8 Key Things to Know Before Opening an Airwallex Account [2025]

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

This article outlines 8 essential details about Airwallex that you should know about before opening an account. We'll cover how the Airwallex business account works, its core features, limitations, eligibility criteria, available services by region, required documents, steps to open the account, and associated costs.

Read on to find out everything you need to know before opening an Airwallex account.

Established in 2015 in Australia, Airwallex is a global payments and financial platform backed by Tencent, the Chinese technology giant. It provides a range of financial services for businesses of all sizes, including virtual business accounts, cross-border payment solutions, business cards, and business APIs.

Yes, Airwallex is safe. The platform is regulated and implements a variety of security measures to protect both users and their funds. 

Airwallex is not a bank, but it holds financial service licenses in multiple countries, including Hong Kong, Singapore, Australia, the Netherlands, the United Kingdom, the United States, Canada, China, Lithuania, Malaysia, and New Zealand. [1] These licenses mean that Airwallex is regulated and monitored by financial authorities in those jurisdictions, which helps ensure that they follow compliance and data security rules.

The company also publishes information on how they employ a multi-layered approach to security, which includes advanced fraud detection, encryption, and continuous monitoring, as outlined below: [2] 

• Airwallex is SOC 2 Type II compliant, which means it meets a standard that evaluates how well a company’s systems and controls protect customer data. SOC 2 Type II is a voluntary compliance framework established by the American Institute of Certified Public Accountants (AICPA). Airwallex’s report is prepared by a third-party firm through annual assessments.
• Account Protection with 2FA: User accounts are safeguarded using two-factor authentication (2FA) and advanced identity verification methods. Suspicious activity is actively monitored.
• Data Encryption: Customer data is encrypted using TLS v1.2 and AES256, ensuring security during both transmission and storage.
• Card Security: Airwallex is PCI-DSS Level 1 certified, utilizing 3D Secure and PCI-DSS compliance to secure card transactions, along with real-time fraud detection.
• Fraud Detection & Monitoring: Advanced fraud detection systems, continuous monitoring, and regular security audits ensure a high level of protection.

Airwallex only offers business accounts for business transactions and does not provide personal accounts.

An Airwallex business account combines local currency accounts with a multi-currency wallet. You can create various local currency accounts called "Global Accounts" in various regions. For example, a US Global Account, lets you receive payments in USD with local account details—making it seem like you have a US-based account. [3] 

Each Global Account can either be a local currency account for receiving funds in the local currency (e.g., USD in the US, AUD in Australia) or a multi-currency account (eg. Airwallex’s Denmark account allows you to collect funds in multiple currencies). These accounts are for receiving funds only and do not store funds.

After receiving funds through these accounts, they are stored in your Multi-Currency Wallet. The wallet allows you to hold, manage, and send money. [4]

Below are the key benefits you can expect from the account and the wallet.

• Multiple Local Currency Accounts: Set up local currency accounts with unique local account numbers in over 10 major markets, including Australia, Canada, Denmark, the EU, Hong Kong, Indonesia, Mexico, New Zealand, Poland, Singapore, the UK, the US, and the UAE. This allows you to manage funds in over 20 currencies, including HKD, SGD, EUR, USD, and more. 
• Global Transfers: Make international online payments to over 150 countries via various payment systems, such as SWIFT and local payouts.
• Flexible Payment Collection: You can collect funds from various payment methods, such as local payment networks, payment gateways (e.g., PayPal and Stripe), and payment links. The available payment methods depend on your location and account type.
• FX Rates and APIs: Airwallex offers competitive exchange rates based on interbank rates. You can also use their APIs to programmatically lock in rates.
• Apply for a Corporate Card: Get a virtual company card and both virtual and physical employee Visa cards to make payments from your account balance. Direct Billing supports USD, AUD, CAD, SGD, NZD, HKD, JPY, EUR, GBP, and CHF. Otherwise, the conversion rate is based on Visa’s daily rate. 
• Software Integration: Connect with accounting software like Xero and Quickbooks and ecommerce platforms such as Amazon and Shopify for seamless financial management

In 2025, Airwallex is set to add several new features, including manual capture for Shopline payments, bulk transfer approvals on mobile, TWINT payments in Switzerland, guaranteed settlement with currency conversion, and wallet-to-wallet transfers via Airwallex Pay. [5] 

