Airwallex rejects application

[boy20hki]

Has anyone here successfully opened account with Airwallex? I applied for both a offshore US LLC and a EU sole trader but got rejected. The business type is consulting type so no shady thing, websites are legit with services/client testimonials. I have registered these 2 entities successfully at most major EMI and smaller EMI...just I remember 2 EMI that reached out via email and asked additional doc like bank statement, client list/invoice etc like Relayfi but that's fixable issue,

Airwallex does not offer option to resubmit new doc or ask extra questions just a generic email...

On website it says
"The Global account is available to businesses in Australia, Canada, Europe, Hong Kong, the UK, Japan, New Zealand, Singapore, and the US"

Just my guess about the reason for this:
-Maybe they do not like non EU/US passport. And they want personal ID docs from those listed countries above. I should have used my EU residence permit to verify my ID I think...
-Maybe they want high monthly turnover/number of staff. I chose the lowest option: less than 50k/mo and 1-20 staff

Saw a few a couple of threads around here about Airwallex rejection...I wonder which factor that causes rejection, in my case I guess mostly due to non EU/US personal ID doc but still can't say 100% sure about this.

Last edited: Mar 29, 2023

 

[avalanche]

boy20hki said:
Has anyone here successfully opened account with Airwallex? I applied for both a offshore US LLC and a EU sole trader but got rejected. The business type is consulting type. They do not offer option to resubmit new doc or ask extra questions just a generic email...

On website it says
"The Global account is available to businesses in Australia, Canada, Europe, Hong Kong, the UK, Japan, New Zealand, Singapore, and the US"

Just my guess about the reason for this:
-Maybe they do not like non EU/US passport. And they want personal ID docs from those listed countries above. I should have used my EU residence permit to verify my ID I think...
-Maybe they want high monthly turnover/number of staff. I chose the lowest option: less than 50k/mo and 1-20 staff

Saw a few a couple of threads around here about Airwallex rejection...I wonder which factor that causes rejection, in my case I guess mostly due to non EU/US personal ID doc but still can't say 100% sure about this.
Click to expand...

My affiliate business was also rejected so you're not alone here 🙂

 

[boy20hki]

avalanche said:
My affiliate business was also rejected so you're not alone here 🙂
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It sucked, I applied for both on a Saturday evening and both got rejection email on next Wednesday...just that one application is one week after the another...airwallex works like a machine, a robot haha..auto rejection after 4 days

Did you use EU/US/AU/CA /UK personal docs to verify?

Last edited: Mar 29, 2023

 

[avalanche]

boy20hki said:
It sucked, I applied for both on a Saturday evening and both got rejection email on next Wednesday...just that one application is one week after the another...airwallex works like a machine, a robot haha..auto rejection after 4 days

Did you use EU/US/AU/CA /UK personal docs to verify?
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I used RU personal docs hahaha. They said they cant offer account for now, but this can change in the future.

 

[boy20hki]

I got these two answers

#1
Thanks for submitting your business information and documents


Unfortunately, based on the information you have provided we're unable to open your business account.


We're continually improving and expanding our services, so if circumstances change, we will reach out to let you know.


Please note, in some cases, even upon request, we are unable to provide details about account eligibility.






#2

Thank you for your account application.


Our onboarding team has reviewed your application and unfortunately, we won't be able to proceed with your application at this time.


I understand this decision can cause frustration if you do not get the outcome you were hoping for. While we cannot disclose the reasoning for any decisions around why an application has been rejected, we do take time to carefully review each case and ensure a fair review process has been undertaken.


For more information on our Acceptable use policy, please see here.


Thanks for your understanding - we wish you the best!


Another thread there is an European man also got rejected ...Maybe they want companies with really pro looking front, like company with employees listed on website, real physical office in commercial building or something ...not small business with small team/sole trader...but its my speculation

 

[Simon4466]

What did you give as your company's main function? Did you only specify 'consulting' as doing so it would make some sense why they would not onboard you (offshore company = high risk, consultancy sector = high risk so combining those is generally not liked by EMIs/PSPs).

Possibly you can try to specify a bit more on your company's activities? E.g. the type of consulting / talking about some of the sectors you consult in, your experience consulting, etc.

 

[Martin Everson]

boy20hki said:
Just my guess about the reason for this:
-Maybe they do not like non EU/US passport.
Click to expand...

How bad is your passport? This is what sticks out to me.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[boy20hki]

Martin Everson said:
How bad is your passport? This is what sticks out to me.
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Regular South east Asia passport, no sanctioned country or anything. But I will wait for sometime and reapply with a new US LLC application with a Western passport to see if it goes through.

Simon4466 said:
Possibly you can try to specify a bit more on your company's activities? E.g. the type of consulting / talking about some of the sectors you consult in, your experience consulting, etc.
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Usually when I sign up if they allow for a box to write about this field, I include 1 sentence like The company provides consultancy services in field 1, field 2, field 3, field 4 for small and medium sized business in region xyz... Depending on categories they provide to choose, it can be more specific or just "Professional services" ...I do not think the description/category is the issue.

