Airwallex launches Yield returns account

According to the press release, by leveraging the Airwallex Yield, qualified customers can:

• Earn on their AUD and USD balanced without needing to open a foreign bank account;

• Access rates that are currently 3.39% for AUD balances and 4.07% for USD balances, compared to an average of 1.38% for business saver accounts for AUD and 1.50% for USD;

• Prevent lock-up periods and move funds between cash balances and their Yield account.

Representatives from Airwallex stated that the returns account comes as an addition to the current features of Yield, including payments, treasury, and spend management. The company plans to expand into new areas and develop additional services to support businesses with their financial needs. Initially, Yield will be offered to customers meeting a minimum investment threshold, with plans for a broader introduction in 2024 to other markers and customers and with additional currencies.

Moreover, Yield allows Australian businesses to earn a return on their surplus funds in AUD and USD, while also receiving flexibility in terms of their funds. Airwallex aims to improve the current financial environment by offering enterprises more options and services, supporting them in their global expansion. 

As a global financial platform for modern businesses, Airwallex provides solutions to manage payments, treasure, and spend management, as well as Embedded Finance. The company’s proprietary infrastructure intends to eliminate the friction from global payments and financial operations, enabling businesses of all sizes to unlock additional opportunities and expand internationally. Currently, Airwallex supports 100,000 businesses globally, including Brex, Rippling, Navan, Qantas, and SHEIN, among others.

Recently, Airwallex signed a definitive agreement to acquire Mexico-based MexPago, with the transaction being subject to regulatory approvals and customary closing conditions. The acquisition intends to allow Airwallex to expand its financial infrastructure into Latin America and advance its mission of enabling and supporting businesses to grow and operate internationally.

During the same period, the company partnered with Alpaca to support its payments and foreign exchange (FX) requirements. Through this collaboration, the two companies intended to deliver cost-efficient experiences for global investors purchasing US stocks. By integrating Airwallex’s FX solutions into its offering, Alpaca planned to allow its broker partners to provide their retail customers with a simplified local currency investing experience, without the issues associated with converting their native currency into USD. 

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