Acceptable Use Policy

Late updated: 19 February 2024

This acceptable use policy sets out the terms under which you may access the services provided by Airwallex (the “Services”). It applies as soon as you access and/or use our Services. Check the Customer Agreement or the meaning of capitalized terms, to the extent such terms are not defined in this policy.

What you cannot do (Prohibited Activities)

You may use our Services only for lawful purposes. You may not use our Services:

• in any way that breaches or is intended to breach any applicable local, national or international law, regulation or guideline or causes Airwallex to breach any applicable law, regulation or guideline;

• in any way that is unlawful or fraudulent, or has any unlawful or fraudulent purpose or effect;

• for the purpose of harming or attempting to harm others, including minors (as such term is defined by applicable law or regulation) in any way;

• for anything that is abusive or incites hate/violence, or does not comply with our content standards;

• in connection with any unsolicited or unauthorised advertising or promotional material or any other form of spam;

• in connection with harmful programs like viruses or spyware or similar computer code designed to adversely affect the operation of any computer software or hardware;

• in any way that would evade any applicable taxes, levies or duties illegally or facilitate any form of tax evasion;

• in a manner that is likely to result in complaints, disputes, reversals, chargebacks or other liability (directly or indirectly) to Airwallex, other customers of Airwallex, third parties or yourself; or

• for an unapproved purpose (that is, if you are approved to use our Services for certain business purposes, then you must not use our Services for personal purposes or any other unapproved business purposes).

We do not provide our Services to businesses that engage in, or support transactions which involve, the following types of activities:

• adult entertainment and related services, including pornography, escort services, prostitution services and/or any form of advertising of or for sexual services;

• gambling services where it is illegal or offering gambling services without the required permits or licenses (including skilled game wagering);

• counterfeit or unauthorised goods, or products or services; such as goods or services which infringe upon intellectual property or proprietary rights of third parties;

•  weapons manufacturing, sales and supplies or business dealings related to any military items;

• the offering of regulated financial services (directly or indirectly) without a valid license and/or registration;

• the sale and/or distribution of any product or service without the requisite permit or license in their place of operation (governmental or otherwise);

• the sale and/or distribution of any products or services which promote or encourage discrimination, including discrimination on the basis of race, gender, religion, nationality, disability, sexual orientation or age;

• Ponzi/ Pyramid Scheme/ Multi Level Marketing/ Telemarketing;

• the trade of restricted and/or endangered animal species and products derived from them;

• the sale, distribution and/or trade of archaeological and cultural relics,;

• the sale of access to cyberlockers or remote digital file-sharing services; 

• any transactions made for no genuine commercial purpose, such as the pooling of funds between multiple parties or the cashing out of credit or stored value cards; or

• any other businesses or transactions outside of our risk appetite based on our internal policies, our banking partners’ policies or the policies of participants in our payment network.

Our cards cannot be sold in the open market for profit or used for the following purposes: 

• to create new social media marketing accounts when existing accounts have been closed for breaching the relevant social media platform’s terms of use (prohibited products/services, negative reviews or any other reasons); 

• to sign up for free trials or other new user promotions, and on-selling the services to other users via other channels for the sole purpose of making profits;

• to initiate and make a first installment payment, and subsequently lowering the card limit or deactivating/closing the card to avoid payment for the rest of the installments;

• to make purchases of products/services for the purpose of generating illegitimate reviews on ecommerce marketplaces; or

• to perform pre-authorisation transactions without any actual purchase on crowdfunding websites for the purpose of inflating or meeting the crowdfunding goals. 

We do not provide our Services to the following categories of entities:

• individuals, entities, countries/regions or any other form of “persons” who are subject to international sanctions;

• bearer shares or entities having bearer share company in their ownership chain;

• banks that do not have a physical presence in any country (i.e., “shell banks”); or

• other categories outside of our risk appetite in accordance with our internal policies, our banking partners’ policies or the policies of participants in our payment network.

What you cannot do without our approval (Restricted Activities)

Without our approval, you may not use our Services for the following businesses or to support transactions which involve the following:

• cryptocurrencies or virtual currencies; crypto-assets or virtual assets, non-fungible tokens (NFTs) and initial coin offerings (ICOs)

• stablecoins and tokenized “real world assets” including commodities, real estate, currencies and financial instruments.

• financial services, including (and not limited to):-

  • Acceptance of deposits and other repayable funds from the public, including crowdfunding;

  • Lending;

  • Buy now pay later services;

  • Financial leasing;

  • Money or value transfer services;

  • Money and currency changing;

  • Issuing and managing means of payment (e.g. credit and debit cards, cheques, traveller's cheques, money orders and bankers' drafts, electronic money);

  • Financial guarantees and commitments;

  • Carry out a business that provides trading services in:

    • money market instruments (cheques, bills, certificates of deposit, derivatives etc.);

    • foreign exchange;

    • exchange, interest rate, index and hybrid asset classes instruments;

    • transferable securities;

    • commodity futures trading.

    • cryptocurrencies, crypto-assets, virtual currencies, virtual assets, non-fungible tokens (NFTs) and initial coin offerings (ICOs)

    • stablecoins and tokenized “real world assets” including commodities, real estate, currencies and financial instruments, 

  • Participation in securities issuance and the provision of financial services related to such issues;

  • Individual and/or collective portfolio management;

  • Safekeeping and administration of cash or liquid securities on behalf of other persons;

  • Otherwise investing, administering or managing funds or money on behalf of any other persons;

  • Underwriting and placement of life insurance and other investment related insurance.

• Designated Non-Financial Businesses and Professions (“DNFBPs”) and companies collecting or handling funds on behalf of third parties, including and not limited to:-

  • Casinos, lotteries, online gambling or any action which involves a stake of an asset with a view to winning a prize/reward, and any tool which is intended or marketed to be used in the calculation or assessment of the prospect of placing successful bets or gambles;

  • Real estates agents;

  • Dealers in luxury goods or high value items, for example, precious metals and stones dealers; sale of loose precious metals, jewels, and stones including without limitation gold, silver, titanium, platinum, palladium and diamonds;

  • Lawyers, notaries, other independent legal professionals and accountants;

  • Trust and company service providers;

  • Other entities which conduct payouts or collecting funds on behalf of any other person or entity other than yourself (except for your affiliated entities);

• charities (including unregistered charities), non-government organisations or not-for-profit organisations;

• other activities including:-

  • Matchmaking or dating services;

  • Live streaming platforms and chatting services;

  • Marketplaces;

  • Facilitation, sale or distribution of chemicals;

  • Pharmaceuticals & Nutraceuticals (including but not limited to prescription medication, sexual enhancement drugs and weight loss products);

  • Oil and gas companies, as well as related activities;

  • Bidding fee auctions;

  • Political organizations;

  • Religious organizations;

  • Surveillance equipment, for example, spy cameras;

  • Alcohol, tobacco and e-cigarette products and accessories;

  • Marijuana, CBD Oil, and drug-related paraphernalia;

  • import or export of any ‘dual use goods’ as defined by any country that has jurisdiction over any AWX’s entities’ relevant export control classification lists;

  • Regulated medical devices and services, including fetal gender diagnosis;

  • Travel-Related Arrangement Services; or

• other high risk activities in accordance with our internal policies, our banking partners’ policies or the policies of participants in our payment network.

You also agree:

• not to copy or use any part of our Services in contravention of the provisions of our Customer Agreement; and

• not to access without authority, interfere with, damage or disrupt:

  • any part of our Services;

  • any equipment or network on which our Website is hosted or stored;

  • any software used in the provision of our Services; or

  • any equipment or network or software owned or used by any third party.

You may not deposit cash or cheque deposits into your account.

You may only use your Global Account number (as we provided to you) to receive funds for the following purposes:

• receiving payouts from an approved e-commerce and marketplace platforms;

• receiving payments from your clients and other third parties for the purpose of business payments;

• receiving your own funds from other legitimate business sources. [1]

Content standards

These content standards apply to all content you publish, broadcast, share or circulate, by or through a website or on any online platform that utilizes our Services. Content includes information, data, communication, video, text, graphics, photos, sounds, music, audiovisual works, and chat feed comments. The content must:

• be accurate;

• be genuinely held (where they state opinions); and

• comply with applicable law in any country from which they are posted or to which they relate.

The content must not:

• contain any material which is defamatory;

• contain any material which is obscene, offensive, hateful or inflammatory;

• promote sexually explicit material;

• promote violence;

• promote discrimination based on race, gender, religion, nationality, disability, sexual orientation or age;

• infringe any copyright, database right or trademark of any other person;

• be likely to deceive any person;

• be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence;

• promote any illegal activity, such as sedition;

• post any advertisement which is prohibited by relevant laws and regulations;

• be threatening in any way, abusive or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety;

• be likely to harass, upset, embarrass, alarm or annoy any other person;

• be used to impersonate any person, or to misrepresent your identity or affiliation with any person;

• give the impression that they relate to us, if this is not the case; or

• advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.

If you operate any website or online platform that utilizes our Services, you

• must have robust policies, procedures and processes regarding restricted or prohibited content and users’ code of conduct to 

  • monitor, detect, restrict and remove inappropriate, offensive or illegal content that might have a negative impact over our goodwill, reputation or reputation; 

  • block, blacklist and remove users of your website or online platform that provides inappropriate, offensive or illegal content;

• you shall remove content or block users of your online platform promptly if we request you to do so;

• you shall notify us promptly if you receive any notifications from or are a subject of any disciplinary process by any regulatory authorities or if you become aware that any content on your website or online platform or any services you provide are likely to infringe on any third-party rights, violate any applicable laws or could have a negative impact on your reputation.

Transaction limits

Unless you have received specific approval for a higher limit, you can only make a transaction involving a foreign currency conversion where your open positions or unsettled transactions do not exceed USD100,000 (or its equivalent) at the time of requesting the transaction with us. If you structure multiple transactions to exceed this amount, we may block those transactions.

We may review our internal credit risk policies from time to time and adjust our transaction limits in line with those policies. If we lower the transaction limit, we will give you reasonable notice of such a change.

Fair use

You should use our Services in a fair and reasonable manner. This means that you should not make excessive payouts with our Employee Cards. 

If you intend to make more than 500 payouts per month or more than 200 international payouts per month, you must set up a specific customised plan with your account team.

If you wish to have more than two (2) physical Employee Cards per Employee Cardholder, then please discuss with your account team about setting up a customised plan.

If you are an enterprise customer with customised pricing, then these limits will not apply to your use of our Services via API.

Suspension and termination

We alone will determine whether there has been a breach of this acceptable use policy through your use of our Services.

We take breach of this policy seriously and upon your breach, may take the following actions:

• decide and implement the immediate, temporary or permanent withdrawal of your right to use our Services;

• suspend or cancel your payment orders and take such other actions as we consider necessary;

• freeze your funds and/or accounts while investigations are ongoing;

• remove any posting or material uploaded by you;

• return funds to the sender (including to cooperate with a fund recall request from one of our banking partners);

• issue a written warning;

• take legal action against you for damages and/or for reimbursement of all costs incurred from your breach on an “all expenses” basis; and/or

• report and disclose relevant information to applicable law enforcement authorities.

Other policies

This policy does not limit any of our rights in any of our agreements with you nor does it limit the implementation of our risk appetite in accordance with our internal policies, our banking partners’ policies or the policies of participants in our payment network.

Changes to the acceptable use policy

We may revise this acceptable use policy from time to time to reflect a change of regulatory requirements or a change of our risk appetite by updating this page. Such changes may affect the services we are currently providing you. You are encouraged to review this policy periodically and regularly to avoid any interruption of your services. This policy, as amended, is legally binding on you.

[1] HK customers are provided with separate Global Accounts for collection of funds from third parties and own fund top-up for payout and conversion.

Connection Terms

1. Airwallex will provide Customer with data associated with their Airwallex accounts from within the Airwallex ecosystem (“Airwallex Account Data”) to you via a third party (“Third Party”) through an application provided by that Third Party (“Third Party App”).

2. You have entered into a separate agreement with the Third Party for certain services (the "Third Party Terms").

3. By instructing Airwallex to connect your Airwallex Account to the Third Party App (the “Connection Services”) you agree to be bound by these terms and conditions ("Connection Terms").

4. Billpay Services. Airwallex supports customers with managing and paying their supplier bills with a bill payment solution (“Billpay Services”). You acknowledge that from time to time Airwallex may enter into a separate agreement directly with any such Third Party whereby they will perform certain aspects of the BillPay Services provided by us to you, in order for you to be able to connect those services with the Third Party App. In order for us to provide the Billpay Services we will exchange data with the Third Party to enable the Third Party, on our behalf, to:

4.1. Assist with your payments by exchanging payment information; and

4.2. Manage your payment beneficiaries.

5. These Connection Terms constitute Additional Terms that apply to Connection Services and are incorporated to form a part of the Payout and FX Terms that are applicable to you as if set out in such Payout and FX Terms in full. To the extent of any inconsistency with the applicable Payout and FX Terms, these Connection Terms will prevail to the extent the inconsistency relates to the rights and obligations as set out in these Connection Terms.
6. You undertake and warrant on a continuing basis whilst using the Connection Services that:

6.1. You comply with all Applicable Laws on data protection and, to the extent required, have obtained all necessary consents and approvals necessary for Your use of the Third Party App and the Connection Services.

6.2. You have granted all necessary authority to the Third Party to receive the Airwallex Account Data.

7. You acknowledge and agree that by connecting your Airwallex Account to your Third Party Account:

7.1. Airwallex is not responsible, nor liable for the use, processing or security of the Account Data after having sent the Account Data to the Third Party.

7.2. You instruct Airwallex to share - and thereby process - your Account Data with the Third Party on a continuous basis until such time you withdraw your instruction in accordance with paragraph 9. below.

7.3. Airwallex can rely on the authenticity of instructions received in your name if such instructions are received by Airwallex via the Airwallex Webapp.

8. You acknowledge and agree that:

8.1.1. we have no control over or responsibility for the actions or failures of a Third Party for services that they provide directly to you under any Third Party Terms Agreement.

8.1.2. In the event of any complaint or dispute between you and the Third Party, you must settle the dispute directly with the Third Party in accordance with your Third Party Terms Agreement. Such disputes cannot be dealt with under these Connection Terms.

9. Disconnection.

9.1. You can request disconnection of the Connection Services (including Billpay Services) at any time by making a disconnection request in the Airwallex webapp.

Treasury Management Terms

A new version of these terms will come into effect on 29 May 2024, click here to view.

Formerly Payout & FX Terms

1. THESE TERMS

1.1 The Airwallex Treasury Management Terms comprises terms and conditions governing the relationship between you (‘Customer’/‘you’) and AWX Lithuania, UAB (‘Airwallex’/‘us’/‘we’) that apply to our Services (which we describe in clauses 7, 10 and 11). Please read these terms carefully and contact us if anything is unclear. The Customer and Airwallex will individually be referred to as a Party, and collectively, as Parties.

1.2 Please refer to clause 26 for a list of the definitions used in these terms.

1.3 The Application Form, as amended by you, is incorporated into and forms part of these terms.

1.4 We will provide you with separate terms and conditions for any services that fall outside the scope of these terms.

1.5 You should also download a copy of these terms and keep it for future reference or ask us for a copy at any time. You can always see the most current version of these terms (as well as the documents below) on our website www.airwallex.com.

1.6 Please read the following additional documents which also apply to your use of the Airwallex Platform and Services and should be read together with these terms:

(a) Acceptable Use Policy (LT)

(b) Cookie Policy and Privacy Policy

(c) FAQs

(d) API Documentation For the avoidance of doubt, the above documents do not form part of these terms.

1.7 If we need to send you information in a form you can keep at any time, we will either send you an email or provide information on our website or via the Airwallex Platform that you can download. Please keep copies of all communications we send to you.

2. WHO AIRWALLEX IS AND HOW TO CONTACT US

2.1 Our company information. The Services are offered by AWX Lithuania, UAB (Republic of Lithuania code of legal entity no. 305697289), which has its registered office at Konstitucijos Av. 21B, Vilnius, Lithuania. Airwallex is authorised by the Bank of Lithuania (Lietuvos Bankas, ‘BoL’) as an Electronic Money Institution with licence no. 88, issued on 6 October 2021.

2.2 How to contact us. You can contact us by: (a) emailing us at: [email protected] (b) sending mail to us at: Konstitucijos Av. 21B, Vilnius, Lithuania (c) sending us a message through the contact links on our website www.airwallex.com (d) by telephone on the phone number +370 52 143 824.

2.3 How we will contact you. We will contact you using the contact details you provided when you registered or such other contact details that you provide to us – please keep these up to date. By using our Services you agree to receive electronic communications from us. If we have reasonable concerns about either the security of your Wallet or Global Account, or any suspected or actual fraudulent use of your Wallet or Global Account, we will contact you via telephone, email, or both (unless contacting you would be unlawful or compromise our reasonable security measures).

3. SAFEGUARDING OF FUNDS

3.1 Airwallex complies with the requirements of the Law on Electronic Money and Electronic Money Institutions of the Republic of Lithuania (the ‘EM Law’) and related Applicable Law. Funds corresponding to electronic money in your Wallet will be held in one or more bank accounts separately from the other funds of Airwallex. In the event of our insolvency, you will have a right to be paid from these bank accounts in priority to other creditors in accordance with Applicable Law.

4. APPLICABILITY OF THESE TERMS

4.1 Corporate opt-out. If you are a Consumer then all of these terms apply to you. If you are not a Consumer at the time you enter into these terms, or if you stop being a Consumer at any stage during the term of these terms, you agree that none of the following regulations of the Law on Payments of the Republic of Lithuania (the ‘Payments Law’) will apply to these terms:

(a) Chapter III of the Payments Law (information requirements for payment services); and

(b) the following articles of the Payments Law: Article 11(1-2) and 11(5) (charges), Article 29(3) (withdrawal of consent), Article 37 (evidence on authentication and execution), Article 39 (payer or payee’s liability for unauthorised transactions), Article 41 (refunds for direct debits), Article 44 (revocation of a payment order), Article 51 (payment service providers’ liability for non-execution, defective or late execution of payment transactions), and Article 52 (liability in the case of payment initiation services for non-execution, defective or late execution of payment transactions).

