These terms and conditions (‘Terms’) apply to your participation in the Airwallex for Startups 2025  (‘Promotion') operated by Airwallex (Singapore) Pte. Ltd. (‘Airwallex’, ‘us’, ‘our’ or ‘we’). These Terms shall form part of any applicable agreements (‘Customer Agreements’) governing the use of card products issued by Airwallex to you (‘Airwallex Card’) and shall be construed accordingly. Capitalised terms used below shall have the same meaning given to them in the Customer Agreements unless otherwise defined in these Terms.

By participating in the Promotion and/or receiving Cashback (as defined below), you (‘you’ or ‘your’) agree to these Terms.

1. Who is eligible to participate in the Promotion ?

You are eligible to participate in the Promotion and become an ‘Eligible Customer’ if all of the following requirements are satisfied during the Promotion Period:

• you are a selected Airwallex customer which have received an invitation directly from Airwallex (‘Invitation Link’) to participate in the Promotion;

• you have enrolled in the Promotion on the Airwallex webapp through the Invitation Link(s) within 90 days from the Account Activation Date; and

• you have received a confirmation on the Airwallex webapp that you have successfully enrolled in the Promotion.

Airwallex reserves the right to determine who it invites to participate in the Promotion.

“Account Activation Date” means the date you received notification from Airwallex that you have been successfully onboarded as a new Customer following satisfaction of all requirements from Airwallex including any onboarding know-your customer requests.

For clarity, this Promotion is not available to enterprise customers or customers who have customised pricing plans.

2. What is the Promotion Period?

This Promotion commences on 1 June 2025, 00:00 SGT and ends on 31 December 2025, 23:59 SGT , unless extended or shortened by Airwallex.

3. What is the Promotion?

• Standard customer mark-up/margin fees will be credited to the Eligible Customer as cash back when you make an FX conversion transaction (FX Conversion) using your Airwallex Account for the first SGD10,000 (FX Promotional Limit) equivalent of FX Conversions you make with us. This waiver does not extend to any customer markup/margin or other markup/margin that may be applicable in connection with customers approved to make FX Conversions.

• Eligible Customers will be entitled to receive a cash rebate (“Cashback”) equal to three (3) percent of the first SGD10,000 on eligible domestic and international transactions, capped at a total of SGD300 or the equivalent amount in another currency, made using the Airwallex Card during the Promotion Period excluding any Excluded Transactions (“Eligible Transactions”).

• Payment method fee waiver for the first SGD10,000 collected with Airwallex’s Online Payments Services.

All transactions must be made within 30 days after Account Activation Date, or the end of the Promotion Period, or you reach the FX Promotional Limit (whichever event occurs first) to be considered an Eligible Transaction.

“Excluded Transactions” means any transactions made by you using the Airwallex Card in respect of the following merchant categories:

• Charities and Social Service Organizations 

• Tax Payments

• Government Services (Not Elsewhere Classified)

• Political Organizations

• Religious Organizations

• Fines

• U.S. Federal Government Agencies or Departments

• Court Costs, Including Alimony and Child Support

• Postal Services – Government Only

• Miscellaneous Food Stores – Convenience Stores and Specialty Markets

• Insurance Sales, Underwriting, and Premiums

• Direct Marketing – Insurance Services

• Fast Food Restaurants

• Grocery Stores, Supermarkets

• Furniture, Home Furnishings, Equipment Stores, Except Appliances

• Parking Lots, Parking Meters and Garages

• Movie Theaters, Motion Picture Theaters

• Cable, Satellite and Other Pay Television/Radio/Streaming Services

• Ticket Agencies

• Real Estate Agents and Managers

• Colleges, Universities, Professional Schools, and Junior Colleges

• Elementary and Secondary Schools

• Correspondence Schools

• Business and Secretarial Schools

• Vocational and Trade Schools

• Schools and Educational Services (Not Elsewhere Classified)

• Financial Institutions

• Security Brokers/Dealers

• Wires, Money Orders

• Quasi Cash - Financial Institutions, Merchandise, and Services

• Non-Financial Institutions – Foreign Currency, Liquid and Cryptocurrency Assets (for example: Cryptocurrency), Money Orders (Not Money Transfer), Account Funding (not Stored Value Load), Travelers Cheques, and Debt Repayment

• Non-Financial Institutions – Stored Value Card Purchase/Load

• Transportation Services, Commuter Transport, Ferries

• Utilities

• Petroleum and Petroleum Products

• Hospitals 

• Professional Services

• Any other category of transactions which Airwallex may exclude from time to time

4. How is the Cashback calculated for international transactions?

• Cashback on fees for first SGD 10,000 FX Conversions: Airwallex will calculate the FX Promotional Limit by reference to the currency sold to Airwallex. For example, if an approved customer converts USD to GBP, Airwallex will calculate the SGD equivalent amount of the USD, where the USD is the currency sold to Airwallex in this example. Airwallex may include refunds, reversals, cancellations, mistaken payments and other similar transactions in the calculation of the limit.

