How to Open an Airwallex Account in the UK

If you run a business, you’ll know how important it is to have a convenient solution for separating company finances from your personal money.

But business accounts with banks can be time-consuming to open and expensive to manage, so many UK entrepreneurs are turning to digital alternatives instead.

One of these is Airwallex, a company founded in 2015 and based in Singapore. It’s a financial platform aimed at global businesses, offering a range of accounts and services.

If you’re interested in opening a business account with Airwallex, read on. We’ve put together an essential guide on how to open an Airwallex account in the UK, covering everything you need to know. This includes info on the application process, the documents you’ll need and how long it takes.

We’ll also show you an alternative such as Wise Business, which lets you effortlessly manage your business finances across 40+ currencies, including GBP and EUR.

💡 Learn more about Wise Business

Airwallex business account overview

Airwallex offers domestic and foreign currency accounts for UK companies, along with cards, expense management solutions, foreign exchange and transfers.

It’s a great option for companies which trade internationally, as it offers easy multi-currency transactions. It’s quick, easy and free to open a digital account, and Airwallex also offers transparent pricing for all of its other services.

Airwallex Business account highlights

Here’s a quick at-a-glance look at what Airwallex Business accounts have to offer:

Types of Airwallex Business accounts

Unlike some other business account providers, Airwallex doesn’t have lots of different accounts and tiered plans. It offers just one main business account with a full range of features, where you only pay for what you use. This includes features such as:

• Borderless cards
• Payment links and plugins
• Software integrations
• Expense management tools
• Payments, transactions FX, payouts and issuing through its Core API
• Bill Pay
• FX and transfers
• Global Treasury services

However, if you’re a large company with a high volume of payments or you have other complex needs, Airwallex also offers custom pricing plans.

How to open an Airwallex Business account?

If you like the sound of Airwallex, here’s a step-by-step guide to opening a new business account:

1. Go to the Airwallex website and click ‘Get Started’
2. Select your country location and your business type
3. Enter your personal and contact details, and choose a password.
4. Follow the on-screen instructions to create your account, and upload the required supporting documents when prompted. We’ll cover exactly what you’ll need shortly.
5. Confirm and wait for email confirmation that your account has been opened.

What do I need to open an Airwallex business account in the UK?

The documents and details you’ll need to open your account vary depending on what type of company you have.

At the moment, Airwallex only offers accounts to incorporated companies in the UK which are registered with Companies House. This includes Limited Companies, Limited Liability Partnerships (LLPs), Limited Partnerships (LPs) and General Partnerships.

This means that it’s not currently possible to open an Airwallex account as a UK sole trader.⁴

To open your account as a Limited Company, you’ll need the following documents:⁵

• Certificate of Incorporation
• Memorandum and articles of association
• ID and personal addresses for all Director(s)
• ID and personal addresses for Ultimate Beneficiary Owner(s) (if applicable)

LLPs, Limited Partnerships and General Partnerships will need to provide these documents:⁵

• Certificate of Incorporation
• Partnership Agreement
• ID and personal addresses for all Partners

How long does it take to get an Airwallex business account?

Airwallex says that you can apply for a business account in a matter of minutes.² You should find it pretty quick and easy, as everything can be done online - starting from the Airwallex website.

However, you will need to wait up to 1-3 working days for your application to be processed, your identity verified and your documents checked.⁶

To avoid any delays, it’s a good idea to check what you’ll need in advance and make sure you have all your documents ready. Double check that everything is up to date and meets the requirements before starting your application. If unsure, contact Airwallex to find out exactly what you’ll need to do to apply.

Does Airwallex have a UK banking Licence?

Airwallex doesn’t have a banking licence in the UK, as it isn’t a bank. However, this doesn’t mean it isn’t authorised and carefully regulated.

Airwallex is licensed in the UK as an electronic money institution by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011.⁷

Is Airwalex safe?

Airwallex is safe to use to manage your business finances. It is regulated by the FCA, and your money is safeguarded as required by the UK regulator.

The company also has a suite of security features designed to protect your account, data and business funds. This includes real-time fraud protection, encrypted payments, network tokenization and 3DS2.

As for what its customers think about Airwallex, the platform has an ‘average’ 3.7/5 score on TrustPilot (from 1,100+ reviews).⁸

Wise Business - Alternative to Airwallex Business account

Airwallex isn’t the only game in town when it comes to digital business accounts. There are actually quite a few alternatives out there, including the Wise Business account.

The Wise Business account is ideal for companies that trade internationally, or who buy goods or employ people from other countries.

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

• Local account details for 8+ major currencies
• International payments to 160+ countries for low fees and the 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 brand new feature which lets you earn returns while growing your business - Wise Interest.

Get started with Wise Business 🚀

And that’s it - our essential guide on how to open an Airwallex account in the UK. We’ve covered what accounts and features the platform offers, along with a step-by-step guide to starting your application.

If you’re fully prepared and have all your documents ready, you should find it fast and straightforward to apply online.

Just remember to compare a full range of digital and non-bank providers before signing up with Airwallex, as there could be a better fit for your needs out there.

Sources used:

Sources last checked on date: 28-May-2024