for overseas payroll, and it’s so seamless that you don’t have to‌ actually make transfers to employees one by one every single month," Emily shares.

The results

With Airwallex, Hey! Chips is able to benefit from:

1. Fast and easy overseas bank account setup

2. Cost savings from zero TT fees

3. Faster payouts to suppliers and employees

Hey! Chips managed to expand quickly to four countries within just four years, including Singapore, the US, and the UK. With Hey! Chips' sights set on expanding to more countries, Airwallex stands out as the ideal financial partner with the tools necessary to help them unlock global growth.

Emily Chu

Co-founder of Hey! Chips

"If Airwallex isn't around, I think a lot more traditional businesses will take a very long route to success."

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.