What are the drawbacks of Airwallex?<\/h3>
Before you sign up for Airwallex Canada, there are a few factors to keep in mind:<\/p>
- Not a bank.<\/strong> Airwallex isn\u2019t a bank, so it doesn\u2019t offer a full suite of banking products and services for businesses, including loans<\/a> and mortgages.<\/li>
- Not all currencies supported.<\/strong> You can hold 20+ currencies in your Airwallex digital wallet and transfer to 200+ countries. But not every region and currency is supported.<\/li>
- Virtual card only.<\/strong> Airwallex Borderless Visa Card holders in Canada can\u2019t get physical cards. Instead, you\u2019ll get a virtual card that can be used for online and in-store purchases.<\/li>
- No ATM access.<\/strong> Airwallex accounts can\u2019t be accessed by ATM. To withdraw cash, you\u2019ll need to transfer money to a bank account that comes with ATM access.<\/li>
- Currency conversion fee.<\/strong> Airwallex adds a 0.5% - 1% markup to the midmarket exchange rate whenever you convert currencies.<\/li><\/ul>
What are Airwallex fees in Canada?<\/h3>
Fee type<\/th> Fee amount<\/th><\/tr><\/thead> Monthly fee<\/td> $0<\/td><\/tr> Minimum deposit<\/td> $0<\/td><\/tr> Outgoing transfers<\/td> $0 ($20 - $35 CAD per SWIFT transfer)<\/td><\/tr> Incoming transfers<\/td> $0 (sender\u2019s bank network might charge fees)<\/td><\/tr> Exchange rate markup (for currency conversions)<\/td> 0.5% - 1%<\/td><\/tr> Bill payments<\/td> $0<\/td><\/tr> Card issuance<\/td> $0<\/td><\/tr><\/tbody><\/table> Is Airwallex safe and legitimate?<\/h3>
Airwallex was founded in 2015 in Melbourne, Australia and is headquartered in Singapore. Today, the fintech company has offices in 23 countries and has been valued at $5.6 billion USD, attracting over $900 million in investment money from well-known companies like Mastercard, Tencent and Salesforce.<\/p>
Airwallex is registered as a Money Service Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC registration number M19395067) and Revenu Quebec (license number 14460). It also holds money transmitter licenses in forty US states and is registered with both the UK Financial Conduct Authority (FCA) and Australian Securities and Investments Commission (ASIC).<\/p>
Customer funds are deposited into a Canadian bank account for safekeeping, and this money is never used for company operations. Learn more about how Airwallex protects customers here<\/a>.<\/p>
What should I know before I apply?<\/h3>
You can open an Airwallex business account online in minutes. Here\u2019s what to expect before you begin your application.<\/p>
Eligibility<\/h4>
- Minimum age. <\/b>You must be at least the age of majority in your province or territory to open an Airwallex account.<\/li>
- Business requirements.<\/b> You must be the owner or director of the business, and you\u2019ll need to provide a valid business number (BN).<\/li><\/ul>
Documentation needed<\/h4>
- Business details.<\/b> Have your business number handy as well as your business name, email, industry, product(s), website, monthly turnover and location.<\/li>
- Personal details.<\/b> You\u2019ll need to provide your first and last name and phone number.<\/li>
- ID. <\/b>New Airwallex customers must provide valid, government-issued ID, such as a Canadian passport or driver\u2019s licence, for all business owners.<\/li><\/ul>
How do I open an Airwallex Canada account?<\/h3>
It\u2019s free to open an Airwallex account online. Follow these simple steps:<\/p>
- Personal details.<\/b> You\u2019ll need to provide your first and last name and phone number.<\/li>
- Business requirements.<\/b> You must be the owner or director of the business, and you\u2019ll need to provide a valid business number (BN).<\/li><\/ul>
- Not all currencies supported.<\/strong> You can hold 20+ currencies in your Airwallex digital wallet and transfer to 200+ countries. But not every region and currency is supported.<\/li>