Increasingly, we have customers selling their products in MarketPlaces with a currency other than the EURO. As for example allegro, that all sales and transactions are made in PLN.

Allegro, in turn, provides its customers with 2 means of payment payu and Przelewy24,thus having the seller 2 separate accounts of receipts from their sales in PLN. Alegro, when you transfer sales funds to sellers, you transfer the existing balance in each of these accounts separately. In other words, it makes 2 transfers in PLN to the sellers.

One of our clients started selling at Allegro and used one of his accounts from a Traditional Portuguese to receive his revenues. Sales began to emerge and the customer was pleased to be able to enter the Polish market. When the day came to receive the balances of his sales, he faced commissions of 30€ for each transfer received and as there were months that were 2 transfers had 60€ of commissions. Whatever the transfer the commission is fixed for. Unaffordable!

We even joked with the customer that if he made a sale of 20€, when he was going to receive the value of his purchase he would owe 10€ to the Bank.

The Bank approached to achieve a solution, but without result. It has cost us to understand, when more and more micro-businesses are born and grow with their activity focused 100% on digital commerce, when we are in the era of 5G, MBWay, digital currency… and does Traditional Banking not have a solution to this new reality?

The answer was no!

Traditional Banking has not evolved or evolves, traditional banking survives at the expense of the constant increase in commissions on the same services that it has always provided and which apparently are the ones it intends to continue practicing.

At BLAIRS the success of our customers is our success. And as we have strong know-how in financial markets we went looking for solutions, because we knew they had to exist.

We went looking for a Fintech that would allow us to have an IBAN on behalf of the company and that would receive PLN transfers in a PLN account.

If the transactions were in USD, GBP… the task would have been much simpler.

But it wasn’t impossible! We!

We gave the solution to our customer and the result was overwhelming! In your first transaction with our new system set up, where you received 2 transfers in PLN, instead of paying 60€ to your grey Traditional Bank, you paid €3 for each transfer (just because the account is free – it was for testing. Being a package account as in Traditional Banking would not pay anything), then paid another 1.75€ to convert the PLN into Euros at the exact exchange of the time of conversion, transferred to your account in the Traditional Bank without paying anything else. Instead of 60€ it was 7,5€…