4.2 We have accordingly amended various terms to reflect the position for customers (each a Corporate Customer) who are not Consumers.

5. CHANGES TO THESE TERMS

5.1 Subject to clause 5.2, we may change these terms (including the Service Fees) by giving you two (2) months’ prior written notice. We will consider that you have accepted the proposed changes if you do not terminate these terms by giving us written notice during the notice period.

5.2 If you are a Corporate Customer, clause 5.1 does not apply and we may change these terms (including the Service Fees) by giving you one (1) month’s prior written notice. We will consider that you have accepted the proposed changes if you do not terminate these terms by giving us written notice during the notice period.

5.3 We may also make some changes immediately, without prior notice, if those changes: (a) are required by Applicable Law or we are requested to do so by a Regulatory Body; or (b) relate to the addition of a new service or extra functionality of our Services and do not affect terms relating to the existing Services.

5.4 You should stop using our Services if you do not agree to these changes. If you keep using our Services after we have announced such a change, we will treat you as having accepted the change.

5.5 Updates. We may issue updates for the Airwallex Platform, including the Airwallex APIs, from time to time. We may need to do this to facilitate the continued and proper operation of the Platform, make improvements to the Platform or to comply with Applicable Law. Some updates may require you to take steps to implement them. You agree to implement such updates as soon as reasonably practicable after receipt. In some cases (for example, if there are security risks), you will not be able to use the Airwallex Platform until you have implemented the update. If you have not implemented an update within 6 months of us releasing it, we may stop providing some of the Services to you or terminate these terms, by giving you two months’ prior written notice.

6. CUSTOMER DUE DILIGENCE AND VERIFICATION

6.1 To meet our obligations under Applicable Law, before we provide our Services to you, we will carry out customer due diligence checks on you, your directors, partners, ultimate beneficial owners, and employees (as relevant), Authorised Users and Additional Cardholders together with any parties involved in your transactions. You must provide us with complete, accurate, and up to date information at all times. You will promptly provide any additional information we require at any time, at the latest within two (2) Business Days of a request from us. You acknowledge that we may not provide you with any of our Services until we have received all the information we require. We will not be responsible for any loss arising out of your failure to do so.

6.2 You agree that we may make, directly or using a third party, any inquiries we believe are necessary to verify information you provide to us, including checking commercial databases or credit reports.

6.3 You agree that our provision of, and your ability to use, the Services is subject to: (a) successful completion of the initial, and any subsequent, credit evaluations; and (b) there being no material changes to your credit status during the term of these terms.

6.4 If you link your external account to your Wallet, as permitted or otherwise required by Airwallex, you agree that:

(a) we will need to carry out verification on the Linked Account.

(b) we may implement any verification process as we reasonably require from time to time, and use the information obtained through such process to verify the information you have provided to us to our satisfaction.

(c) if you fail to complete the verification process or if the verification is unsuccessful, you will not be able to use our Services or features which will require a Linked Account.

7. ABOUT THE SERVICES

7.1 Wallet. The ‘Wallet’ enables you to electronically hold, send and receive funds in the form of electronic money in the Supported Currencies through the Airwallex Platform. The funds in the Wallet can be in multiple currencies but only in the Supported Currencies that we offer, which may change from time to time.

7.2 Global Account. You may request Airwallex to open more than one Global Account for a particular Supported Currency.

7.3 How balances are represented. The funds collected through a Global Account will be transferred to your Wallet and be represented as part of the balance in your Wallet for each Supported Currency – there will not be a separate balance shown for a Global Account.

7.4 The Lithuanian Deposit Guarantee Scheme (‘DGS’) does not apply to the funds in your Wallet or collected through a Global Account. You acknowledge that the Wallet is an electronic money account, not a bank account, and is therefore not covered by the DGS.

7.5 As a firm regulated under the EM Law Airwallex holds funds corresponding to electronic money in your Wallet in one or more bank accounts separately from the funds of Airwallex. In the event of the insolvency of Airwallex, you will be paid from these bank accounts in priority to other creditors in accordance with Applicable Law.

7.6 The electronic money in the Wallet: (a) will not expire, except when your Wallet is closed – see clause 20 for more details; (b) will not earn any interest or rewards; and (c) can be withdrawn at any time, subject to certain conditions – see clause 11 for more details.

7.7 We may place interim or permanent restrictions on your use of the Wallet, a Global Account or any other part of the Services depending on certain regulatory requirements, identity verification checks or business requirements, which will be set out in the Acceptable Use Policy or any Additional Terms. These will be communicated to you at the time the restriction is put in place or, if that is not practical due to urgent or unforeseen circumstances, promptly after the restriction is put in place.

7.8 Airwallex Card. If we have agreed to issue you or any Additional Cardholder with a Card, the terms set out in the Card Supplement shall apply to the use of any Cards linked to your Wallet in addition to these terms. The terms of the Card Supplement shall be incorporated and form a part of these terms as if set out in these terms in full.

8. GETTING STARTED

8.1 Creating your Airwallex Profile. In order to use our Services, you must provide the necessary information as prompted through the Airwallex Platform to register and create your Airwallex Profile. If required by Airwallex, you must provide your bank account details to be linked to your Airwallex Profile.

8.2 Creating a Global Account. Once we have created your Airwallex Profile, you can submit a request to open a Global Account by logging on to the Airwallex Platform and providing the necessary information, including any additional information that we may require from time to time. You may also need to agree to Additional Terms. We will advise you of this requirement, if relevant, when you request to open a Global Account.

8.3 Signing up. You represent and warrant at the time of accepting these terms and on a continuing basis as follows: (a) that these terms are accepted and executed by your duly authorised representative; and (b) that all information supplied to us in applying for your Airwallex Profile and Global Account and subsequently is true, complete and accurate in all material respects and you will not omit or withhold any information which would render the information so supplied false, incomplete or inaccurate in any material respect.

8.4 You can only have one Airwallex Profile, unless we agree otherwise in writing. If we discover that you have more than one Airwallex Profile, at our discretion, we may either merge or close any duplicate profiles, or terminate your Services, if we reasonably believe you have opened them in order to bypass any restrictions in the Services.

8.5 You confirm you are acting on your own account, not on behalf of any other person or legal entity. If you are entering into these terms as trustee of a trust, you must disclose that to us. We will deem any use of the Wallet, including any transfers into and out of the Wallet, to have been carried out by you.

8.6 Setting up Airwallex APIs. You may access the Airwallex Platform through Airwallex APIs as well as the Webapp. However, in order to use our Services through the Airwallex APIs, you must first be approved by us. If you are approved by us, you will need to comply with our API Documentation and reasonable directions regarding the integration and use of the Airwallex APIs.

9. AUTHORISED USER

9.1 You may appoint an ‘Authorised User’ (for example, any of your directors, officers, employees or professional advisors) to act on your behalf to enter into and confirm FX Conversions and Payouts under these terms. You must set up each Authorised User with a User Profile and promptly provide us with the following details of any of your proposed Authorised Users: Customer name, name of Authorised User, Customer address and billing address, phone and email address of Authorised User, and any other contact or identification information of the Authorised User that we may reasonably require.

9.2 You agree that: (a) your Authorised Users have the authority to provide instructions to us for the provision of Services on your behalf; (b) we may rely on instructions given by the Authorised User, and you will be bound by the actions of your Authorised Users, until you provide us with written notice withdrawing or otherwise varying the authority of an Authorised User; (c) we may refuse access to your Authorised User(s) if we are concerned about unauthorised or fraudulent access; and (d) you will promptly report to us any infringements or unauthorised access to the Airwallex Platform, including the Webapp or Airwallex APIs.

10. RECEIVING PAYOUTS & LOADING MONEY INTO THE WALLET

10.1 Funding your Wallet. You can load funds to your Wallet by logging in to the Airwallex Platform and following the steps as prompted.

10.2 Global Account collection. If we have opened a Global Account for you, you may also receive funds to your Wallet through a Global Account.

10.3 In each case, you will ensure the funds are transferred using the correct bank details and any unique transaction reference number details specified by Airwallex. If you do not provide accurate details, then we may not be able to credit your Wallet. In such cases, we will not be liable for any loss you incur, although we will use reasonable efforts to investigate and credit or return incorrect and inaccurately referenced payments into or from your Wallet.

10.4 You may load funds to the Wallet by way of a bank transfer to Airwallex. We may permit additional methods of receiving or loading money into the Wallet from time to time.

10.5 We will credit your Wallet when we receive your funds. We are not responsible for any funds transferred, and will not record them as available in the Wallet, until we have actually received the funds from you or via a collection through the Global Account. The transfer of funds from you or other payers to your Wallet is a service provided by third parties, and is not part of our Services. We have no control over the time it may take for the transfer of such funds to clear and settle.

10.6 Reversals. We may need to reverse a transaction and either deduct funds we have credited to your Wallet, or return funds we have debited from your Wallet, including in the following circumstances:

(a) the sender, or any relevant payment services provider, reverses a transaction or is likely to reverse a transaction;

(b) the sender made a transfer to you by mistake;

(c) you have provided us with incorrect instructions for the transaction;

(d) we suspect that a transaction is fraudulent, or is in breach of these terms or Applicable Law;

(e) we exercise our rights under clause 20. If you do not have enough funds in your Wallet for us to make a deduction, you must reimburse us as soon as possible, as set out in clause 11.12. If we reverse a transaction, we will do this at the prevailing FX Exchange Rate applicable at the time of the reversal or at the original FX Exchange Rate applicable to the transaction, in our discretion.

10.7 Where the funding/original transaction was paid for by Card, reversals will be effected in accordance with the Card Supplement. For other transactions, where we make a reversal, we may choose whether to make the reversal in the currency of the original transaction or in a separate currency, for example, where the original transaction is not in a Supported Currency which can be held in your Wallet, we will generally choose to convert the amount of the reversal into your Base Currency. Where we are required to perform any currency conversions in connection with the reversal of a transaction, we will do this at the prevailing FX Exchange Rate applicable at the time of the reversal or at the original FX Exchange Rate applicable to the transaction, in our discretion.

11. MAKING PAYOUTS AND FX CONVERSIONS

11.1 Your instructions. You may instruct us to make a FX Conversion or Payout at any time by providing the necessary details as prompted in the Airwallex Platform.

11.2 Confirmation. You must have sufficient funds in your Wallet in the relevant source currency to cover the full amount of any FX Conversion or Payout (including Service Fees) that you wish to make. We may decline your instructions if you do not have enough funds, if you exceed any applicable limits, or in accordance with clause 20. When we are satisfied with your instructions we will issue you with a Confirmation.

11.3 When you instruct us to make an FX Conversion or Payout, the amount of the FX Conversion or Payout confirmed in the Confirmation becomes due and payable to us on the date indicated in the Confirmation. On this date your funds will cease to be deemed electronic money and your balance will be deducted accordingly. You will be issued with electronic money again in respect of an FX Conversion in the purchase currency on the Settlement Date.

11.4 FX Exchange Rate. You may access the indicative FX Exchange Rate for an FX Conversion through the Airwallex Platform. The indicative FX Exchange Rate will be quoted to you when you instruct us through the Airwallex Platform and the final FX Exchange Rate will be confirmed when we issue a Confirmation. We will ensure, as far as reasonably practicable, that the confirmed FX Exchange Rate reflects the rate quoted to you. The rate may be different as the rate may have changed between the time of your instruction and the time we issue the Confirmation. You agree that changes to exchange rates come into effect immediately without notice. Changes to the FX Exchange Rate depend on fluctuations in the financial markets outside our control.

11.5 FX Payouts. If you are approved to enter into FX Payouts, you agree to enter into FX Payouts only for the purpose of facilitating payment for identifiable goods or services. If we reasonably believe that you intend to enter into the FX Payout for other purposes, we:

(a) may decline to accept your instruction in respect of an FX Payout; or

(b) if we have already accepted your instruction, we may cancel the FX Payout.

11.6 Settlement requirements. The issuance of a Confirmation means that the FX Conversion or Payout has been authorised and can no longer be cancelled. We will deduct the amount of your FX Conversion or Payout from your Wallet immediately at the time we issue a Confirmation. However, if you are approved to post-fund you must:

(a) for an FX Conversion (or Payout, if the Payout is linked to a FX Conversion): deposit any amount specified in the Confirmation in cleared funds by Settlement Cut-Off; and

(b) for a Payout: ensure there are sufficient cleared funds in the Payout currency available to Airwallex by the Payout Date.

11.7 Date. We will deduct the amount of your FX Conversion or Payout from your Wallet when we issue a Confirmation or, if you are approved to post-fund the FX Conversion or Payout, at the same time that we receive the relevant funds from you. If that date is not a Business Day, or if we receive your instructions after 5pm on a Business Day, then the date may be adjusted by us to the next day that is a Business Day.

11.8 Execution time. If you are making a Payout and/or FX Conversion, we will remit the Payout and/or effect the FX Conversion as soon as possible. Generally, we will transfer funds to a payee’s payment service provider within 24 hours after we accept your instructions. The methods of crediting the funds may be provided by third parties (for example the bank where the payee has their bank account) and are not part of our Services. We do not have any control over the amount of time it may take for a payee’s bank or payment provider to credit funds to the payee, but would generally expect this to take less than 5 Business Days, unless a longer period is required by Applicable Law.

11.9 Failed FX Conversions and Payouts. We may in our sole discretion, acting reasonably, decide to cancel the FX Conversion or Payout, or delay the FX Conversion or Payout by rolling it over to the next Settlement Date or Payout Date (as applicable), due to reasons outside of our control such as:

(a) failure of conversion in the sell currency by the Customer to Airwallex on any FX Conversion; or

(b) failure of Payout in the Payout currency by the Customer to Airwallex on any Payout.

11.10 Transaction limits. We may apply limits to the amount of any one or a series of Payouts, and we will tell you if we do so. For example, we may apply limits if you ask us to or if we reasonably think it would help manage the risk of fraud in a proportionate way.

11.11 Right of rejection. We reserve the right to withhold, reject, or delay any transaction in order to comply with Applicable Law. We may not accept your instructions for a Payout or FX Conversion if:

(a) no valid exchange rates are available from our correspondent banking partners, liquidity providers, or other financial institutions;

(b) any relevant anti-money laundering or counter financing of terrorism conversion limits are exceeded; or

(c) you have not complied with your obligations under these terms including the Acceptable Use Policy.

11.12 Obligation to repay. You cannot have a negative balance in your Wallet. If any transactions or charges (including any chargeback, reversal of a transaction, or deduction of fees) take your Wallet below zero, you must immediately repay the amount owing to us, without requiring notice from us to do so. If you do not, we may suspend use of your Wallet or refuse to provide the Services to you. We may also take reasonable steps to recover any amount owing to us (such as taking legal action or using debt collection services) and charge you for the cost of these services.

11.13 We can deduct funds from your Wallet if you owe us money, including the Service Fees. You authorise us to deduct the Service Fees and any other amounts that you owe us from time to time from the funds in your Wallet. If you do not have enough funds in your Wallet to cover these amounts, we will not accept or process your instructions and may refuse to provide the Services to you. We may also, at your cost, take reasonable steps to recover the amount owing (such as taking legal action or using debt collection services).

12. SAFETY AND SECURITY

12.1 Keep your Wallet safe. In order to use the Airwallex Platform, you (or your Authorised User) must log in using the unique password and any multiple-factor authentication: for example, we may require your Authorised User to authenticate that they are the Authorised User when logging in to the Airwallex Platform, or for certain transactions made using the Airwallex Platform. You must store all log-in information and passwords to access the Airwallex Platform safely and securely at all times and only allow Authorised Users to access the Services.

12.2 Contact us if you suspect your Wallet may be compromised. You must contact us immediately by email to [email protected] and change your password if you suspect:

(a) your Wallet, Global Account, or access to the Airwallex Platform or other security credentials are stolen, lost, used without your authorisation or otherwise compromised; or

(b) someone else finds out your log-in information and password for your Wallet. Any undue delay in notifying us may affect the security of your Wallet, Global Account, or access to the Airwallex Platform and result in you being responsible for financial losses.

12.3 Check the transactions in your Wallet regularly. All of your activity is displayed in the Airwallex Platform. You must contact us immediately by email to [email protected] to report any (i) suspected or actual unauthorised transaction, (ii) incorrectly initiated or executed transactions such as those having not been executed or having been executed late, (iii) certain charges and interest you are liable to pay as a result of such transactions, or (iv) other security concerns regarding the Airwallex Platform. We may be able to refund money you have lost if the transaction is due to our mistake, fraud, or errors with your transaction (see clauses 12.4, 12.7, 12.9 and 12.10). If you do not notify us of any unauthorised or incorrectly initiated or executed transactions or transactions which have not been executed or were executed late or of certain charges and interest you are liable to pay as a result of such transactions, without undue delay, and at the latest within 13 months (or within 3 months if you are a Corporate Customer) of the debit date of the transaction, on becoming aware of any unauthorised or incorrectly executed payment transaction, you may lose the right to have the matter corrected or money refunded. You also may not be able to claim a refund if:

(a) you have breached these terms;

(b) you gave us incorrect instructions for the transaction (we may reasonably assist you to recover the funds, where possible, but do not guarantee that this would be successful); or

(c) you are a Corporate Customer and any losses are not the direct result of our act or omission.

