Key Things to Know Before Opening an Airwallex Account [2024] (2024)

Key Takeaways

Established in 2015 in Australia, Airwallex is a global payment and financial platform company. It offers financial services tailored for businesses of all sizes, including virtual business accounts, cross-border payment solutions, payment cards, and business APIs.

It has grown to over 1,200 employees in 19 international offices and is supported by Tencent, a Chinese technology giant.

Tip: Learn more about Airwallex with our comprehensive Airwallex review.

Airwallex’s business account allows you to manage multi-currency transactions with ease. Below are the key benefits you can expect from the account.

• Multi-Currency Capabilities: Manages funds in 19 currencies, including HKD, SGD, EUR, and USD.
• Flexible Payment Collection: Collect funds from various payment methods, such as local payment networks, payment gateways (i.e., PayPal and Stripe), and payment links.
• Local Accounts Options: Set up local currency accounts with unique account numbers in 12 locations, including Australia, Singapore, the EU, the UK, and the US.
• Global Transfers: Make international online payments to over 150 countries via SWIFT and local payouts
• Borderless Cards: Offers virtual and physical Visa corporate cards, allowing you to make payments in multiple currencies from the balance in your account.
• Software Integration: Connect with accounting software like Xero and Quickbooks and ecommerce platforms such as Shopify and WooCommerce for seamless financial management

Note: A 0.3% fee of the transaction amount will be charged for all incoming transfers from non-owner accounts.

Next, we 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.

Without further ado, let’s dive in.

It is important to note that the country of company registration determines the corresponding Airwallex country for account applications.

For example, Hong Kong, South Korea, Puerto Rico, Thailand, and Marshall Islands businesses can only apply for an Airwallex account through Airwallex Hong Kong. These businesses will be subjected to the terms and conditions of Airwallex Hong Kong, which may impact pricing, available products, and prohibited industries.

Your business must be registered in a country supported by Airwallex to open an Airwallex business account.

Note: Since 10 April 2024, Airwallex launched the Borderless Card in Canada. Therefore, New Zealand remains the only registered country where these cards are not yet available.

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.

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 where your company was incorporated and the type of your company.

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).

Note: You must ensure that the file is clear and readable. The file should not exceed 10MB and is limited to PDF, Word, JPEG, PNG, and BMP formats.

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
• ID of Authorised Person
• ID of UBO

For Sole Proprietorship Accounts

• Business Registration
• ID of Authorised Person
• ID of UBO

For Partnership Accounts

• Business Registration
• Partnership Disclosure & Declaration Form
• ID of Authorised Person
• ID of UBO

Please refer to Airwallex’s “Preparing KYC Documentation” page for an updated list of required documents for other regions.

Unlike traditional banks, you don't have to queue 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.

Here are the 5 steps to get started:

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.

The final step to creating your Airwallex account is to specify its purpose and then read and accept the terms and conditions. Finally, submit your application by clicking “Create Account.”

Once you set up an account, Airwallex will email you to verify your email address. If you don’t see it in your inbox, please check your junk or spam folders.

After that, you will need to complete the account verification process to activate 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.

You will have to provide basic information about your company, including the country of registration location, your registered business entity, your business registration number, 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.

Important: If you or your business have any links to entities or individuals in Iran, Syria, Cuba, North Korea, or Sudan, you must inform Airwallex.

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.

Opening a business account with Airwallex is free, with no monthly fees or minimum deposit.

For other service fees, including charges for local payouts, sending SWIFT payments, FX conversions, and expense management, you can refer to Airwallex’s pricing and fees page.

Statrys is an alternative to consider if your company is incorporated in Hong Kong, Singapore, or the BVI.

Founded in 2019, Statrys offers financial 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. Statry’s account opening process is entirely online, and 96% of successful applicants have their accounts in less than 3 days.

In addition to multi-currency accounts, Statrys also provides company registration services in Hong Kong and Singapore.