Airwallex is a global payments company/neo bank (sort of) who offer global accounts, international money transfers and other banking-like features to business users. This deal is targeted at businesses, so if you don’t have an ABN, this deal is not for you.
Before we get into the deal, I want to warn you. Opening an account with Airwallex is a major pain in the back. I first applied for an account 10 days ago, and since then it’s been a back and forth of “information requests” they need to verify my account. So at this stage, I’m not yet an Airwallex customer, and it’s looking unlikely that I will become one. Here’s why:
The application online is relatively straightforward; they do ask a few questions about the nature of your business etc. Once you submit the application, they assign a person to your account to manually vet you.
The first email I received was to request more information about my company, who owned the shares and if a trust owned the company and they also needed a copy of my driver license.
The second email was for a request of the trust deed, ID copies of anyone listed on the trust. Oh and also a copy of my accountant’s drivers license!
While one can open a functioning bank account in a matter of minutes, the same can’t be said of Airwallex. It’s a painful process.
Update: After posting this article, Airwallex reached out to me to explain the application process. In fact, they uncovered something about the set up of my trust, which I wasn’t aware of and will potentially save me a lot of headaches in the future! On that note, I will leave my previous words, but I want to make it clear that the painful application process was all my fault and most likely, you will have an account up and running in no time!
I’m now looking to proceed with the signup under my personal ABN since this is also tied to my Qantas Business Rewards account. Once I’m up and running, I will update this post.
(Hint, you can sign up for a free Up Bank debit card in under 9 minutes and get AU$10 cash in your account when you sign up with our partner link or use code “FHACKS”. )
In hindsight, I should have just applied with my personal ABN to keep things simple, since it’s unlikely that my accountant is going to provide me with his driver license!
The Deal: 40k Qantas Business Rewards
Until June 30, new business users can get up to 60,000 Qantas Business Rewards when you sign up, get approved (good luck!) and transfer AU$4,000 within 60 days of the account being open.
Since it’s free to hold an account and Airwallex’s transfer rates are pretty damn sharp (0.3% on top of the interbank rates for major currencies), this should work out to a cost of AU$12 give or take. Potentially one of the cheapest ways to acquire a good chunk of Qantas Points!
At least, this cost of around AU$12 is my assumption, since I haven’t been able to open an account, I have had no way of testing it.
There are also bonus points on offer for lower transfer amounts but why not got for the 40k? To me, it seems like a no-brainer.
The bonus points offer is only available to approved Airwallex customers for Airwallex Payment Products as follows:
- 40,000 bonus Qantas Points if approved customers make at AUD4,000 (or equivalent value) of International Payments within 60 days of being approved for an Airwallex Payment Product; or
- 30,000 bonus Qantas Points if approved customers make at AUD3,000 (or equivalent value) of International Payments within 60 days of being approved for an Airwallex Payment Product; or
- 20,000 bonus Qantas Points if approved customers make at AUD2,000 (or equivalent value) of International Payments within 60 days of being approved for an Airwallex Payment Product.
In addition to this deal customers also earn 1 Qantas Point for every AU$20 transferred.
How to apply?
You can access this deal here and find the t&c’s here.
Airwallex Conclusion
This service is very similar to Transferwise, which is considered one of the best (and cheapest) ways to transfer money overseas; they also have a global account and debit card that allows FX free-spending overseas. With a 40k bonus on offer, it’s a no brainer in my book + the product looks pretty good if you’re for example selling online and need to deal with multiple currencies.
H/T: Steve H.