12.4 Unauthorised transactions. We will refund you as soon as practicable, and, except as permitted under Article 38(1) of the Payments Law, in any event no later than the end of the business day following the day on which we become aware of the unauthorised transaction, for an unauthorised transaction and restore you to the position you would have been in had the unauthorised transaction not taken place, subject to the following:

(a) where the Services, your Wallet, Global Account, or any log-in information and passwords are used without your authorisation you will be liable for any losses arising out of that unauthorised transaction if we believe you should have been aware of the unauthorised use;

(b) if you do not promptly notify us of security issues: (i) in line with the timeframes of clause 12.3, you will be liable for any losses you incur up to the time that you notify us; and (ii) within 13 months from the date of the Payout (or within 3 months if you are a Corporate Customer), we will have no liability for the unauthorised transaction;

(c) if we find that you or your Authorised Users, or anyone else acting on your behalf, has acted fraudulently (or, if you are a Corporate Customer, recklessly) we will not refund you in any circumstances;

(d) you will be solely liable for all losses if you have (i) acted fraudulently, (ii) with intent or gross negligence compromised the security of your Wallet or the Airwallex Platform or (iii) if you are a Corporate Customer, failed to, or if you are a Consumer, with intent or gross negligence failed to, comply with your obligations to use them in accordance with these terms, and to take all reasonable steps to keep all log-in information and passwords confidential and secure;

(e) provided we are able to provide a refund in accordance with Applicable Law; and

(f) if you gave us incorrect instructions for the Payout, we may reasonably assist you to recover the funds, where possible, but do not guarantee that this would be successful.

12.5 Where we refund you for an unauthorised transaction we will credit value date your balance no later than the date on which the amount of the unauthorised payment transaction was debited.

12.6 Where we refund you for an unauthorised transaction but subsequently find that you did not comply with your obligations under this clause 12, you must reimburse us for the value of the unauthorised transaction.

12.7 Non-execution or defective execution of transactions. Unless we can prove that the payment service provider of the recipient has received the amount of your Payout on time, we will be liable to you and will – without undue delay – refund your Wallet (the credit value date being no later than the date on which the amount was debited) with the amount of the non-executed or defective Payout. Where applicable, we will then restore you to the position you would have been in had the defective Payout not taken place. Upon request, we will immediately – without charge – make efforts to trace any non-executed or defectively executed Payout and will notify you of the outcome.

12.8 Late execution of transactions. Unless we can prove that the payment service provider of the recipient has received the amount of your Payout on time we will be liable to you. Where a Payout is executed late, and this is our fault or if you ask us to, we will request the payment service provider of the recipient of your Payout to ensure that the credit value date for the recipient's account is no later than the date the amount would have been value dated if the transaction has been executed correctly.

12.9 We will refund you any charges for which you are responsible and any interest which you have had to pay as a consequence of the non-execution or defective or late execution of a Payout.

12.10 Where the payment service provider of the recipient is located outside the EEA, clauses 12.7, 12.8 and 12.9 above will not apply to you.

12.11 You acknowledge that:

(a) subject to these terms and provided you are not a Consumer, Airwallex will not be responsible for or otherwise guarantee the performance of any transaction you enter into via the Airwallex Platform;

(b) you must provide or obtain any equipment or telecommunications lines and connections that may be necessary for you to use or connect with the Airwallex Platform;

(c) certain software and equipment you use may not be capable of supporting certain features of the Airwallex Platform;

(d) it is your responsibility to configure and update your information technology, software and equipment in order to access the Services or the Airwallex Platform;

(e) you will be liable for all costs, charges, claims, damages, fees, disbursements, losses, expenses, fines, and liability incurred by Airwallex arising out of: (i) (where applicable) your incorrect instructions, overpayment, payment error, or other invalid payment you cause; (ii) any error, default, gross negligence, misconduct, or fraud by you, your employees, directors, officers, or representatives, or anyone acting on your behalf; and (iii) any costs, charges, claims, damages, fees, disbursements, losses, expenses, fines and liability incurred by Airwallex in respect of a failure by you to comply with these terms.

12.12 If you are a Consumer, clause 12.11(e) does not apply. However, you may be liable for our reasonable costs in the circumstances set out in clause 12.11(e) (i) to (iii).

13. SERVICE FEES

13.1 You will pay us the Service Fees for the Services, which are set out in the fees table available on www.airwallex.com (which forms part of these terms) or as otherwise agreed in writing with us.

13.2 Tax. All amounts payable to us under these terms: (a) are exclusive of all taxes and similar fees now in force or enacted in the future, all of which you will be responsible for and will pay in full; (b) will be paid in full without any set-off, counterclaim, deduction or withholding unless prohibited by Applicable Law. If the Customer is obliged by Applicable Law to deduct withholding tax from any payment: (i) it will promptly notify Airwallex of the requirement; (ii) the Parties will make all necessary filings in order to ensure the provisions of any applicable tax treaty applies to the payment; (iii) the Customer will pay to Airwallex such additional amount as will result in the receipt by Airwallex of the full amount which would otherwise have been receivable had no withholding or deduction been payable; (iv) the Customer will pay to the relevant authorities the full amount required to be deducted or withheld when due; and (v) the Customer will promptly forward to Airwallex an official receipt (or a certified copy), or other documentation reasonably acceptable to Airwallex, evidencing payment to such authorities.

14. MISCELLANEOUS

14.1 Licence. We grant you a personal, revocable, non-transferable, non-sublicensable and non-exclusive licence to access and use the Airwallex Platform via any supported web browser for the management of our Services provided you comply with these terms.

14.2 Ownership. As between you and us, we own all Intellectual Property Rights in and to the Airwallex Platform and its proprietary technology, including its software (in source and object forms), algorithms, user interface designs, architecture, and documentation (both printed and electronic), and network designs, and including any modifications, improvements, and derivative work thereof. These terms do not transfer from Airwallex to the Customer any ownership rights in the Airwallex Platform, and its proprietary technology.

14.3 Restriction on use. You do not have any right to our Services, including the Airwallex Platform, other than the right to use them in accordance with the licence granted in clause 14.1. Except as allowed by law or by Airwallex, you cannot use, distribute, reproduce, modify, copy, adapt, translate, create derivative works from, transfer, loan, rent, sublicense, sell, frame or otherwise re-publish or redistribute, publicly perform or publicly display any part of our Airwallex Platform, Services, or included software. You will not allow any unauthorised person to access or use the Airwallex Platform, or trade on the Airwallex Platform for speculative purposes. You also cannot reverse engineer, decompile, disassemble or attempt to extract the source code of the Airwallex Platform or software.

14.4 Customer Data. You grant Airwallex a royalty-free, non-exclusive, irrevocable, transferable and sub-licensable to any Group Company, third party supplier and outsourcer, licence to use your proprietary business and customer data, as well as details of your transactions transmitted via the Airwallex Platform (‘Customer Data’), for the purposes of operating the Airwallex Platform, providing the Services, and fulfilling Airwallex’s rights and discharging its obligations under these terms. You are solely responsible for the quality, accuracy, and completeness of any Customer Data transmitted via the Airwallex Platform.

14.5 Other people’s rights. You cannot use our Services, including the Airwallex Platform, in any way that infringes or violates our or anyone else’s copyright, trade mark or other intellectual property rights or otherwise breaks any Applicable Law. The Airwallex Platform may display content that we do not own and we are not responsible for. You may not use content from any of our Services, including the Airwallex Platform, unless you get permission beforehand from us or the owner of the content, or you are permitted by law.

14.6 Airwallex compensation. If a third party alleges that authorised use of the Airwallex Platform as permitted by these terms infringes any Lithuanian Intellectual Property Rights then Airwallex will: (a) at its own expense defend you or, at Airwallex’s option, settle any claim or action brought against you (‘Claim’) and will be responsible for any reasonable losses, damages, costs (including reasonable legal fees) and expenses incurred by or awarded against you as a result of or in connection with any such Claim, and clauses 18.4 to 18.5 will apply accordingly; and (b) if the quiet enjoyment of the Airwallex Platform is prevented as soon as reasonably practicable secure the right for you to continue using the Airwallex Platform or replace or modify the Airwallex Platform to make it non-infringing (without degrading its performance or quality).

14.7 Clause 14.6 will not apply where the Claim is attributable to: (a) any Customer Data; (b) any modification of the Airwallex Platform, other than by or on behalf of Airwallex; (c) your possession or use of the Airwallex Platform (or any part of it): (i) other than in accordance with these terms; or (ii) in combination with any other products, services, or materials if the Airwallex Platform would not be infringing without such combination; (d) use of a non-current release of the Airwallex Platform; or (e) compliance with your specifications or instructions.

14.8 Promotion. You agree that we may include and use your company name, logos, trade name, trademarks and general business information in our promotional and marketing materials for our Services and on our website. You may at any time and upon reasonable notice request in writing that we stop using your company name, logos, trade name, trademarks and general business information for these purposes.

15. CONFIDENTIAL INFORMATION

15.1 Each Party will provide to the other Party on request such information regarding its financial and business affairs and/or identity, as such Party may reasonably require (including without limitation any information required for a Party to be able to comply with its obligations under Applicable Law).

15.2 Each Party acknowledges that it will have access to Confidential Information belonging to the other Party. Confidential Information will include all information that is marked or designated as confidential or that, under the circumstances of its disclosure, should be considered confidential. For Airwallex, Confidential Information includes information about the Airwallex Platform and its proprietary technology. For the Customer, Confidential Information includes Customer Data.

15.3 Each Party agrees that it: (a) will not use Confidential Information in any way, for its own account or the account of any third party, except as expressly permitted by, or as required to perform its obligations under, these terms; (b) will not disclose any of the other Party’s Confidential Information to any third party except as required: by law or any authority of competent jurisdiction; to that Party’s attorneys, accountants and other advisors as reasonably necessary; or for the purposes of defending itself in relation to actual or threatened proceedings; (c) will, in each of the cases set out in clause

15.3(b), give the disclosing party reasonable formal written notice (provided that this is not in contravention of Applicable Law) prior to such disclosure to allow the disclosing party a reasonable opportunity to seek a protective order; and use reasonable endeavours to obtain prior to the disclosure written assurance from the applicable entity that it will keep the Confidential Information confidential; and (d) will take reasonable precautions to protect the confidentiality of such information, at least as stringent as those taken to protect its own Confidential Information.

15.4 In addition, each Party may reveal the other Party’s Confidential Information only to its agents, representatives and employees who have a ‘need to know’ such information in connection with these terms, and are informed of the confidential nature of such Confidential Information and agree to act in accordance with the terms and conditions of this clause 15. Each Party will remain liable for any disclosure of Confidential Information by its agents, representatives and employees as if it had made such disclosure.

15.5 Each Party agrees that this clause 15 will survive any expiration or termination of these terms.

16. PERSONAL DATA

16.1 The Parties acknowledge and agree that they each act as data controllers in relation to the personal data they process in the performance of these terms. Each Party agrees to comply with its respective obligations under applicable Data Protection Legislation.

16.2 The Customer will ensure that any personal data that is transferred to Airwallex is transferred by a method and means that is secure and compliant with Data Protection Legislation.

16.3 The Customer warrants that it has the legal right to disclose all personal data that it does in fact disclose to Airwallex under or in connection with these terms. The Customer acknowledges and agrees that in the event Airwallex processes any personal data on its behalf, the Customer, if required by Applicable Law or applicable Data Protection Legislation, will inform the applicable third parties of any such processing and serving of personal data by Airwallex and will ensure that such third parties have given any required consents.

16.4 The Customer shares personal data with Airwallex and authorises Airwallex to collect, use, store or otherwise process such personal data for the following ‘Agreed Purposes’, to enable Airwallex to: (a) provide the Services and manage Airwallex’s relationship with the Customer; (b) comply with all Applicable Law, including conducting anti-money laundering, financial crime and other screening checks; and (c) comply with these terms and the Privacy Policy.

16.5 The categories of data subjects may include the following where they are a natural person: the Customer, the directors and ultimate beneficial owner(s) of the Customer, the Customer’s customers, employees and contractors, payers and payees. The Customer may share with Airwallex some of all of the following types of personal data regarding data subjects: (a) full name; (b) email address; (c) phone number and other contact information; (d) date of birth; (e) nationality; (f) public information about the data subject; (g) other relevant verification or due diligence documentation as required under clause 6; (h) any other data that is necessary or relevant to carry out the Agreed Purposes.

16.6 Neither Party will knowingly perform its obligations under these terms in a way that causes the other Party to breach applicable Data Protection Legislation. Neither Party will be responsible for any consequences resulting from the other Party’s failure to comply with applicable Data Protection Legislation in relation to personal data that it shares.

16.7 Each Party will: (i) process the personal data fairly and lawfully and ensure it has legitimate grounds under Data Protection Legislation for such processing; (ii) obtain and maintain all appropriate registrations required under Data Protection Legislation to allow it to use the personal data in accordance with these terms; (iii) ensure appropriate technical and organisational security measures are in place to protect personal data under its control; (iv) ensure that all personnel who have access to and/or process the personal data are obliged to keep it confidential; (v) transfer personal data between jurisdictions only where it has taken appropriate measures to make such a transfer lawful under Data Protection Legislation; (vi) notify the other Party promptly (and in any event within 24 hours) if it receives any request, complaint or other communication from a data subject or a Regulatory Body that is addressed to or intended for the other Party; and (vii) notify the other Party promptly (and in any event within 24 hours) if it becomes aware of a personal data breach that is directly relevant to the other Party.

16.8 Each Party will be responsible for responding to requests from Regulatory Bodies (such as data protection supervisory authorities) or individuals exercising their rights under applicable Data Protection Legislation. Each Party will provide the other with reasonable cooperation and assistance to comply with all obligations imposed on a controller by the Data Protection Legislation and any relevant Applicable Law, including:

(a) dealing with and responding to any communications from data subjects;

(b) dealing with, mitigating and responding to any breach of personal data; and

(c) with respect to security, impact assessments and consultations with supervisory authorities or Regulatory Bodies.

16.9 On termination of these terms, or once processing of any personal data is no longer necessary to carry out the Agreed Purposes, each Party will securely dispose of any such personal data in its possession in conjunction with all relevant retention periods under Applicable Law.

17. LIMITATION OF LIABILITY

17.1 This clause applies to you only if you are a Corporate Customer.

17.2 Nothing in these terms excludes or limits either Party’s liability where it would be unlawful to do so or contrary to any other provision in these terms. This includes a Party’s liability for:

(a) death or personal injury resulting from its negligence;

(b) its own gross negligence or wilful misconduct;

(c) fraud or fraudulent misrepresentation; or

(d) all sums properly due and payable under these terms.

17.3 Direct Losses will be recoverable under these terms. However, save as otherwise stated in these terms, neither Party will be liable for any Indirect or Consequential Losses.

17.4 We will not be liable to you for:

(a) any loss outside of our direct control that arises from the negligence, fraud or wilful misconduct or the insolvency of any third party correspondent bank, liquidity provider, or other financial institution who is part of the payment network used to provide the Services;

(b) the non-execution, or defective execution, of a payment if any information you provide in your instructions is incorrect;

(c) errors, mistakes, or non-performance arising from the payee/beneficiary bank if the payee/beneficiary bank fails to process the payment correctly. In the case of (b) or (c), we will make reasonable efforts to recover the funds involved in the payment. You will be responsible for all costs incurred by us as part of any such recovery attempt, even if we are unable to successfully recover the funds.

17.5 Save as set out in clause 17.6, Airwallex’s total aggregate liability to you for all Actions arising under these terms will not exceed the total amount of Service Fees paid by you to Airwallex during the one (1) year period prior to the date the liability first arose.

17.6 Airwallex’s maximum liability for an FX Conversion, whether arising in contract or otherwise, will in no circumstances exceed an amount equal to the currency sold by Airwallex under that FX Conversion.

17.7 Damages alone may not be an adequate remedy for breach and accordingly either Party will be entitled to seek the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach.

17.8 Each Party agrees to use reasonable endeavours to mitigate any loss in respect of which it is indemnified under these terms.

18. INDEMNITY

18.1 This clause applies to you only if you are a Corporate Customer.

18.2 Customer’s indemnity. You agree to indemnify us against all losses, damages, costs (including reasonable legal fees) and expenses incurred or suffered by us in connection with or as a result of:

(a) your breach of these terms, failure to comply with Applicable Law, or your use or misuse of our Services;

(b) a third party alleging that our use of the Customer Data as permitted by these terms infringes any Intellectual Property Rights;

(c) any of your Payouts or FX Conversions, including us acting on any of your instructions which we reasonably believe to have been made by you or your Authorised User; or

(d) the closure or cancellation of all or any part of an FX Conversion or Payout before its Settlement Date or Payout Date, including if we have to do so due to you failing to provide funds for the FX Conversion or Payout.

18.3 This clause 18.3 and clauses 18.4 and 18.5 apply in respect of the obligations in this clause 18, clause 14.6 and clause 23. If a Party becomes aware of any claim or proceeding which might lead to a claim under this clause 18, clause 14.6 or clause 23 (each, a ‘Third Party Claim’), the Party will promptly notify the other Party in writing and, subject to the other Party complying at all times with clause 18.4, the first Party will:

(a) allow the other Party to control the defence of such Third Party Claim; and

(b) at the request and expense of the other Party, provide reasonable assistance for the other Party to defend any such Third Party Claim.

18.4 If the other Party assumes the defence of a Third Party Claim, the other Party will:

(a) promptly notify the first Party that it has assumed such defence;

(b) at all times have regard for the interests and reputation of the first Party and comply with all applicable court rules in the defence of such Third Party Claim;

(c) consult and keep the first Party informed, in relation to any negotiations, settlement or litigation; and

(d) not, without the prior written consent of the first Party, enter into any settlement or compromise of the Third Party Claim that involves a remedy other than the payment of money.

18.5 If the other Party does not assume the defence of a Third Party Claim in accordance with clause 18.4 within 14 (fourteen) days of being notified in writing of that Third Party Claim, the first Party, or a Person designated by the first Party, may defend the Third Party Claim in such manner as it may deem appropriate, and the other Party will indemnify the first Party in relation to all costs, claims and liabilities incurred by the first Party in relation to such Third Party Claim.

