This article explains how Airwallex protects funds held in your Airwallex wallet for AU Customers.
How does Airwallex protect your funds?
Airwallex protects your funds by arranging for major APRA-regulated bank(s) to provide bank guarantee(s) for an amount covering your entire wallet balance. We hold your funds with the bank(s) providing the guarantee(s) (as collateral for this guarantee). An independent third party trustee is the named beneficiary of the guarantee(s) and this independent third party trustee holds the benefit of those bank guarantee(s) on your behalf.
What is a bank guarantee?
A bank guarantee is a guarantee issued by a bank which specifies a beneficiary and a face value. The beneficiary is 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(s) is the independent third-party trustee (GLAS) who holds the guarantee(s) on behalf of you, our customers.
What bank(s) issue the bank guarantee(s) for my funds?
Airwallex works with major APRA-regulated bank(s) to guarantee the funds in your wallet.
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: +61 272 024 631 and firstname.lastname@example.org.
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 be held in a bank account on trust by Airwallex?
The funds shown in your wallet are guaranteed by major APRA-regulated bank(s) with the benefit of those guarantees held in trust for you by GLAS. GLAS acts as an independent trustee and accordingly holds the benefit of those bank guarantee(s) on trust for you for the entire 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 to GLAS for your wallet balance.
What if I have more questions?
You may contact us at firstname.lastname@example.org and we will be happy to help answer any questions you may have.