Airwallex BVI Bank Account Opening Guide for BVI Companies

British Virgin Islands companies face significant challenges when accessing banking services. Traditional financial institutions frequently decline offshore jurisdictions due to compliance requirements and regulatory concerns. Airwallex BVI provides an alternative for BVI-incorporated businesses seeking access to international banking infrastructure.

This guide covers the account opening process, requirements, and service limitations for BVI companies using Airwallex.

Airwallex Offerings for BVI Companies

BVI-incorporated businesses access a specific subset of Airwallex's product lineup. Here's what's available:

Airwallex onboards BVI companies through its Hong Kong entity. The British Virgin Islands companies cannot access the full Airwallex product suite. Available services include Global Accounts and foreign exchange with international transfers. Borderless cards, expense management tools, bill pay features, and payment links remain unavailable regardless of business type or volume.

Global Accounts function as virtual bank accounts with standard banking details, including account numbers, routing codes, and SWIFT identifiers. Account creation is instant and requires no additional approval. Airwallex does not impose limits on incoming funds through Global Accounts.

Airwallex BVI does not offer personal accounts for BVI residents. Only BVI-registered businesses qualify for accounts.

Is Airwallex Safe?

Airwallex provides access to banking infrastructure through DBS Bank (Hong Kong) and Standard Chartered Bank (Hong Kong). All of your funds are held securely in segregated accounts with these globally reputed banking partners.⁵

Airwallex is licensed as Money Service Operator (MSO No. 16-09-01929) and Airwallex HK uses separate, designated bank accounts to collect and send customer funds. Airwallex is regulated by the Customs & Excise Department. It is PCI Level 1 and SOC2 Type 2 compliant.⁶

Who Can (and Can't) Open an Account

Airwallex accepts BVI-registered businesses subject to industry restrictions outlined in their acceptable use policy.²

Cryptocurrency and Web3 Businesses

Non-cryptocurrency Web3 companies qualify for accounts if they operate as service providers (web3 marketing, consulting, development) without buying, selling, trading, owning, or otherwise interacting with cryptocurrency.²

Web3 service providers wanting to accept cryptocurrency into Airwallex must declare this during onboarding. Airwallex only supports crypto transactions through appropriately licensed and regulated crypto exchanges.²

Crypto/NFT exchange platforms and cryptocurrency projects cannot open Airwallex accounts for BVI companies.²

Other Restricted Industries

Airwallex's acceptable use policy restricts additional business categories including gambling operations, money service businesses, adult entertainment, weapons trading, and other high-risk sectors.³ Review the complete policy before applying if your business operates in a potentially restricted category.

Moving Money In and Out

Receiving Funds

To receive funds, create a Global Account in the required currency. This provides banking details that function identically to traditional bank accounts. Share these details with the paying party, who processes a standard bank transfer.

Airwallex handles 23+ currencies and you will get local bank details in 11 places: HK, Singapore, United States, United Kingdom, Europe, Japan, Canada, Australia, New Zealand, Indonesia, and Denmark.

For example, receiving HKD from a Hong Kong bank requires creating a Hong Kong (HKD) Global Account. Receiving EUR from a European client requires creating a EUR Global Account.

Sending Funds

SWIFT transfers: No transaction limits apply to SWIFT (TT) transfers. The remitter name displays as your business name when using SWIFT.

Non-SWIFT transfers: Airwallex offers free international transfers through local payment rails. These may have limits imposed by the payment rail provider. For example, Hong Kong's Faster Payment System (FPS) has a daily limit of HKD 10,000,000. The remitter name displays as "Airwallex" for non-SWIFT transfers.

Send money 130+ places and pay zero transfer fees to 60+ places, where Airwallex has developed local clearance systems with banks. Airwallex supports transfers to numerous countries and currencies. The complete list is available on their payout network page.⁴

Airwallex BVI does not support cash or cheque payments.

Pricing

Complete pricing details for BVI-registered companies are available on Airwallex's pricing page.¹

Foreign Exchange Rates

Airwallex charges a percentage markup on top of the interbank rate according to the converted currency:

Airwallex may reduce the markup for businesses with high-volume currency conversion needs.

Third-Party Platform Connections

Global Accounts function as virtual bank accounts with actual banking details. Any third-party platform that supports payments to a bank account can work with Airwallex.