19. CANCELLATION

19.1 This clause applies to you only if you are a Consumer.

19.2 You may cancel these terms for any reason within 14 days beginning with the day after the day on which these terms are concluded. These terms will terminate at the time you give us notice of cancellation.

19.3 If you cancel these terms in accordance with this clause we will refund any sum paid by or behalf by you under these terms, less any charge for any services we have actually already provided to you upon your request prior to your cancellation.

19.4 If you wish to cancel these terms, you can do so by notifying us in writing by: (a) emailing us at: [email protected]; or (b) sending mail to us at: Konstitucijos Av. 21B, Vilnius, Lithuania.

20. TERMINATION AND SUSPENSION

20.1 Stopping Services or closing your Wallet. You can stop using any part of the Services, or close your Wallet and stop using all Services and terminate these terms at any time, by giving us thirty (30) days’ prior written notice.

20.2 Airwallex’s rights to suspend or terminate. We may terminate these terms at any time by giving you two months’ prior written notice that we are closing your Wallet and ending the provision of the Services. In addition, we may without notice immediately suspend or terminate all or any part of these terms or any of the Services, or block any transactions, if:

(a) we suspect criminal activity on your Wallet, that your Wallet is being used fraudulently, or we reasonably believe you have fraudulently requested a refund for an unauthorised transaction;

(b) we reasonably believe you are in breach of Applicable Law;

(c) we are legally required to do so, including by any relevant Regulatory Body;

(d) you have materially broken these terms or gone over any applicable limits or restrictions in the Acceptable Use Policy;

(e) you have given us false or inaccurate information, or we have been unable to verify any information you have provided.

20.3 If you are a Corporate Customer, we may also without notice immediately suspend or terminate all or part of these terms or any of the Services, or block any transactions, if:

(a) you notify us, or we suspect or identify, any suspected or actual unauthorised transactions;

(b) you have been abusive to anyone at Airwallex;

(c) we have reasonable concerns about the security, or unauthorised use, of the Airwallex Platform, your Wallet or the Global Account;

(d) your Wallet has a negative balance and you haven’t promptly repaid the amount owing to us; (e) one of our banking partners, or other service provider necessary for us to provide the Services, requires us to do so; or

(f) you do not use your Wallet for 12 months and it becomes inactive. If you have electronic money in your Wallet, you can withdraw these funds within one year after we have closed your Wallet. If you do not withdraw these funds, we will transfer these funds to the SEPA bank account you last notified to us. If we are unable to do so we will maintain your Wallet for a reasonable period and use reasonable endeavours to refund the funds to you during this period. After this period, we will use such funds at our reasonable discretion.

20.4 Where there are exceptional circumstances, such as where you have given us false information or have otherwise acted dishonestly in your dealings with us or you use the Services illegally or fraudulently, or we are otherwise entitled to our required to do so under Applicable Law, we may immediately suspend or terminate all or part of these terms or any of the Services, or block any transactions. 20.5 We may also block any transaction if your instructions are unclear, incomplete or contain an error.

20.6 We will give you notice of suspension where possible. We will give you notice of any suspension and the reasons for such suspension as soon as we can, either before the suspension is put in place, or immediately after, unless it would compromise our reasonable security measures or otherwise be unlawful. We will lift the suspension as soon as practicable after the reasons for the suspension have ceased to exist.

20.7 Immediate termination. Where you are a Corporate Customer, without affecting any other right or remedy available to it, either Party may terminate these terms immediately on written notice to the other Party and without liability to the other Party:

(a) if the other Party: (i) commits a material breach of these terms, and, in the case of a breach capable of remedy, fails to remedy such breach within thirty (30) days after receiving formal written notice to do so; or (ii) commits a series of breaches of these terms which when taken together have the impact or effect of, or otherwise amount to, a material breach; (iii) becomes subject to an Insolvency Event;

(b) if the Party reasonably determines that it has become unlawful to perform its obligations under these terms; or

(c) in the event of a Force Majeure Event that has the effect of preventing the other Party from performing any of its obligations under these terms for a period exceeding one (1) month.

20.8 On termination you will need to repay any money you owe us. In the circumstances set out in clauses 20.2, 20.3 or 20.6 we may charge you for any reasonable costs, expenses and losses we incur (including costs due to FX difference or any action we may take to cover or reduce the exposure).

20.9 Withdraw your funds. After you have repaid any money you owe us, if you still have funds in your Wallet at the time these terms or the Services are terminated, you should withdraw those funds either before the Wallet is closed, or within one year following its closure. If you have not withdrawn the funds within one year after your Wallet has been closed, we will transfer any remaining funds to the SEPA bank account you last notified to us. If we are unable to do so, we will maintain your Wallet for a reasonable period and use reasonable endeavours to refund the funds to you during this period. After this period, we will use such funds at our reasonable discretion.

20.10 Effect of termination. On termination of these terms:

(a) you will not be able to use the Airwallex Platform. All rights granted to you under these terms will cease;

(b) you must immediately return or delete copies of any documentation, notes and other materials comprising or regarding the Airwallex Platform;

(c) all of your payment obligations under these terms for Services provided through to the effective date of termination will immediately become due and payable;

(d) each Party will return or delete all Confidential Information of the other Party in its possession within thirty (30) days of the termination of these terms, and will not make or retain any copies of such Confidential Information except as necessary to comply with Applicable Law; and

(e) any provision that expressly or by implication has effect after termination will continue in full force and effect.

20.11 The termination rights set forth in these terms apply in lieu of any termination rights available under Applicable Law.

21. SERVICE PROVIDERS

21.1 You acknowledge and agree that:

(a) we may work with third parties (including any other Group Company of Airwallex) to provide the Services;

(b) if you are not a Consumer, and if you receive information from us regarding, or provided by, such third parties, you will not rely on such information and will not make any claims against us or the third party in relation to such information. If you are not a Consumer, you agree that you bear all risk and responsibility if you choose to rely on such information in contravention of this clause;

(c) if you are a Consumer, and if you receive information from us provided by such third parties, you will not rely on such information and will not make any claims against us in relation to such information, unless we have expressly agreed that we are responsible for the accuracy of such information.

21.2 If we use a third party to provide the Services, you acknowledge that the Services are provided by Airwallex to you and not by the third party, unless any Additional Terms for the use of a Service or feature of a Service specifically provide otherwise in writing.

21.3 If we use a third party to provide the Services, we will ensure that the third party complies with Data Protection Legislation relating to the processing of personal data pursuant to clause 16 of these terms.

22. REPRESENTATIONS AND WARRANTIES

22.1 Airwallex warranties. We represent and warrant that:

(a) we have the right, power and authority to enter into these terms and to perform all of our obligations under it;

(b) the Services and the Airwallex Platform will be provided in accordance with generally accepted industry standards;

(c) we have used, and will continue to use, reasonable commercial efforts to provide the Services.

22.2 Disclaimer. Except as expressly stated in these terms, all warranties, conditions and terms, whether express or implied by statute, law or otherwise (including any implied warranties of satisfactory quality or fitness for a particular purpose or non-infringement) are excluded to the fullest extent permitted by law. We do not make any commitments about the content or data within the Airwallex Platform, the specific functions of the Airwallex Platform or its accuracy, reliability, availability or ability to meet your needs. We cannot guarantee that the Airwallex Platform will operate uninterrupted or error-free, that it will always be available, that the information it contains is current or up-to-date, that it will be free from bugs or viruses, or never be faulty. Occasionally we may have to interrupt your use of the Airwallex Platform. In such a case we will restore access as quickly as practicable. Nothing in this agreement excludes our liability for death or personal injury or any other liability that cannot be excluded by law caused by an act or omission by us. This clause 22.2 does not apply to you if you are a Consumer.

22.3 Customer warranties. If you are not a Consumer, you represent and warrant to us that you:

(a) will comply with these terms and all Applicable Law regarding your use of the Services, the Airwallex Platform and Customer Data;

(b) have the right, power and authority to enter into these terms and to perform all of your obligations under it;

(c) have the valid right to grant to us the rights as defined in these terms without violating any Applicable Law or the proprietary rights of any third party;

(d) will provide us with accurate, up-to-date and complete Customer Data at all times, pursuant to clause 6 of these terms;

(e) will pay all sums to us free and clear of any claims, encumbrances or any other interest of any third person;

(f) will use the Services and the Airwallex Platform only for lawful purposes;

(g) are not a Consumer; and

(h) if you are an individual, you are 18 years of age or older.

If you are a Consumer, you represent and warrant to us that you:

(a) will comply with these terms and all Applicable Law regarding your use of the Services and the Airwallex Platform;

(b) have the right, power and authority to enter into these terms and to perform all of your obligations under it;

(c) have the valid right to grant to us the rights as defined in these terms without violating any Applicable Law or the proprietary rights of any third party;

(d) will pay all sums to us free and clear of any claims, encumbrances or any other interest of any third person;

(e) will use the Services and the Airwallex Platform only for lawful purposes; and

(f) are 18 years of age or older.

22.4 Customer conduct. You are solely responsible for any use of the Wallet, Global Account, and other features of the Airwallex Platform, including the content of any data or transmissions you execute through the Platform yourself, or by any Authorised User you permit to access the Platform. You will use all reasonable endeavours to ensure that no unauthorised person will or could access the Wallet, Global Account or other features of the Airwallex Platform. You will not interfere with, disrupt, or cause any damage to other users of the Airwallex Platform or Services.

22.5 You must not misuse the Airwallex Platform. You cannot:

(a) access the Airwallex Platform using a method other than the Airwallex APIs or Webapp, for example you cannot use automated means (including harvesting bots, robots, spiders, or scrapers) without our permission;

(b) do anything that may disrupt, disable, overburden, or damage the Airwallex Platform, such as a denial of service attack; and

(c) cause viruses or other malicious code to interfere with the use of the Airwallex Platform.

23. ANTI-BRIBERY

23.1 Each Party will (and will ensure that any person it uses for the performance of its obligations under or in connection with these terms, including, employees, agents, consultants and subcontractors will):

(a) comply with all national and international Applicable Law relating to sanctions, bribery and corruption including the UK Bribery Act 2010, the US Foreign Corrupt Practices Act and the Lithuanian Applicable law, including, the Lithuanian Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania, Law on International Sanctions of the Republic of Lithuania, the Criminal Code of the Republic of Lithuania. and any laws and rules based on the OECD treaty (‘ABC Legislation’);

(b) not do or omit to do anything likely to cause the other Party to be in breach of any such ABC Legislation;

(c) not give or receive any bribes, including in relation to any public official; (d) maintain throughout the term a programme designed to ensure compliance with ABC Legislation, including an education and training programme and measures reasonably calculated to prevent and detect violations of ABC Legislation;

(e) if requested, and at the other Party’s reasonable cost, provide the other Party with sufficient reasonable assistance to enable the other Party to perform any actions required by any government or agency in any jurisdiction for the purpose of compliance with ABC Legislation or in connection with any investigation relating to ABC Legislation; and

(f) promptly notify the other Party of any allegation of sanctions violation, fraud, bribery or corrupt or unlawful practices made against it in court, arbitration or administrative proceedings, or any investigation commenced in respect of the same.

23.2 If you are not a Consumer, each Party will indemnify the other Party against all liabilities, losses, and expenses which they have suffered as a result of a breach of this clause 23 by the Party.

24. MARKET DISRUPTION, ERRORS & FORCE MAJEURE

24.1 Force majeure. Neither Party will be responsible for any failure to fulfil any obligation for so long as, and to the extent to which, the fulfilment of such obligation is impeded by a Force Majeure Event. The Party subject to the Force Majeure Event will: (a) promptly notify the other Party of any circumstances which may result in failure to perform its obligations; and (b) use reasonable efforts to mitigate the effect of the Force Majeure Event on the performance of its obligations.

24.2 Market Disruption. If in our reasonable opinion a Market Disruption occurs after we have provided you with an FX Exchange Rate, in relation to all or certain currency pairs affected by the Market Disruption, until we reasonably determine the period of Market Disruption has ended we may revise any FX Exchange Rate, or any rate or margin component of any FX Exchange Rate, with immediate effect.

24.3 Error. If an FX Conversion is executed at an FX Exchange Rate that clearly and materially deviates from the market price, you must not rely on such obvious error. In such cases, we may declare that the FX Conversion is not binding: you will need to return to us any amounts made under the FX Conversion and we will reprocess such FX Conversion at the correct rate. 24.4 This clause 24 does not limit or otherwise affect your obligation to pay any fees or other charges or amounts due under these terms.

25. GENERAL

25.1 Entire Agreement. Unless you are a Consumer, these terms represent the entire agreement between the Parties and supersedes and extinguishes all previous agreements, representations, promises, and statements between us, whether written or oral, relating to its subject matter. Each Party acknowledges that in entering into these terms it does not rely on, and will have no remedy in respect of, any representation or warranty (whether made innocently or negligently) that is not set out in these terms. Each Party agrees that it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in these terms.

25.2 Complaints. Please let us know if we have made a mistake or you feel that we have not met your expectations in the delivery of our Services. The FAQ section of our website provides details of how to submit a complaint. We have internal procedures for handling complaints fairly and promptly in accordance with our regulatory requirements. We will aim to respond to your complaint within fifteen business days after the date it is received. In exceptional circumstances, it may take up to thirty-five business days. If you are not satisfied with the decision in our final response, you may be able to refer your complaint to a court of the Republic of Lithuania. Alternatively, you may be able to submit your complaint via the European Commission’s Online Dispute Resolution platform, which can be found at http://ec.europa.eu/consumers/odr/.

If you have well-founded suspicions that we have breached legal acts regulating the financial market, you can submit a notification to the BoL by filling in the prescribed application form as specified in the website of the BoL: https://www.lb.lt/lt/pranesimai-apie-finansu-rinka-reguliuojanciu-teises-aktu-pazeidimus#ex-1-7 and sending it in writing or by electronic means to these addresses: Totorių str. 4, 01121 Vilnius, [email protected], and Žalgirio str. 90, 09303 Vilnius, [email protected]. You also have the right to submit any request to the BoL. Information and procedure for submitting a request is provided on the website of the BoL: https://www.lb.lt/lt/kontaktai#group-464. Requests can be filed in writing or via e-mail and submitted to these addresses: Totorių str. 4, 01121 Vilnius, [email protected], and Žalgirio str. 90, 09303 Vilnius, [email protected].

25.3 Notices. All notices, demands and other communications provided for or permitted under these terms will be made in writing to the Parties at their registered addresses (or if you are a Consumer at the address you provided to us in accordance with clause 2.3 above) and will be sent by: (a) registered or certified first-class mail, return receipt requested; (b) email; (c) courier or overnight service or personal delivery, and will be deemed received upon delivery, or, in the case of email, upon receipt of a delivery receipt.

25.4 Relationship. Nothing in these terms will be construed as creating a partnership or joint venture between the Parties, constitute any Party the agent of the other Party, or authorise any Party to make or enter into any commitments for or on behalf of the other Party. Each Party confirms it is acting on its own behalf and not for the benefit of any other person.

25.5 Assignment. You cannot assign these terms, in whole or in part, without our prior written consent. This provision has proprietary effect. Any attempt to do so will be void and also constitute a material breach of these terms. We may assign these terms, in whole or in part, or subcontract our obligations under it, without your consent. If you are a Consumer, we will ensure that such assignment does not prejudice your rights under these terms in any way.

25.6 Waiver. No failure or delay by a Party to exercise any right or remedy provided under these terms or by law, or a single or partial exercise of such right or remedy, will constitute a waiver of that or any other right or remedy, nor will it preclude or restrict the further exercise of that or any other right or remedy.

25.7 Severability. If any provision of these terms is determined to be invalid, unenforceable or illegal by any court of competent jurisdiction, it will be deemed to have been deleted without affecting the remaining provisions. If such provision would be valid, enforceable and legal if some part of it were modified or deleted, the provision will apply with the minimum modification necessary to make it legal, valid and enforceable.

25.8 Non-Solicitation. Neither Party will (except with the prior written consent of the other Party) during the term of these terms and for a period of one (1) year after termination solicit the services of any staff of the other Party who have been engaged in the performance or management of the other Party’s obligations under these terms other than by means of a public recruitment campaign not specifically targeted at any staff of the other Party.

25.9 Third party rights. These terms are made specifically between and for the benefit of the Parties and are not intended to be for the benefit of, and will not be enforceable by, any person who is not named at the date of these terms as a Party to them. Neither Party may declare itself a trustee of the rights under it for the benefit of any third party.

25.10 Set-off. We may at any time set off any payment liability you have to us against any payment liability that we have to you, whether either liability is present or future, liquidated or unliquidated, and whether or not either liability arises under these terms. If the liabilities to be set off are expressed in different currencies, we may convert either liability at a market rate of exchange for the purpose of set-off. Our right to set off includes, but is not limited to, setting off the amount of any payment you have requested against any amount collected through a Global Account.

25.11 Order of payments. We may determine the order of transactions we process with respect to your account, subject to any requirements at law. For example, if you have given us one or more payment instructions without a sufficient balance in the Wallet, we may use any funds we subsequently receive for the purposes of one or more of those payment instructions at our discretion, unless we accept instructions from you otherwise.

25.12 Other languages. These terms are made in the English language. They may be translated into other languages for convenience only and in such cases the English language version will apply.

25.13 Governing law. These terms will be governed by and construed in accordance with the laws of the Republic of Lithuania. Each Party irrevocably submits to the exclusive jurisdiction of the courts of Vilnius, Lithuania, over any dispute, controversy or claim (including non-contractual claims) arising under or in connection with these terms.

26. DEFINITIONS & INTERPRETATION

26.1 In these terms, the following definitions apply: Actions means any action, claim, demand or proceeding, in respect of any loss, damage, costs, fines, expenses and other liabilities of whatever nature (whether foreseeable or contingent and whether relating to a third-party claim), including in relation to any breach of contract, negligence, fraud, wilful misconduct, breach of statutory duty or other head of claim and however suffered, incurred or sustained.

