How to create and set up an Airwallex Account: Business requirements and checklist

Key takeaways

• 87% of corporate treasurers have abandoned business banking applications due to slow and disjointed onboarding processes.¹

• Airwallex lets companies open business accounts with local bank details in over 20 currencies within minutes, allowing teams to settle 93% of international payments on the same day.

• Airwallex provides free business account opening and local virtual accounts to manage global treasury operations, unlike competitors like Wise and Payoneer, which charge upfront setup fees or annual inactivity fees.

Setting up a global commercial presence requires financial infrastructure that can manage cross-border transactions without administrative drag. Traditional business banking options often introduce slow onboarding times and complex physical verification steps. Opening an Airwallex Business Account provides a digital-first setup that bypasses brick-and-mortar bottlenecks to accelerate international operations.

Why US businesses choose Airwallex over a traditional bank

Modern commerce operates across borders, but legacy banking systems introduce massive operational hurdles for growing companies. Traditional commercial banking institutions require an average of three to five weeks to deliver a standard account decision.² For international enterprises, high-growth startups, and eCommerce entities, this delay can restrict market capture.

Outdated compliance workflows in legacy systems force 93% of corporate treasurers to submit identical company information multiple times.¹ This administrative burden increases operational costs and overhead. By contrast, a digital approach can reduce verification friction.

Airwallex operates as a unified financial technology network designed for remote operations. The entire registration process occurs online, saving finance teams from mandatory branch visits. By using direct local clearing routes in over 120 countries, 95% of Airwallex transfers arrive within 24 hours.

This speed bypasses the slower SWIFT network typical of legacy institutions. Consequently, companies can convert and settle foreign currencies at competitive interbank exchange rates. These rates help businesses scale without traditional cross-border friction.

Is it free to open an Airwallex account

Opening a standard corporate account on the Explore plan features a $0 monthly fee and no minimum balance requirements. In addition, businesses can leverage up to 10 free Airwallex Spend users (which includes multi-currency Airwallex Corporate Cards) and integrate accounting feeds seamlessly. 

Airwallex charges transparent, market-leading FX conversion markups starting at 0.5% above interbank rates for major currencies (and 1% for all others). This ensures finance leaders can accurately forecast cash flow without the unpredictable overhead of traditional banks.

This pricing model contrasts with other international platforms. For instance, Wise Business requires an upfront payment to activate local currency receiving accounts in several jurisdictions, and Payoneer charges an annual fee if your transaction volume is low, on top of steep fees to receive payments from non-owners.

Airwallex Business Account eligibility

Check to see that your business structure falls within Airwallex eligibility requirements. Airwallex supports businesses in the US, UK, Australia, Canada, Hong Kong, New Zealand, Singapore, most of Europe, and more. The company must be fully incorporated and in good standing with their local state registry.

Supported US business entity types

Airwallex supports various US business structures, making it easy to open an account online. The setup accommodates several entity types:

• Both single-member LLC structures and larger C-Corps or S-Corps are accepted.

• US-registered partnerships and independent owners can apply using standard documentation or an SSN.

• International entrepreneurs can register a US LLC and apply to access global payment systems using their state-filed documents.

Restricted Industries

1. Illegal gambling

2. Adult content

3. Counterfeit products 

4. Predatory lending

5. Weapons manufacturing 

6. Unregulated financial services. 

Others like cryptocurrency platforms, online marketplaces, and non-profits require additional screening before being approved. 

Airwallex verification documents requirement for US businesses

These documents are required to meet federal Know Your Customer (KYC) requirements. Having these items prepared prevents approval delays.

Business documents

All uploaded business files must provide clear proof of corporate operations. The official EIN letter (Form CP 575) issued by the IRS is mandatory. The corporate name on this letter must match the name entered in the application form.

For solo business owners, a Social Security Number (SSN) is used as the tax ID. A live, fully operational business website is also required to verify active trading.

Identity documents for owners and authorized persons

The identities of the individuals who own or control the business must be verified by Airwallex. This requires government-issued photo identification.

How to create an Airwallex account

The process takes place entirely online so that it’s simple. 

1. Sign up 

Use a corporate email. Registration from personal emails can trigger manual compliance reviews. The user enters a US mobile number, which is verified immediately via an SMS verification code to establish a secure link.

2. Enter your business details

The next step requires entering the legal entity name, trade names or DBAs, registration number, and primary operating address. Compliance protocols prohibit the use of PO boxes or virtual mailing centers without a physical office fallback. The representative must also provide an industry classification and details regarding expected monthly transaction volumes.

3. Upload your KYC/KYB documents and complete identity verification

Documents need to be PDF, JPEG, PNG, or BMP and under 10MB. Acceptable business records include your IRS CP 575 letter, Articles of Organization, and owner IDs. Airwallex reviews applications within one to three business days after submission.

4. Set up two-factor authentication

To protect the corporate treasury, the user must activate two-factor authentication (2FA). This security layer requires a code from an SMS or an authenticator application during login and payout authorization, protecting funds from unauthorized access.

How to set up your Airwallex account after approval

Once approved, administrators can configure Airwallex to manage global financial operations.

1. Fund your wallet

To start spending or sending transfers, the wallet must be funded. This is completed via domestic ACH or wire transfer from an external bank. US-based companies can also fund their wallet directly using a linked bank account via direct debit.

