The world is currently being hit with a huge digital revolution.
Now, many services we require in our daily lives have become automated and can be accessed electronically.
This applies to the banking sector which is currently experiencing major technological disruption.
What are digital banks?
A digital bank is not simply an online account but is a banking organization as a whole that operates completely electronically and has no physical office or branch.
Everything from setting up your account, managing your banking activities, contacting customer service can be done from the comfort of your home regardless of your location.
There are a number of benefits that come with using a digital bank compared to a traditional one.
Firstly, since everything is automated, you will not need to wait for a person to provide any hard copies of documents or forms, and neither will you have to wait a long time for someone to approve these documents and then process your transactions.
What is Airwallex?
Airwallex was established in Melbourne, Australia, in 2015.
It is a global payments fintech platform that transforms the way businesses function and manage their money on a local and global level.
Their purpose is to empower businesses ranging from small start-ups to large multinationals to grow and develop within their respective markets worldwide.
Using technology as its driver, Airwallex has developed a global financial infrastructure platform that allows businesses to make and receive payments in any foreign currency across 130+ countries and 50+ currencies conveniently and efficiently.
Within the span of six years, Airwallex has grown to become Australia’s fastest-growing fintech unicorn and has gained funding from leading global investors.
What services does Airwallex provide?
While Airwallex is simply an online payment platform and is not categorized as a bank, it offers multiple business services for your benefit.
1. Multi-currency Business Accounts
You can hold, collect and send money in multiple currencies and avoid double conversions and the uncertainty that comes with volatile currency fluctuations.
2. Easy Transfers
You can now save on routine business expenses with zero international fees (other fees and charges may apply) and competitive exchange rates.
3. Virtual Debit Cards
You can now create virtual debit cards, set your own customizable spending limits, and manage employee expenses, all in one place.
4. Xero Integration Bets
Lastly, you can automatically sync your multi-currency transactions to Xero and ensure that your records are always updated.
Alternatives to Airwallex
While Airwallex is one of the most well-known digital business account providers to come out of Australia, there are plenty of other fantastic alternatives in other jurisdictions that offer a similar experience.
Here's some fantastic alternatives to Airwallex:
Statrys is one of the most prominent global virtual business account platforms on the globe, offering a multi-currency business account to SMEs through its intuitive platform.
Across the globe, opening a business account as a small company can be difficult, if not impossible, for a lot of them.
Statrys takes the entire account opening process online and makes sure that SMEs can not only open an account online but enjoy a Hong Kong business account without any paywalls.
Statrys provides a Mastercard payment card for its clients.
Currenxie is a fantastic cross-border platform for multi-currency payments, helping businesses enjoy a borderless payment experience without any headaches.
They provide API access to help with mass payments or integrated payment experiences for businesses that need it.
Currenxie also provides a Visa payment card to make payments in person.
Neat is one of the first digital business account providers in Hong Kong, long before digital banks were given their first licenses.
Neat helps ferry companies into Hong Kong through a partnership with experts on the matter and then helps those companies to set up a business account.
Neat is a mobile-centric payment experience offering a Visa payment card.
Registering and Setting Up Your Account
You can create an Airwallex account online here.
- All you have to do is provide your first and last name and business email to get started.
- You will also have to create a password to secure your account.
- You will have to provide the name of your business and the location it is registered in.
- You will also have to provide a mobile number for you to be contacted at
- Lastly, you will have to agree to the Terms & Conditions and Policies.
Verifying Your Account
For security purposes, you will need to confirm your email before submitting your account verification.
Step 1: Providing Your Business Details
After verifying your account, you will have to provide some basic information about your business, including your business registration location, company structure, business industry, and a link to the company website or social media pages.
To help validate your business, you will also need to describe the industry your business is in more specifically and clearly describe the type of goods and services your business provides.
This step will approximately take 5 minutes.
Step 2: Using Airwallex
Next, you will have to provide information about the details of your transactions with Airwallex.
These details include where, how, and how much you plan to spend and receive using the money you hold in your Airwallex account.
You will need to provide the following information:
- List of countries you will be receiving funds from
- List of countries you will be sending funds to
- List of all the countries your company is incorporated in and where you have a physical office with employees (excluding independent contractors and freelancers).
- An estimate of how much you expect to send and receive each month.
- Where you will be collecting money from - This can include marketplaces such as Amazon, payment gateways such as Paypal, existing bank accounts, third parties, and other payment service providers such as Wise and Western Union.
- Where you will be paying money to - This includes withdrawing money to existing accounts under the same name, employees, contractors, suppliers, investors, or any other related subsidiaries of the companies.
Step 3: Uploading your documents
Now you have to upload the following documents:
- Certificate of Incorporation/Executed Trust Deed (Make sure to include the full deed, including the signing page and schedule)
- Memorandum and articles of association or equivalent company constitution
- Copies of personal ID (driver's license or passport) and personal address for all Director(s). You will also have to disclose whether any of these directors are Ultimate Beneficial Owners
- Copies of images of personal IDs for ALL Ultimate Beneficial Owners who own or control, directly or indirectly, 25% or more shares in the business.
Make sure you carefully review your information before submitting your verification.
You will have to confirm that the applicant authorizes you to fill out the Airwalelx form and operate the account on behalf of the applicant.
Now all you have to do is wait for the Airwallex team to review your information!
This process usually takes 1-3 business days, and if any additional details regarding your application are required, a member of the Airwallex team will contact you.
Interested in a more human approach to business accounting?
Open a business account with Statrys and get access to 11 currencies in one account.