How Airwallex Simplifies Cross-Border Transactions for Businesses

Introduction

Nowadays, businesses are increasingly engaging in cross-border operations trying to reach customers and suppliers from around the world. While this kind of global expansion offers growth opportunities, it introduces complexities in managing international payments facing challenges like inefficient cross-border transactions, multiple currencies and different regulations across countries. Airwallex, a leading fintech company addresses these challenges by providing robust platform designed to streamline international financial operations.

What is Airwallex?

Airwallex is a global financial services platform dedicated to offering customized payment solutions that facilitate businesses’ cross-border growth. Airwallex supports over 40 currencies and 160 payment methods ensuring secure payouts to numerous countries worldwide. This platform processes billions in transactions annually offering a comprehensive suite of solutions.

Key Features of Airwallex

1. Multi-Currency Business Accounts

Airwallex’s multi-currency accounts which are also known as Global Accounts enable  businesses to seamlessly manage to hold, receive, and send funds in multiple currencies worldwide. This streamlined financial solution eliminates the hassle of juggling multiple bank accounts, allowing companies to efficiently handle cross-border transactions from one centralized platform.

2. Efficient International and Local Transfers

With Airwallex, businesses can process fast, cost-effective international and local money transfers. Transparent pricing and competitive exchange rates ensure you know exactly what you’re paying which helps businesses to optimize cash flow and minimize unnecessary fees.

3. Corporate Visa Cards

Airwallex offers virtual and physical corporate Visa cards that integrate into a single, user-friendly platform for real-time expense tracking. Businesses can set customizable spending limits for employees, enhancing financial control and simplifying company-wide expense management.

4. Foreign Currency Exchange (FX)

Airwallex provides businesses with competitive foreign exchange rates by leveraging interbank rates for currency pairs. This allows companies to reduce conversion costs, making it easier and more affordable to manage global transactions and mitigate exchange rate risks.

5. Xero Accounting Integration

Simplify your bookkeeping with Airwallex’s seamless Xero integration. Automatically sync transactions, ensuring your financial records are always up-to-date. This automation reduces manual data entry, enhances accuracy, and boosts accounting efficiency — keeping your business finances on track effortlessly.

Airwallex Overview

Airwallex is an all-in-one account to help your business operate globally. It offers multi-currency accounts in 12 locations, high-speed free international transfers, corporate Visa cards, foreign exchange and online payment gateway. Airwallex was founded in 2015 and our investors include: ANZ Bank, MasterCard, Tencent, and Horizons Ventures.

1. Apply from anywhere: 5 days account opening, 100% online to open local bank accounts for 50+ jurisdictions , also include entities from Samoa, Vietnam, India, Indonesia, the Philippines, and Thailand.  at 12 locations to collect money locally, partner banks include DBS, SCB, JPM,.. (any jurisdictions that we support for account opening will be able to open the 14 locations bank accounts in AWX platform)

2. Free overseas transfers: Enjoy $0 international transfers and avoid SWIFT fees by paying like a local

3. Save on fees: $0 account opening fee, $0 maintenance fee, no minimum deposit

4. Issue corporate Visa cards: 1% unlimited cashback, Multi-currency virtual Visa cards with $0 conversion cost or cardholder fees 

5. Online payment gateway: with160+ global payment methods for market expansions including credit cards, Wechat Pay, Alipay, Kakao Pay, Klarna etc.

6. Dedicated support: Have your clients managed by a designated onboarding manager

7. How does Airwallex keep my money safe: Airwallex is regulated and licensed in jurisdictions where it needs licences to operate.Check here. Read Is Airwallex safe?

Opening an Airwallex Account Requirements

Your business has to be registered in the countries outlined here for you to open a business account with Airwallex.

List of Eligible Countries

Additionally, Airwallex does not serve high-risk businesses relating to the risk of money laundering and terrorism financing or government restrictions.

Here’s the list of restricted businesses:

• Adult entertainment and services
• Arms and weapons dealers
• Gambling services
• Investment companies
• Pharmaceutical companies
• Second-hand vehicles dealers
• Bearer share entities
• Charities

More detail can be found on the Airwallex terms and policies page.

However, it is essential to understand that the Airwallex country for account applications is determined by the country of registration. The account terms and conditions of while varies across.

In Hong Kong, South Korea, Mexico, Thailand and Taiwan we are only able to accept applications for an Airwallex account through Airwallex Hong Kong. Airwallex Hong Kong shall provide terms and conditions that must be adhered to by these businesses and this may affect pricing, products available or the industry’s guests.

How to Open an Airwallex Business Account?

To open a business account with Airwallex, follow these steps:

1. Visit the Airwallex Website: Navigate to the Airwallex homepage and click on “Get started.”
2. Provide Personal and Business Information: Enter your name, business email address, and create a password.
3. Business Details: Input your business name and select the country where your business is registered.
4. Contact Information: Provide your phone number and verify it using the SMS code sent to you.
5. Agree to Terms and Conditions: Review and accept Airwallex’s terms and conditions, then click “Create account.”

For businesses seeking assistance with the Airwallex account opening process, consulting firms like FastLane Group offer services to facilitate a seamless experience.

Airwallex Account Verification Process

After creating your account, Airwallex will initiate a Know Your Customer (KYC) process, which typically includes:

• Company Information: Providing details about your business, such as the country of registration, business entity type, and a link to your company website or social media page.
• Business Activities: Describing your business sector and the products or services you offer.
• Transaction Details: Specifying the countries you will receive payments from and send funds to, as well as an estimate of your anticipated monthly transaction volumes.
• Document Submission: Uploading necessary documents, including the Certificate of Incorporation, constitutional documents (e.g., Memorandum and Articles of Association), and personal identification for all directors and Ultimate Beneficial Owners (UBOs) holding 25% or more shares.

The verification process typically takes 1–3 working days upon completion of the KYC requirements.

Is Airwallex Regulated By Financial Jurisdictions?

Airwallex is a licensed and regulated financial services provider in the jurisdictions where it operates, including Australia, Canada, Hong Kong, Malaysia, New Zealand, Singapore, the Netherlands, the United Kingdom, and the United States

How FastLane Group Can Help?

A multi-currency business account is an intelligent choice for any person with international aspirations for their firm. This enables international customers to make payments in foreign currencies. You can hold or exchange the multi-currency funds and withdraw them back to your local account or use them to pay contractors, suppliers and staff. This will eliminate unnecessary currency conversions and reduce the cost of doing business in different countries. FastLane Group provides Airwallex business accounts opening services and free consultation with our expert.