What is Xero bank feed or sync with Airwallex?

Note: You must be on a Xero Comprehensive or Ultimate 10 Plan in order to support multiple currencies.

Airwallex pushes customers’ transaction data to their connected Xero account every hour. This process is called a sync, and all the synced transactions are referred to as bank feeds in Xero.

Bank feeds are any transactions that affect your Airwallex wallet balance, such as:

1. Deposits via Global Accounts
2. Conversions
3. Payouts
4. Card transactions
5. Adjustments

We will create a separate bank account for each of the wallet currencies that you want to sync to your Xero account. This is because a bank account in Xero can only have a single currency. If you have multiple settlement currencies in your Airwallex account, your Xero organisation needs to be on a plan that supports multiple currencies (Comprehensive or Ultimate 10 Pricing Plans).

How will deposits, conversions, transfers, and card transactions show up in Xero? 

Deposits

Deposits via your Global Account will sync through to Xero as "received" showing Transaction Date, Reference, Description, Transaction Amount and Transaction Type. 

Please see the example below:

Conversions

Conversions performed in your Airwallex account will show up as two different transactions in your Xero account:

1. A spend money transaction in the source or sell currency
2. A receive money transaction in the destination or buy currency

You can reconcile conversions by transferring the amount across the bank accounts for the currency pair. 

Please see the example below:

Transfers

Transfers performed in your Airwallex account will sync through to Xero as "Spent" showing Transaction Date, Payee, Reference, Description, Transaction Amount and Transaction Type.

Please see the example below:

Cards

Card Transactions made via your Airwallex account will sync through to Xero as "Spent" showing Transaction Date, Reference, Description, Transaction Amount and Transaction Type.

The Reference will include the Company name for Company cards or the Employee cardholder name for Employee cards, as well as the last 4 digits of the card number (this can assist you in setting up rules in Xero to automatically code certain card transactions to specific GL codes, see more information about setting up rules in Xero here). 

Please see the example below:

Card Transactions using Convert and Pay feature

Card transactions that auto convert from another balance in the wallet will pull from the wallet balance of the default currency. For example, if a transaction is incurred in HKD on a card and the HKD balance in your wallet is empty or insufficient, the card will pull from your selected default currency. The same fields as regular card transactions will be populated in Xero.

See our article: What are the automatic conversions for cards? to learn how to change your default currency. 

See example below of HKD transaction drawing from AUD wallet balance: