Airwallex is not a bank, but a licensed fintech providing business accounts and payment services.
Airwallex products include virtual business 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.
What is Airwallex?
Airwallex is a global payment and financial platform company offering financial services tailored for businesses of all sizes, including virtual business accounts, cross-border payment solutions, payment cards, business APIs, and more.
Founded in 2015 in Melbourne, Australia, it has now grown to over 1,200 employees in 19 international offices. Airwallex is licensed and regulated as a money service provider in multiple countries, including Hong Kong, Singapore, and the United Kingdom. It also extends its operations to the European Economic Area following its licensing in the Netherlands.
Airwallex is not a bank; however, it is often referred to as a neobank.
The fintech company is backed by Tencent, a Chinese multinational technology and entertainment conglomerate.
This article 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.
💡 Tip: Learn more about their feature, fees, and more in our comprehensive Airwallex review.
|Key Things to Know About Airwallex
|Eligible countries and regions
|52, including Hong Kong, Singapore, the British Virgin Islands, Australia, China, Malaysia, Germany, France, the UK, and the US.
|Eligible company types
|It is not directly specified, but the information on their website suggests that businesses of all types can apply for an account.
|No minimum deposit
|Account opening fee
|No account opening fee
|How long it takes to complete the application
|About 15 minutes
|Average opening time
|1-3 business days
|100% online application
|Key Things to Know
|✅ You can open local accounts in 12 countries with Airwallex.
✅ You transfer funds in over 40 currencies to over 150 countries.
❌ ATM cash withdrawal is not available.
❌ Features, fees, and terms of service vary by country.
|Best Airwallex Alternatives
|Aspire is an option for businesses registered in Australia, Hong Kong, and Singapore. You can open currency accounts in SGD, IDR, USD, EUR, and GBP. However, there are transfer limits for local payments.
Statrys is a business-focused alternative for SMEs based in Hong Kong, Singapore, and the BVI. You can benefit from comprehensive services like multi-currency business accounts, real-time SWIFT payment tracking, cash withdrawal, and more.
Types of Accounts Available
Airwallex only provides business accounts for business transactions. It does not offer personal accounts.
Airwallex’s Global Account is a virtual multi-currency account that offers businesses a streamlined approach to holding, receiving, and sending money in 19 foreign currencies, including HKD, SGD, EUR, and USD.
You can set up local currency accounts with local branch and bank codes and unique account numbers in 12 locations: Australia, Canada, Denmark, the EU (SEPA), Hong Kong, Indonesia, Japan, New Zealand, Poland, Singapore, the UK, and the US. These accounts support international transfers to over 150 countries through SWIFT payment and local payout.
Every Global Account comes with virtual and physical cards called Borderless Cards. They are Visa corporate cards that allow you to make payments in multiple currencies from the balance in your account.
Moreover, Airwallex also offers integration capabilities with accounting software like Xero and Quickbooks to facilitate seamless financial management.
It is important to note that the country of company registration determines the corresponding Airwallex country for account applications.
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 the terms and conditions of Airwallex Hong Kong, which may impact pricing, available products, and prohibited industries.
Your business must be registered in one of the countries listed below to open an Airwallex business account.
Airwallex New Zealand
- New Zealand
Airwallex Hong Kong
- the Cayman Islands
- Hong Kong SAR
- South Korea
- Macau SAR
- The Marshall Islands
- Puerto Rico
- Virgin Islands (British)
- Virgin Islands (US.)
Airwallex United Kingdom
- United Kingdom
Airwallex United States of America
- United States of America
- The Netherlands
- Czech Republic
Eligible Company Types
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. Please be aware that the terms vary by region of operation.
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:
- Certificate of incorporation
- Personal ID, such as a passport, a national ID, or a driver’s licence
- ID of 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)
However, you may need fewer or more documents depending on the country of your incorporation and the type of your company.
📌 Note: You must ensure that the file is clear and readable. The file should not exceed 10MB and is limited to PDF, Word, JPG, 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
- Certificate of Incorporation
- The ID of Authorised Person
- ID of UBO
For Sole Proprietorship Accounts
- Business Registration
- The ID of Authorised Person
- ID of UBO
For Partnership Accounts
- Business Registration
- Partnership Disclosure & Declaration Form
- The ID of Authorised Person
- ID of UBO
Please refer to Airwallex’s Preparing KYC Documentation page for an accurate list of required documents for other regions.
Application Forms and Useful Resources
New users can apply for an Airwallex business account through the online portal.
How To Open an Airwallex Account
Unlike traditional banks, you don't have to get in queues 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.
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.
🔐 Tip: Choose a password that combines upper case letters, lower case letters, and numbers for security.
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. 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 read and accept the terms and conditions, then submit your application by clicking “Create Account.”
Once you set up an account, Airwallex will email you to complete an account verification or KYC (Know Your Customer) process.
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
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 Long Does It Take To Open an Airwallex Account?
It takes around 15 minutes to complete the online application form for an Airwallex account.
Airwallex will process your application within one to three days after submitting all the required documents and business information. During this process, their onboarding team may contact you for additional supporting documents.
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. There are also no fees to get employee and corporate cards.
For other service fees, including charges for local payouts, sending SWIFT payments, FX conversions, and expense management, please refer to Airwallex’s pricing and fees page.
|Account Opening Fee
How to Contact Airwallex Customer Support?
You can contact Airwallex customer support through the following channels:
- Fill out a form on their support page
- Online chatbot
If you are a customer in Canada, China, or the United States, you can call the following numbers for local customer support:
- Canada: +1 (450) 367-5490 Available from 8:00-18:00 PDT / PST
- China: +864008663888 Available from 9:00-18:00 CST
- United States: +1 855 932 3331 Available from 8:00-18:00 PDT / PST
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 business banking 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.
|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.
|HKD 88 (with a dedicated account manager)
|Customer Support Channels
|Website, Live Chat, Email, Phone, WhatsApp, and WeChat
|SWIFT Payments & Tracking
|Send local payments in 14 currencies: HKD, AUD, EUR, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, USD, and VND
|Physical and virtual cards
|FX rate and Fee
|Competitive exchange rates with FX fees as low as 0.1%
|Free Invoicing Software
|Create, manage, and send invoices efficiently
|Company Registration Service
|100% online Hong Kong and Singapore company registration.
|4.6/5, based on 254 reviews
Is Airwallex a bank?
No, Airwallex is not a bank. However, it is licensed and regulated as a financial services provider in its operating countries.
Where is Airwallex from?
What is the minimum balance for Airwallex?
How long does it take to open an Airwallex account?
How does Airwallex work?
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.