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Using Airwallex to Power International Transactions, Overseas Currency Management, and More

Trudi Yip Apr 22, 2022 11:56:34 PM

It is more crucial than ever for eCommerce companies to have solutions that power them through any situation, goal, and strategy — especially if they’re gunning for international success.

Still, progress is only made by already having a firm grasp on their financial forefront. Without clear, consistent, and effective management over things like international transactions, expense tracking, payouts, and more, overseas expansion is challenging - if not impossible.

Fortunately, there’s a solution designed to help organisations facing this specific obstacle: Airwallex.  

In this article, we’ll review the tool, walk through its main advantages, and examine its use cases. 

What is Airwallex? 

As one of Numeric Eight’s outsourced bookkeeping experts’ favourite applications for money management, global fintech Airwallex is crafted with the modern business in mind. The payment platform streamlines users’ finances by allowing them to make simple payments in various currencies from any location in the world. 

Airwallex presents several key advantages for eCommerce businesses whose operations depend on being able to manage money anytime, anywhere. Some of its most notable benefits include:

International Transactions: Users can make money transfers in over 30 currencies, with each transaction only requiring a minimal FX rate. With no signup or monthly account fees, businesses solely need to worry about moving their cash —nothing else.

Overseas Currency Management: Managing business overseas isn’t known for being simple, but with Airwallex’s ability to open multiple foreign currency accounts, organisations can look forward to a streamlined process. Users can make and receive payments in various currencies (without needing to open multiple foreign bank accounts), therefore increasing their potential revenue streams.

Xero Integration: Thanks to an easy, automated process, users can sync their international and domestic transactions with the leading bookkeeping platform, Xero, enabling them to maintain a solid grasp over their expanding financial needs — without sacrificing international growth. It’s as easy as logging into one’s account, clicking “Connect to Xero,” choosing a currency, and watching every transaction automatically sync to the platform.


Airwallex Use Cases

Now, let’s look at how businesses have been using Airwallex to power their operations and improve their financial management.

Local Payment Methods: The traditional payment networks used to move funds internationally from bank to bank can be costly and time-consuming, especially if two banks have no pre-established relationship.

Airwallex solves this issue by building licensing and specialised technology for multiple regions, enabling businesses to bypass the expenses and time constraints of traditional payment networks by solely moving their money through a single platform.

The Payment Gateway: eCommerce companies can also expand their services overseas with ease using Airwallex, as the platform’s payment gateway allows them to receive payments in customers’ native currency.

Airwallex is much more cost-efficient for dealing in international markets when compared to other service providers. Stripe, for instance, requires businesses to pay a hefty fee to reconcile funds collected from overseas customers.

Airwallex enables eCommerce brands looking to receive card payments from customers - regardless of where they purchase - to enjoy unrestricted growth.

Virtual Cards: Airwallex allows you to create temporary virtual cards for short-term expenses. Whether it’s a one-off design project, part-time consulting or a contractor on platforms like Fiverr and Upwork, virtual multi-currency Borderless Cards make it easy to pay contractors without being penalised by international fees.

Corporate cards: Create a dedicated debit card in seconds to empower your employees to make approved purchases faster. Get real-time visibility of expenses as your team tracks their spending to monthly or set budgets.

Zero Ongoing Costs: Finally, there are zero ongoing costs associated with setting up an Airwallex account.

Whereas platforms like Wise charge users a fee if funds are left sitting in their account for a certain period without being moved, Airwallex solely charges fees within its payment gateway, ensuring businesses have the flexibility needed to manage their finances without unnecessary stress.

Ready to Take Advantage of Everything Airwallex Has to Offer?

The reality is apparent: eCommerce companies can’t expect to grow overseas without the right tools at their side.

Fortunately, you don’t need to do it alone. With Numeric Eight’s outsourced bookkeeping and accounting experts at your side, you can smoothly integrate your business with platforms like Airwallex and Xero to experience success without borders. Contact us today to get started.


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