• 3% Cashback on all local and international card transactions: For international transactions, cashback will be calculated and paid out in the original transaction currency. If the transaction currency is not supported for payout, cashback will be credited in USD, converted using our prevailing FX Exchange Rate.

• Fee waiver for the first SGD10,000 worth of payment acceptance: Applies to Payment Method Fees for Cards and Local Payment Methods only (see our Fee Schedule for further details).

5. When will you receive the Cashback? 

• Cashback on fees for first SGD 10,000 FX Conversions: For transactions made in a calendar month, the relevant Cashback will be credited to your Airwallex account within 90 days after account activation dateh. If you close your Airwallex account, we will be unable to pay your Cashback. Your Airwallex account must be in good standing to receive your Cashback.

• 3% Cashback on all local and international card transactions: The applicable Cashback will be credited into your Airwallex account within 90 days after the date of account activation.

• The fee waiver for the first SGD10,000 worth of payment will be rebated within 90 days after the date of account activation.

You will not be entitled to the Cashback if:

(a) You close your Airwallex account before the Cashback has been credited; or

(b) Your Airwallex account is not in good standing.

6. Expiry of fee waiver offer

Once the one-month period after the date of First Transaction, or the end of the Promotion Period, or you reach the FX Promotional Limit (whichever event occurs first), you will be charged our standard rates.

7. Is there any cost to participate in the Promotion?

Airwallex does not charge you to participate in the Promotion.

8. What are some other restrictions you should know?

This Promotion is not available in conjunction with any other offers, discounts, packages or promotions, unless specified by Airwallex. This Promotion may be enjoyed in conjunction with the Spot Contract Cashback Promotion.

The eligibility of transactions for the purpose of the Promotion is determined by Airwallex in its sole and absolute discretion from time to time. Airwallex shall not be liable to determine the eligibility of any transactions before they are made by the Eligible Customer.

Eligible Transactions exclude transactions including but not limited to those expressly prohibited under and not supported by our Services pursuant to the terms as agreed with us and/or our Acceptable Use Policy and transactions of similar nature.

Eligible Transactions also exclude unposted, cancelled, suspended, refunded, unauthorized, chargeback transactions and any other transaction as designated by Airwallex from time to time.

Cashbacks may be reversed if any transactions are subsequently cancelled, suspended, frozen or refunded. Airwallex also reserves the right to debit the Cashbacks from your account without prior notice where any fraud, abuse or unlawful conduct has occurred.

9. Indemnification

The Eligible Customer shall indemnify, defend and hold harmless the Airwallex Group and its officers, directors, employees, advisors, agents, and subcontractors from and against any loss, damage or expense (including reasonable attorneys’ fees) incurred in connection with any claims, actions, demands, suits or proceedings made against the Airwallex Group by a third party or suffered by the Airwallex Group in connection with or as a result of the Eligible Customer’s breach of these Terms, failure to comply with applicable law or the Eligible Customer’s use or misuse of the Promotion.

10. Termination and changes

This Promotion expires on 31 December 2025, 23:59 SGT, unless extended or shortened by Airwallex. Your participation in the Promotion is not guaranteed and may be revoked at any time in Airwallex’s sole discretion. Airwallex reserves the right to amend these Terms or cancel, suspend or amend this Promotion (or any part of it) at any time without prior notice. Should any disputes arise, the decision of Airwallex shall be final and conclusive.

Airwallex, acting reasonably in its sole discretion, may at any time and without prior notice, cancel, suspend, or change the Promotion or any part of it. However, such discontinuation, suspension or change will not affect any Cashback already earned.

Further, Airwallex reserves the right, at our sole discretion, to suspend or cancel offering the Promotion to you if we suspect that you are using the Promotion in a fraudulent or unlawful manner or for a fraudulent or unlawful purpose or if you are in breach of any of these Terms or any of our terms and conditions you have agreed to with Airwallex.

In case of any conflict between these Terms and Customer Agreements, these Terms shall prevail.

11. Privacy and Security

Any personal information that you may provide to us will be used in accordance with our Privacy Policy.

12. Governing law 

These Terms are governed by and construed in accordance with the laws of Singapore.