Airwallex Business Account Rating: 4.2/5
Features - 4.9/5
Fees - 4/5
Customer Support 3/5
Ease of opening an account - 5/5
Our Rating Methodology
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Click "More info" to understand how we calculate our Airwallex Business Account ratings.
What is Airwallex?
Airwallex is a fully licensed fintech company established in Melbourne, Australia. Founded in 2015, they have expanded to 19 locations worldwide and offer financial services to streamline global financial operations, including multi-currency virtual business accounts, payment cards, and business APIs.
Backed by Tencent, a major Chinese multinational conglomerate, Airwallex has secured over USD 900 million in funding from 23 investors across 12 rounds as of November 2023.
They have served over 100,000 companies worldwide to date. Airwallex is recognised as one of CNBC-Statista's World’s Top Fintech Companies 2023 and was awarded FinTech of the Year by Asia FinTech Awards in 2022.
Airwallex Pros and Cons
Here are the main points you may want to consider before opening an Airwallex account:
Why Airwallex may be a good option
- Digital-only: 100% online account application
- Global: Create accounts with local bank details in 12 countries
- Convenient: Transfer money in 40+ currencies to 150+ countries
- Cost-effective: Competitive fees compared to traditional banks
Why Airwallex may not be a good option
- Variable T&Cs: Features, fees, and terms and conditions vary by countries and regions
- No Physical Branches: Services are exclusively online, limiting in-person support
- Limited Localised Support: Live customer support with real people is not available in most locations
Featured Reviews
Jan Baum rated Airwallex ⭐⭐⭐⭐⭐
My company likes to use Airwallex
My company likes to use Airwallex for receiving and sending payments. It has become essential for us. Transfers go seamlessly and Airwallex payments is amazing. Our account rep is also very friendly and helps us if there are any issues.
Source: Trustpilot Review
Anny Huang rated Airwallex ⭐⭐⭐⭐⭐
Airwallex saved me time and money
Airwallex saved me time and money compared to traditional banks when receiving payments from clients in Europe and Asia. The fees were transparent and the funds arrived quickly in my account.
Source: Trustpilot Review
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Airwallex Features
Airwallex offers extensive products and services to simplify global payments and multiple currency transactions, including a foreign currency account.
Global Account
Airwallex’s Global Account is a multi-currency business account that allows you to collect and manage funds in multiple currencies with local bank account details in the following 12 locations:
- Australia: AUD
- Canada: CAD
- Denmark: DKK, CZK, CHF, GBP, HUF, MXN, NOK, PLN, RON, SEK, ZAR
- The EU (SEPA area): EUR
- Hong Kong: HKD, CNY, EUR, USD, AUD, CAD, CHF, GBP, JPY, NZD, SGD
- Indonesia: IDR
- Japan: JPY
- New Zealand: NZD
- Poland: PLN
- Singapore: SGD
- The UK: GBP
- The US: USD
You can receive payments from various sources, including PayPal and popular ecommerce platforms such as Amazon and Shopify. With local bank details, you can also collect funds through both local and international payment networks.
For example, you can receive and send money locally through ACH and SEPA systems if you have a local USD account in the US and a SEPA account in the EU.
While you can receive money using local bank account details, Airwallex holds your funds in your multi-currency wallets from which you can initiate fund transfers to over 150 countries in over 40 currencies, including USD, EUR, GBP, HKD, AUD, CAD, SGD, JPY, KRW, INR and THB.
You can transfer funds through SWIFT payments or local payouts in the local currency of the destination country. However, local funds transfers to Hong Kong can be made in HKD, USD, EUR, and CNY. Airwallex accounts also allow you to make batch payments to facilitate paying multiple recipients at once.
You can check out Airwallex’s Payout Guide to determine which payments are available for your beneficiaries based on their location.
💡 Helpful Resource: Read our article to learn more about local and SWIFT transfers.
Other Services
Other financial solutions offered by Airwallex include
- Borderless cards: Physical and virtual corporate cards that are directly linked to your Global Account. You can use your account balance to make in-store and online purchases 24/7. The payment cards come with built-in controls that help you manage your team's expenses.
