Airwallex is a payment tool that provides cross border payment services to empower online businesses. The system creates a global business account that allows businesses to access payments, transfer funds and grow their platform across the world seamlessly.
The global financial infrastructure currently allows online trade in 14 currencies, meaning businesses can operate across borders and without currency restriction.
The company’s purpose is, “facilitating the transformation of businesses from offline to online, from local to global.”
Getting started
First, you must sign up for an account. To do this, all you need is a name and an email address.
Next, you will be sent a verification email; once verified, you will be able to begin using your account. Note, all customers will have to pass Airwallexs’ due diligence before getting on-boarded to the platform.
Wallet
The wallet is the home of your account balances. Here you can view your account balances. Whenever money enters or leaves your account, You can access the information on the transfer through the wallet.
Under your wallet, you will find your global account; this allows businesses to invoice international customers locally. The global account will enable firms to trade using different currencies through bank accounts located overseas. There are five main global accounts, AUD, EUR, USD Pounds and Hong Kong dollars. You can still use currencies aside from these through international bank accounts.
Transfers
Transfers allow you to make international payments. Here you can use funds in your multi-currency balance or convert International currencies at a markup. Airwallex states that its fees are “simple, competitive and transparent.”
Cards
You can also access your multi-currency funds through Airwallex cards. It is fast and straightforward to create a multi-currency visa debit card. There are two types of cards, expense cards for head office expenses and employee cards, which are allocated to a specific employee. Cards allow businesses to trade internationally with ease.
Xero integration
Airwallex is integrated with the accounting platform Xero. Your Airwallex account will sync with your Xero account making reconciling international trading for accounting purposes simple and straightforward.
Read more: Growing demand for digital wallets may signal demise of cash
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