Last updated: 20 March 2024

These terms and conditions ('Terms’) apply to your participation in the Airwallex Financial Passport to Retail Growth Promotion 2024(‘Promotion') operated by Airwallex (Singapore) Pte. Ltd. (‘Airwallex’, ‘us’, ‘our’ or ‘we’).

By participating in the Promotion and/or receiving Cashback, you (‘you’ or ‘your’) acknowledge and agree to these Terms.

Who is eligible to participate in the Promotion (‘Eligible Customers’)?

You are eligible to participate in the Promotion and become an Eligible Customer if all of the following requirements are satisfied:

• you have enrolled in the Promotion through the dedicated campaign page for the Promotion during the Promotion Period (as defined below);

• you have signed up as a new customer of Airwallex and you have been onboarded by Airwallex following the satisfaction of all requirements from Airwallex (including the onboarding Know Your Customer (KYC) requests) during the Promotion Period;

• you are a company incorporated in Singapore with a valid business registration certificate; and

• you are not an existing customer of Airwallex and/or its affiliates at the time of enrolling in the Promotion.

Airwallex reserves the right to refuse any Eligible Customer from participating in the Promotion for any reason and without any prior notice.

What is the Promotion Period? This Promotion commences on 21 March 2024, 10:00 SGT, and ends on 31 December 2024, 23:59 SGT, unless extended or shortened by Airwallex.

What is the Promotion? Eligible Customers will be entitled to receive a cash rebate (‘Cashback’) in the following circumstances ('Eligible Transactions'):

1. Cashback equivalent to the standard customer mark-up/margin fees paid by Eligible Customers when making an FX conversion transaction (‘FX Conversion’) using the Airwallex Account for the first SGD50,000 (“FX Promotional Limit”) equivalent of FX Conversions in foreign exchange made with Airwallex during the first one month from the date of account approval;
2. Cashback equivalent to two (2) percent of all eligible domestic and international transactions made using the Airwallex Card for the first SGD10,000 spend during the first one month from the date of account approval; and/or
3. Rebate equivalent to the payment method fees applicable to the first SGD10,000 collected via Airwallex payment gateway made during the first one month from the date of account approval.

How is the Cashback calculated by Airwallex?

1. Cashback on fees for first SGD 50,000 FX Conversions

Airwallex will calculate the FX Promotional Limit by reference to the currency sold to Airwallex. For example, if an approved customer converts USD to GBP, Airwallex will calculate the SGD equivalent amount of the USD, where the USD is the currency sold to Airwallex in this example. Airwallex may include refunds, reversals, cancellations, mistaken payments and other similar transactions in the calculation of the limit.

2. 2% cashback on all local and international card transactions

For international transactions, the Cashback will be calculated in the transaction currency. If the transaction currency is not the same as your billing currency, the Cashback will be converted at the prevailing FX Exchange Rate (as defined in our Payout and FX Terms) into your billing currency on the last date of the relevant month when the international transactions took place, before it is credited to your account.

3. 5% rebate on your payment gateway fees

Airwallex will calculate and return the payment gateway fees charged to you for the first SGD 10,000 collected via Airwallex’s payment gateway during the first month from the date of account approval.

When will you receive the Cashback?

The applicable Cashback will be credited to your Airwallex account within 60 days after the date of the Eligible Transaction. You will not be entitled to the Cashback if:

(a) You close your Airwallex account before the Cashback has been credited; or (b) Your Airwallex account is not in good standing.

Is there any cost to participate in the Promotion?

Airwallex does not charge you to participate in the Promotion. Airwallex accepts no responsibility for any tax implications that may arise from your receipt of a cashback. You should seek independent financial advice on any potential tax impact of this Promotion on you.

What are some other restrictions you should know?

This Promotion is not available in conjunction with any other offers, discounts, packages or promotions, unless specified by Airwallex. This Promotion may be enjoyed in conjunction with the Spot Contract Cashback Promotion.

The eligibility of transactions for the purpose of the Promotion is determined by Airwallex in its sole and absolute discretion from time to time. Airwallex shall not be liable to determine the eligibility of any transactions before they are made by the Eligible Customer.

Eligible Transactions exclude transactions including but not limited to those expressly prohibited under and not supported by our Services pursuant to the terms as agreed with us and/or our Acceptable Use Policy and transactions of similar nature.

Eligible Transactions also exclude unposted, cancelled, suspended, refunded, unauthorized, chargeback transactions and any other transaction as designated by Airwallex from time to time.

Cashbacks in connection with the Promotion cannot be transferred, exchanged for cash or money. Airwallex reserves the right to reverse any Cashback that has been credited to you if the transactions are subsequently cancelled, suspended, frozen or refunded. Airwallex also reserves the right to debit the Cashbacks from your account without prior notice where any fraud, abuse or unlawful conduct has occurred.

Termination and changes

This Promotion expires on 30 October 2023, 23:59 SGT, unless extended or shortened by Airwallex. Your participation in the Promotion is not guaranteed and may be revoked at any time at Airwallex’s sole discretion in accordance with these Terms.

Airwallex, acting reasonably in its sole discretion, may at any time and without prior notice, cancel, suspend, or change the Promotion or any part of it. However, such discontinuation, suspension or change will not affect any Cashback that you have already validly earned as at the time of such discontinuation, suspension or change in accordance with these Terms.

Further, Airwallex reserves the right, at our sole discretion and to the fullest extent permitted by applicable law, to disqualify you from participating in the Promotion if we suspect that you are using (or enabling another entity to use) the Promotion in a fraudulent or unlawful manner or for a fraudulent or unlawful purpose or if you are in breach of any of these Terms or any of our terms and conditions you have agreed to with Airwallex, and cancel, suspend or change these Terms as appropriate to mitigate against further occurrences of such fraudulent or unlawful conduct.

If Airwallex reasonably believes that a change to any part of the Promotion will have a detrimental impact on you, Airwallex will provide you with fourteen (14) days’ notice of such change. You acknowledge and agree that such notice may be given to you via the Airwallex website, the Airwallex Webapp, and/or by direct electronic communications sent to your nominated electronic mailing address.

Privacy and Security

Any personal information that you disclose to us in connection with the Promotion will be handled in accordance with our Privacy Policy.

Contact

For further information about the Promotion or these Terms, please contact us at [email protected] (Subject:Airwallex Retail Passport to Financial Growth Promotion 2024)