Airwallex is not a bank, but a licensed fintech providing business accounts and payment services.
Airwallex products include multi-currency accounts, local and international transfers, multi-currency debit cards, foreign currency exchange, and software integration.
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.
Because fintech companies are still relatively new, you may wonder if opening an Airwallex business account will serve your needs like a traditional bank account would.
This article will provide a general background of Airwallex, from who founded the company to what services they provide. We will also guide you through the process and requirements for opening an Airwallex account.
💡Tip: Want to learn more about Airwallex? Our in-depth review of Airwallex covers everything, from their services, fees, pros and cons, and alternative options.
General Background Information
Airwallex was first established in Melbourne - Australia, in 2015 and has then expanded to other countries like Hong Kong, Singapore, and the US.
The company was founded by Jack Zhang - acting as CEO Jacob Dai, Lucy Liu, and Max Li. It is backed by Tencent, a Chinese multinational technology and entertainment conglomerate and holding company headquartered in Shenzhen.
As of December 2022, Airwallex has raised USD 902M across 12 funding rounds with 22 investors.
Like other payment fintech companies, the business model of Airwallex is built upon the generation of fees in connection with the transactions their clients execute.
What is Airwallex?
Airwallex is often referred to as a digital bank or a neobank. However, legally speaking, Airwallex is not a bank, so it does not offer all banking services in the same way HSBC, Citibank, or any other legacy bank would do.
Instead, Airwallex is a payment fintech fully licensed to provide business accounts and payment services under the applicable regulations of the countries where they operate.
Airwallex aims to transform the experience of small and medium-sized enterprises with business banking. Think of their platform as finance business tools consolidated in one place to help any international business manage their local and international payments with low fees.
What Services Does Airwallex Provide?
First, you should know that Airwallex does not offer personal accounts to individuals. They only offer accounts for businesses registered in certain countries.
Airwallex services include the following:
1. Multi-Currency Business Accounts
Airwallex's multi-currency accounts or Global Account offers businesses a simplified and versatile approach to managing funds and processing payments across 17 currencies by aggregating local accounts.
This multi-currency account lets your company hold, collect, and send money in all major currencies.
2. Easy Transfers
You can now execute local and international transfers (SWIFT) without worrying about fees. Low and transparent fees apply when you transfer money so you can manage payments with peace of mind.
3. Corporate Cards
Airwallex offers virtual and physical debit cards for businesses. You can provide your employees with a business debit card and manage all card transactions with customizable spending limits, all in one place.
4. Foreign Currency Exchange
In case your business deals with multiple currencies, Airwallex offers competitive exchange rates. The exchange rate for each currency pair (e.g., USD /EUR) is based on the interbank rates.
5. Software Integration
Lastly, you can automatically synchronize your business transactions to accounting software such as Xero, NetSuite, and Quickbooks. That way, you will ensure that your records are constantly updated.
Requirements for Opening an Airwallex Account
To open a business account with Airwallex, your business must be registered in the countries listed below.
- The Cayman Islands
- Hong Kong SAR
- Korea, South
- Macau SAR
- The Marshall Islands
- The Netherlands
- New Zealand
- Puerto Rico
- United Kingdom
- United States of America
- Virgin Islands (British)
- Virgin Islands (US)
Moreover, Airwallex does not provide services to restricted businesses due to government regulations or increased risk of money laundering and terrorism financing.
Here’s the list of restricted businesses:
- Adult entertainment and services
- Arms and weapons dealers
- Gambling services
- Investment companies
- Pharmaceutical companies
- Second-hand vehicles dealers
- Bearer share entities
Please find more information on the terms and policies page on Airwallex.
It’s important to note that the country of registration determines the corresponding Airwallex country for account applications. Account terms and conditions vary across countries.
For example, businesses in Hong Kong, South Korea, Mexico, Thailand, and Taiwan can only apply for an Airwallex account through Airwallex Hong Kong. These businesses will be subject to Airwallex Hong Kong’s terms and conditions, which may impact pricing, available products, and prohibited industries.
❗Note: It is essential to check which Airwallex entity applies to your business and read the relevant terms and conditions before opening an account.
How to Apply for an Airwallex Business Account?
The steps to create a business account with Airwallex are as follows:
- Go to their homepage and click ‘Get started.’
- Provide your name and business email address.
- Create a password.
- Provide your business name.
- Select the country where your business is registered.
- Provide your phone number.
- Enter an SMS verification code.
- Agree on terms and conditions.
- Click ‘Create account.’
Once you set up an account, Airwallex will email you to complete an account verification or KYC (Know Your Customer).
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, 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: Describe Your Future Transaction Plans
Next, you must provide information about your future business expenses and transactions with Airwallex.
You must provide details on how and where you plan to send and receive money from your Airwallex account.
Here are the lists of required information.
- List of countries you will receive payments from.
- List of countries you will be sending funds to.
- List all the countries where your company is incorporated and has a physical presence with employees (excluding independent contractors and freelancers).
- An estimate of how much you expect to send and receive each month.
- Where you will collect money from - This can include marketplaces such as Amazon, payment gateways such as Paypal, third-party bank accounts, and other payment service providers such as Wise and Western Union.
- Where you will pay money to - This includes payment to employees, contractors, suppliers, investors, or any other related subsidiaries of the companies.
Step 3: Upload Your Documents
You will be expected to upload the following documents:
- Incorporation certificate of your company in one of the eligible countries
- Memorandum and Articles of Association (M&A) of your company (or equivalent company constitution documents)
- Copies of personal ID and proof of address for all director(s). You must also disclose whether these directors are Ultimate Beneficial Owners (UBO).
- Copies of personal ID for all UBOs who own or control, directly or indirectly, 25% or more shares in the business.
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.
📝 Note: You must ensure that the image is clear and readable. The file should not exceed 10MB and is limited to PDF, Word, JPG, JPEG, PNG, and BMP formats.
Is Airwallex Safe to Use?
Yes, it is safe to use Airwallex.
Airwallex is a licensed and regulated financial service provider in its operating countries, including Australia, Canada, Hong Kong, Malaysia, New Zealand, Singapore, The Netherlands, the United Kingdom, and the United States.
Airwallex Alternative - Statrys
If you have a business registered in Hong Kong, Singapore, or the British Virgin Islands (BVI), you may consider opening an account with Statrys as a primary or secondary business account.
Rated at 4.6 stars on TrustPilot for its personalized customer support and functional tech, Statrys is a popular alternative to Airwallex for businesses in Hong Kong, Singapore, and the BVI.
Statrys offers financial services tailored to your business needs, including:
- A multi-currency business account that can hold 11 different currencies.
- Virtual and physical business cards have built-in controls to manage expenses and cash withdrawals through ATMs.
- FX services with competitive exchange rates (spot and forward contracts)
- All transaction fees are cheaper than with traditional banks.
- XERO integration to save time and resources using automated accounting.
The entire account opening process is online, and 85% of the clients have their accounts approved in less than 3 days.
We have also developed a full comparison of Airwallex and Statrys to help you decide which platform best fits your business.
We hope this article has provided clear instructions on how to open an Airwallex business account. If we still need to include something about Airwallex business accounts, please email us at email@example.com.
This review is based on information available on the Airwallex website as of August 2023.
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.
Our insights are derived from industry experience and discussions with clients who have also used our competitors' services. While we'd love for you to choose us, what's most important is that you make the decision that's right for you.
If you have any feedback regarding this review, please contact us at firstname.lastname@example.org
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