Airwallex is a global financial platform designed for businesses, particularly those involved in international transactions. It’s not something an individual applies for in the same way as a credit card or personal loan. Instead, businesses apply for an Airwallex account. Here’s a general overview of the process:
1. Visit the Airwallex Website:
- Go to the Airwallex website (airwallex.com).
2. Choose the Right Product:
- Airwallex offers various products tailored to different business needs, such as:
- Global Accounts: Multi-currency accounts for holding and managing funds in different currencies.
- Foreign Exchange: Currency conversion services.
- Payments: Sending and receiving international payments.
- Cards: Business cards for international spending.
- Determine which product(s) best suit your business requirements.
3. Start the Application Process:
- “Sign Up” or “Get Started”: Look for the appropriate button on the Airwallex website.
- Provide Business Information: You’ll need to provide detailed information about your business, including:
- Business name and registration details
- Industry
- Contact information
- Information about your business activities and international transactions (if applicable)
4. Verification and Due Diligence:
- KYC (Know Your Customer): Airwallex will need to verify the identity of your business and its beneficial owners. Be prepared to provide documentation such as:
- Incorporation documents
- Identification documents (passports, driver’s licenses)
- Proof of address
- AML (Anti-Money Laundering): Airwallex has compliance obligations related to anti-money laundering. They may ask further questions about your business and transaction history.
5. Account Activation:
- Review and Acceptance: Once your application is approved, you’ll need to review and accept the terms and conditions.
- Account Setup: You can then set up your account, configure payment methods, and start using Airwallex’s services.
Documents Required to Register
To complete your registration, make sure you have the following documents:
- Certificate of incorporation
- Government-issued photo ID for directors
- Proof of business address
- Description of your business operations
- Estimated transaction volumes
FAQs
Can freelancers use Airwallex in Canada?
Currently, the platform is designed for registered businesses. Sole proprietors may be eligible depending on the structure.
Are there monthly fees?
No monthly maintenance fees, but fees may apply per transaction or currency conversion.
Is Airwallex safe?
Yes. It’s regulated by financial authorities in multiple countries, including FINTRAC in Canada.
Platform Integrations
Airwallex offers strong integration capabilities, making it easy for Canadian businesses to connect the platform with their daily tools. It works well with accounting software like Xero and QuickBooks, e-commerce platforms such as Shopify and WooCommerce, and ERP systems like NetSuite. For more advanced users, Airwallex provides open APIs, allowing custom automation of payments, reconciliation, and reporting. This flexibility helps businesses streamline operations and save time.
Account and Transaction Limits
Limits depend on the business profile and transaction volume. New accounts may start with lower limits that increase over time based on account activity and verification. For example, virtual cards can have adjustable limits per employee or team. International transfers generally don’t have strict caps, but large amounts may require prior approval. Businesses needing higher limits can request adjustments directly from Airwallex’s support team.
Canceling Services or Closing an Account
To close an Airwallex account, businesses must first withdraw any remaining balance and complete all pending transactions. The request can then be submitted through the platform or via customer support. After review, the company receives an official confirmation. Once closed, the account cannot be reactivated. If the business wants to return to Airwallex in the future, it must go through the onboarding process again, including verification.
Comparison with Traditional Banks
Compared to traditional Canadian banks, Airwallex offers faster cross-border transfers, lower FX rates, and no hidden fees. While banks may offer more in-person support, Airwallex wins in agility, tech integration, and cost-effectiveness—especially for e-commerce, SaaS, or businesses scaling globally. If your business depends on international clients or suppliers, Airwallex can provide more flexibility than most domestic banking options.
Final Thoughts
If you’re seeking a cost-effective solution for managing international payments, especially for a growing global business, Airwallex is worth considering. Its comprehensive features, competitive pricing, and seamless integrations make it a strong contender in the realm of international business accounts.
You will be redirected to the bank’s website