Airwallex offers global business accounts, high-speed FX transfers, multi-currency cards, online payments, embedded finance, and expense management solutions.
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Good Money Guide Review
Airwallex Expert Review
Name: Airwallex
Description: Airwallex is an all-in-one platform for businesses to easily manage their finances across borders. It’s not a bank, but it does provide banking-type services, enabling seamless business payments and money management around the world. Its home country is Australia, but it is available to customers in a number of countries worldwide, including the UK.
Summary
Airwallex’s main product is the multi-currency Airwallex Business Account, which allows your business to hold money from more than 20 currencies in a virtual wallet, collect money in more than 180 countries and send payments to more than 150 countries.
For Australian customers, it also offers the Airwallex Yield, a savings account where you can earn a return on your US Dollar and Australian Dollar holdings through Airwallex’s investment in JP Morgan’s low-risk money market funds.
- How much does it cost?
Airwallex offers some services at no cost. These free services include:
- opening foreign and domestic currency accounts
- use of a multi-currency wallet
- global money transfers using local transfer methods
- sending direct debit funds out of your Global Accounts
- multi-currency virtual cards with no international transaction fees
- first five employee cardholders added to your account for physical and virtual cards (compatible with Apple Pay and Google Pay) integrated with Airwallex Expenses
- expense management with receipt capture and approvals tools integrated with your accounting software
- Bill Pay to upload, approve, pay, and reconcile your domestic and international bills within your Airwallex account
- connect Airwallex to certain softwares including Xero and Quickbooks and others
Fees charged vary depending on the country where you open the account. What follows is for UK Airwallex account holders.
Payment acceptance fees: These apply to the Airwallex Business Account and are the costs businesses incur to process customer payments. These range from 1.30% + £0.20 for UK cards to 3.15% +£ 0.20 for international cards. A full breakdown can be found here.
Foreign exchange conversions: Airwallex charges 0.5% above interbank exchange rates for USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY, and 1% above interbank exchange rates for all other currencies.
Making money transfers using SWIFT methods costs £10 – £20.
- Are they safe (regulated)?
Airwallex is not a bank. But it is licensed as an Electronic Money Institution (EMI) by the UK regulator the Financial Conduct Authority (FCA) and the Dutch National Bank in the Netherlands. Your funds are always safeguarded in line with the local regulations where Airwallex operates.
Pros
- Multi-currency accounts held in 23 currencies with a borderless debit card
- Collect money in 180+ countries and send payments to 150+ countries
- Low-cost international transfers
Cons
- Lack of live customer support
- Instances of slow transfer process reported by some users
- Some users have complained they get disconnected from their bank accounts with delays reconnecting
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Pricing
(4.5)
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Products
(4.5)
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App & Platform
(4.5)
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Customer Service
(4)
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Added Value
(4.5)
Overall
4.4
Airwallex Versus Wise, Revolut, Adyen, Stripe, GoCardless & PayPal Alternatives
Airwallex only offers its services to business customers, giving them multi-currency accounts, the ability to send and receive money around the world fast and at a low cost, borderless debit cards to spend in multiple currencies, plus the option to use cross-border expense management and accounts payable tools within the account. In detail: Airwallex versus
Is Airwallex a good business bank account?
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
Is Airwallex good for international payments and foreign exchange?
Airwallex compares very favourably to its competitors in terms of cost for businesses that need international payments and foreign exchange services. Airwallex charges 0% on international transfers for the majority of currencies via local methods in 110+ countries. Only Starling, and to a limited extent Revolut, offer the same 0% deal. Challenger payment service Wise