How do I set up automatic currency conversions?

To mitigate the impact of FX volatility, a finance manager can set up automatic currency conversion rules. Within the conversion settings, the user selects a target exchange rate and specifies the funding amount. The system automatically executes the conversion when the interbank rate hits the defined target, removing the need for manual market monitoring.

2. Create Airwallex Global Accounts to receive international payments

To receive payments from global clients, administrators can generate Airwallex Multi-Currency Accounts.

A global account acts as a local receiving address, providing dedicated routing and account numbers in over 20 currencies. When international clients send local domestic transfers, the funds clear via local networks and land in the unified wallet, bypassing international wire fees.

3. Issue corporate cards

Administrators can issue corporate cards to manage employee operational expenses, software subscriptions, and digital marketing spend.

How to set up the card?

Pick the card type, and then enter the name and billing details. Virtual cards are ready to use online right away. For physical cards, they’ll be shipped straight to your office address.

How to set up spending limits?

Managers can customize transaction controls to every card. A manager must approve before any spending limit can be changed.

4. Invite team members and assign roles

You don’t have to run the account alone. 

How to set up roles and permissions?

To add someone, type their email into user settings and assign a role. Viewers can only see files and balances without moving money, Cardholders manage their own card, and Administrators have full control over transactions and users.

5. Set up integration with your software

Linking your current business software to your account takes the pain out of daily bookkeeping. It also helps speed up how you collect client payments.

How to set up Airwallex with Xero, Quickbooks, or Netsuite?

Use Airwallex Software Integrations. No more manual uploading required. Select your software. That will begin a secure API integration. Financial data like transactions and multi-currency balances will automatically sync.

How to set up Airwallex with Shopify, Amazon, or eBay?

eCommerce operators can connect their online stores in the Airwallex integration portal. Linking these marketplaces allows Airwallex to capture sales data directly, facilitating smooth settlement into the business's local currency wallets.

How do I set up the Airwallex online payment gateway?

If you want to take payments directly on your website, a developer can set up the checkout SDK. This gateway lets your buyers pay you with cards, mobile wallets, or local transfer methods. Airwallex supports customer payments in over 130 currencies through this gateway.

6. Enable Airwallex Yield 

US businesses with idle cash balances can activate Airwallex Yield to earn competitive returns. This service invests USD balances in AAA-rated JPMorgan Liquidity Funds. Unlike traditional term deposits, there are no lock-up periods or minimum investment requirements, letting companies withdraw capital within hours.

How to build on top of Airwallex?

Technology firms can embed payment services directly into their own software using API solutions.

How do I set up an Airwallex Platform account?

A software business can apply for a Platform account to create Airwallex Connected Accounts on behalf of its users. This setup lets the platform collect onboarding documents and route payouts through a single developer portal.

How do I set up API webhooks and whitelist my IP address?

Developers can configure automated event notifications to track payment statuses. Under the developer settings, developers generate a webhook, select specific event triggers, and paste the notification URL. To protect these endpoints, developers should activate IP whitelisting in the API portal.

To get started, your developer just puts your server's IPv4 address or CIDR range right into the Developer console. Now the system will only listen to API requests from trusted servers. Any requests from suspicious sources will be shut down instantly by Airwallex with a 403 error.  

How many days does the Airwallex verification/KYC process take?

Usually it’s wrapped in one to three business days if your paperwork (IRS EIN letter, company documents, and owner IDs) is in order. If your business has a complex ownership tree or operates in a higher-risk space, expect a quick follow-up email. Answering those questions fast keeps the timeline moving. 

Why is my application pending?

A pending status usually just means the onboarding team is cross-checking your company details with the state registry. Multi-layered structures, think holding companies or offshore trusts, also take a bit longer to trace. The team will decline your application if your business operates in an unsupported industry. Sanctioned owners or untraceable structures will also lead to a rejection.

Common reasons US applications may be delayed

• Giving an incorrect business name: Your registration details have to match your official IRS CP 575 letter.

• Using a PO box: You cannot use virtual mail drops or PO boxes as your primary address without a physical fallback office.

• An unfinished website: The review team checks your site to see what you actually sell, so placeholder pages will cause delays.

• Unclear ownership: If your firm is owned by multiple companies, Airwallex has to manually trace who the owners are.

• Personal email sign-up: This will trigger fraud flags.

Frequently asked questions

Is Airwallex a bank?

Airwallex is a licensed financial technology company and money transmitter, not a bank. In the US, services are provided through Airwallex US LLC. Airwallex holds your funds securely at global partner banks.

Are there fees or minimum balance requirements for Airwallex?

No, not to use a standard Airwallex Business Account. Setting up your account and generating local bank details are completely free. You only pay transparent fees when you swap currencies or accept card payments.

Is Airwallex safe for business use?

Yes, Airwallex protects your funds and data with high level security. Airwallex holds a PCI DSS Level 1 certification for card data and an ISO 27001 certification for information security. To keep your account secure, Airwallex also uses SSL encryption and requires two-factor authentication (2FA) for logins and payouts.

1. https://www.encompasscorporation.com/press-releases/corporate-treasurers-abandon-banking-applications-onboarding/

2. https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/the-lending-revolution-how-digital-credit-is-changing-banks-from-the-inside

3. https://wise.com/us/blog/airwallex-payment-gateway