Banco W continues to provide financial solutions for Colombian entrepreneurs and is now launching its new service for channeling dollars for the refund of exports of non-traditional goods. Below, we provide more details.
News Cali.
Banco W offers financial solutions and announces the launch of a new payment service for non-traditional goods exports, designed to make it easier for entrepreneurs to recover their income earned abroad.
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The channeling of dollars for the refund of exports of non-traditional goods is a process that allows companies to receive in Colombia the income generated by the sale of their products abroad, through international payment platforms.
This service helps micro, small and medium-sized enterprises, especially those that export goods other than traditional products, to recover their funds efficiently and safely.
This is why Banco W, committed to promoting the growth of micro, small and medium-sized enterprises (MSMEs) in Colombia, has launched a new service that seeks to simplify the process of reimbursing income obtained abroad from exports of non-traditional goods.
This service is integrated into the business line of payments W Bank’s international operations, specifically in cross-border payments, will allow companies to receive money from their exports through platforms such as PayPal.
Service Features:
- Beneficiaries: SMEs that export non-traditional goods and that are authorized in the RUT to export.
- Exports of non-traditional goods: refers to products other than coffee, coal, ferronickel, petroleum and derivatives.
- Market potential: In 2023, non-traditional goods exports in Colombia reached USD 21 billion, and by May 2024 they totaled USD 7.3 billion.
Since its implementation, Banco W has processed payments for USD 531,601, and plans to handle up to 1% of total exports of this type in the country, which represents approximately USD 210 million.
“We are the only microfinance bank that offers this remittance service. We know that many independent workers are expanding their businesses internationally. Therefore, we have optimized our processes and appointed a specialist to ensure a fast and efficient experience for our clients,” said Andrés Vinasco, remittance manager at Banco W.
Daniela Salcedo, a businesswoman in the accessories and jewelry sector, also highlighted the agility in response times and the efficiency of the service in managing transfers through PayPal, which has improved the monetization of her exports.
Banco W is a Colombian entity dedicated to offering financial solutions for micro and small businesses, and with this new service entrepreneurs will be able to focus on increasing their competitiveness and take advantage of new opportunities in the market.
