9 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 9 essential details about Airwallex that you should know 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.

Airwallex is a global payments and financial platform backed by Tencent, a Chinese technology giant. They were established in 2015 in Australia and are now based in Singapore.

They provide a range of financial services for businesses of all sizes, including virtual business accounts, cross-border payment solutions, business cards, and business APIs.

The company recently raised USD 300 million in a Series F round at a USD 6.2 billion valuation, bringing total funding to over USD 1.2 billion. Investors include DST Global, Salesforce Ventures, Visa Ventures, and several Australian pension funds.

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.

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 employs various security approaches, which include advanced fraud detection, encryption, and continuous monitoring to ensure your data is secured.

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

An Airwallex business account combines Global Accounts with a Multi-Currency Wallet, allowing businesses to receive and manage funds across multiple currencies and regions.

1. Global Accounts

You can create various Global Accounts in various regions. Each account provides local account details (e.g., sort code, IBAN or routing number). This means you can receive payments in local currency as if you had a bank account in that country.

For example, the US Global Account gives you local USD account details to receive payments from American clients. Some Global Accounts also support multiple currencies. For instance, the HKD Global Account allows you to collect payments in HKD, CNY, USD, EUR, and more.

Do note that Global Accounts are for receiving only. Funds are instantly routed to your Multi-Currency Wallet.

2. Multi-Currency Wallet

This is where all received payments are held. You can manage, convert, and send funds in over 20 currencies, including HKD, USD, SGD, and EUR, all from a single wallet.

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 200 countries via various payment systems, such as SWIFT and local payouts.
• Flexible Payment Collection: Accept payments 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: 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.

Recently, Airwallex expanded its payment network to include Ghana, Nicaragua, and Lebanon. The company also introduced new features, such as request-and-approval workflows and customisable single-use payment cards.

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.
• 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.
• 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. A chatbot is available on the FAQ pages if you need help with quick questions or common issues.

Airwallex Hong Kong charges a 0.3% fee for each incoming payment from a non-linked account. 

This fee isn’t disclosed during sign-up or on the pricing page. It only becomes visible once your account is set up and you view the fee breakdown inside the platform.

For businesses that receive frequent payments from clients or partners, your cost can add up quickly. It’s an important detail to consider when comparing Airwallex with other Hong Kong business account providers like Statrys.

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.

Physical cards can only be issued in certain countries: Australia, Hong Kong, New Zealand, Singapore, the United Kingdom, and the United States. Delivery to locations outside these regions may not be possible.

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.

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)

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.

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: Once you’ve set up your Airwallex account, you’ll have access to a general receiving account under Airwallex’s name. However, to receive funds under your own company name, you’ll need to create a dedicated Global Account. To do this, 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 you’ll see your company-branded account details on the confirmation screen.

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’s free 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, FX markup fees and others.

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

It’s also important to be aware of receiving fees, which differ by region and are not always clearly disclosed.

In Singapore, for example, there’s a 0.6% fee for receiving Korean Won transfers, which is clearly listed on the fee schedule. However, in Hong Kong, a 0.3% fee applies to incoming payments from non-linked accounts, and this detail only becomes visible after your account is set up.

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

For companies incorporated in Hong Kong, Singapore, or the British Virgin Islands (BVI), Statrys is an alternative worth considering.

Founded in 2019, 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. 

With Statrys, you can hold and manage funds in 11 major currencies and save more on conversions with an FX fee as low as 0.15%. Statrys also focuses on simple and transparent pricing so you can easily estimate costs. You can also apply for a business payment card that supports ATM cash withdrawals.

Every account comes with a dedicated account manager, someone you can actually talk to when you need assistance.

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: