Navigating the Global Payments Landscape with Airwallex

Navigating the Global Payments Landscape with Airwallex

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Company Incorporation

Introduction

In this age of globalization, where operations are conducted globally, and customers and suppliers are in all parts of the world, businesses are expanding across borders to reach out to the international market. However, the internationalization of operations has introduced such complexities in management of international payments and finances even though this also offers a huge growing opportunity. However, businesses encounter problems including the inefficacious handling of cross-border transactions, multiple currencies and complex regulations in different countries.

Businesses require advanced and dependable global payments solutions to overcome these challenges by modernizing their financial operations, cutting down costs, and minimizing risks. Airwallex, Australia’s leading cross border payments fintech, recognized for its robust infrastructure and cutting-edge technology platform in the business of managing international payables accompanies businesses on their global growth journey.

What is Airwallex?

Created in 2015, Airwallex is a global financial service platform committed to comprises custom payment options to surge businesses’ cross-border growth. Within a short time, Airwallex has become a dependable partner, trusted by more than 100k businesses in over 170 countries. Airwallex has a money services business (MSB) license issued by Bank Negara Malaysia.

The platform supports more than 170 currencies and over 160 payment methods that guarantee secure payouts to more than 150 countries. With an impressive track record of processing over $50 billion in transactions annually, Airwallex offers a comprehensive suite of solutions, including:

1. Multi-Currency Business Accounts

Utilizing local accounts, Airwallex’s multi-currency accounts or Global Account allow businesses to simplify their management of funds and payment processing across 17 currencies.

You can use this multi-currency account to hold, collect and send money in all major currencies of the world.

2. Easy Transfers

Now you are able to carry out local and international transfers (SWIFT) transactions without the cost of fees. When you transfer money, low and transparent fees apply allowing you to manage payments with a peace of mind.

3. Corporate Cards

Business virtual and physical debit cards by Airwallex. Manage all card transactions in one place and customize spending limits for your employees with a business debit card.

4. Foreign Currency Exchange

Airwallex provides competitive exchange rates in case your line of business involves dealing with multiple currencies. Each currency pair (e.g., USD /EUR) is measured in terms of interbank rates.

5. Xero Integration

Finally, one can be able to sync your business transactions to Xero accounting software automatically. You can ensure your records are frequently updated that way.

Airwallex

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

AustriaFranceLuxembourgSeychelles
AustraliaGermanyMacau SARSingapore
BelgiumGreeceMalaysiaSlovakia
BulgariaHong Kong SARMaltaSlovenia
CanadaHungaryThe Marshall IslandsSpain
The Cayman IslandsIcelandMexicoSweden
ChinaIrelandThe NetherlandsSwitzerland
CroatiaIsraelNew ZealandTaiwan
CyprusItalyNorwayThailand
CzechiaKorea, SouthPolandUnited Kingdom
DenmarkLatviaPortugalUnited States of America
EstoniaLiechtensteinPuerto RicoVirgin Islands (British)
FinlandLithuaniaRomaniaVirgin Islands (US)

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?

The steps to create a business account with Airwallex are as follows:

  • To start, visit their homepage and click “Get started”.
  • Include your name and business email address.
  • Create a password.
  • Provide your business name.
  • Choose Your Country of Business Registration.
  • Provide your phone number.
  • Enter an SMS verification code.
  • Agree on terms and conditions.
  • Click ‘Create account.’

After creating an account, Airwallex sends an email informing you to undertake account verification or another known as KYC (Know Your Customer). Else you can contact FastLane Group for seamless Airwalles Business Account opening service.

Navigating the Global Payments Landscape with Airwallex

Airwallex Account Verification Process

Opening of business bank accounts requires compliance with the KYC process. This form is meant to assist Airwallex how you have made the review of your application for a business account in the company.

The process will require you to go through the following steps.

Step 1: Submit The Company Business Information

In particular, you will be expected to disclose basic information about your company such as the location of the registration country, registered business entity, and website or social media page link to your company.

Additionally, you should give an extensive definition of your business sector and the products that your company deals with.

Step 2: Describe Business Upcoming Expenditure and Incoming Transaction

The next step involves information provision on your business upcoming expenditure and transactions with Airwallex. You have to give the specifics of how and where you will send or receive your payments from using the Airwallex account.

The following are the lists of required information.

  • List of the countries you will get paid for.
  • Countries to which you will be sending funds.
  • Please specify all countries in which your company is incorporated and has physical presence where it has employees (excluding independent contractors, freelancers).
  • An approximation of what you anticipate to dispatch and receive on a monthly basis.
  • Where Money Will Be Collected From – This can be marketplaces like Amazon, payment gateways like Paypal, third party bank accounts and other payment service providers like Wise and Western Union.
  • Where you will pay money to – this involves payment to employees, contractors, suppliers or investors of related subsidiaries of the companies.

Step 3: Documents Upload

You will be expected to upload the following documents:

  • The Company’s Certificate of Incorporation in one of the eligible countries.
  • Constitution documents of your company or its equivalent (i.e. Memorandum and Articles of Association (M&A).
  • Personal ID Copies for all Director(s). You must also reveal whether the said directors act as Ultimate Beneficial Owners (UBO).
  • Copies of Personal ID for all UBOs owning directly or indirectly 25% and above shares, if corporate.
  • Your account verification process takes 1 – 3 working days after the completion of the KYC process. However, one of Airwallex representatives will communicate with you in case they need more information for your application.

Is Airwallex Regulated By Financial Jurisdictions?

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