Statrys Payment Platform Ecosystem

How to Open an Airwallex Account Online

Statrys Team
Published: 16 Aug 2021

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    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.

    Digital banks and Neobanks are becoming more and more common as seen by the introduction of new innovative payment platforms such as Revolut, Monzo, Starling Bank, Statrys, and now Airwallex

    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.

    Airwallex has been listed in Forbes’ Cloud 100 2020 and has also secured a position in the Top 50 of KPMG’s Global Fintech 100 twice already.

    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.

    These include:

    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.

    1. Easy Transfers

    You can now save on routine business expenses with zero international fees (other fees and charges may apply) and competitive exchange rates.

    1. Virtual Debit Cards

    You can now create virtual debit cards, set your own customizable spending limits, and manage employee expenses, all in one place.

    1. Xero Integration Bets

    Lastly, you can automatically sync your multi-currency transactions to Xero and ensure that your records are always updated.

    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.

    Final words

    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

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    Statrys Limited is licensed as a Money Service Operator (No. 19-02-02726) in Hong Kong. Statrys UK Limited is a Small Payment Institution (FRM: 911226) registered with the Financial Conduct Authority in the United Kingdom. Statrys UK Limited (FRM: 902805) is a registered agent of PayrNet Limited (FRM:900594), an Electronic Money Institution authorised by the Financial Conduct Authority in the United Kingdom under the Electronic Money Regulations 2011 for the issuing of electronic money. Trade financing services are offered by our partner, Velotrade Management Limited, regulated by the Securities and Futures Commission of Hong Kong (CE Ref #BJL007)