How Airwallex Business Accounts work in Australia and why your funds are safe

In the wake of the collapse of California-based Silicon Valley Bank (SVB) and Signature Bank, we’d like to take a moment to clarify how our customers’ funds are kept safe.

Airwallex is not a bank but we are regulated by the Australian Securities and Investments Commission (ASIC) under an Australian Financial Services Licence. 

We partner with banks worldwide to offer multi-currency accounts, money transfers, foreign exchange, payment acceptance and more to global businesses. While we share many features with banks, there is a key difference in how we store our customers’ money. 

How your wallet balance is protected at Airwallex

When you deposit funds into an Airwallex business account, the entire amount of those funds are guaranteed by an Australian authorised-deposit taking institution (ADI), with the benefit of that guarantee held by an independent trustee on your behalf. To achieve this, we hold your  money in an ADI account where it is not available to Airwallex’s creditors. Airwallex cannot lend or use your money for other purposes, such as to fulfil operational needs or to invest in assets. That means that whenever you wish to withdraw money or make a payout from your Airwallex account, that money will be available to you. 

In the unlikely event of Airwallex ceasing business operations or going into insolvency, liquidation or bankruptcy, your funds are safely set aside in the above account, and you will have a valid claim to receive them back in priority to all of Airwallex’s creditors by contacting our independent trustee. The details of our independent trustee can be found here. 

How to sign up for an Airwallex account

Our team is working around the clock to support businesses by fast-tracking global business account applications during this difficult time. If you’re interested in joining Airwallex, you can sign up for a business account here.