Things are changing for the better. We have a new option for having an Estonian IBAN: Airwallex.
Established in Melbourne in 2015, Airwallex is a payments platform transforming the way businesses move and manage money globally.
I saw in the Facebook Group of e-Residency that a new option was available. Before writing this post I wanted to open an account on Airwallex and test the platform.
Opening an account
Opening a company account is quite easy, according to its website it lasts between 1 and 3 days, but nowadays they are very busy and I hat to wait 4 days until my account was open.
To open an account you must visit its website:
Then click on the ‘Get started’ button and follow the instructions. Later you have to upload your company data:
- General and personal data.
- Articles of association.
After that you must wait some few days and if everything goes fine you account will be open.
Once my account was open I wanted to test it. When I logged in for the first time, they asked my to enable Two-factor authentication, you can use an app like Google Authentication or receive an SMS.
The fees are really cheap:
Testing the account
Quickly, I sent a transfer from my LHV account to my Airwallex account and some minutes later the money was in Airwallex. Then I send back some money to LHV, but I had some issues, the transfer was rejected two days later by LHV because:
the recipient’s account number or account name is invalid
Not sure if it was because I wrote my company name without umlaut.
So I tried to send some money to my Paysera account and everything worked fine, some minutes later the money was in my Paysera account.
Then I tried to send again some money to my LHV account and now I am waiting the outcome. Will it be accepted or rejected?
Finally, after a week of testing, I realized that I misunderstood the meaning of two fields when sending a transfer. Thanks to the Product Specialist who helped me find the issue.
After that, I added this IBAN account to the payment settings on Google Play/Admob. As you know, we must wait some days to receive a transfer and then verify thee account. All went fine.
The bad new is that cards are not yet available but according to their business plan, they will be available next year (2022).
More information about Airwallex
I recommended that they to apply for the e-Residency Marketplace. I hope they appear on the list ASAP.