On this page, you will find information on our international payment platform: Airwallex
Executive Assistant or MD
International transfers
Liquidity
Our primary international payment platform is Airwallex. (See Fig. 1)
Our Airwallex account is also directly intergrated with XERO Accounting software.
We have a virtual card available for easy transfers with access given to the EA. (See Fig. 2)
Fig. 1 Airwallex borderless card
Fig. 2 Airwallex virtual card
We use Airwallex for the following transactions:
Paying overseas contractors (i.e. VA)
Staff debit cards
Paying overseas services in local currency (i.e. Facebook, active campaign etc.)
Account capabilities:
Create accounts instantly
Create accounts in the name of the business
No transaction limits
Deposit methods:
Domestic bank transfers: 0-1 day
International SWIFT transfers: 0-3 days
Monthly account limit: $2,000aud
Account name - DITCH INVESTMENTS PTY LTD
Bank account number - 612399283
BSB code - 013943
Paying overseas contractors (ie VA)
Cheaper!
Start with free $20,000 international transfers
Staff debit cards
Paying overseas services in local currency (ie Facebook, active campaign etc)
E: support@airwallex.com // amrita.thapar@airwallex.com
Ph: 13 32 99
Before you can make a transfer, first you have to setup a contact. To do the, follow the steps below:
Step 1: Navigate to contacts section of your account
Step 2: Click on 'New recipient'
Step 3: Choose on how you want to pay the recipient with the below information:
Recipient type: business or personal account
Bank country
Account currency
Payment method that support the chosen currency/country combination (info on processing time, payment fee, and payment limit will be shown)
Step 4: Put in all recipient information
Step 5: Click on 'Create recipient'
Once you have created the recipient, go back to the Transfers section
Step 1: On the 'Sending' side, choose the currency balance that you would like to make the transfer from (on our case, use Australian Dollar)
Step 2: On the 'Receiving' end, select the contact that you would like to transfer to (in our case, we use either PH Supplier or AU Company Bank Account)
Step 3: Input the amount the recipient will receive
Step 4: Review your payment details in the payment summary
Sending - the amount you will be sending in AU dollars
Client rate - the all-in exchange rate that will be calculated out (this shows the Airwallex rate and the client markup)
Converted amount
Payment fee
Step 5: On the Additional details side, input the following:
Reference - where you input the invoice number
Reason
Payment date
Request ID - user access management feature. This is optional
Step 6: Submit transfer for approval
We could pay suppliers, staff, vendors etc. in their home currency via a direct bank transfer (Airwallex supports payouts in +130 currencies - here is our payout guide).
We can either convert funds at our rates (interbank + 0.3% or 0.6%) to pay them in their 'home' currency.
We can use the currencies we already have available in our wallet to make the payments.
When sending payments via the 'Local Payment Method' there will be no additional charge apart from the cost of conversion, if applicable.
When sending payments via a payment method other than the 'Local Payment Method', an international payment fee will be charged. For example, sending USD to China via the SWIFT payment method = AUD$10.
If suppliers accept payment via debit card, we could use cards (create a card specific to a supplier if you like) to make those payment too.
Wallet > Global Accounts > Aus Account > clicking on it will show you the BSB and ACC pertaining to your specific account and funds will arrive in 24 hours
Day to day business banking (e.g. paying suppliers, corporate invoices) - here's a video
Ultimately, you could pay your suppliers, staff, vendors etc. in their home currency via a direct bank transfer (Airwallex supports payouts in +130 currencies - here is our payout guide).
You can either convert funds at our rates (interbank + 0.3% or 0.6%) to pay them in their 'home' currency.
Or you can use the currencies you already have available in your wallet to make the payments.
When sending payments via the 'Local Payment Method' there will be no additional charge apart from the cost of conversion, if applicable.
When sending payments via a payment method other than the 'Local Payment Method', an international payment fee will be charged. For example, sending USD to China via the SWIFT payment method = AUD$10.
If your suppliers accept payment via debit card, you could use cards (create a card specific to a supplier if you like) to make those payment too.
Managing expenses (e.g. subscriptions, ad spends or employee expenses) - here's a video.
You can easily manage expenses by creating virtual debit cards, and that's only a couple of the benefits.
You can fully customise spending limits on all cards. for example per-transaction, per-day, per-week or per-month. There is also a card limit option, which if set to $10k, for example, will only allow spend up to $10k in total over the lifetime of the card.
Max limit per transaction is USD$10k, but this can be increased to USD$100k upon request.
You can have up to 250 'active' virtual cards.
Employee cards have the exact same functionality as expense cards - the differences being the name on the card (employee name will be visible on the card) and the set up process (cards are user specific).
All cards are multi-currency, meaning they can spend in any balance you hold in your wallet (given you have enough funds available in currency you wish to spend in).
Auto-conversions is available on the cards. Meaning, if for example, you don't have enough USD in your USD wallet the cards will draw from and convert AUD to USD at our spot rate (interbank rate + 0.3% markup).
With Airwallex you have the ability to buy, sell and hold 23 different currencies (AUD, CAD, CHF, CNY, EUR, GBP, HKD, JPY, KRW, NZD, SGD, THB, USD, SEK, NOK, DKK, HUF, CZK, PLN, HRK, and RON).
You don't have to pre-convert currencies before making a payment via bank transfer or on the cards. For example, when sending a bank transfer you can choose to do a conversion and a payment in one go, at spot rate.
You will have full transparency on what the rate is and how it's calculated in the payment summary section before confirming the payment.
The conversion fees are as follow - for all major currencies it's the interbank rate + 0.3%. For all minor currencies it's the interbank rate + 0.6%
Step 1: Cards -> create card -> select employee card
Step 2: Enter the basic details and email for the user you created
Step 3: Complete the ID check page with the cardholder information and create the cardholder
Step 4: Set any limits and create the card
Step 5: Success, only the cardholder will have access to the card
If the cardholder status is ‘In review’ they should be active within 48 hours and can then start using their card. No need to do anything.
If the cardholder status is ‘Active’ then the cardholder can immediately use their card.
See further instructions HERE
Business Blueprint has a great training series on how to use Airwallex
Last Update Date: 23/06/23
Updated By: Marielle