This article covers your commonly-asked questions about Settlement in regards to Online Payments. You can also refer to our other Online Payments articles here.
What is a settlement?
Settlement refers to the deposit of funds accrued on the Online Payments product into your bank account. The settlement amount is net of any payment fees (e.g. gateway fees, payment methods fees, dispute fees) and corresponding taxes if any.
More information about how GST/VAT will be charged to your account can be found here.
How long does settlement take?
Your settlement timing is based on your accounts’ agreed reserve requirements and the payment method.
For major card schemes (e.g. Visa & Mastercard), this settlement should take 3 - 5 days. For example T+4 day settlement means that you will receive your funds (less Airwallex fees) into your wallet by Day 5.
For more information about reserves please refer to the following link.
What does settlement look like?
To make it easier for you, Airwallex will settle into your wallet in the different settlement currencies. Please note that we will settle in batches and not on an individual transaction basis.
How do I see my funds pending settlement?
- On the sidebar, select 'Payments', then select 'Performance' underneath this
- At the bottom of this dashboard, you'll see a chart of your past and upcoming settlements
How do I access settlement reports?
Airwallex provides you with all the details necessary to understand your settlements. To do so access ‘Wallet’ and you can export settlement reports which include full details on payments, refunds, disputes and fees.
More details on settlement reports can be found here.
What currencies do transactions settle in?
Transactions will settle in a range of currencies depending on a number of factors such as region, payment method and your nominated default settlement currency.
On card transactions for Australian, Hong Kong and Singapore merchants, Airwallex provides like-for-like settlement for 10 currencies. This includes AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD.
On card transactions for European merchants, Airwallex provides like-for-like settlement for 12 currencies including AUD, CAD, CHF, DKK, EUR, GBP, HKD, NOK, NZD, PLN, SEK, and USD.
When you have a transaction in a currency that is not supported by like-for-like settlement, the amount will be converted into your default settlement currency at our market-leading FX rates, with any applicable fees outlined in your fee schedule.
You are able to request a different default settlement currency by reaching out to our Support Team here.
Default settlement currencies by country:
Hong Kong: HKD
United Kingdom: GBP
Full details on settlement currencies by payment methods can be found here.