Additional Cardholder has the meaning given in the Card Supplement.

Additional Terms means any additional terms of use applicable to the use of our Services found on our website www.airwallex.com including, but not limited to, any specific terms applicable to the use of a Service in a particular region.

Airwallex API means the technical interface setting out the protocols and specifications required to effect an integration of the Customer’s technical systems with the Airwallex Platform for Authorised Users to use the Services.

Airwallex Platform or Platform means the proprietary technology and associated products (including but not limited to those found on the Webapp and through an Airwallex API) devised by Airwallex to provide customers with Services including access to the Wallet and Global Account.

Airwallex Profile means the electronic information profile that records your business details and that is used to log into and use the Airwallex Platform.

API Documentation means the documentation and guidelines applicable to the Airwallex APIs found on our website www.airwallex.com.

Applicable Law means all laws, legislation, regulations, binding codes of practice, or rules or requirements of any relevant Regulatory Body applicable to the activities undertaken or procured by the Parties under these terms, as interpreted by taking into account any code of practice or guidance issued by any Regulatory Body with which reputable financial institutions in Lithuania are required or accustomed to comply.

Base Currency means Euro.

BoL means the Bank of Lithuania (Lietuvos Bankas).

Business Day means any day (other than a Saturday, Sunday or public holiday in Lithuania) when banks are open for business in Vilnius.

Card means the ‘Visa Commercial Card’ or similarly named payment instrument issued by Airwallex to you or any of your Additional Cardholders which can be used as a means of making Payout using the balance of your Wallet on the terms set out in these terms and the Card Supplement. The Card may be issued as a physical card or virtual card.

Card Supplement means the ‘Visa Card Supplement’.

Collection Services means the services provided by Airwallex to you under these terms relating to the collection of funds in a Supported Currency via a Global Account.

Confidential Information means and includes all confidential information, whether verbal or written: (i) concerning the business and affairs of a Party, that a Party obtains or receives from the other Party; or (ii) which arises out of the performance of any obligations under these terms. Confidential Information does not include information which is: (a) known by the receiving party without restriction in relation to disclosure prior to receipt from the disclosing party; (b) received from a third party who lawfully acquired it and who was under no obligation restricting its disclosure; (c) approved in writing for release from these terms by the disclosing party; (d) available in the public domain other than by breach of these terms; or (e) independently developed without access to any Confidential Information disclosed by the disclosing party.

Confirmation means Airwallex’s response and confirmation to your instructions to us for an FX Conversion, a Payout, or both.

Consumer means an individual who, in contracts for payment services to which Article 2(9) of the Payments Law applies, is acting for purposes other than a trade, business or profession.

Customer Margin means the amount specified as such in the Airwallex Platform that applies to you, or any other percentage or amount that we may notify you in writing from time to time.

Data Protection Legislation means applicable privacy and data protection laws including the General Data Protection Regulation (EU) 2016/679) and any applicable national implementing laws, regulations and secondary legislation in Lithuania relating to the processing of personal data and the privacy of electronic communications, as amended, replaced or updated from time to time, including the Law on Legal Protection of Personal Data of the Republic of Lithuania. The terms personal data, data subject, data controller, processor, process and processing will have the meaning set out in the Data Protection Legislation.

Direct Losses means, in respect of any breach, those losses that the breaching Party knew, or a reasonable person in the breaching Party’s position ought reasonably to have known, either: (i) at the time of entering into these terms; or (ii) at the time of the breach, were reasonably probable to result from the breach. For the avoidance of doubt, the following will not be Direct Losses: loss of goodwill, business, profit, operation time, reputation or opportunity; or corruption or loss of data or information; or loss of income or anticipated savings, business interruption, or damage or loss as a result of claims from your customers or suppliers, even if the breaching Party was aware or ought reasonably to have been aware of the possibility that such loss or damage could occur.

EM Law means the Law on Electronic Money and Electronic Money Institutions of the Republic of Lithuania.

Force Majeure Event means an event beyond a Party's reasonable control including: strikes, lock-outs, labour troubles (but excluding strikes or other forms of industrial action by the employees, agents or subcontractors of that Party); interruption or failure of a utility service including the internet, electric power, gas or water; riots, war, pandemic, or terrorist attack; nuclear, chemical or biological contamination; extreme abnormal weather conditions; the imposition of a sanction, embargo or breaking off of diplomatic relations; or any change in Applicable Law and any other event that qualifies as force majeure under Lithuanian law.

FX Base Rate means the currency exchange base rate we have specified for an FX Conversion and Settlement Date having regard to the Customer Margin, costs provided by our foreign exchange rate service providers, the interbank exchange rates and relevant market conditions.

FX Conversion refers to an Agreement between the Parties in which one currency is sold or bought against another currency at an agreed exchange rate through the Airwallex Platform.

FX Conversion Services means the services provided by Airwallex under these terms relating to FX Conversion.

FX Exchange Rate means the FX Base Rate plus any other margin that may be applicable to you, including the Customer Margin.

FX Payout means any one or more FX Conversions performed in connection with a Payout, which is physically settled.

Global Account means the collection account created by Airwallex for your use to receive funds in the Supported Currency for the location in which the Global Account is created.

Group Company means any entity in respect of which a Party or a Party’s ultimate holding company: (i) owns (directly or indirectly) more than fifty (50) percent of the voting rights or issued share capital; or (ii) can ensure that the activities and business of that entity are conducted in accordance with its wishes.

Indirect or Consequential Losses means those losses that are not Direct Losses, including loss of goodwill, business, profit, operation time, reputation or opportunity; or corruption or loss of data or information; or loss of income or anticipated savings, business interruption, or damage or loss as a result of claims from your customers or suppliers, even if the breaching Party was aware or ought reasonably to have been aware of the possibility that such loss or damage could occur.

Insolvency Event means: (i) any procedure commenced with a view to the winding-up or re-organisation of a Party, the preparation of a plan in relation to the Law on Insolvency of Legal Persons of the Republic of Lithuania or the suspension of payments; (ii) any step taken or any procedure is commenced with a view to the appointment of a restructuring expert, administrator, receiver, administrative receiver or trustee in bankruptcy in relation to such Party or all or substantially all of its assets; (iii) the holder of any security over all or substantially all of the assets of such Party takes any step to enforce that security; (iv) all or substantially all of the assets of such Party is subject to attachment, sequestration, execution or any similar process; (v) such Party is unable to pay its debts as they fall due; (vi) such Party enters into, or any step is taken, whether by the board of directors of such Party or otherwise, towards entering into a composition or arrangement with its creditors or any class of them, including a company voluntary arrangement or a deed of arrangement; or (vii) such Party enters into, or any step is taken, whether by the board of directors of such Party or otherwise, towards any analogous procedure under the laws of any jurisdiction to the procedures set out in (i) to (vi) above, and in each case other than for the sole purpose of a scheme for a solvent amalgamation of that other Party with one or more other companies or the solvent reconstruction of that other Party.

Intellectual Property Rights means: (i) rights in, and in relation to, any patents, registered designs, design rights, trademarks, trade and business names (including goodwill associated with any trademarks or trade and business names), copyright and related rights, moral rights, databases, domain names, semi-conductor and other topography rights and utility models, and including registrations and applications for, and renewals or extensions of, such rights, and similar or equivalent rights or forms of protection in any part of the world; (ii) rights in the nature of unfair competition rights and to sue for passing off and for past infringement; and (iii) trade secrets, confidentiality and other proprietary rights, including rights to know-how and other technical information.

Linked Account means an account at a third party financial institution acceptable to us that we enable you to link to your Wallet in connection with the Services we provide to you.

Market Disruption means any action, event or circumstance which, as determined by Airwallex in its sole and absolute discretion: (i) has the direct or indirect effect of hindering, limiting or restricting the ability of Airwallex or its Group Companies to obtain a firm quote of an offer price, convert any currency into any other currency, or to transfer any sum to any other country or within the same country; (ii) results in any purchase currency not being available in the interbank foreign exchange market in accordance with normal commercial practice; or (iii) constitutes unusual price volatility in the foreign exchange markets.

Payout means a payment to be made by the Customer to a payee through the Airwallex Platform.

Payout Date means the date nominated by you in your instructions to us, for the Payout to be transferred from Airwallex to the payee. The Payout Date for any transfer must be a Business Day in both countries (i.e. the countries where the Parties are located to transact business).

Payout Services means the services provided by Airwallex to you under these terms relating to the payment of funds in a Supported Currency to a payee via the Wallet.

Payments Law means the Law on Payments of the Republic of Lithuania.

Regulatory Body means any person or regulatory body concerned with the creation, enforcement or supervision of, or compliance with Applicable Law, including the BoL and any regulatory body which replaces it.

Services means the services offered by Airwallex to the Customer under these terms, including Collection Services, FX Conversion Services and Payment Services provided through the Airwallex Platform.

Service Fees means all fees applicable to the use of the Services.

Settlement Cut-Off means the time and date where payment of any monies in cleared funds under these terms is due to Airwallex.

Settlement Date means the date that bought funds in an FX Conversion or Payout are available to the Customer in cleared funds. Settlement Date for any currency pair the Parties elect to transact in must be a Business Day in both countries (i.e. the countries where the Parties are located to transact business).

Supported Currency means, in respect of each feature of a Service, each currency approved by Airwallex from time to time that can be collected, exchanged and/or paid out using that feature through the Airwallex Platform.

User Profile means, with respect to each Authorised User, the electronic profile that records the Authorised User’s details and that is used by them to log into and use the Airwallex Platform on your behalf.

Webapp means the user interface that the Customer and its Authorised Users may use to access the Airwallex Platform and the Services.

26.2 Unless the context otherwise requires: (a) use of the singular includes the plural and vice versa; (b) a reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time; (c) any phrase introduced by the terms ‘including’, ‘include’, ‘in particular’, ‘for example’ or any similar expression will be construed as illustrative and will not limit the sense of the words preceding those terms.

26.3 References to the Parties will include any successors, permitted assignees or transferees where permitted by these terms. The word ‘person’ will be deemed to include a body corporate, partnership or unincorporated association. References to any Party indemnifying any person against any costs, claims or liabilities include indemnifying against any and all liabilities, losses and expenses, as well as (to the fullest extent, but only if permitted by Applicable Law) any civil or criminal fines imposed by any relevant Regulatory Body and any reasonably incurred legal fees, costs and expenses.

Fee Schedule

FX Conversion Services, Payment Services, Collection Services and Cards

Description	Standard Fee (EUR)
FX Conversions*
Customer Mark-Up / Margin (AUD, USD, HKD, CNY, JPY, EUR, GBP, CAD, CHF, NZD, SGD)	0.50%
Customer Mark-Up / Margin (MYR, IDR, KRW, PHP, THB, VND, INR, NPR, PKR, BDT, TRY, LKR)	1.00%
Customer Mark-Up / Margin (Other Currencies)	1.00%
Collections
Global Account Creation Fee	€0
Global Account Receiving Funds Fee	€0
Payments
Payments in CNY	0.10%
Local Payment Fee (incl. BPAY and FPS)	€0
SWIFT (SHA) Payment Fee (incl. RTGS and FedWire)**	€10 per payment
SWIFT (OUR) Payment Fee***	€20 per payment
Other Fees & Charges
Account Opening Fee	€0
Monthly Account Fee	€0
Break Costs	Varies. See PDS for example
API Integration Set Up Fee	To be advised.

Notes:

Effective 29 May 2024: For FX Conversions in Major Currencies that are required as a result of amendments or cancellations, the above FX margin will apply. For currencies other than the Major Currencies (which cannot be held in the Wallet), the FX margin applied to the original conversion will be used.

* The customer mark-up / margin will be included as the FX Exchange Rate that is used to convert one currency for another currency. If any currency is not listed, it will be treated as an “other currency”.

** SHA: Both the client (sender) and beneficiary will pay fees to the sending bank i.e. fees for the outgoing transfer. Beneficiary will receive the amount transferred less the intermediary banks' fees.

*** OUR: The client pays for the wire transfer fees charged by intermediary banks.

Cards

Description	Standard Fee (EUR)
Cards*
Employee Cards	€6.00 per active Employee Cardholder** per calendar month

* This fee is not applicable to the first five Employee Cardholders and will apply to Cardholders 6-50. Cardholders in excess of 50 will require negotiated pricing.

** An Employee Cardholder is active if they have been verified and has an Employee Card that has not been cancelled or has not expired during the relevant month.

Additional notes: The above fees (as applicable) will be deducted from your Wallet on a monthly basis. In the event that a Cardholder is not active for a full calendar month (e.g. becomes active or cancelled mid-month) the fees deducted will be prorated based on the total number of days in that calendar month for which the Cardholder was active e.g., if a customer has had one active Employee Cardholder for 12 days in July, they would be charged €6 X 12 / 31)

If you have any questions about the fees deducted from your Airwallex Wallet, please contact us and we can help clarify any questions. For more information on billing, please see our FAQs.

Privacy Policy

Thank you for using Airwallex!

Airwallex is a global payments and financial platform company for modern businesses. We provide a broad range of financial services including payments, treasury, spend management and embedded finance to global businesses of all sizes. It is important that you are well informed as to how we process your personal information. This Privacy Policy (the “Policy”) describes the information we collect from you and how that information is used and shared by us. It also includes details about the choices we offer you in relation to your information. Please review it carefully.

Here is a summary of the information contained in this Policy (although it is not a substitute for reading the full Policy). We have included hyperlinks to help you jump to the relevant sections with more detail.

What does this Policy apply to?	This Policy applies to any user of products, services, technologies or functionalities offered by us anywhere in the world, and to any visitor to our website, mobile app, or other channel.	Link
Who is the data controller?	“We” or “us” in this Policy refers to Airwallex. The data controller of your personal information varies by your location: Australia Airwallex Pty Ltd and Airwallex Capital Pty Ltd Canada Airwallex (Canada) International Payments Limited  EEA/Switzerland Airwallex (Netherlands) B.V.  Malaysia Airwallex (Malaysia) Sdn Bhd  New Zealand Airwallex (New Zealand) Limited  Singapore Airwallex (Singapore) Pte Ltd  UK Airwallex (UK) Limited United States Airwallex US, LLC Hong Kong and all other countries Airwallex (Hong Kong) Limited or UniCard Solution Limited (depending on the Services provided)	Link
What types of information do we collect and why?	When you set up an account to use our Services, we require information (such as your name, address, government-issued ID, tax identifier, business information) to set this up. We also process certain identity information when we undertake our KYC/AML process. We will process information in connection with transactions (including payment information and the beneficiary of payment). Our Services also process network, device and usage information in order to maintain the integrity of our systems. You can read more about what personal information we process and why below.	Link
How is your information shared?	Our affiliates and select third parties support the operation of the Services and will necessarily transfer personal information in order to facilitate the Services and services provided by third parties at your request and/or with your consent. If a third party is engaged to support the Services, this is solely for the purpose of the Services and we require that the third party comply with appropriate safeguards to protect personal information. Services supported and/or provided by third parties may include support services, effecting transactions, account information services, payment initiation services, cloud services, analytics, market research, fraud detection, Business Customers’ services and other functions in connection with the Services. We also have affiliates around the world who help us deliver the Services and we may be required by a court or legal obligation to disclose certain information in some circumstances. You can read more about how we share your personal information below.	Link
Where do we store your information?	We primarily host your personal information in Singapore, Hong Kong, Belgium, the Netherlands, Japan, Australia, Malaysia, and the United States. As a global business we may also transfer your personal information to, and process your personal information in,  countries outside your country of incorporation, business operations or residence, and where our affiliates, Ecosystem and Financial Partners and service providers are located.	Link
How long do we retain information for?	We only retain personal information for so long as it is required to fulfil the purpose for which it was collected, unless we are subject to legal or regulatory obligations to retain such information. You can read more about how long we retain specific categories of personal information below.	Link
What rights do I have to processing of my information?	Depending on where you are located, you may have certain rights with respect to your personal information, such as rights of access, to receive a copy of your information, or to delete your information or restrict or object to our processing of your information. You can read more about your rights below.	Link
How can I contact Airwallex?	If you have questions or concerns about this Policy or a specific request related to your personal information, please contact us at [email protected].	Link
How will we notify you of changes to this Policy?	We reserve the right to make changes to this Policy at any time by posting a revised version to our Site and updating the “Last Updated” date at the top of this Policy.	Link
Are there specific terms that apply to certain countries?	Yes. You can read more about the specific processing activities for certain jurisdictions in the Jurisdiction-Specific Addenda below.	Link

1. SCOPE OF POLICY

This Policy applies to you when you use or interact with our Services anywhere in the world, or our website, mobile app, or other channel (collectively, “Sites”). “Services” means any products, services, technologies or functionalities offered by Airwallex. The Services we offer may vary by region.

Depending on the context, “you” may mean any of the End User, Business Customer, Representative or Visitor.

• End User: an end user (individual) who uses our Service, regardless of whether the End User uses  our Services for personal use or otherwise. We collect an End User’s personal information when provided by the Business Customer . 

• Representative: individual who is the owner of, or who acts on behalf of a Business Customer  (e.g. employee, director or officer of Business Customer who has authority for managing Business Customer’s account with us). 

• Visitor: a visitor (individual) to our Sites or who otherwise communicates with us (e.g. if you send us a query on our Support Page) without being logged into an Airwallex account.

• “Business Customer” refers to a business entity who we provide Services to, whether directly or indirectly, or do business with and such Business Customer will provide us with an End User’s personal information in connection with Business Customer and that End User’s respective activities. When you (as an End User or Representative) interact with a Business Customer, your personal information will be collected, retained, shared and/or stored by the Business Customer in accordance with their own privacy policies and not this Policy.

