Important: This article is about the Dext Payments Beta, an upcoming feature currently in development.
Overview
Learn what a Wallet is, how it differs from a bank account, how your funds are safeguarded, and where to find Wallet balances, transactions, and local account details in Dext.
At a glance (quick summary)
A Wallet is your digital, multi‑currency account for holding, sending, and receiving money globally.
It supports dozens of currencies and uses local payment rails where possible for faster, lower‑cost transfers.
Wallet funds are safeguarded (segregated and not lent out). Deposit insurance (e.g., FSCS/FDIC) doesn’t apply the same way as a bank account; protections vary by region.
In Beta, only GBP Wallets and UK domestic payments are supported.
What is a Wallet?
A Wallet is your go‑to digital, multi‑currency account. You can hold, send, and receive money in many currencies from one place - no need to open separate bank accounts in multiple countries. Think of it as your global payments hub in Dext.
How a Wallet differs from a traditional bank account
Both can hold money, receive payments, and make transfers, but they work differently:
Global by design: Bank accounts are usually tied to one country and currency; your Wallet supports multiple currencies in one place.
Faster, cheaper transfers: Banks often rely on SWIFT only. Wallets use local payment rails where available, so cross‑border transfers can be quicker and lower cost.
Fund protection: Unlike bank deposits, which can be lent out and are insured up to certain limits (e.g., £85,000 in the UK under the FSCS), Wallet funds are safeguarded, not lent out, and always kept separate from the payment provider’s operational funds.
How your funds are kept safe
Your Wallet isn’t a bank account, but your funds are protected through safeguarding:
Segregated accounts: Customer funds are kept separate from the provider’s operational funds.
No lending or investing: Your Wallet balance is never lent out.
Regulation & licensing: Airwallex, our payment service provider, is licensed to operate in supported regions. See how Airwallex is licensed and regulated for details.
About deposit insurance: Wallet balances are not bank deposits and don’t receive bank deposit insurance like FSCS by default; regional protections (e.g., U.S. FDIC pass‑through via partner banks) may apply.
Supported currencies & account details
You can hold and convert funds in 50+ currencies in Dext Wallets.
Global Accounts (local bank‑style details) are available in 20+ currencies across 10+ countries/regions - availability depends on your business location and entity.
Important: During Beta, only GBP Wallets and UK domestic payments are supported.
Using your Wallet in Dext
View Wallet balances
Go to Payments > Wallets.
Complete Strong Customer Authentication (SCA) on your device to verify your identity (SCA = an extra identity check required by PSD2 to reduce fraud, e.g., app approval, code, or biometric).
Select the Wallet you want to view. Please note that during Beta, only the GBP wallet is available.
You can view all wallet transactions listed under the selected wallet.
If you have bank feeds enabled, you’ll see the Exported status for each transaction. We currently send Wallet transactions early the next day for all transactions from the previous business day.
At the top of the screen, you can view the linked Xero bank account and access the option to disconnect the bank feed if needed.
You’ll see these balance types:
Total in Wallet – The total amount in this Wallet, including available and pending funds.
Funds Available – Money you can spend, transfer, or withdraw now.
Amount Pending – Transactions that are processing and not yet cleared.
Reserved Amount – Funds temporarily held for risk management or upcoming transactions; unavailable until released (a “reserve” is a temporary hold on a portion of transactions).
Prepayment Amount – Funds held as collateral when you book future-dated FX conversions or similar; the prepayment is taken now, and the remainder is settled later.
You can view all transaction details directly below your Wallet balances.
Add funds to your Wallet
Go to Wallets and select the relevant Wallet.
Click Add funds.
You’ll see the account details for supported payment methods - for a GBP Wallet in the UK, this may include Faster Payments, BACS, CHAPS, and SWIFT.
Important: Payment runs will only be accepted for processing once adequate cleared funds are available in the wallet.
Withdraw funds from your Wallet
Important: Only Payment Owners can withdraw funds from the wallet.
To withdraw funds:
Go to Wallets.
Click Withdraw.
Enter the following details:
Entity type: Company or Individual
Account name
Sort code
Account number
Amount
Submit the withdrawal request.
The payment owner will now receive a notification on their mobile device, detailing all the details.
If you're happy with all of this information, either select Authorize or Decline. Submit the withdrawal request.
The payment owner will receive a mobile notification with all the details.
Authorize or Decline the request if all information is satisfactory.
The funds are now on their way to your bank account.
You can now view the transaction details in your Wallet.
Frequently asked questions
Is my Wallet a bank account?
No. It’s an e‑money Wallet. Your balance is safeguarded (segregated and not lent out), but it’s not a bank deposit, and deposit insurance schemes don’t apply the same way as banks. Region‑specific protections may apply (e.g., FDIC pass‑through in the U.S.).
Can I get local account details to receive money?
Yes, via Global Accounts in 20+ currencies across 10+ countries/regions (availability varies by entity and country).
What if SCA fails on my device?
Make sure notifications are enabled, your authenticator/app is up‑to‑date, and you have connectivity. Then retry SCA.
Payments Beta videos
Payments Beta: Enabling for client or business account | |
Payments Beta: Setup and KYC | |
Payments Beta: Managing Roles and Permissions | |
Payments Beta: Building Approval Workflows | |
Payments Beta: Making Your First Payment | |
Payments Beta: Funding Your Wallet | |
Payments Beta: Registering a Device for Payments Authentication | |
Payments Beta: End-to-End Setup: Payment Runs for Accounting Teams |