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Customer Story – First4Figures – Paying Freelancers

Neil WoodfineNeil Woodfine

sonic_figures

The Problem

First4Figures work with numerous freelance quality inspectors in China. Making payments to these individuals was a difficult task. Bank payments would result in large losses due to fees at both ends and payments regularly got blocked or delayed. Things got so bad that carrying cash across the border was even considered. All these problems reduced bottom-line, caused slow-downs, and distracted F4F from their core business.

Who are First4Figures?

First4Figures (F4F) manufacture collectible figures from licenses such as the Legend of Zelda, Metroid and Sonic the Hedgehog. Most of the manufacturing occurs in China and as part of F4F’s dedication to quality, they hire third-party inspection agents to oversee production.

first_four_figures2

“Using Remitsy has allowed us to quickly and painlessly deal with sending RMB to our inspection agents to check on quality during production in China.”

— Kanako Davis, CFO, First4Figures

Remitsy to the Rescue

By switching from their old international bank wires to payments through Remitsy, F4F were able to make domestic payments from a HK bank account – much easier to manage via online banking. The inspectors would then receive RMB direct to their local bank account – no more physical trips to the bank and no messing around with currency conversion. Most importantly, fees were considerably lower, meaning the inspector got to see more of the actual send amount.

A typical payment from F4F:

SERVICEAMOUNT
SENT
PROCESSING FEE
(SEND)
PROCESSING FEE
(RECEIVE)
EXCHANGE RATE
SPREAD
TOTAL
FEE
TOTAL
FEE (%)
BankUS$1000US$25US$28.78US$2.00 (0.2%)US$55.785.58%
RemitsyUS$1000US$10.00 (1%)US$10.001.00%

“I had to send USD to individual contractors as I couldn’t send RMB. The contractors really didn’t like that. They love the fact that they can now receive RMB thanks to Remitsy.”

— Kanako Davis, CFO, First4Figures

Roundup

 💰 Fee savings: US$55.78 -> US$10 (5.58% -> 1%) 💰
⏰ Time savings: 2 working days -> 24 hours (inc. weekends) ⏰
🏆 Biggest win: Finally found a convenient RMB payment method 🏆

⭐⭐⭐⭐⭐


To learn more about how you can make RMB payments to China, drop us a message via the button in the bottom-right corner , or register an account at Remitsy!


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