2. DATA CONTROLLER

As used in this Policy, “we,” “us” “our” and “Airwallex” refers to the Airwallex group company that acts as the data controller with respect to your information. The data controller responsible for your information under this Policy varies depending on your country of residence and/or the entity used to enter into an agreement with Airwallex to provide services to you and is listed below.

Our privacy team can be contacted at [email protected].

Country of Residence	Data Controller(s)	Address
Australia	Airwallex Pty Ltd  or  Airwallex Capital Pty Ltd (depending on the services provided)	Level 7, 15 William Street, Melbourne, VIC 3000, Australia
United States	Airwallex US, LLC	2 Embarcadero Center, 8th Floor, San Francisco, CA 94111, USA
Hong Kong and all other countries not otherwise listed in this table	Airwallex (Hong Kong) Limited or UniCard Solution Limited (depending on the Services provided)	34th Floor, Oxford House, Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong SAR 34th Floor, Oxford House, Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong SAR
UK	Airwallex (UK) Limited	LABS House, 15-19 Bloomsbury Way, London WC1A 2TH, London, United Kingdom
EEA or Switzerland	Airwallex (Netherlands) B.V.	Herengracht 168 Unit 201, 1016BP Amsterdam, The Netherlands
Malaysia	Airwallex (Malaysia) Sdn Bhd	WeWork Mercu 2, Level 40, No.3 Jalan Bangsar, KL Eco City 59200, Kuala Lumpur, Malaysia
New Zealand	Airwallex (New Zealand) Limited	c/- CSNZ, Level 5, 79 Queen Street, Auckland 1010, New Zealand
Singapore	Airwallex (Singapore) Pte Ltd	#20-01, Guoco Tower, 1 Wallich Street, Singapore 078881
Canada	Airwallex (Canada) International Payments Limited	Suite 2600, Three Bentall Centre, 595 Burrard Street, Vancouver, BC Canada, V7X 1L3.

3. THE TYPES OF PERSONAL INFORMATION WE USE

“Personal information” means any information that identifies you (whether directly or indirectly), such as your name, address, telephone number, email address, date of birth, payment card information, bank account information and any other data that is associated with your identity. The specific categories of personal information which we process are listed in the section “How We Use Your Personal Information” below. This section describes the different types of personal information we collect from you and how we process it.

A. INFORMATION YOU PROVIDE DIRECTLY TO US

• Account and Profile Information, Events participation, Newsletter or Content subscription: To use our Services or attend an event or receive content we publish, you must provide certain personal information to us, including contact details and other information required to establish an account profile, identity verification information, financial information and information regarding beneficiaries of payments. This information is necessary for us to perform the contracted services and also to allow us to comply with our legal obligations. If you are not able or willing to provide this information, we may not be able to provide you with all the requested Services.

• Survey, feedback, and promotions: Some information you provide to us is voluntarily provided by you and not mandatory. Examples of such information include your opting to respond to our surveys, provide feedback to us about our products and services, participate in promotions or contests or otherwise communicate with us. This information allows us to provide incentives or additional features to you, evaluate our performance and to create a better user experience for you when using the Airwallex platform. This additional information will be processed based on our reasonable discretion or when applicable, your consent.

B. INFORMATION AUTOMATICALLY COLLECTED FROM YOUR USE OF SERVICES

We automatically collect certain data from you when you use the Services or visit any of our Sites where we have a legitimate interest (such as to prevent fraud or misuse, or to understand your use of and improve our Services). This includes:

• transaction data, beneficiary information, card related information;

• usage data;

• information about the devices you use to access the Services;

• recordings; 

• log data; and

• location  information.

Our Cookie Policy provides additional information about the technologies we use to automatically collect your personal information mentioned above.

C. INFORMATION COLLECTED FROM THIRD PARTIES

We also obtain information about you from other external sources, including information obtained from our ecosystem and financial partners, payment service providers, service providers, credit bureaus, credit reference agencies or other providers of credit information, financial institutions, debt collection agencies, companies and other official registers and databases, fraud prevention agencies and partners, community forums used to post ratings or reviews, Airwallex business partners or Business Customers through which you access our Services, or other sources of public records. The collection and sharing of such personal information with Airwallex is also explained in such third parties’ own respective privacy policies. We may combine information collected from third parties with information we collect from you directly through the Airwallex platform.

Regardless of the method of collection, the information we obtain from or about you is subject, at all times, to the privacy choices or rights exercised by you.

D. COOKIES

We use cookies and similar technologies (i.e. web beacons, pixels, ad tags and device identifiers) to recognize you and to customize your online experience. To learn more about cookies and the other tracking technologies we may utilize, please refer to our Cookie Policy, which includes a comprehensive overview of cookies and provides further details about how we use cookies and how to control our use of cookies.

4. HOW WE USE YOUR PERSONAL INFORMATION

This section provides more detail on the types of personal information we collect from you, and why. For users who are resident in the United Kingdom, the European Economic Area or Switzerland (each a “Relevant Jurisdiction”), it also identifies the legal basis under which we process your personal information.

Personal Information		Use	Legal Basis (only relevant if you are located in a Relevant Jurisdiction)
Account and Profile Information (End User, and/or Representative only)	Personal identifiers such as your name, residential address, email address, date of birth, social security number, driver’s license number, passport number, tax identification number or other similar identifiers.	To provide the Services, e.g. • to create a User Profile and associated permissions and authorisations to that User Profile; • to process instructions from you payments and the use of our products; • to provide customer support; • to enable you to access and use the Airwallex products and platform; and • to evaluate your application to use the Services. To prevent fraud, misuse or breaches of the Acceptable Use Policy, e.g. • to verify your identity or authenticate your right to access an account or other information; • to manage risk, fraud and abuse of the Services and Sites; and • to conduct manual or system monitoring to protect against fraud and other harmful activity. To communicate with you, e.g. • to respond to your inquiries and support requests; • to send you service updates and notices, security alerts and other administrative messages;  • to provide information related to your transactions including confirmations, receipts and tracking notices; and • send you our newsletter or other content, or to send you marketing and promotional messages and offers.	Necessary to perform our contract with you to provide the Services and to send you communications related to your use of the Services. Consent to send you promotional or marketing communications.  It is in our legitimate interests to prevent fraud misuse, or breaches of the Acceptable Use Policy.
Demographic Data (End User and/or Representative only)	We may also collect demographic data about you including your employment history, education, income and other similar information.	To develop new products or enhance existing products and Services. To monitor and analyze trends, usage and other user activities on our Sites to optimize user experience.	It is in our legitimate interests to use this information to improve our Services and Sites.
Identity Verification Documents (End User and/or Representative only)	To comply with laws and regulations, we may collect copies of your government-issued identification document. Name, date of birth, identification document (including passport, driver’s licence or national ID card), address proof, tax residency information or other authentication information, all of which may include photographs of you. To the extent permitted by applicable law, we may obtain reports about you from public records. In order to obtain such reports, we may use information or personal information you provide to us.	To fulfil our legal obligations. To provide the Services, e.g.: • to create your account for the Services in accordance with your request; and • to verify your identity or authenticate your right to access an account or other information.  To prevent fraud, or misuse or breaches of the Acceptable Use Policy, e.g. • to verify your identity or authenticate your right to access an account or other information; • to manage risk, fraud and abuse of our Services and Sites; and • to conduct manual or system monitoring to protect against fraud and other harmful activity.	Necessary to satisfy our legal obligations under applicable law to provide our Services. It is in our legitimate interests to prevent fraud,  misuse or breaches of the Acceptable Use Policy.
Transaction  Data  (End User and/or Representative only)	We may collect financial information such as bank account details (account number, routing number), credit or debit card numbers, billing address, shipping address, payment method information, merchant, location, transaction amount, date of transaction or tax information.	To provide the Services, including  to process payments from and to the Business Customer’s account or the End User account, to process payment transactions from buyers or the users of any Airwallex card products. To fulfil our legal and regulatory reporting obligations.	Necessary to perform our contract with you to provide the Services. Necessary to satisfy our legal and regulatory reporting obligations under applicable law.
Beneficiary Information (End User and/or Representative only)	We may collect information about the parties to the transaction, the designated recipient (including the recipient’s bank account information), the source of the funds, the reason for the transaction, the devices and payment methods used to complete transactions.	To provide the Services, e.g. • to process payments from and to the Business Customer or End User account. To prevent fraud, misuse or breaches of the Acceptable Use Policy, e.g. • to verify your identity or authenticate your right to access an account or other information; • to manage risk, fraud and abuse of the Services and Sites; and • to conduct manual or system monitoring to protect against fraud and other harmful activity.	Necessary to perform our contract with you to provide the Services. It is in our legitimate interests to prevent fraud, misuse or breaches of the Acceptable Use Policy.
Card Related Information (End User)	Card numbers and details	To provide the Services, e.g. • to process payments made by the card; • to issue cards and process their transactions as part of the Services; • to validate the authenticity of the transaction; and • to prevent fraud.	Necessary to perform our contract with you to provide the Services and to fulfil our legal obligations.
Business Entity Information (End User and/or Representative only)	If you are using the Services on behalf of a business entity, we may collect information about the business including: the organizational structure of the company, the company address, the product and service offerings, website domain name used by the business,  information about the beneficial owners of the business, tax classification of the business, tax identification number(s), company registration number(s),and its tax residence. We also may collect entity formation documents or other corporate records.	To provide the Services, e.g. • to process payments to your suppliers and other recipients; • to provide customer support; • to enable you to access and use the Airwallex platform;  • to evaluate your application to use our Services; and • where applicable, to meet our legal obligations and conduct required and regulatory reporting, including to tax authorities.  To prevent fraud, misuse or breaches of the Acceptable Use Policy, e.g. • to verify your identity or authenticate your right to access an account or other information; • to manage risk, fraud and abuse of our Services and Sites; and • to conduct manual or system monitoring to protect against fraud and other harmful activity. To communicate with you, e.g. • to respond to your inquiries and support requests; • to send you technical notices, updates, security alerts and other administrative messages; and • to provide information related to your transactions including confirmations, receipts and tracking notices.	Necessary to perform our contract with you to provide the Services. To fulfil our legal and regulatory  obligations.  It is in our legitimate interests to prevent fraud, misuse or breaches of the Acceptable Use Policy.
Log Data (End User and/or Representative only)	When you access the Services, we collect server logs which may include information such as access times and dates, pages viewed and other system activity, including the third-party site you were using before accessing our Services.	To provide the Services. To prevent fraud, misuse or breaches of the Acceptable Use Policy and improve our Services. To understand your use of and improve the Services.	Necessary to perform our contract with you to provide the Services. It is in our legitimate interests to prevent fraud, misuse or breaches of the Acceptable Use Policy and improve the Services.
Device Information (End User and/or Representative only)	We may obtain information about the devices you use to access the Services including: the device type, operating systems and versions, the device manufacturer and model, preferred languages, and plugins.	To provide the Services. To prevent fraud, or misuse or breaches of the Acceptable Use Policy and improve the Services. To understand your use of and improve the Services.	Necessary to perform our contract with you to provide the Services, and it is in our legitimate interests to prevent fraud,  misuse or breaches of the Acceptable Use Policy and improve the Services.
Usage Information	We collect information about how you interact or engage with the Sites and how you use the Services including your user preferences and other settings selected by you. This information may be collected if you visit our Sites and regardless of whether or not you establish an account with us or conduct a transaction. In some cases, we do this by utilizing cookies, pixel tags and similar technologies. Please see further details about cookies and other tracking technologies in our Cookie Policy.	To provide the Services. To evaluate your satisfaction with our Services, platform and features. To develop new products or enhance existing products and services. To monitor and analyse trends, usage and other user activities on our Sites to optimize user experience and to improve the Services.	Necessary to perform our contract with you to provide the Services. It is in our legitimate interests to protect the integrity of the Services and improve our operations.
Location Information (End User and/or Representative only)	When you use certain features of the Services, we may collect information about your precise or approximate location as determined by data such as your IP address or mobile device GPS. Most mobile devices allow you to control or disable the use of geolocation services for applications by changing preferences on your mobile device.	To provide the Services. To enable you to access and use the Airwallex platform. To manage risk, fraud and abuse of our Services and Sites or breaches of the Acceptable Use Policy.  To conduct manual or system monitoring to protect against fraud and other harmful activity.	Necessary to perform our contract with you to provide the Services. It is in our legitimate interests to prevent fraud,  misuse or breaches of the Acceptable Use Policy.
Communications Data	Information related to your interactions and communications with us, which may include email messages, chat sessions, text messages, and phone calls that we exchange with you.	To respond to your inquiries and customer support requests. To send you technical notices, updates, security alerts and other administrative messages.  To provide information related to your transactions including confirmations, receipts and tracking notices.	Necessary to perform our contract with you to provide the Services.
Call Recordings	Voice recordings of you captured when you contact us or if we contact you, including interactions with our customer service or sales teams.	To respond to your inquiries and customer support requests.	Necessary to perform our contract with you to provide the Services.
Various other Information	Any information you may provide us when you respond to surveys.	To run the survey and analyse the results for our internal business purposes.	We collect this information with your consent.
Any information you may provide us when you participate in contests.	To facilitate promotional contests that you choose to participate in.	We collect this information with your consent.
Any information you may provide us when you participate in promotions or request to receive promotional information.	To deliver promotional offers, incentives, and targeted marketing in accordance with your preferences (as permitted by applicable law). To provide invitations and information about events or events held by our partners.	We collect this information with your consent.

5. TRANSFERS AND STORAGE

We primarily host your personal information in Singapore, Hong Kong, Belgium, the Netherlands, Japan, Australia, Malaysia, and the United States. As a global business we may also transfer your personal information to, and process your personal information in,  countries outside your country of incorporation, business operations or residence, and where our affiliates, Ecosystem and Financial Partners and service providers are located. These countries may have data protection rules that are different from your country. In certain situations, we may be required to disclose your personal information pursuant to lawful requests from local law enforcement or government authorities. Airwallex  implements appropriate measures and safeguards to protect your personal information to meet the standards described in this Policy, including the use of mandated Standard Contractual Clauses (for the European Union) and International Data Transfer Agreement (for the United Kingdom) or any equivalent standard contracts issued by relevant authorities into its agreements (where applicable) and/or adopting alternative measures required for the lawful transfer of personal information in accordance with applicable data protection law.

INFORMATION SHARING AND DISCLOSURE

Only where necessary will we share your personal information with third parties. Situations where this occur are:

Third Party	Purpose
Third party service providers	We engage a variety of service providers (who act as data processors) to enable us to provide our Services to Business Customers, and, indirectly, to you. For example, service providers may be used to: facilitate payment processing, support technology or infrastructure, cloud storage, conduct market research, marketing analytics, detect fraud, verify identity and perform audits or other functions. We will share your personal information with such service providers only to the extent necessary to allow the performance of their intended engagement. All service providers and business partners that receive your personal information are contractually bound to protect and use your information only in accordance with this Policy.
Our corporate affiliates	To facilitate or support us in providing the Services to you, we may share your personal information within the Airwallex group of companies. All Airwallex group companies may only use your personal information in accordance with the relevant Intra-Group contracts governing such processing and for the purposes set out in this Policy.
Financial and Ecosystem Partners	The Services may be offered to you (as an End User, Business Customer or Representative) in conjunction with or facilitated by other financial institutions, other payment institutions or other ecosystem partners (such as a provider of accounting or treasury management services or a marketplace payment service provider programmes).  In respect of Financial or other payment institutions, such transfers and disclosures are necessary in order to provide the Airwallex services to you.  In respect of Ecosystem Partners, such disclosures and transfers will be made in the manner you authorised or requested, or described to you (to enable use by you of such Ecosystem and Financial partners’ products and services) at the time you authorised or requested such disclosures.  When you allow or authorise such 3rd party provider, plugins, widgets, and/or website to access your Airwallex Account or to receive your personal information, this will constitute a request and/ or authorisation.
In respect of Connected Account holders, the Platform (or any Platform partners)	For the Airwallex for Platforms solution, personal information relating to the Connected Account will be transferred to the Platform (or the Platform partners) to allow the Connected Account to consume the Airwallex services via the Platforms’ (or Platforms’ partner’s) website or mobile app.  The Platform (and/or Platform partner)is an independent data controller of the personal information it processes in relation to the Connected Account holder.
Commercial Partners	We may also refer you to services provided by our Commercial Partners (as an End User, Business Customer or Representative).  Such Commercial Partners provide services under their own licences or authorisations, will have direct contracts with you and may be independent data controllers of the data you provide to them or data generated from your use of their services.  Airwallex has no responsibility for any Commercial Partner services.  Any data that may need to be transferred to such Commercial Partners from us will be done with your consent or as requested by you.
Regulatory Authorities: regulators, judicial authorities and law enforcement agencies, tax authorities, and other third parties for safety, security, or compliance with the law.	There are circumstances in which we are legally required to disclose information about you to authorities (e.g. regulators, judicial authorities, courts, law enforcement agencies, tax authorities, and other public / government authorities both domestic and international), such as to comply with a legal obligation or processes, enforce our terms, address issues relating to security or fraud, or to protect our users. These disclosures may be made with or without your consent, and with or without notice, subject to and in compliance with the terms of valid legal process, including but not limited to regulatory queries or requests, subpoenas, court orders, or search warrants. We are usually prohibited from notifying you of any such disclosures by the terms of the legal process. We may also disclose your information to: enforce our Master Services Agreement entered into with the Business Customer or End User, or our online terms and conditions accepted by the Business Customer or End User or other applicable agreements or policies, including investigation of any potential violation thereof; detect, prevent or otherwise address security, fraud or technical issues; protect our rights, property, privacy, or security, or that of others, as permitted by law; or comply with relevant law, legal process or governmental requests or orders.
Social Media Platforms	Social media networks such as Facebook, Twitter, Pinterest, and Instagram that offer functionalities, plugins, widgets, or tools in connection with our corporate website or mobile application. If you as a Visitor choose to use these functionalities, plugins, widgets, or tools, certain information may be shared with or collected by those social media companies — for more information about what information is shared or collected, and how it is used, see the applicable social media company's privacy policy.
Potential Acquirers of our Business	If we are the subject of or are involved in any corporate merger, acquisition, consolidation, reorganization, sale, joint venture, assignment, transfer or other disposition of all or any portion of our business, assets or stock (including in connection with bankruptcy or similar proceedings), we may share data with third parties during negotiations. In the event your personal information becomes subject to a different privacy policy, we will make reasonable efforts to notify you beforehand. We also may need to disclose information to a third party in connection with a commercial transaction where we or any of our affiliates are seeking financing, investment or funding.
Other Authorized Parties	If you request (as part of the Services provided to you) or provide your consent, we may share your information including your personal information with a third party not defined in this Policy.

