Yes, Airwallex is a good business bank account if your company is doing a lot of business with customers and suppliers in different countries.
Besides competitive rates on currency conversions, Airwallex’s key difference to many of its competitors is that businesses can collect online payments from domestic and international customers in their local currency, hold funds in their Airwallex account, and use those funds to pay out to international suppliers using Airwallex borderless cards and high-speed transfers – all whilst avoiding costly currency conversions.
Revolut and Wise do also offer multi-currency accounts, but the big traditional business banks – HSBC, Barclays, Lloyds or Natwest – don’t. Starling only has two foreign currency accounts available (USD & EUR). Revolut and Starling, along with the old established banks (except Natwest) also charge fees just to have a business banking account, whereas Airwallex, along with Wise, do not charge account fees.
Another crucial difference is that Starling, Lloyds, Barclays, HSBC, Natwest do not offer payment gateway or payment link capability – Airwallex does, making it easier for businesses to receive money by accepting online payments without the need for a physical card terminal or website.
At a glance: how Airwallex for business compares to major banks and others
| No account fees | 0% transaction fees | FX rate
(in addition to interbank) |
Multi- currency account | 0% international card fees | Dedicated account manager | |
| Airwallex | ✅ | ✅ | 0.5% – 1% | ✅ | ✅ | ✅ |
| Wise | ✅ | ❌ | 0.3% – 3.56% | ✅ | ❌ | ❌ |
| Revolut | £0 – £100 per month | Within plan allowances | 0.4% outside plan allowance | ✅ | Within plan allowance | ❌ |
| Starling | ❌ | ❌ | 0.4% + local fee | EUR, USD and GBP only | ✅ | ❌ |
| Payoneer | ✅ | ❌ | 0.5% – 2% | ✅ | ❌ | ❌ |
| HSBC | ❌ | ❌ | Up to 3.5% | ❌ | ❌ | ❌ |
| Barclays | ❌ | ❌ | 2.6% – 2.82% | ❌ | ❌ | ❌ |
| Lloyds | ❌ | ❌ | Up to 2.6% | ❌ | ❌ | ❌ |
| Natwest | ✅ | ❌ | Up to 4% | ❌ | ❌ | ✅ |
Source: Airwallex
Compare Airwallex to other business bank accounts
| Business Bank Account | Monthly Fee | Free Transactions | Ideal For |
|---|---|---|---|
| Tide | £0 | 5 free transfers/month | Startups, digital-only banking |
| Starling Bank | £0 | Unlimited | SMEs, freelancers |
| HSBC Kinetic | £0 for 12 months, then £6.50 | Unlimited | Sole traders, small businesses |
| Lloyds Bank | £0 for 12 months, then £8.50 | Free electronic payments | Small businesses, startups |
| Revolut | £0 | 5 free transfers/month | International trade, tech-savvy users |
| Natwest | £0 for 24 months | Free transactions for 24 months | Startups, SMEs |
| Mettle | £0 | Unlimited | Digital-first businesses |
| Monese | £9.95 | Free UK transfers | Mobile-first users, international payments |
| Virgin Money | £0 | Unlimited | Businesses with turnover < £1m |
| Barclays | £0-£6 | Free transactions based on plan | Various business sizes |
Laura Miller has been a financial journalist for more than 10 years, and was on staff at the Telegraph before going freelance in 2019. Her experience includes hosting podcasts and panels, and she writes for the Times and Sunday Times, Daily Mail, Mail on Sunday and the Sun, as well as trade titles. She now lives by the sea in Aberystwyth, west Wales.
You can contact Laura at laura@goodmoneyguide.com