- FX & Transfers: Send and receive payments in 40+ currencies across 150+ countries with competitive FX rates based on interbank rates. Their batch payment feature also simplifies cross-border transfers, making it more efficient to manage your payments.
- Software integrations: Easily connect with ecommerce platforms and accounting software such as HubSpot, Xero, and Quickbooks. You can collect payments faster, save time with automatic reconciliation, and streamline expense management.
- APIs: Automate your financial operations and simplify foreign currency payments with seamless system integration.
Airwallex’s Feature Rating is 4.9/5
Airwallex provides comprehensive features designed to meet the needs of businesses operating globally. Its services cover essential cross-border payment solutions, including virtual local accounts, currency management, expense control, and financial automation. The vast payment network is also beneficial for businesses to reach the global scale easily.
Fees Charged by Airwallex
While Airwallex’s pricing structure is straightforward, it’s important to note that the fees vary depending on the country where you open the account. We suggest you visit their pricing page for the most accurate and up-to-date information.
The following is the pricing structure if you open an account with Airwallex in Hong Kong, Singapore, and the UK. Please refer to their fee schedule page if you are applying in other countries.
Global Account
Fees | Hong Kong | Singapore | UK |
Account opening fee |
Free |
Free |
Free |
Account monthly fee |
Free |
Free |
Free |
Payment collection via cards |
3.30% + HKD 2.35 plus 0.3% extra for international cards |
3.30% + SGD 0.50 plus 0.3% extra for international cards. |
1.30% + GBP 0.20 (UK cards) 2.40% + GBP 0.20 (EEA and American Express cards) 3.15% + GBP 0.20 (International cards) |
Transfers
Fees | Hong Kong | Singapore | UK |
Receive transfers |
Free |
Free |
Free |
Local payout |
Free |
Free |
Free |
Send SWIFT payments |
HKD 120 - 200 |
SGD 20 - 35 |
GBP 10 - 20 |
FX conversion fee* |
From 0.2% |
0.4%-0.6% |
0.5% - 1% |
Other Fees
Fees | Hong Kong | Singapore | UK |
Company Cards |
Free |
Free |
Free |
Employee Cards |
Free |
Free |
Free for the first 5 cardholders, then GBP 5 per cardholder per month |
Expense Management |
HKD 40 per month per cardholder |
SGD 5 per month per cardholder |
Free |
Recurring Payments management via API |
0.40% for each successful transaction |
0.40% for each successful transaction |
0.40% for each successful transaction |
*Airwallex calculates the foreign exchange rate based on several factors, including interbank rates, live exchange rates, and market data sources. Additional markup may apply during weekends or when markets are closed.
Airwallex’s Fees Rating is 4/5
Airwallex offers a competitive and transparent fee structure with several free services, including monthly fees and transactions in local currencies. However, the variability in FX conversion rates may affect businesses with high volumes of international transactions, and the fees may vary depending on where your business is registered.
🔍Discover: See how Airwallex compares to Statrys regarding pricing, features, and more.
Airwallex Customer Support
You can fill out a support request form to reach the Airwallex team. Alternatively, you can also chat with their online chatbot for general queries.
Existing customers based in China, Canada, and the US can call the following numbers for local customer support:
- China: +864008663888 (available from 9:00-18:00 CST)
- Canada: +1 (450) 367-5490 (available from 8:00-18:00 PDT / PST)
- United States: +1 855 932 3331 (available from 8:00-18:00 PDT / PST)
Although Airwallex provides their office addresses on their website, they do not provide customer service at any of their office locations.
Airwallex’s Customer Support Rating is 3/5
Airwallex offers digital-only assistance with local phone support in selected locations. The limitations in dedicated services, such as live chat with specialists, may be challenging in urgent cases as the chatbot could only match your queries with related FAQ pages.
Eligibility Requirements for Opening an Airwallex Account
Only registered businesses in certain countries operating in non-prohibited industries are eligible to open accounts with Airwallex. Examples of prohibited sectors include arms dealing, gambling, pharmaceuticals, charities, and investment firms.
It’s important to note that the country where your business is registered will determine which Airwallex country you apply for an account, and the terms and conditions also vary among these corresponding countries.
