Settle into your Airwallex balance
In order to offer you a faster settlement with lesser costs, when you use the Airwallex Payment Acceptance solution you automatically benefit from the Airwallex Balance, which automatically makes it possible for you to settle an increased amount of currencies on a like for like fashion. This is how it works.
Define your principal settlement currencies and the fallback settlement currency during your onboarding. Make sure that all these currencies are visible in your Airwallex Balance to avoid any surprise.
On a periodic basis Airwallex will clear its position towards you in batches and settle the collected amount to your Airwallex balance in each of the currencies that have the positions cleared. Normally, you may get settled after receiving funds from the shopper - it depends on the payment method, your settlement policy and other factors.
The settlements perform in a netted way. For instance, you have 200 SGD in transactions, 10 SGD in refunds and no chargebacks; all together there is also a 5% rolling reserve to be withheld. Airwallex will clear this position and provide you one single balance transfer in your SGD Airwallex Balance of 187.80 SGD (your fees will be also netted). For each currency in your principal settlement currencies list the same process will happen.
Further to the above, for all transactions whose processing currency is not part of the principal settlement currencies an FX process will occur towards your fallback settlement currency. We will settle on that currency balance all the non like for transactions once all costs are netted.
Once the funds are available in the Airwallex Balance, you can decide what to do with them. You can withdraw them to one of your accounts (manually or automatically) or leverage them for further actions (or FX conversion) in your Airwallex Balance. This enables you to avoid FX costs when you know you will need a specific currency for your business (i.e. paying suppliers, repatriating funds to your mother entity in another region, etc.)