Sophia is an online retailer who sells a range of beauty products from Malaysia. Mary, a customer from Singapore, found her website, placed an order and made payment via PayPal. Almost instantly, the amount that was paid by Mary is reflected in Sophia’s PayPal account in Ringgit Malaysia, despite her paying with a Singapore credit card.

Here is a question: 

“How is it possible for PayPal to collect multiple payments in different currencies from millions of customers, have them processed and make multiple payments to millions of merchants in their preferred currencies worldwide efficiently with perfection in accuracy on a daily basis?”

The answer is Tranglo. 

Who’s Tranglo? 

Founded in 2008, Tranglo has allowed licensed money service operators, banks, payment gateways and corporations to make either single or mass cross-border payments to their respective recipient banks, e-wallets and cash pickup outlets instantly and securely worldwide. The company recently expanded its mobile money transfer services in light of the booming mobile remittance industry. Tranglo processes transactions in excess of US$ 2 billion each year. 

Who Uses Tranglo? 

A Tranglo user can perform mass transactions wherever they are to a global network of 130,000+ cash pickup outlets, and 1,300+ banks and mobile wallets across 18 countries. It is now serving a diversified base of clients through five offices situated in Kuala Lumpur, Singapore, Jakarta, Dubai and London. 

The extensive list of clients is as follows:

Source: Tranglo 

What Are The Licenses That Tranglo Is Holding Onto Today? 

Tranglo owns and operates several subsidiaries which hold licenses such as: 

1Tranglo Sdn BhdRemittance License from Bank Negara Malaysia (BNM)

Tranglo Pte LtdRemittance / Money Service Operator License from Monetary Authority of Singapore (MAS) 
3PT Tranglo IndonesiaFund Transfer License from Bank Indonesia

Tranglo Europe LtdApproved Payment Institution (API) License From United Kingdom Financial Conduct Authority (FCA)

How Does it Work? 

Let us assume that you are part of a team running a big company, where you are required to make cross-border payments to a database of thousands of recipients in multiple countries. 

You can’t be making these transactions one at a time via interbank transfer as it is not efficient. Here, I’ll briefly explain how Tranglo can speed things up and enable your transfer of funds to be processed promptly in three simple steps: 

Step 1: Securing Your Fund Transfers

First, you may upload your database of thousands or even millions of recipients onto Tranglo. It contains multiple unique information on your recipients, such as their name, country of origin, the purpose of transactions, bank details, etc. Upon receiving the database, Tranglo would first screen the list of recipients within to ensure that the sender (you), your beneficiaries and your intended transactions are correct and legal, without both elements of money laundering and terrorist funding. 

Step 2: Processing the Fund Transfer 

Second, Tranglo would process them by matching your intended transactions to the correct recipients and converting these payments into their local currencies at competitive rates. 

Step 3: Completing the Fund Transfer 

Finally, upon conversion, Tranglo would make these payments to its network of banks, e-wallets or cash pickups outlets where your intended recipients would receive their funds. 

The whole process is seamless, as it is fully automated. With Tranglo, you would be able to receive detailed reporting of past transactions made as a guide and a reference to manage your accounts better. 

Source: Tranglo 

Really … Why Can’t Banks Do the Same Thing as Tranglo? 

The facilitation of cross-border payments requires an in-depth understanding of different financial regulations in different countries. Thus, the entire process of cross-border payments is cumbersome and not cost-effective for banks to carry out the same task as Tranglo. 

Presently, Tranglo has already built an extensive network of banks, e-wallets and cash pickup points around the world, thus, enabling its clients to gain access in over 100 countries instantaneously. Hence, using Tranglo is more cost-efficient to banks and financial institutions as compared to establishing its own network of financial partners. 

Is Tranglo for You? 

I believe Tranglo is suitable if you own a business or run a company which has a broad and extensive base of customers, suppliers and distributors worldwide. It offers a more efficient, safer and cheaper method to make mass cross-border payments, thus, saving you hours of administrative work while boosting your productivity.


Personal finance author and trainer

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