A list of Airwallex’s third party processors and sub-processors can be found here. 

6. DATA RETENTION

We will retain your personal information for the period of time required to comply with applicable law, for fulfilling any ongoing obligations to you or, where necessary and consistent with applicable law, for our internal business purposes.

We will retain your personal information even after you close your Airwallex account or request deletion of your personal information. Examples of such cases include:

• To process any transactions booked prior to closure or deactivation of an account.

• To comply with anti-money laundering regulations or other laws and rules.

• To detect or prevent fraud and other loss prevention activities.

• To comply with legal process orders or law enforcement requests.

• To collect any fees or other outstanding amount owed and payable to us by you.

• To comply with our tax, accounting, and financial and regulatory reporting obligations. 

• Where required by our contractual commitments to our ecosystem or financial partners.

• To resolve any disputes or enforce our User Agreement or other applicable agreements or policies.

• To take any other action or exercise any other right in accordance with applicable law.

When a relevant retention period has passed, Airwallex will destroy personal information or, where applicable, sufficiently anonymize the personal information.

For further details on how long we keep your data, please refer to the time periods set out below.

Type of Information	Retention Policy
Account and Profile Information  Demographic Data Identity Verification Documents  Transaction Data Beneficiary Information  Card Related Information Business Entity Information  Log Data Device Information Usage Information  Location Information Communications Data  Call Recordings Various Information	Stored for the lifetime of your use of the Services plus no less than 7 years.

7. YOUR RIGHTS AND CHOICES

You have certain rights relating to your personal information. The ability and extent to which you may exercise these rights will vary depending on your location. Only the data subject (an individual), account owner or the administrator may raise data subject rights to us. 

The following rights (described in detail below) apply to users in a Relevant Jurisdiction.

If you are located outside of a Relevant Jurisdiction, please review the section on Jurisdiction- Specific Rights for more information about the privacy rights afforded to you in your country or state of residence. To exercise any of your rights, please contact us at [email protected].

A. ACCESS, CORRECTION, ERASURE

You may review, correct or update information you provided to us at any time by logging into your Airwallex account. Prior to changing or correcting your information, we may be required to verify your identity. There may be circumstances which preclude us from providing access to some or all of your information, for example where the information contains references to personal information about an individual other than you or the information is subject to legal or proprietary protections. If there is any other personal information you believe we process that you would like to access, correct or erase, please contact us at [email protected].

B. PORTABILITY

You may have the right to receive a copy of certain personal information we process about you. This comprises any personal information we process on the basis of your consent (e.g., survey information) or pursuant to our contract with you (e.g., your name). You may have the right to receive this information in a structured, commonly used and machine-readable format. You may also have the right to request that we transfer or share that personal information to another party (e.g. a third party service provider or an ecosystem or financial partner), with certain exceptions. We will provide further information to you about this if you make such a request.

C. RESTRICTION OF PROCESSING

You may have a right to require us to stop processing the personal information we hold about you other than for storage purposes in certain circumstances. Please note, however, that if we stop processing the personal information, we may use it again if there are valid grounds under data protection laws for us to do so (for example, for the defence of legal claims or for another’s protection). Where we agree to stop processing the personal information, we will try to tell any third party to whom we have disclosed the relevant personal information so that they can stop processing it too.

D. OBJECTION

You may have the right to object to our processing of your personal information. To the extent provided by applicable laws and regulations, you may withdraw any consent you previously provided to us for certain processing activities by contacting us at [email protected]. Where consent is required to process your personal information, if you do not consent to the processing or if you withdraw your consent, we may not be able to deliver the expected service.

8. DEVICE & MARKETING 

Device Permissions

Most mobile devices allow you to disable the use of location services, or revoke consent to applications to access your camera and photo library or send you push notifications information. Please refer to your device settings to restrict collection of certain information.

Notifications

We may from time to time send you notifications when we consider it necessary to do so (for example, when we temporarily suspend access to the Services for maintenance, or security, privacy or administrative-related communications). You may not opt-out of these service-related notifications, which are not promotional in nature.

Marketing Opt-Out

As described in section 4, we only send you promotional communications with your consent. You can opt out of receiving such promotional communications from us by following the instructions included in those messages or by logging into your Airwallex account and changing your preferences. Please note that if you opt out of marketing-related emails from us, we will continue to send you non-promotional messages that are required to provide our Services, such as transactional receipts and messages about your account or our relationship with you.

9. ADVERTISING AND ANALYTICS

We may partner with third parties to display advertisements to you on websites you visit. These third-party partners use cookies and other technologies to gather information about your activities on our Sites as well as other sites you visit in order to serve you advertising based upon your browsing history and interests. To learn more about behavioral advertising and online tracking, visit the Network Advertising Initiative. This website also provides information about how to opt out of interest-based online advertising delivered by member companies. You can learn more about Google’s practices here. For more information about the cookies that may be served through use of our services, please refer to our Cookie Policy.

10. SECURITY

We implement and update technical and physical security measures to safeguard your personal information against loss, misuse or unauthorized access on an ongoing basis. Safeguards used to protect your information include firewalls, data encryption, and access controls. Please keep in mind that the transmission of information over the Internet is never 100% secure and no data storage system can be guaranteed safe. Although we will do our best to protect your personal information, we cannot warrant the security of data transmitted to our Sites; any transmission is at your own risk. We encourage you to understand the integral role you play in keeping your own personal information secure and confidential. Please select passwords that are sufficiently complex and always keep our log-in details secure. If you suspect any unauthorized use or access to your account or information, please contact us immediately.

11. CHILDREN’S PRIVACY

The Sites and Services are not intended for or directed at children. By children we mean users under the age of 16 or in the case of a country where the minimum age for processing personal information differs, such different age.

We do not knowingly collect any information from children. If we obtain actual knowledge that we have collected personal information from a child, we will immediately delete it (unless we are legally obligated to retain such information). Please contact us if you believe that we inadvertently collected information from any child.

12. THIRD PARTY LINKS AND SERVICES

The Sites may include links to third party websites or services, such as third-party integrations, co-branded services, or third-party branded services (“Third-Party Sites”). Clicking on those links or enabling those connections may allow third parties to collect or share information about you. We do not own or control these third-party websites and when you engage with these Third-Party Sites, you may be providing information directly to the Third-Party Site, Airwallex, or both. Third-Party Sites will have their own policies about the collection, use and disclosure of your information. Please review those policies for more information.

13. UPDATES TO THIS POLICY

We reserve the right to make changes to this Policy at any time by posting a revised version to our Site and updating the “Last Updated” date at the top of this Policy. To the extent permitted by applicable law, your continued use of our services after such notice or posting constitutes your consent to our revisions of this Policy. If you disagree with any of our changes, you may deactivate your account with us at any time.

14. CONTACT

If you have questions or concerns about this Policy or a specific request related to your personal information, please contact us at [email protected].

If you wish to make an inquiry regarding how we process your personal information, please contact us at [email protected] and we will endeavour to deal with your request as soon as possible. This is without prejudice to your right to launch a claim with the data protection authority in the country in which you live or work where you think we have infringed data protection laws.

15. LANGUAGE

Except as otherwise set out by law, in the event of any inconsistency between the English version and local language version of this Policy (where applicable), the English version shall prevail.

JURISDICTION-SPECIFIC RIGHTS

Some jurisdictions’ laws contain additional terms for users of the Services, which are set out in this section. If you are a customer of Airwallex entity located in one of the jurisdictions below, the terms set out below under the name of your jurisdiction apply to you in addition to the terms set out in our Policy above.

For customer of Airwallex Australia

Overseas Recipients

You consent to the transfer of personal information to third parties outside Australia, and acknowledge that while we take reasonable steps to ensure that such third parties handle your personal information in accordance with Australian privacy laws, we will not be liable for the acts and omissions of these overseas third party recipients.

Access

You have the right to access personal information we hold about you, how we use it, and who we share it with. You can access the personal information you have made available as part of your account by logging into your account. If you believe we hold any other personal information about you, please contact us at [email protected].

Correction

You have the right to correct any of your personal information we hold that is inaccurate. You can access the personal information we hold about you by logging into your account. If you believe we hold any other personal information about you and that information is inaccurate, please contact us at [email protected].

Transacting Anonymously

Where possible we will give you the option of not identifying yourself when using the Service. You acknowledge that if you do not provide us with your personal information, we may be unable to provide you with access to certain features or sections of the Services.

Your Rights

If you are dissatisfied with our response to your request for access to, or correction of, your personal information or your privacy complaint in respect of your personal information, you may contact the Office of the Australian Information Commissioner (Telephone: +61 1300 363 992 or email: [email protected]).

Data Transfers

While we take reasonable steps to ensure that third party recipients of your personal information comply with privacy laws that are similar to those of your jurisdiction, you acknowledge and agree that we cannot control the actions of third party recipients and so cannot guarantee that they will comply with those privacy laws.

For customers of Airwallex United States and resident in California

If you are a California resident, you have certain rights afforded by the California Consumer Protection Act as amended by the California Privacy Rights Act (CCPA) with respect to your personal information.

Collection and Disclosure of Personal Information

Over the past 12 months, we have collected and disclosed the following categories of personal information from or about you or your device:

• Identifiers, such as your name, email address, residential address, date of birth, social security number, driver’s license number, passport number, tax identification number or other similar identifiers, government issued identification information, bank account details, credit card or debit card numbers and IP address. This information is collected directly from you and your device. We disclosed identifiers with third party service providers, our corporate affiliates, ecosystem and financial partners, regulatory authorities, and other authorised parties.

• Internet or other electronic network activity information, such as your information regarding your use of the Services, including your user preferences and other settings selected by you, server logs, and other device information as described in the main Policy. This information is collected directly from you and your device. This may be disclosed to third party service providers, our corporate affiliates, ecosystem and financial partners, regulatory authorities, social media platforms and other authorised parties.

• Commercial information about any transactions within the Services such transaction information when you collect or make payments. This information is collected directly from you and your device. This may be disclosed to  third party service providers, our corporate affiliates, ecosystem and financial partners, regulatory authorities, and other authorised parties.

• Location data such as your IP address or mobile device GPS. This information is collected directly from you. This may be disclosed to third party service providers, our corporate affiliates, ecosystem and financial partners, regulatory authorities, social media platforms and other authorised parties.

• Professional or employment-related information such as your profession if you choose to provide it in a survey. This information is collected directly from you. This may be  disclosed to  our corporate affiliates.

• Other information described in subdivision (e) of Section 1798.80, including information about your gender, nationality, or age. This information is collected directly from you in the context of being our consumer.  This may be disclosed to  third party service providers, our corporate affiliates and ecosystem and financial partners.

Over the past 12 months, we have collected and disclosed the following categories of sensitive personal information from or about you or your device:

• Identifiers: such as your social security number, driver’s license number, passport number, tax identification number or other similar identifiers, government issued identification information. This information is collected directly from you.

• Financial information: such as your bank account details, credit card or debit card numbers. This information is collected directly from you or from third party financial institutions who you may hold an account with. 

We collect your personal information, including sensitive personal information, for the following business purposes:

• To provide you with the Services, maintain your account, provide customer service and process payments.

• To improve our services, including the functionality of the Services and Sites.

• For security and verification purposes, including to prevent and detect fraudulent activity.

• To address and remediate technical issues and bugs.

• To communicate with you.

• To market and promote our Services.

For additional information about what each type of personal information is used for, see this table in the main portion of the Policy. For information regarding how long we retain personal information, see section 6 in the main portion of the Policy.

Sharing/selling personal information:

In the past 12 months, we have not sold Personal Information of California residents within the meaning of “sold” in the CCPA. We do not have actual knowledge that we “sell” or “share” personal information of residents under 16 years of age. 

Rights to know:

If you are a California resident, you have the right to:

• Request access to the following information covering the 12 months preceding your request:

  • the categories of personal information about you that we collected, sold, or shared;

  • the categories of sources from which the personal information was collected;

  • the business or commercial purpose for collecting, selling, and disclosing personal information about you;

  • the categories of third parties to whom we disclosed personal information about you and the categories of personal information that was disclosed (if applicable) and the business or commercial purpose for disclosing the personal information about you; and

  • the specific pieces of personal information we collected about you;

• Request that we correct inaccurate personal information that we maintain about you. Once we receive and confirm a verifiable rights request, we will correct your personal information maintained in our records, unless an exemption applies;

• Request that we not to sell or share your personal information. To exercise this right, please use the following form: Do Not Sell or Share My Personal Information;

• Request that we delete personal information we collected from you, unless CCPA recognises an exception; and 

• Be free from unlawful discrimination for exercising your rights including providing a different level or quality of services or denying goods or services to you when you exercise your rights under the CCPA.

We aim to fulfil all verified requests within 45 days pursuant to the CCPA. If necessary, extensions for an additional 45 days will be accompanied by an explanation for the delay. Any disclosures will cover only the 12-month period preceding the verifiable rights request's receipt. The response we provide will also explain the reasons we cannot comply with a request, if applicable.

How to Exercise Your Rights

First, you may wish to log into your account and manage your data from there. To exercise any of the rights described in this section, please submit your request by contacting us at [email protected]. Your request must provide sufficient information (including pieces of identification) that allows us to reasonably verify you are the person about whom we collected personal information. We cannot respond to your request or provide you with personal information if we cannot verify your identity or authority to make the request and confirm the personal information relates to you. You may designate, in writing or through a power of attorney document, an authorized agent to make requests on your behalf to exercise your rights. Before accepting such a request from an agent, we will require that the agent provide proof you have authorized them to act on your behalf, and we may need you to verify your identity directly with us.

For customers of Airwallex Canada

If you are located in Canada and wish to obtain written information about our policies and practices with respect to our service providers located outside Canada, you may contact us at [email protected]. We are able to answer any questions users may have about the collection, use, disclosure or storage of personal information by our service providers.

Where we use service providers who might have access to your personal information, we require them to have privacy and security standards that are comparable to ours. We use contracts and other measures with our service providers to maintain the confidentiality and security of your personal information and to prevent it from being used for any purpose other than as provided in this Policy.

For customers of Airwallex Hong Kong

If you are located in Hong Kong, you have legal rights in relation to the personal information we hold about you (to the extent permitted under applicable laws and regulations).

You are entitled to make a subject access request to receive a copy of the data we process about you, a data correction request as well as a right to reject the use of your personal information for direct marketing purposes. A fee may be chargeable by us for complying with a data access request.

For customers of Airwallex Malaysia

Parental and Guardian Consent

In the event you are agreeing to this Policy in order for a minor to access and use the Services, you hereby consent to the provision of personal information of the minor to be processed in accordance with this Policy and you personally accept and agree to be bound by the terms in this Policy. Further, you hereby agree to take responsibility for the actions of such minor, and that minor’s compliance with this Policy.

Rights of Data Subjects

Right of access: You have the right to request access to and obtain a copy of the personal information that we have collected and is being processed by or on behalf of us. We reserve the right to impose a fee for providing access to your personal information in the amounts permitted by law. When handling a data access request, we are permitted to request certain information in order to verify the identity of the requester to ensure that he/she is the person legally entitled to make the data access request.

Right of correction: You may request for the correction of your personal information.

Right to limit processing of your Personal Information: You may request limiting the processing of your personal information by using the contact details provided above. However this may affect our provision of the Services to you.

Contact

If you would like to make any inquiries, complaints, access or correction requests or request for us to limit the processing of your personal information, please contact us at:

• Airwallex privacy team

• Contact Number: +61 13 32 99

• Email to: [email protected]

For customers of Airwallex New Zealand

Overseas Recipients

While we take reasonable steps to ensure that third parties outside New Zealand handle your personal information in accordance with New Zealand privacy laws, you acknowledge that we do not control, or accept liability for, the acts and omissions of these overseas third party recipients.

Access and Correction

You have the right to access personal information we hold about you, how we use it, and who we share it with. You have the right to request the correction of any of your personal information we hold that is inaccurate. You can access or correct your personal information by logging into your account. If you believe we hold any other personal information about you or that such information is inaccurate, please contact us at [email protected].

Complaints

If you would like to make a privacy complaint in respect of your personal information, you may contact the Office of the New Zealand Privacy Commissioner (www.privacy.org.nz).

For customers of Airwallex Singapore

Access

You have the right to access your personal information, how we use it, and who we share it with. You can access the personal information you have made available as part of your account by logging into your account. If you believe we hold any other personal information about you, please contact us at [email protected].

Correction

You have the right to correct any of your personal information that is inaccurate. You can access the personal information we hold about you by logging into your account. If you believe we hold any other personal information about you and that information is inaccurate, please contact [email protected].

Our privacy team for the purposes of compliance with the Personal information Protection Act 2012 can be contacted at [email protected].

For customers of Airwallex United States and resident in Texas

If you are resident in Texas and have a complaint about our services, first contact Airwallex customer support at 855-932-3331.

If you still have an unresolved complaint regarding the company’s money transmission or currency exchange activity, please direct your complaint to the Texas Department of Banking at 2601 North Lamar Blvd, Austin, TX 78705, 1-877-276-5554 (toll-free), www.dob.texas.gov. 33.51(d)(1)(B)

Global Privacy Centre

Welcome to the Airwallex Global Privacy Centre

Airwallex is committed to protecting the privacy of everyone who engages with our platform. We also value the importance of transparency with respect to our privacy practices. 

