Airwallex has said that it plans on launching a new multi-currency wallet by the end of the year. Adding on that, it will also be launching a new prepaid card alongside the wallet at the end of the year.
The new card features a slick black design, both at the front and back, with an orange accent around the edges of the card. As for its functions, it will technically work the same as any fintech that offers multi-currency services, like Wise. Basically, you transfer a specific amount of money into the new wallet via your preferred bank. Airwallex says that there will be zero transaction fees at this point.
Once the money has been transferred, you may then convert your Ringgit, or whatever currency you are earning, into other currencies, based on the international exchange rate. Naturally, at this point, Airwallex will take a small processing or conversion fee as its cut, and you will be at the mercy of the global exchange rate at the time of conversion. But, once converted, it’s yours to spend. There is a catch: while you could technically spend it on a consumer level, Airwallex is focusing its future multi-currency service towards the B2B sector.
To put that in another way: the service caters to business owners looking to pay for supplies and services that they procured in another country, but wish to do so directly. With the upcoming multi-currency wallet from Airwallex, they could instantly make the payment without having to go through the banks.
When we asked the Airwallex’s reps if there was a transaction or limit to the amount that its users would be able to load up into the new multi-currency wallet and prepaid card, they said that they’ll get back to us on that, as they themself were personally unsure at the time. For context, Wiser users in Malaysia are only allowed to have RM20,000 in the wallet, while the monthly spending limit is set at RM170,000.