Now that you’re familiar with Airwallex’s many useful features, it’s also important to understand its key limitations to determine if it meets your needs. Here are the main restrictions:

• The cards are designed for payments, but they do not support ATM withdrawals.
• Foreign currency conversion transactions are limited to USD 100,000 (or the equivalent) unless explicitly approved for a higher limit. Attempts to exceed this limit by structuring multiple transactions may result in blocked transactions. [6]
• The limits for Airwallex payouts and deposits vary based on factors like currencies, payment channels, and account settings, as well as restrictions from banking partners. Likewise, transfer limits depend on the transfer method, recipient type, and account configuration. For detailed limits, refer to the Payout Network guide on the Airwallex website, then select your region. [7]
• Airwallex operates online only, with no physical branches. Customer support is available primarily through email. Phone support is available in selected regions, including China, Canada, and the US. Details on other support channels are relatively limited.

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. The country of registration will also determine which Airwallex entity manages your account, influencing the available products, pricing, and terms of service.

Refer to the table below to check if Airwallex operates in your company’s registered country and see which Airwallex products are available for your business. [8]

Physical cards can only be issued in Australia, Hong Kong, Singapore, the United Kingdom, and the United States. Delivery to locations outside these regions may not be possible. [9]

According to Airwallex, every business entity is eligible to apply for a business account, provided it is for legitimate business purposes involving the sale of goods or services. However, you must not be operating in any prohibited or restricted industries, including but not limited to investment firms, arms dealers, gambling companies, pharmaceutical companies, and charities.

The list of prohibited industries and policies may vary by region. [10]

In addition to prohibited industries, without approval, you may not use Airwallex services for the following businesses or to support transactions which involve the following restricted activities:

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 
• Proof of address
• 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, if 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. [11]

Once you have gathered all the required documents, follow these steps to open an Airwallex account:

• Visit the Airwallex Website: Go to the Airwallex sign-up page at https://www.airwallex.com/signup and click "Get Started" to begin the registration process.
• Fill in Your Details and Documents: On-screen instructions will guide you through entering your personal and business information and uploading the required documents. 
• Wait for Approval: Airwallex will review your application and verify your identity. They may email you for any additional documents or processes needed. This process may take 1 - 3 business days. Once approved, you’ll receive a confirmation email. 
• Access Your Account: Log in to your new Airwallex account to start managing international payments and finances. 
• Opening a Global Account: After setting up your Airwallex account, you won’t have any local currency available just yet. You’ll need to create each one as needed. To create a local currency account, navigate to "Wallet > Global Accounts" in the Airwallex web app. Click "Create Global Account", choose a location and currency, and review the supported payment methods. Once confirmed, your Global Account will be created, and a confirmation screen will display all account details.

To view your Global Accounts, go to “Wallet > Global Accounts”, select an account, and use filters to refine by location or currency. Click "Show all details" for additional information. 

It costs nothing to open an Airwallex business account. There are no initial fees, minimum deposits, or balance requirements.

However, like most providers, various fees apply once the account is in use. These include fees for receiving payments, FX conversion, sending payments, and others. Notable Airwallex fees include a 0.3% charge on payments received from non-owner accounts, which may add up over time, as well as an FX markup fee that varies by currency. 

The fee structure varies by region. For instance, while most regions do not charge a monthly fee, Airwallex in Australia and the UK uses a tiered monthly fee model. In this case, you can waive the monthly fee by maintaining a minimum balance.

For precise, country-specific details, refer to Airwallex's fee schedule page and select your country for accurate information. [12]

For companies incorporated in Hong Kong, Singapore, or the BVI, Statrys is an alternative worth considering. 

Founded in 2018, Statrys is a modern payment solution for SMEs. It is licensed as a Money Service Operator in Hong Kong and a Small Payment Institution in the UK. 

Statrys multi-currency business account can be used to make both international and local transfers. It comes with payment cards, competitive FX services, accounting software integration, and dedicated account managers to support each customer for seamless global business operations. Statrys also focuses on simple pricing and dedicated customer support through multiple channels, including phone, live chat, and email. 

The account opening process is entirely online, and 96% of applicants who met all eligibility criteria had their accounts approved within 3 days.

Below is a summary of Statrys' services: