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Airwallex is not a bank, so it does not issue bank accounts. Thriday accounts are issued by an authorised deposit-taking institution (ADI) that is subject to the Financial Claims Scheme so your funds are protected up to $250,000*. Airwallex has a number of products including what is called a "wallet". According to Airwallex's PDS, the wallet product is instead considered a non-cash payment facility by ASIC, and a purchase of stored value by both the RBA and APRA. With Airwallex, your electronic funds are not regulated client monies under the Corporations Act 2001 (Cth). You will not earn interest on balances in your wallet. Airwallex is entitled to keep any interest it earns with respect to your wallet balances at its discretion. The electronic funds in your Airwallex wallet are protected by a 'bank guarantee'. Airwallex publicly states that the entire amount of those funds are protected by a 'bank guarantee'. The 'bank guarantee' is issued by an ADI to a third party who holds the benefit of the 'bank guarantee' on trust for Airwallex wallet holders to call on if required. Airwallex provides multi-currency business accounts and cards so that you can pay international suppliers. Airwallex has integrations into Xero, which can make your accountants life easier, but it still means you need to reconcile any expenses. Airwallex provides no help when it comes to invoicing, bookkeeping, accounting or tax, so you will still need to set up and pay for other tools to manage your end-to-end business financial admin needs.
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Managing your financial admin can be a real drain on your time and job satisfaction but there is a better way. Thriday is a new solution for a centuries old problem – managing your banking, accounting and tax. Thriday uses artificial intelligence to instantly interpret your transactions and apply them to a chart of accounts. This means as money hits your account, all your books are processed without lifting a finger. Thriday takes care of all your financial admin for only $29.95 a month. Say goodbye to time wasted, and say hello to Thriday.
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