Can You Use Airwallex in China? - UK Guide

Planning to expand your business? If you’re looking to trade or source supplies outside of the UK, you’re going to need solutions for managing company finances in multiple currencies.

One potential option is Airwallex, a popular fintech which offers digital global business accounts to companies based in the UK. It also operates in a number of other countries worldwide.

If you’re an Airwallex customer or are thinking of signing up, you’ll want to know which countries you can use your account in.

In this guide for UK companies, we’ll be focusing on whether you can use Airwallex in China.

This will be essential to know if you’re planning on trading with China, or perhaps even expanding your operations to the country in the future.

Remember though that Airwallex isn’t the only option for global businesses. Wise Business is a fantastic alternative, offering a full-feature account, cards, invoicing, bulk payments and secure transfer services to China and worldwide.

💡 Learn more about Wise Business

Can you use Airwallex in China?

Yes, you can use Airwallex in China as a UK-registered business, although there are some limits.

With your Airwallex account, you can send money between the UK and China, and receive payments in Chinese yuan (CNY).¹

However, you may not be able to open a Global Account in CNY - unless it’s based in a handful of selected countries such as Hong Kong or Singapore.¹

You can use the Airwallex multi-currency card in China, as it works anywhere that Visa is accepted. But you won’t be able to spend directly in CNY, so a currency conversion will be required.²

Other Airwallex features include:

• Automated domestic and international bill pay service
• Foreign exchange services
• Borderless corporate cards
• Expenses management
• Payment links and plugins
• Receive payments through marketplace sites
• Accounting and other software integrations.

Read our full Airwallex business account review here.

Is Chinese yuan supported by Airwallex?

Chinese yuan (CNY) is supported by the Airwallex platform. But as a UK business, you can only send or receive international payments in CNY.¹

You won’t be able to hold the currency in your Airwallex account, create a Global Account in CNY¹ or spend directly in the currency using your Airwallex card.²

Airwallex fees and cost in China

Now we come to the important question - how much does it cost to use Airwallex in China as a UK business?

Below are the main fees you need to know about:³

Can you open an account with Airwallex in China?

Considering setting up operations in China? If you’re planning to establish a branch of your business in China or the wider East Asia region, you’ll need to know whether you can open local accounts in each of the countries you’re targeting.

The good news is that you can open an account with Airwallex in China. It has a dedicated website for Chinese businesses, and you can sign up online once you have a registered business address in the country.

You can get started with just your business email address. But you’ll need to have certain documents and information ready so that Airwallex can verify your business. Be aware that quite a bit of paperwork may be required. This includes:⁴

• Your Chinese business license
• ID documents for authorised persons and Ultimate Beneficial Owners (UBOs)
• An ownership structure chart(if applicable)
• A live streaming questionnaire (if applicable)
• An online marketplace onboarding questionnaire (if applicable)
• A financial institution onboarding questionnaire (if applicable)
• An authorisation letter (if applicable).

You can see a full list of documents you might need here.

Wise Business: an alternative to Airwallex in China

Of course, Airwallex isn’t the only digital business account out there. There are actually quite a few alternatives, including the Wise Business account.

The Wise Business account is ideal for companies that trade internationally, source supplies from overseas, or employ people from other countries.

This powerful account lets you manage everything in one place, with no monthly subscription fees. Features include:

• Hold and convert between 40+ currencies, including Chinese yuan
• Local account details for major currencies
• International payments to China and worldwide for low fees and the mid-market exchange rate
• Employee expense cards which work in 150+ countries
• API integration with business and accounting tools
• Bulk payments and automation tools - batch pay up to 1,000 people at once
• Bespoke permission levels to control team access.

There’s even a new feature which lets you earn returns while growing your business - Wise Interest (capital at risk).

Get started with Wise Business 🚀

Wise Business vs. Airwallex in China comparison

To make it easier to find the right business account for your needs, here’s a quick comparison of Wise Business and Airwallex for UK companies looking to trade in China:

Find out more about what Wise Business could do for your business.

Get started with Wise Business 🚀

After reading this, you should have a better idea of how Airwallex works for UK businesses looking to trade with China.

We’ve looked at what you can do with your Airwallex account in CNY, along with any fees and rates you need to know about. Plus, how to open an Airwallex account in China if your company ever expands operations to the country.

So, you should be all set to decide if Airwallex is the right choice for your business. Just remember to compare all available options before making your decision, as there are alternatives out there - including Wise Business.

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Sources last checked on date: 21-Mar-2024