For example, businesses registered in Hong Kong, Japan, Mexico, Thailand, and Taiwan must apply for an Airwallex account through Airwallex Hong Kong. These businesses can access the products and services available in the Hong Kong region and are subject to Airwallex Hong Kong’s terms and conditions, pricing, and list of prohibited industries.
Here’s the list of the eligible countries and the corresponding offices:
Airwallex Australia
- Australia
Airwallex New Zealand
- New Zealand
Airwallex Hong Kong
- the Cayman Islands
- China
- Hong Kong SAR
- South Korea
- Macau SAR
- The Marshall Islands
- Mexico
- Puerto Rico
- Seychelles
- Taiwan
- Thailand
- Virgin Islands (British)
- Virgin Islands (US.)
Airwallex Malaysia
- Malaysia
Airwallex Singapore
- Singapore
Airwallex United Kingdom
- United Kingdom
- Israel
- Switzerland
Airwallex United States of America
- United States of America
Airwallex Canada
- Canada
Airwallex Netherlands
- Austria
- Belgium
- Cyprus
- Germany
- Denmark
- Spain
- Finland
- France
- Greece
- Ireland
- Iceland
- Italy
- Liechtenstein
- Luxembourg
- Malta
- the Netherlands
- Norway
- Portugal
- Sweden
Airwallex Lithuania
- Bulgaria
- Czech Republic
- Estonia
- Croatia
- Hungary
- Lithuania
- Latvia
- Poland
- Romania
- Slovenia
- Slovakia
Opening an Airwallex account is entirely online and can be done remotely. Airwallex usually takes 3 business days to review the application. However, the onboarding team may contact you for additional documents if necessary.
Airwallex also launched a new generative AI tool at the end of 2023 to improve the efficiency of the KYC and onboarding process. This tool should enhance the ability to detect and prevent fraud, enabling Airwallex to provide its customers with a safer and more secure experience.
💡Tip: Read our guide to learn the key things to know before opening an Airwallex business account.
The Ease of Opening an Account Rating for Airwallex is 5/5
Airwallex’s Global Account opening process benefits from digital efficiency, AI-enhanced KYC, and accessibility across multiple locations worldwide. These features make the application straightforward and streamline the onboarding process for eligible businesses. Moreover, the average account approval time of 3 days is quite fast compared to traditional banks.
Airwallex Alternatives
Multi-currency Business Account in Hong Kong | |||
Supported Currencies for Sending Local Payments | 49 currencies | 14 currencies | 50+ currencies |
Eligible Countries | 52 countries | Hong Kong, Singapore, and the BVI | Hong Kong, and the UK |
SWIFT Payments | |||
Real-Time SWIFT Payment Tracking | We cannot find the information | ||
Customer Support Channels | Query forms, Phone, Chatbot | Website, Email, Phone, Live chat, WhatsApp, WeChat | Customer support portal, Hotline (only in UK, Ireland), Query form |
Cards | No limit for both virtual and physical cards | 1 physical card and up to 4 virtual cards per cardholder | No limit for both virtual and physical cards |
ATM withdrawal | |||
Account Opening Time | 3 business days | 3 business days | Can take up to 30 days |
Accounting Software Integrations | |||
Trustpilot Reviews | 3.8/5 based on 1,023 reviews | 4.6/5 based on 260 reviews | 2.3/5 based on 240 reviews |
Account Monthly Fee | Free | HKD 88 (with a dedicated account manager) | USD 99 |
FX Rate | Based on interbank rates | Based on mid-market rates | Not specified |
FX Fee | From 0.2% | As low as 0.1% (depending on exchange volume) | 1.00% or 3.00% (depending on the integration and conversion method) |
💡 Tip: Discover more Airwallex alternatives in our guide.
FAQs
What is Airwallex?
Airwallex is an online payments company used by businesses to make and receive payments in any foreign currency across 150+ countries and 40+ currencies.
Is Airwallex a bank?
Is Airwallex safe to use?
How do I use Airwallex?
What are the best alternatives to Airwallex?
Disclaimer
Statrys competes directly with Airwallex in the payment industry, but we are committed to providing an unbiased and thorough review. Click More info to read the full disclaimer on our review.