How Saturday Club sells globally from Singapore with Airwallex

From the onset, Saturday Club’s vision was clear – to establish a global brand. Founded by local fashion designer Justin Ying and his brother, Tze Her, the company grew the brand from a single Singaporean outfit into a thriving enterprise operating in seven markets worldwide.

Saturday Club realised that it could not survive in the small domestic Singaporean market and that expanding globally was necessary for the business to remain competitive, survive, and thrive. 

As an SME operating with limited resources, rising costs are a constant pain point. This meant that a reliable, flexible, and low-cost B2B global payment platform was critical for achieving economies of scale and operational efficiency. 

Saturday Club found Airwallex to be an ideal partner for supporting day-to-day operations across its seven key markets and solving critical business issues.  

How does Saturday Club use Airwallex?

1. With traditional banks, paying foreign suppliers and receiving payments from overseas customers incurred high TT and currency conversion (FX) fees. After switching to Airwallex, Saturday Club saw up to 99% savings on transaction fees. 

2. Using traditional bank transfers meant having to deal with cross-border transfers that were opaque and slow, affecting cash flow. Airwallex’s powerful dashboard and dedicated customer service enabled efficient, streamlined payments to overseas suppliers.

Challenge 1: lengthy and time-consuming processes involved in opening local bank accounts

Without Airwallex, Saturday Club would have had to set up local bank accounts in each of the seven markets it operates in to receive payments from overseas customers, incurring unnecessary bank fees. This is a problematic endeavour that involves lengthy application processes and tedious paperwork – on top of requiring an overseas trip for an in-person bank visit. The only other alternative was international bank transfers, which incur high telegraphic transfer (TT) fees. 

Solution: simplified international payments with Airwallex's Global Accounts

With Airwallex’s Global Accounts – which can be set up virtually and in minutes for the country you need to bank in – Saturday Club now seamlessly receives payments from customers around the world in their local currencies. This means that you can receive payments from your customers really quickly, with no unnecessary or hidden costs incurred.

Saturday Club can also receive access to local bank details in each country that they operate in. These details can be used to invoice customers in their preferred currency, support daily business operations, and build credibility for their presence in the local market.

“With Airwallex, we can now collect customer payments from countries such as China, Hong Kong, Australia, US, and Japan in their local currencies and remit our profits back to Singapore at very competitive conversion rates," shared Tze Her.

Challenge 2: opaque payment processes and high transfer fees

High telegraphic transfer (TT) fees were driving up Saturday Club’s business costs, with unclear cross-border bank charges further muddying the waters. Due to hidden bank fees, Saturday Club was often unaware of exactly how much money banks would charge them for their transfers, resulting in exact payments to their suppliers. The lack of visibility into the status of each transaction created uncertainty as to when their suppliers would receive money. 

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

Airwallex empowers Saturday Club to pay like a local in all markets they serve and bypass SWIFT – while saving up to 99% on foreign transaction fees as they do so. In addition, the dashboard also offers full visibility of live FX conversion rates, helping Saturday Club gain clarity over the actual FX costs involved in making supplier payments. 

Airwallex allows transfers to be accurately made with just a few clicks, with most transactions completed within the same day. This improved cash flow for Saturday Club, as payments only needed to be made when they became due, and suppliers would receive them in a timely manner. The flexibility, speed, and full visibility of transaction history empowers Saturday Club to scale up operations at the nimble pace demanded by the global market.

Ying Tze Her

Chief Operating Officer at Saturday Club

"Before Airwallex, we had no idea when our payments were going to reach our suppliers. Using Airwallex instead of traditional banks has increased the speed of our overseas transfers and optimised our cashflow significantly. We've also saved up to 99% of our TT and FX fees."

Challenge 3: lack of dedicated customer support 

In the past, cross-border transactions could be quite stressful for Saturday Club, especially when payments were held up at intermediary banks. With other B2C cross-border payment solutions, there were also transaction limits set for every transfer. The company sought a B2B cross-border payment solution that could provide dedicated customer support, support larger transaction amounts, and provide the transaction visibility they needed. 

Solution: 24/7 visibility and support over transactions

With Airwallex, Saturday Club has full visibility over their cross-border payments and transaction history 24/7. On top of that, Saturday Club also gained a dedicated account manager locally able to provide clarification and support whenever required. 

Ying Tze Her

Chief Operating Officer at Saturday Club

"Cross-border payments can be quite stressful and it was frustrating to have no one to turn to when payments got stuck. Airwallex has been a game-changer for us because they've given us complete control over our cross-border payments. They also really understand the unique challenges we face in global operations, on a business level."

What's next for Saturday Club?

Powered by fast, efficient, and transparent cross-border payments via Airwallex, Saturday Club has streamlined its operations, facilitating the next stage in their global ambitions.

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.