We created this Airwallex Privacy Center to help you find answers to frequently asked questions about how we collect and use personal data, the rights that individuals have in relation to personal data held by Airwallex, and how Airwallex complies with international data protection laws, such as the General Data Protection Regulation (GDPR) of the UK and EU.

This content is not legal advice, has been published for your general information purposes only, may not be exhaustive or  current and may be amended from time to time without notice to you.

Depending on the context, “you” may mean any of the following:

• End User: an end user (individual) who uses our Service, regardless of whether the end user uses our Services for personal use or otherwise. We also collect an End User’s personal information when provided by the Business Customer. 

• Representative: an individual who is the owner of, or who acts on behalf of a Business Customer (e.g. employee, director or officer of Business Customer who has authority for managing the business customer’s account with us). 

• Visitor: a visitor (individual) to our sites or who otherwise communicates with us (e.g. if you send us a query on our Support Page) without being logged into an Airwallex account.

• Business Customer: a business entity who we provide Services to, whether directly or indirectly, or do business with and such Business Customer will provide us with an End User’s personal information in connection with the Business Customer’s and that End User’s respective activities. When you (as an End User or Representative) interact with a Business Customer, your personal information will be collected, retained, shared and/or stored by the Business Customer in accordance with their own privacy policies and not our Global Privacy Policy.

Global Privacy Policy

You can learn about how we collect, use and share information in our Global Privacy Policy.

What is the GDPR? 

The GDPR is the data protection regulation that gives individuals more control over their personal data. The European Union (EU) and United Kingdom (UK) have separate but similar versions of the GDPR.

Under the GDPR, organisations must take great care when processing personal data. Organisations must ensure there is a legal basis for every data processing activity and they must tell people how and why data is used. Individuals also have greater rights under the GDPR, and organisations must be accountable for all processing.

In addition, certain requirements must be satisfied before EU / UK individuals’ personal data may be transferred outside the EU or the UK, unless the organisation receiving the personal data is located in a permitted jurisdiction white listed by the European Commission or UK government. The list of white listed permitted jurisdictions may be found on the European Commission’s website here or the UK government website here.  

What is personal data?

Personal data is any information that is related to an identified or identifiable natural person (e.g. you), such as your name, email address, username, ID, bank account number, card details, telephone number, personnel number, number plate, appearance, customer number or address.  The definition under the GDPR is broad, and can include information that could be used indirectly and/or with other information to identify a natural person – such as device identifiers or IP address. 

What does ‘processing’ mean in this context?

Processing means any operation that is performed on personal data, such as collection, recording, organisation, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction. 

Who does the GDPR apply to? 

The GDPR applies to any data processor or data controller in the EU or UK that processes personal data, as well as any data processor or data controller outside the EU or UK that processes the personal data of individuals in the EU or UK residents where the processing activities are related to:

1. offering goods or services to data subjects in the EU or UK (even if those goods or services are provided free of charge); or

2. monitoring the behaviour of individuals taking place in the EU or the UK. 

Our Global Privacy Policy sets out who are the UK and EU Airwallex data controllers. 

Is Airwallex acting as a data controller or a data processor?

We act as a data controller in relation to your data.A “data controller” is the entity that determines the purposes and means of the data processing taking place.) 

Airwallex as a data controller processes personal data for activities including the following:

1. providing the Airwallex products and services;

2. developing new, or enhancing existing, products;

3. providing customer support; 

4. monitoring, detecting and preventing fraudulent activities on our platform; and

5. complying with the legal and regulatory obligations that apply to Airwallex.

Our Global Privacy Policy sets out in more detail the various processing purposes.

A “data processor” is an entity that acts on behalf of and at the direction of a data controller in processing personal data. As the data processor is acting on the instructions of the data controller, it does not exercise control or decision making over the processing of personal data. A typical data processor would be a software service provider.

Data controllers and data processors have different responsibilities under the GDPR – for example, controllers are in charge of identifying a lawful purpose or legal basis, and must facilitate individual rights requests.

What ‘lawful purpose’ or ‘legal basis’ does Airwallex rely on to process personal data?

Airwallex relies upon a number of legal grounds to process personal data. 

Please refer to section 4 of our Global Privacy Policy for an overview of the types of personal data we collect from you, and the applicable ‘legal basis’ for each under GDPR or other similar laws. 

What rights do I have over my data?

You may have certain rights to your personal data. Airwallex as  a data controller of your personal data is  responsible for managing and responding to your request. You can read more about your rights and how you can exercise your rights in section 7 of our Global Privacy Policy.

Who are Airwallex’s processors and sub-processors and how are they evaluated?

In the course of operating our business and providing our services,  it may be necessary for us to provide personal data to our affiliates or certain third parties. Our affiliates or such third parties may process your personal data as an independent data controller or as a data processor, depending on the circumstances and the nature of the data transfer.  Table A describes who these third parties are and the purpose of transferring such data to them.  We do not sell or share data to third parties for their marketing purposes.

Airwallex also uses data processors to provide services to Airwallex such as technology, professional services and other services which we require to run our business . We make sure we have appropriate safeguards in place to protect any personal data that is processed, including through contractual obligations.

Before a particular data processor is engaged, Airwallex vets and evaluates that data processor through our vendor management program. As required under the GDPR, we enter into a contract with each data processor before sharing data with the data processor. All potential vendors are also vetted and approved through Airwallex’s information security review process before we use their services. This means we investigate their security standards, check their certifications, etc., before we consider sharing any data.

Table A - Description of Third Parties receiving data from Airwallex

Third Party	Purpose
Third party service providers	We engage a variety of service providers (who act as data processors) to enable us to provide our Services to you. For example, service providers may be used to: facilitate payment processing, support technology or infrastructure, cloud storage, conduct market research, marketing analytics, detect fraud, verify identity and perform audits or other functions. We will share your personal information with such service providers only to the extent necessary to allow the performance of their intended engagement. All service providers and business partners that receive your personal information are contractually bound to protect and use your information only in accordance with our Global Privacy Policy.
Our corporate affiliates	To facilitate or support us in providing our Services to you, we may share your personal information within the Airwallex group of companies. All Airwallex group companies may only use your personal information in accordance with the relevant Intra-Group contracts governing such processing and for the purposes set out in our Global Privacy Policy.
Financial and Ecosystem Partners	Our Services may be offered to you (as an End User, Business Customer or Representative) in conjunction with or facilitated by other financial institutions, other payment institutions or other ecosystem partners (such as a provider of accounting or treasury management services or a marketplace payment service provider programmes). In respect of financial or other payment institutions, such transfers and disclosures are necessary in order to provide the Airwallex services to you. In respect of Ecosystem Partners, such disclosures and transfers will be made in the manner you authorised or requested, or described to you (to enable use by you of such ecosystem partners’ products and services) at the time you authorised or requested such disclosures.  When you allow or authorise such 3rd party provider, plugins, widgets, and/or website to access your Airwallex Account or to receive your personal information, this will constitute a request and/ or authorisation.
In respect of Connected Account holders, the Platform (or any Platform partners)	For the Airwallex for Platforms solution, personal information relating to the Connected Account will be transferred to the Platform (or the Platform partners) to allow the Connected Account to consume the Airwallex services via the Platforms’ (or Platforms’ partner’s) website or mobile app.  The Platform (and/or Platform partner)is an independent data controller of the personal information it processes in relation to the Connected Account holder.
Commercial Partners	We may work with a network of Commercial Partners and we may refer you to services provided by such Commercial Partners (as an End User, Business Customer or Representative) or at your direction or request share your information with the Commercial Partners.  Such Commercial Partners provide services under their own licences or authorisations, will have direct contracts with you and are independent data controllers of the data you provide to them or data generated from your use of their services. Airwallex has no responsibility for any Commercial Partner services. Any data that may need to be transferred to such Commercial Partners from us will be done with your consent or as requested by you.
Regulatory Authorities: regulators, judicial authorities and law enforcement agencies, and other third parties for safety, security, or compliance with the law.	There are circumstances in which we are legally required to disclose information about you to authorities (e.g. regulators, judicial authorities, courts, law enforcement agencies, tax authorities, and other public / government authorities both domestic and international), such as to comply with a legal obligation or processes, enforce our terms, address issues relating to security or fraud, or to protect our users. These disclosures may be made with or without your consent, and with or without notice, subject to and in compliance with the terms of valid legal process, including but not limited to regulatory queries or requests, subpoena, court orders, or search warrants. We are usually prohibited from notifying you of any such disclosures by the terms of the legal process. We may also disclose your information to:  enforce our Master Services Agreement entered into with the Business Customer or End User, or our online terms and conditions accepted by the Business Customer or End User or other applicable agreements or policies, including investigation of any potential violation thereof;  detect, prevent or otherwise address security, fraud or technical issues;  protect our rights, property, privacy, or security, or that of others, as permitted by law; or  comply with relevant law, legal process or governmental requests or orders.
Social Media Platforms	Social media networks such as Facebook, Twitter, Pinterest, and Instagram that offer functionalities, plugins, widgets, or tools in connection with our corporate website or mobile application. If you as a Visitor choose to use these functionalities, plugins, widgets, or tools, certain information may be shared with or collected by those social media companies—for more information about what information is shared or collected, and how it is used, see the applicable social media company's privacy policy.
Potential Acquirers of our business	If we are the subject of or are involved in any corporate merger, acquisition, consolidation, reorganisation, sale, joint venture, assignment, transfer or other disposition of all or any portion of our business, assets or stock (including in connection with bankruptcy or similar proceedings), we may share data with third parties during negotiations. In the event your personal information becomes subject to a different privacy policy, we will make reasonable efforts to notify you beforehand. We also may need to disclose information to a third party in connection with a commercial transaction where we or any of our affiliates are seeking financing, investment or funding.
Other Authorized Parties	If you request (as part of the Services provided to you) or provide your consent, we may share your information including your personal information with a third party not defined in our Global Privacy Policy.

For your reference, we have listed below Airwallex’s typical third party processors and sub-processors:

Vendor	Data	Purpose of processing	Country of primary contracting entity
i2c	User data and user's customers' data	Transaction processing, card issuing and maintenance	United States
Google Cloud Platform	User data and user's customers' data	Cloud service provider	United States
Alibaba Cloud Platform	User data and user's customers' data	Cloud service provider	Hong Kong
Zendesk	User data and information provided to Airwallex support by users	Customer support services	United States
Trulioo Information Services	User data and User's customers' data	User identity verification and fraud detection	Canada
Refinitiv	User data and User's customers' data	User identity verification and fraud detection	United Kingdom
Visa	User data and User's customers' data	Transaction processing, card issuing, and maintenance	United States
Mastercard	User data and User's customers' data	Card payment acquiring	United States
Megaport	Encrypted data shared between cloud providers	Network connectivity between cloud providers	United States
Cloudflare	User data and User's customers data	Network security and anti-DDoS	United States
Valitor	User data and User's customers data	Card payment acquiring	Iceland
Splunk	Airwallex platform analytics and User data	Platform analytics, outage detection, and security monitoring	United States
Google	Limited User data and internal data	Document creation and processing, mail provider	United States
Zoom Video Communications	User data, insofar as that is shared in spoken word between the conversing parties, or recorded on the system	Video conferencing system	United States
Idemia	Cardholder name, PAN, CVV, expiration date, shipping address	Printing the cards for issuing	United States / Australia
Concentrix	Customer data	Customer service support function	Philippines
Salesforce	User data	Customer relationship management platform which stores User contact information as well as supporting information about the business relationship	United States
New Relic	Airwallex platform analytics	Platform analytics and outage detection	United States
Sumologic	Airwallex platform analytics	Platform analytics and outage detection	United States
Equinix	User data	Hardware data centre services	United States
Hubspot	User data	Customer relationship management	United States

Our Affiliates

In addition to the above, any affiliate of our global corporate group that does not contract directly with customers may be a data processor or sub-processor of one or more of the Airwallex data controller(s) that are listed for your reference in Section 2 of our Global Privacy Policy. 

What is a Data Processing Agreement and do I need to have one with Airwallex?

A Data Processing Agreement (DPA) is a contract between a data controller and a data processor, which sets out the roles and responsibilities of the parties when personal data is processed. The GDPR sets out requirements that a DPA must satisfy in order to be compliant, including guarantees around security and that the processor will only act on our instructions.  Airwallex will typically enter into a DPA when it transfers data to third parties who act as data processors to Airwallex.

If you are a customer of the Airwallex for Platforms embedded finance product, the DPA is part of the Master Services Agreement (MSA) that you will sign with Airwallex.  There is no additional DPA or data agreement that is usually required. 

International data transfers

The information presented below is for general information purposes only and is not legal advice. As rules surrounding international data transfers may vary across jurisdictions, please consult with your own legal counsel to familiarise yourselves with the requirements that govern your specific situations.

How does Airwallex deal with international data transfers?

Airwallex uses a set of Standard Contractual Clauses (SCCs) published by the European Commission for cross-border data transfers (for the EU), and the UK International Data Transfer Agreement (UK IDTA) issued by the UK’s Information Commissioner’s Office (for the UK) (in the form of a legal contract), to provide a legal mechanism to transfer EU or UK personal data outside of the EEA/UK/Switzerland, respectively. These are required under European and UK data protection laws and are incorporated into our agreements.

Airwallex continues to adopt appropriate measures to ensure an adequate level of protection of personal data transferred outside the UK, EEA and Switzerland. Our measures include the SCCs and UK IDTA to accommodate international data transfers, as well as a range of technical and organisational measures (described in more detail under the relevant heading below).

Airwallex’s technical and organisational measures

We apply technical and organisational measures to protect the security of personal data. These include an information security management system aligned with ISO27001 and SOC2 Type II as described below:

• A.5: Information security policies

Airwallex has implemented security policies and standards that are constantly reviewed in line with the overall direction of the organisation’s information security practices. Risk assessments are performed on a regular basis and agreed mitigating controls are included in the policies, standards and procedures to address security globally.

• A.6: Organization of information security

Airwallex’s information security policies and standard assign responsibilities for information security related tasks. It ensures that the organisation has established a framework that can adequately implement and maintain information security practices within the organisation supported by senior leadership.

• A.7: Human resource security

Airwallex ensures individuals are screened before employment, makes sure that employees and contractors understand their responsibilities and addresses their responsibilities when they no longer hold that role – either because they’ve left the organisation or changed positions.

• A.8: Asset management

Airwallex identifies, classifies information assets to define the appropriate level of defence required and defines appropriate protection responsibilities for them. Endpoints are hardened, protected and monitored to help prevent the unauthorised disclosure, modification, removal or destruction of sensitive data.

• A.9: Access control

Policies and procedures for logical security are formally established and documented. User accounts belonging to Airwallex’s employees and contractors are approved, added, modified, or disabled in a timely manner and are reviewed on a periodic basis.

• A.10: Cryptography

Airwallex deploys industry standard encryption technologies to protect business data and confidential information at rest and in transit and applies proper key management to the protection of its cryptographic keys.

• A.11: Physical and environmental security

Airwallex offices have implemented rigorous physical and environmental controls for its security. Airwallex uses security certified GCP and Aliyun data centers and follows its Supplier relationship management process and controls.

• A.12: Operations security

Airwallex applies management controls, operation controls and technological controls to protect business data and confidential information to provide for sustainable operation of business and application systems. Endpoints are protected against malware to mitigate the risk of infections, critical systems are logged and monitored, systems are hardening following CIS Benchmarks, periodically tested via automatic and manual means.

• A.13: Communications security

Airwallex networks are managed and controlled in order to protect information within systems and applications. Airwallex uses technology to perform endpoint verification, has implemented firewalls to segregate environments, has clear segregation between production and non-production environments, access control lists, 2 factor authentication (i.e. software and hard token). Airwallex has also implemented strict endpoint controls for employees connecting to public networks (e.g. WFH arrangements) to consider the increased risk levels and to manage these risks. Airwallex also monitors its platforms to detect any anomalies that may present a threat to the company.

• A.14: System acquisition, development and maintenance (13 controls)

Airwallex has implemented a DevSecOps model and embedded security into the SDLC. It has integrated the security, availability and confidentiality into product design, and provides related functions to meet the user entities’ requirements on security, availability and confidentiality. It has applied a secured change management process which encapsulates secure coding, configuration, scanning, patching monitoring and frequent testing.

• A.15: Supplier relationships (5 controls)

Before onboarding Subprocessors, Airwallex conducts an audit of the security and privacy practices of Subprocessors to ensure Subprocessors provide a level of security and privacy appropriate to their access to data and the scope of the services they are engaged to provide. Once Airwallex has assessed the risks presented by the Subprocessor, then subject to the engagement requirements the Subprocessor is required to enter into appropriate security, confidentiality and privacy contract terms.

• A.16: Information security incident management

Security incidents and unauthorized disclosures of customer data are communicated to customers, relevant legal and regulatory authorities, and others as required by law, contract, or at the advice of legal counsel, as per defined in the information security management and data breach standards.”

• A.17: Information security aspects of business continuity management

Airwallex has established corresponding service cycles and service availability commitments to provide high availability of user entities’ business and systems.

• A.18: Compliance

Airwallex has implemented compliance processes to guarantee it addresses internal requirements, such as policies and standards, and with external requirements, such as laws and regulations and contractual requirements to mitigate the risks of non-compliance and the penalties that come with that.

Does Airwallex use cookies?

Yes, we use cookies and similar technologies (i.e. web beacons, pixels, ad tags and device identifiers) to recognize you and to customize your online experience. Depending on your relationship with Airwallex, different cookies may apply. Please refer to our Cookie Policy for more information.      

Contact Us

If you would like to make any inquiries about our privacy policy, please contact us at:

• Airwallex information security team: [email protected] 

• Airwallex privacy team: [email protected]