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

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Airwallex is not a bank but a licensed fintech company that offers financial products to businesses, including business accounts, local and international transfers, multi-currency debit cards, and foreign exchange services.

You will need to provide supporting documents to open an account with Airwallex. This includes your business registration certificate, articles of association, and ID and address proofs of all owners.

Opening an Airwallex account can be done remotely, and your account will be activated within 3 business days of submitting all the required documents.

What Is Airwallex?

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 19 international offices and is supported by Tencent, a Chinese technology giant.

Is Airwallex a Bank?

No, Airwallex is not a bank, but it is often referred to as a neobank. However, Airwallex is a licensed money service provider in countries where it operates, including Hong Kong, Singapore, the United Kingdom, and Europe.

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Tip: Learn more about Airwallex with our comprehensive Airwallex review

Types of Accounts Available

Airwallex only provides business accounts for business transactions. It does not offer personal accounts.

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Recommended: Learn what a business account is with our “What is a Corporate Account?” article.

Business Account

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 
  • 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 Shopify and WooCommerce for seamless financial management
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Note: A 0.3% fee of the transaction amount will be charged for all incoming transfers from non-owner accounts.

Next, we will provide all the essential information you need before opening an Airwallex business account, including eligibility, required documents, and a step-by-step guide on setting up your account.

Without further ado, let’s dive in.

Eligibility

Next, we will provide all the essential information you need before opening an Airwallex business account, including eligibility, required documents, and a step-by-step guide on setting up your account.

Countries Eligible

It is important to note that the country of company registration determines the corresponding Airwallex country for account applications.

For example, Hong Kong, South Korea, Puerto Rico, Thailand, and Marshall Islands businesses can only apply for an Airwallex account through Airwallex Hong Kong. These businesses will be subjected to the terms and conditions of Airwallex Hong Kong, which may impact pricing, available products, and prohibited industries.

Your business must be registered in a country supported by Airwallex to open an Airwallex business account. 

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Note: Since 10 April 2024, Airwallex launched the Borderless Card in Canada. Therefore, New Zealand remains the only registered country where these cards are not yet available.

Company Types Eligible

Based on Airwallex’s FAQs page, 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.

We recommend checking Airwallex’s sign-up terms and policies to check whether you are eligible.

What Documents Do I Need to Open an Airwallex Account?

The document requirements for opening an account with Airwallex vary depending on the region. In most cases, you will need:

However, you may need fewer or more documents depending 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).

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Note: You must ensure that the file is clear and readable. The file should not exceed 10MB and is limited to PDF, Word, JPEG, PNG, and BMP formats.

Document Requirements for Hong Kong Companies

To get an Airwallex account as a Hong Kong company, you will have to prepare the following documents.

For Limited Company Accounts

For Sole Proprietorship Accounts

For Partnership Accounts

  • Business Registration
  • Partnership Disclosure & Declaration Form
  • ID of Authorised Person
  • ID of UBO


Please refer to Airwallex’s “Preparing KYC Documentationpage for an updated list of required documents for other regions.

Statrys mobile application dashboard showing a total balance in a business account.

How To Open an Airwallex Account

Unlike traditional banks, you don't have to queue at a physical branch to open a business account with Airwallex. Instead, the application process for an Airwallex account is entirely online and can be done within 15 minutes. 

Here are the 5 steps to get started:

Step 1: Visit Their Website

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

Step 2: Provide Your Name and Business Email Address

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

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. 

Step 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. 

Step 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, Airwallex will email you to verify your email address. If you don’t see it in your inbox, please check your junk or spam folders.

After that, you will need to complete the account verification process to activate your account.

How to Verify Your Account

The KYC process is a standard requirement for opening business bank accounts. It is designed to help Airwallex review your application and determine whether to open a business account for your company.

You will need to go through the following steps.

Step 1: Provide Your Business Information

You will have to provide basic information about your company, including the country of registration location, your registered business entity, your business registration number, and a link to the company website or social media pages.

Also, you must provide a detailed description of your company's industry and the goods or services your business offers.

Step 2: Provide Your Monthly Turnover and Business Locations

Next, you will need to select your business's estimated monthly turnover. You must also choose the top five business locations where your business has or intends to have connections through transactions, investments, offices, or employees.

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Important: If you or your business have any links to entities or individuals in Iran, Syria, Cuba, North Korea, or Sudan, you must inform Airwallex.

Step 3: Upload Your Documents

Lastly, you should be ready to upload the supporting documents, including the Certificate of Incorporation, Articles of Association, copies of the personal ID of every UBO, and an ownership structure chart.

After you complete the KYC process, the onboarding team will verify your account within 1 - 3 working days. A member of the Airwallex team will contact you if additional details regarding your application are required.

How Much Does It Cost to Open an Airwallex Account?

Opening a business account with Airwallex is free, with no monthly fees or minimum deposit.

For other service fees, including charges for local payouts, sending SWIFT payments, FX conversions, and expense management, you can refer to Airwallex’s pricing and fees page. 

Fee Type

Amount

Account Opening Fee

Free

Monthly Fee

Free

Airwallex Alternative: Statrys

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

Founded in 2019, Statrys offers financial services for modern SMEs, providing multi-currency business accounts and dedicated customer support for seamless global business operations. 

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

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

Statrys Services

Multi-Currency Business Account

Hold, receive, and send money in 11 currencies: USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD.

Business Account Opening Requirements

Must be incorporated in Hong Kong, Singapore, or the BVI.

Monthly Fee

Free (if 5 or more outgoing transfers are made in the month)

Customer Support Channels

Website, Live Chat, Email, Phone, WhatsApp, and WeChat

SWIFT Payments & Tracking

yes

Local Payments

Send local payments in 12 currencies: AUD, EUR, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, USD, and VND

Payment Cards

Physical and virtual cards

FX rate and Fee

Competitive exchange rates with FX fees as low as 0.15%

Xero Integration

yes

Free Invoicing Software

Create, manage, and send invoices efficiently

Company Registration Service

100% online Hong Kong and Singapore company registration.

Trustpilot Score

4.7/5, based on 284 reviews (retrieved on 6 June 2024)

A dropdown of some supported currencies by the Statrys business account.

FAQs

Where is Airwallex from?

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Airwallex was established in Australia in 2015 and then expanded to other countries like Hong Kong and Singapore.

What is the minimum balance for Airwallex?

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How long does it take to open an Airwallex account?

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How much does it cost to open an Airwallex account?

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How does Airwallex work?

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Disclaimer

More info

Statrys competes directly with Airwallex in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.

Fact checked by
Djon Ly

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