Stripe and PayPal do not onboard BVI-incorporated companies. While Global Accounts can technically receive bank transfers from platforms that support this payment method, the inability to establish Stripe or PayPal accounts with a BVI company prevents this integration.

Documentation Requirements

Corporate Documents

• Certificate of Incorporation of your BVI company
• Register of Members (ROM) stamped by the Financial Services Commission (FSC) in BVI
• Certificate of Incumbency issued within the last 6 months (frequently requested during review, confirming company's good standing, directors, and shareholders)
• Other relevant corporate documents of your BVI entity (if applicable)

Personal Identification

Personal identification documents are required for all Ultimate Beneficial Owners (UBOs) and Directors.

Airwallex defines a beneficial owner as someone who directly or indirectly owns 25% or more of the business. A director is someone with significant responsibility to control, manage, or direct the business.

Acceptable identification documents:

• Passport
• National ID card
• Driver's license (if applicable)

Requirements for ID photos:

• Government-issued official ID with photo
• Clear image quality
• Complete edges visible
• No occlusion
• No reflection
• No watermark
• Document laid flat
• Shot vertically in well-lit environment

The Application Process

The application process consists of five simple steps. The entire account opening process can be done online:

Step 1: Registration

Navigate to https://www.airwallex.com/signup/hk and enter:

• First and last name
• Email address
• Phone number
• Country of company incorporation (British Virgin Islands)

Verify your email and phone number if prompted.

Step 2: Company Information

Enter the following details:

• BVI company name
• Company registration number
• Registered office address
• Date of incorporation
• Principal place of business (if different from registered office address)
• Trading names (if any)

Upload your company's Certificate of Incorporation.

Step 3: Business Profile

Provide information about your business operations:

• Business industry
• Additional industry (if any)
• Brief description of product/service offerings
• Website URL (if available)
• Estimated monthly turnover
• Up to 5 countries where your business has direct or indirect connections

Step 4: Ownership and Identity

Add details for all directors and beneficial owners. Upload your stamped Register of Members (ROM) issued by the FSC in BVI. Disclose if nominee shareholders are involved.

Once listed, upload proof of identity documents for each director and beneficial owner.

Step 5: Application Submission

Submit your application. Airwallex conducts due diligence and compliance review. This process takes 2 to 5 business days.

Airwallex may request additional information or documentation during review. The Certificate of Incumbency is frequently requested at this stage.

You will receive an email notification regarding approval or rejection once the review is complete.

Getting Help with Applications

Expanship, as an Airwallex channel partner, manages the application process for clients who use their incorporation service. This includes:

• Completing the entire application process
• Coordinating during follow-up requests
• Transferring account ownership upon approval

This service is available to businesses using Expanship's incorporation service.

Frequently Asked Questions (FAQs)

Can I open a bank account with Airwallex for my BVI company?

Yes, you can easily open a bank account for your BVI-incorporated company with Airwallex.

Is the account opening remote?

Yes, the entire application and account opening process is online and remote, without requiring you to travel anywhere or attend any meetings.

Can I open an Airwallex BVI account if my company is not yet operational?

Yes. You must explain your planned business activities during the application process. The business model must comply with Airwallex's acceptable use policy.

What if my application is rejected?

Unfortunately, Airwallex doesn't provide the reason for rejection. We suggest that you consider alternative platforms.

How many currencies can I hold simultaneously?

For BVI-incorporated companies, you can create multiple Global Accounts in different currencies. The default limit is 5 Hong Kong Global Accounts and 20 total accounts across all other currencies.

Can I add multiple users to my Airwallex account?

Yes. Airwallex supports multiple users with different permission levels on business accounts.

What if my business model of my BVI entity changes after approval?

Notify Airwallex of material changes to business activities. Changes may affect account status, particularly if moving into restricted industries.

Can I receive payments from any country?

Yes, you can receive payment from a different country. However, note that Airwallex complies with international sanctions and regulations, and hence, payments from sanctioned countries or restricted entities will not be processed.

How do I close my account?

Contact Airwallex support directly. They will guide you through the closure process, which includes withdrawing remaining balances.

Conclusion

Airwallex BVI provides BVI-incorporated businesses with access to Global Accounts and foreign exchange services. The platform charges no account opening fees, maintenance fees, or minimum deposits. BVI companies cannot access additional Airwallex products, including cards, expense management, and payment links.

The application process takes approximately 30 minutes to complete with prepared documentation. Approval typically occurs within 2 to 5 business days following compliance review.