3S Money is an international business banking platform that was established in 2018. It offers moving companies the opportunity to set up bank accounts in various currencies, enabling them to receive payment from their customers and origin agents quickly, easily, and at low cost.

The initiative is the brainchild of a team of international finance experts with different backgrounds who identified a need for improvement. Yann Corvellec, a shipping specialist with financial experience, including ten years working for groups such as AGS and DEMECO, manages the development in the moving and relo industry. He said that when he was in the moving & shipping and business, banking transactions with traditional institutions (banks) took a long time and were very expensive.  3S Money cuts through those delays and puts companies in charge of their own financial transactions.

Yann also mentioned that many banks are reluctant to allow companies to open accounts in different currencies.  But through 3S, a moving company can open accounts in over 40 currencies.  This will enable them to receive payments into their own accounts without having to pay the banks’ negotiating fees.  Money can then be transferred, quickly and cheaply, into the company’s preferred currency when the exchange rates are favourable.

“3S Money wanted to create a system that would streamline financial transactions for logistics companies, including shipping lines and moving companies,” he said.  “If a company in the US sends you $5000, you receive $5000.” 

The system is also much faster than a typical wire transfer. A transfer from the US to China, for example, typically takes five to seven working days,” said Yann.  “With 3S Money, it’s done in 24 hours. We can do a European transfer in three hours or less.” The time saving ensures that money is received by suppliers or from customers in good time to avoid any delays and consequential demurrage charges.

To join 3S, a company needs to prove that it is a legitimate business.  Compliance takes five to seven days. “Once it’s set up, you can request an IBAN in any currency,” said Yann.

The 3S Money Club makes its money from small FOREX transactions, with highly competitive rates, when money is transferred into different currencies (much more competitive than the usual 3% charged by most banks). The organization also has resident experts who can provide guidance to help companies decide when the time is right to make foreign exchange transfers.

The company works with shareholders and directors in over 190 countries.

Photo: Yann Corvellec.