What has changed?
Airwallex is changing the way we protect the funds shown in the wallet balances for our customers in Australia. This is due to a requirement of an Australian regulatory body. Your funds are currently held with a bank in a trust account. Going forward, we will be working with an independent third party who will hold a bank guarantee for an amount equal to your wallet balance.
This includes making changes to the trust account arrangements in your terms and conditions so that we can transfer your funds currently held in a trust account from this account to the new bank that is providing the bank guarantee (as collateral for this guarantee). As a consequence of this transfer, these funds will no longer be held on trust for you, and instead, the independent trustee will hold the benefit of the new bank guarantee on your behalf.
What is a bank guarantee?
A bank guarantee is a guarantee issued by an Australian bank which specifies a beneficiary and a face value. The beneficiary will be able to present the bank guarantee to the issuing bank to claim payment up to the face value of the guarantee. In Airwallex’s case, the named beneficiary of the bank guarantee is the independent third-party trustee (GLAS) who will hold the guarantee on behalf of you, our customers.
What is the name of the independent third party?
The independent third party is Global Loan Agency Services Australia Nominees Pty Ltd or GLAS. They can be contacted at: +61 2 8226 8728 and firstname.lastname@example.org.
Will this impact the use of my Airwallex services?
No. There will be no impact to the way you use our services on an everyday basis.
If there is an issue with my Airwallex services, should I contact GLAS or Airwallex?
You should first contact Airwallex at email@example.com. GLAS will not be able to help you with everyday questions you may have about our services.
Will my funds shown in my wallet still be held in a bank account on trust by Airwallex?
Once the changes come into effect, the funds shown in your wallet will no longer be held in a bank account on trust by Airwallex or anyone else. Instead, the funds shown in your wallet will be guaranteed by an Australian bank or banks, with the benefit of that guarantee held in trust for you by GLAS. GLAS will act as an independent trustee by holding the benefit of the bank guarantee on trust for you for the value of your wallet balance.
When should I contact GLAS to make a valid claim for my wallet balance?
You may reach out to GLAS at any time in relation to your wallet balance. However, we expect you will only ever need to contact GLAS to recover your funds in the highly unlikely event that Airwallex could not pay your wallet balance because Airwallex became insolvent. As mentioned, this is an unlikely scenario, but if it did happen, you would be protected and would then have a valid claim for your wallet balance.
What if I don’t agree to the change?
If you do not agree to the change, you can choose to close your account with us by emailing us at firstname.lastname@example.org.
What if I have more questions?
You may contact us at email@example.com and we will be happy to help answer any questions you may have.