Airwallex Review [2024]: Features, Fees, Support & Alternatives

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, local and international transfers, payment cards, and FX services.

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.  

In late 2023, Airwallex embraced AI by launching a new generative AI tool to improve the customer onboarding process, helping customers get started faster. 

Airwallex offers extensive products and services tailored for businesses to streamline cross-border payments and multi-currency transactions on an all-in-one platform.

Technically, Airwallex’s business account combines Global Accounts and multi-currency wallets. Here’s how it works.

Global accounts are a solution to collect money in multiple currencies with local currency accounts in the following locations:

With local account details, you can receive payments from various sources, including PayPal and popular ecommerce platforms, such as Amazon and Shopify. Also, you can collect funds through both local and international payment networks.

For example, if you have a local USD account in the US and a SEPA account in the EU, you can receive and send money locally through ACH and SEPA systems even though your business is based in Hong Kong.

Once you receive money via Global Accounts, Airwallex holds your funds in multi-currency wallets.

From your wallet, you can initiate fund transfers to over 170 countries in over 60 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. Airwallex accounts also allow you to make batch payments to facilitate payments to up to 1,000 recipients at once or schedule transfers for either one-time or recurring payments.

Please check Airwallex’s Payout Guide to determine which payment networks are available for your beneficiaries based on their location.

Another payment solution is the Borderless Card, Airwallex’s business debit card. Below is what you can expect from them.

• Issue multiple virtual and physical Visa debit cards to team members to organise and easily manage business expenses.
• Makes purchases online and in-store worldwide in 10 foreign currencies: AUD, SGD, HKD, GBP, USD, EUR, JPY, CAD, NZD, and CHF directly from your account balance.
• Charges conversion rate based on Visa’s daily rate for transactions in other currencies.
• No foreign transaction fees.
• Compatible with Apple Pay and Google Pay.
• Cannot withdraw money from ATMs.
• Comes with built-in controls such as spending limits, custom approval workflows, and the ability to freeze/unfreeze cards.

Airwallex also offers other financial solutions, including

• FX Service: Converts your money into 60 currencies with a competitive foreign exchange rate. Airwallex determines its rate based on various factors, including market liquidity, prices from liquidity providers, market conditions, and sales margins.
• Software Integrations: Easily connect with business-friendly accounting software such as HubSpot, Xero, and Quickbooks. You can collect payments faster, save time with automatic reconciliation, and streamline expense management.
• APIs: Provide flexible APIs to automate your financial operations, simplify foreign currency payments, and effectively manage currency risk.

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. 

However, there are a few drawbacks. The relatively high 0.3% fee for receiving money can significantly impact cost efficiency for businesses with high transaction volumes. Additionally, physical cards cannot be used at ATMs at the time of review, which can be inconvenient for users who need cash access.

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.

*The 0.3% fee applies to incoming transactions from other accounts not owned by the user.

Airwallex offers a competitive and transparent fee structure with several free services, including monthly fees and transactions in local currencies. However, the relatively high receiving fee and the variability in FX conversion rates may affect businesses with high volumes of international transactions. Also, the fees may vary depending on where your business is registered. 

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: +86 400 866 3888 (available from 9:00-18:00 CST)
• Canada: +1 855 292-1315 (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 its office addresses on its website, it does not provide customer service at any of its office locations. 

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.

If your business is registered in one of the countries supported by Airwallex and operates in non-prohibited industries, you can open a business account. 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 onboarding entity you apply for an account, and the terms and conditions also vary among these corresponding countries.

For example, businesses registered in Hong Kong, South Korea, Thailand, Taiwan, and Puerto Rico 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.

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.

Lastly, implementing AI in the KYC and onboarding process should enhance the ability to detect and prevent fraud, enabling Airwallex to provide its customers with a safer and more secure experience.

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.

Statrys is a good alternative option to Airwallex as your business account service provider in Hong Kong and Singapore. 

With Statrys, you can hold and manage money in 11 major currencies under one account number, simplifying cross-border transactions, which can reduce fees.

In addition, we offer dedicated, multilingual customer support to every account holder. Furthermore, Statrys has received a 4.7-star rating on Trustpilot from satisfied clients.