Exchange rates are competitive, from 0.3% and you can access 4 local accounts, send up to 5,000 batch payments, and hold 75 currencies.
Also, the company offers a payment gateway, with international transaction fees of 1.2%.
However, at this moment in time, e-commerce brands will likely find GoCardless offers a bit more of a focused product.
Multi-currency account offering
Monthly Fee | Exchange rate | Transfer fees | Multi-currency account |
|---|---|---|---|
$0 / £0 | Starting at 0.3% | No transfer fees | 4 local accounts and 75+ currencies |
- High number of batch payments. Business can make up to 5,000 payments in one go
- Great global coverage with 70+ holding currencies and 4 local currency accounts
- Receive interest on holding balances in EUR, USD and GBP
- There are no risk management tools with Sokin, so like Wise Business or Airwallex, it can feel very 'self-managed'.
Features | Insight |
|---|---|
Batch payments | Create up to 5,000 batch payments from one CSV |
Expense management and tracking | Tools to track and manage expenses are available |
Pay invoices | Pay single or multiple invoices from the account |
Receive payments | Businesses can receive payments into their accounts |
Marketplace integration | Integrate into popular e-commerce marketplaces via Sokin Pay |
API options | API options are available |
Manage payroll | Businesses can manage payroll from the account |
Supported accounts and currencies
As with Wise Business and Airwallex, Sokin offers local accounts, as well as IBAN accounts. In total, there are 4 local accounts. These accounts provide access to the bigger markets where cross-border payments may be needed.
Sokin local account details
Currency | Account details |
|---|---|
USD | Account number |
CAD | Account number, bank code |
EUR | IBAN |
GBP | Account number, sort code |
Outside of this, Sokin allows businesses to hold up to 75 currencies. For comparison, Wise Business is 40, so this is exposure to markets that even some of the bigger providers are not yet offering.
This coverage is strong, but not suitable for any companies looking for access to South American markets other than Brazil.
Being able to avoid receiving fees or international banking fees in so many locations around the world can make a huge difference to currency risk management.
Paired with the ability to send up to 5,000 payments at once, and Sokin is very much on the way to being one of the stronger providers in the market.
Sokin holding currencies by continent
AOA, XOF, BWP, XAF, CDF, DJF, EGP, SZL, ETB, GMD, GHS, GNF, KES, LSL, LRD, MGA, MWK, MRU, MUR, MAD, MZN, NAD, NGN, RWF, SLL, ZAR, SSP, TZS, TND, UGX, ZMW, ZWL
Interest on balances
Interest is offered Sokin local balances in USD, EUR, and GBP at 1%. This applies to any balances added to a Premium Wallet.
Every 60 days this can be increased to 3%. This applies to any balances added to a Boost Wallet.
Any funds, at 1%, in the Premium Wallet can be accessed as needed.
Any funds in a Boost Wallet, offering a 3% interest rate, will only be accessible once the 60 days from the initial deposit are up.
Sending and receiving cross-border payments
Sending and receiving cross-border payments within the Sokin account is pretty simple in the easy-to-navigate portal.
Batch payments with Sokin
Sokin is a leader in the market in the amount of batch payments that can be sent: 5,000.
This number exceeds the typical 1,000 offered by most other out-of-the-box providers, such as 3S Money or Genome. However, companies like Multipass have an option for unlimited batch payments (although capped at $15,000).
For companies with large demand for regular payments to staff or suppliers, this scope makes Sokin an attractive option to use.
The process of setting up a payment is simple and supports CSV uploads as well.
Sokin fees and costs
Service | Sokin Fees |
|---|---|
Local transfers | No fees |
Sending money abroad | No fees |
Currency conversion rates | Starting at 0.3% |
Receiving fees | 1.2% |
Storing and holding currency | No fees |
Monthly account fees | No fees |
Setup fee | No fees |
Payment management and tracking fee | No fees |
Mass payments fee | No fees but currency conversion fees apply |
Integration fees | No fees |
Other fees | None |
Sokin Pay
As part of its offering, Sokin also provides a payment gateway. Again, this is early in its lifecycle but offers some decent coverage already.
Customers can benefit from multi-currency settlements and international card fees of 2.50% + 15p/20c in the UK and EU, although US pricing is a little higher.
Notably, the Sokin payment gateway option also supports the UAE. Pricing for the UAE is charged in US dollars.
Sokin Pay pricing per location offered
Open Banking | 0.50% |
Domestic consumer cards | 1.20% + 15p |
All other domestic cards | 1.90% + 15p |
All international cards | 2.50% + 15p |
Refund fee | £2.00 |
Chargebacks / disputes | £15.00 |
Signing up for Sokin
Sign up on Sokin website
Visit the Sokin website and click "Create an account now."
Follow the form prompts and fill in basic business information.
Fill in Your Details
Add your details such as full name, position, email, and contact details.
Await Account Confirmation
Your account will be under review. You will need to wait for a representative from Sokin to contact you via email or call you directly.
Provide Business Details
Before you can start using your account, you will need to provide your business details once they call you. Once everything is confirmed you will be able to use the account.
Using the Sokin API within your existing platform
Sokin offers an API that allows for customization of the platform and integration with existing tools.
Unlike providers, such as Equals Money, Xero (or other accounting software) integrations do not come as a native option from Sokin.
The API will solve this problem and once implemented offers a couple of benefits.
Manage balances, multi-currency accounts and set up automated payments
Automate and issue services to clients or customers
Sync accounting data between central business banking, payment gateways, and country-level accounts
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