Understanding direct debit flight times and funding limits
What are the flight times for direct debit?
By default, direct debit deposits take between 2-11 business days to settle, depending on each region’s scheme rules. The direct debit deposit amount will be settled to your Airwallex Wallet at a specific settlement time, as indicated below.
| Currency | Transaction type | Cut-off time | Flight time |
|---|---|---|---|
| AUD | BECS | 4:00 pm AEST/AEDT | T+2 business days, settle at 4:00 pm AEST/AEDT |
| USD (Evolve model), <= 1 million USD per transaction | ACH | 9:30 am CST/CDT | T+2 business days, settle at 6:00 pm CST/CDT |
| USD (Evolve model), > 1 million USD per transaction | ACH | 7:30 pm CST/CDT | T+3 business days, settle at 6:00 pm CST/CDT |
| USD, <= 1 million USD per transaction | ACH | 3:00 pm EST/EDT | T+2 business days, settle at 10:00 am EST/EDT |
| USD, > 1 million USD per transaction | ACH | 3:00 pm EST/EDT | T+3 business days, settle at 10:00 am EST/EDT |
| USD | Fedwire | 5:00 pm EST/EDT | T+0 business day, settle upon funds receipt |
| GBP | Bacs | 3:00 pm GMT/BST | T+4 business days, settle at 10:30 am GMT/BST |
| EUR (SEPA region only) | SEPA | 3:00 pm CET/CEST | T+6 business days, settle at 10:00 pm CET/CEST |
| CAD | Pre-Authorised Debit (PAD) | 2:30 pm MST/MDT | T+4 business days, settle at 10:30 pm MST/MDT |
| HKD | FPS | None | Real-time |
| CNY | FPS | None | Real-time |
| SGD, <= $200,000 SGD per transaction | FAST | None | Real-time |
| SGD, > $200,000 SGD per transaction | GIRO | 4:30 pm SGT | T+2 business days, settle at 6:00 pm SGT |
Deposits submitted after the cut-off time will have an additional day counted toward the flight time. Therefore, we recommend leaving some buffer time ahead of the cut-off for any delays, i.e. if your transaction is selected for screening.
Customers who wish to accelerate this flight time may use our Faster Direct Debit offering. Faster Direct Debit offers a shortened flight time of 0-2 business days, and will settle throughout the day. To enable this capability, please Contact your Account Manager and confirm our terms, conditions, and fees.
What are funding limits?
Funding limits determine the maximum amount of direct debit deposits that may be created, and are shared across all Airwallex accounts under a single legal entity. There are two types of funding limits applicable directly to your account:
- Direct debit limit determines the maximum amount of direct debit deposits created by any Airwallex account under your legal entity, in a single business day.
- Faster Direct Debit limit determines the maximum amount of outstanding Faster Direct Debit deposits created by any Airwallex account under your legal entity.
After onboarding, each legal entity will be assigned a direct debit limit, but the default Faster Direct Debit limit will be set to 0. When creating a direct debit deposit, you need to have a sufficient direct debit limit for the transaction. When creating a Faster Direct Debit deposit, you need to have sufficient direct debit limit and Faster Direct Debit limit for the transaction.
Contact your Account Manager to increase either the direct debit limit or the Faster Direct Debit limit, and understand our fee schedule for the Faster Direct Debit product.
If you are registered as a platform account, you have the option of using the direct debit limit or Faster Direct Debit limit associated with your legal entity for direct debit deposits created on behalf of your connected accounts. Under this configuration, you are acting as a guarantor and your connected accounts do not have to be reviewed by our risk team to be assigned their individual funding limits.
Contact your Account Manager if you wish to be configured to this option, and ensure that you understand the associated risks and liabilities.