 

[tyrexoid]

Got rejected with Hong Kong single member company a few weeks ago, same generic response from them. But I don't need them, just was curious to have one more account.

 

[boy20hki]

tyrexoid said:
Got rejected with Hong Kong single member company a few weeks ago, same generic response from them. But I don't need them, just was curious to have one more account.
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which nationality of passport/id did you use? US passport?
I guess they don't take small fish at less than 50kSUD monthly turnover...

 

[tyrexoid]

boy20hki said:
which nationality of passport/id did you use? US passport?
I guess they don't take small fish at less than 50kSUD monthly turnover...
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I think so too, they need revenue and prefer to reject single member 'companies' just because it has more risk (I guess?) versus profitability, for them. I applied with Israel passport and Hong Kong company documents. Although I am not sure what they afraid of, after all, these EMIs always just block accounts of people they "don't like" and keep the money (sometimes for long, sometimes forever rof/% ) so what exactly are their risks in onboarding small startups or self employed folks, I don't know.

 

[Forester]

tyrexoid said:
these EMIs always just block accounts of people they "don't like" and keep the money (sometimes for long, sometimes forever rof/% )
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To the best of my current knowledge, Airwallex (at least Airwallex HK) does not do this. (Of course, they can block the account if there is some TOS break but it is another story.)

tyrexoid said:
so what exactly are their risks in onboarding small startups or self employed folks, I don't know.
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Nevertheless, it is true that Airwallex HK became much less friendly in onboarding in the last, say, 10 months than before; I witnessed it.

tyrexoid said:
they need revenue and prefer to reject single member 'companies' just because it has more risk (I guess?) versus profitability, for them.
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It is a possible explanation; but honestly, I do not know the reason.

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[boy20hki]

tyrexoid said:
I think so too, they need revenue and prefer to reject single member 'companies' just because it has more risk (I guess?) versus profitability, for them. I applied with Israel passport and Hong Kong company documents. Although I am not sure what they afraid of, after all, these EMIs always just block accounts of people they "don't like" and keep the money (sometimes for long, sometimes forever rof/% ) so what exactly are their risks in onboarding small startups or self employed folks, I don't know.
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you can try currenxie its office is based in HK. I got one account with them, though their KYC is a bit strict imo
I applied for worldfirst bt also got rejected...so I have to give up airwallex and worldfirst
somehow those multi currency account EMI like worldfirst and currenxie do not onboard US LLC now, but other jurisdiction are okay

 

[Forester]

boy20hki said:
you can try currenxie its office is based in HK.
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Yes, exactly; and/or Statrys (also HK based).

boy20hki said:
somehow those multi currency account EMI like worldfirst and currenxie do not onboard US LLC now, but other jurisdiction are okay
Click to expand...

There are different solutions for US LLCs, it was discussed here several times, you can search here.

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[tyrexoid]

Forester said:
Yes, exactly; and/or Statrys (also HK based).

There are different solutions for US LLCs, it was discussed here several times, you can search here.
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yeah btw why registering weird EMIs for US LLC if banks like Mercury, Chase, BofA, all allow to easily make account for LLC? (maybe Chase and BofA require physical presence, but Mercury didn't, as I recall they didn't even ask for proof of address bills or anything... although I have SSN [US resident number] maybe because of that it was easy, not sure, but worth a try, to simply reach out to US banks for anything LLC related).

 

[boy20hki]

tyrexoid said:
yeah btw why registering weird EMIs for US LLC if banks like Mercury, Chase, BofA, all allow to easily make account for LLC? (maybe Chase and BofA require physical presence, but Mercury didn't, as I recall they didn't even ask for proof of address bills or anything... although I have SSN [US resident number] maybe because of that it was easy, not sure, but worth a try, to simply reach out to US banks for anything LLC related).
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US LLC bank account can be created with many EMI yes...also with in-person visit at US real banks even without US SSN (cost €€€ to travel there 😀)
The thing about those "weird" EMI is some extra thing people need, like multi-currency account (with/without local bank details) for international transaction & physical card usage when traveling with low FX fee...and sometimes unlimited virtual cards creation ability (Airwallex)

 

[aragon]

Airwallex rejected one of my attempts this week as well. EU company, EU passport, 50-100k, single member consulting type business. Their rejection letter was like the OP's #2 sample.

A real pity. Their fees and services look very appealing. Hard to match let alone beat.

 

[Forester]

aragon said:
A real pity. Their fees and services look very appealing. Hard to match let alone beat.
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Well, I am of course not familiar with your particular use-case; but generally, for an EU company / a sole trader you can find pretty comparable solutions. Intergiro comes first to my mind (in addition to Currenxie and/or Statrys already mentioned).

(BTW, EU based companies used to be onboarded by Airwallex Netherlands that sucked a little bit in the past, too. Airwallex HK was another, much better, story.)

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[lonizzita]

airwallex refused me too. LLC company, EU passport. consulting company.

I still haven't been able to open an account for my LLC, they have refused me all

 

[Forester]

lonizzita said:
airwallex refused me too. LLC company, EU passport. consulting company.

I still haven't been able to open an account for my LLC, they have refused me all
Click to expand...

Where is your LLC registered and what is your current country of residence?

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...