Key Things to Know Before Opening an Airwallex Account [2024]

If you are considering using Airwallex for your business, you’ve made the right choice to do some research before opening an account. 

In this article, we will share all the key details about Airwallex so you don’t need to spend hours looking for the information on the website. This article will cover topics such as: 

• What Airwallex is
• Who is eligible for Airwallex accounts
• Which documents you need to provide to Airwallex
• How to open an Airwallex account
• Does it cost any money to open an account?
• Airwallex alternative

If this sounds like what you are looking for, this article is for you!

Established in 2015 in Australia, Airwallex is a global payment and financial platform company. It offers financial services tailored for businesses of all sizes, including virtual business accounts, cross-border payment solutions, payment cards, and business APIs. 

It has grown to over 1,200 employees in 22 international offices and is supported by Tencent, a Chinese technology giant.

Airwallex is a licensed money service provider in countries where it operates, including Hong Kong, Singapore, the United Kingdom, and Europe.

Airwallex only provides business accounts for business transactions, meaning that it does not offer personal accounts.

Airwallex’s business account allows you to manage multi-currency transactions with ease. Below are the key benefits you can expect from the account.

• Multi-Currency Capabilities: Manages funds in 19 currencies, including HKD, SGD, EUR, and USD.
• Flexible Payment Collection: Collect funds from various payment methods, such as local payment networks, payment gateways (i.e., PayPal and Stripe), and payment links.
• Local Accounts Options: Set up local currency accounts with unique account numbers in 12 locations, including Australia, Singapore, the EU, the UK, and the US.
• Global Transfers: Make international online payments to over 150 countries via SWIFT and local payouts.
• FX Services: Offers competitive exchange rates based on interbank rates. You can convert money at spot rates or lock in your preferred rate with forward contracts.
• Borderless Cards: Offers virtual and physical Visa corporate cards, allowing you to make payments in multiple currencies from the balance in your account.
• Software Integration: Connect with accounting software like Xero and Quickbooks and ecommerce platforms such as Amazon and Shopify for seamless financial management

Airwallex offers financial solutions to businesses worldwide. To determine if your business is eligible, you'll need to check if Airwallex operates in the country where your company is registered.

Please note that the country where your company is registered will determine which Airwallex entity will manage your account, and this will affect the products, pricing, and terms of service available to you.

Check the table below to see if Airwallex operates where your company is registered and see which Airwallex products are available for your business.

According to Airwallex, every business entity is eligible to apply for a business account as long as it is for business purposes. However, you must not be operating in any prohibited industries, including but not limited to investment firms, arms dealers, gambling companies, pharmaceutical companies, and charities.

The documents required to open an account with Airwallex vary depending on the region and your company type. In most cases, you will need:

• Certificate of Incorporation or Business Registration
• Personal ID, such as a passport, a national ID, or a driver’s licence 
• ID of authorised person and the Ultimate Beneficial Owner (UBO) 
• Ownership structure chart or organisational chart (if applicable)
• Memorandum and Articles of Association (M&A) of your company (or equivalent company constitution documents)

The amount of documents you need to provide will depend on where your company was incorporated and the type of your company.

For example:

Let’s say you are a UK-based sole trader, you only need to provide your personal ID and proof of legal entity address (any bill or bank statement dated in the last three months).

Please refer to Airwallex’s “Preparing KYC Documentation” page for an updated list of required documents.

Opening an account with Airwallex is easy, and the application process is entirely online and can be done within 15 minutes. 

Here are the 5 steps to get started:

1. Visit Airwallex’s Website

The first step to setting up an Airwallex account is to go to Airwallex's homepage and click “Get started” in the top right corner.

2. Provide Your Name and Business Email Address

After getting into the account sign-up portal, you will have to fill in your name and business email. You will also have to create a password for your account at this step.

3. Provide Your Business Name and Phone Number

You’ll have to provide the name of your business, then select the location where your business is registered from a drop-down list. 

Next, you must fill in your mobile number to receive an OTP. You will have to contact Airwallex’s customer support if you do not have a local number in their list of regions.

4. Verify Your Number

Airwallex will send an SMS to the phone number you provided in the previous step. Simply fill in the code you received to verify your number. 

5. Complete Your Application 

The final step to creating your Airwallex account is to specify its purpose and then read and accept the terms and conditions. Finally, submit your application by clicking “Create Account.” 

Once you set up an account, you will need to complete the account verification process (KYC) by uploading your supporting documents.

The onboarding team will verify your account within 1 - 3 working days, and a member of the Airwallex team may contact you if additional details regarding your application are required.

Statrys is an alternative to consider if your company is incorporated in Hong Kong, Singapore, or the BVI.

Founded in 2019, Statrys is a modern payment solution for SMEs. It provides multi-currency business accounts, Xero integration, and dedicated account managers to support each customer for seamless global business operations. 

Statrys is fully licensed and operates as a Money Service Operator in Hong Kong and a Small Payment Institution in the UK. The account opening process is entirely online, and 96% of successful applicants opened their accounts in less than 3 days.

In addition to multi-currency accounts, Statrys also provides company registration services in Hong Kong and Singapore.

Here is a summary of Statrys' services below: