Airwallex Singapore Review [2025]: Pros, Cons & What To Use Instead

Final Verdict

Good cross-border payment service for Singapore businesses, but light on hands-on support.

Airwallex offers a flexible, multi-currency business account built for companies that operate globally. It’s ideal for Singapore-based businesses with clients, suppliers, or revenue streams in multiple countries. But if your team relies on ATM access or expects real-time support, it may fall short.

Airwallex’s platform brings together global accounts, currency control, and automated payouts into one dashboard. You can receive payments like a local in 13 regions, hold over 20 currencies, and send money to 150+ countries—without needing to open accounts in multiple banks. For ecommerce sellers and digital-first teams, that’s a real operational advantage.

However, there are limitations. While the product is strong, the support structure isn’t as comprehensive as some competitors, such as Statrys. There’s no live chat or phone line and no way to speak to someone instantly when something goes wrong.

If your business operates internationally and values automation over face-to-face service, Airwallex is a strong contender. But if you prefer a multi-currency business account with personalised customer support from your account manager, you should consider alternatives like Statrys.

Key Highlights:

• Open local receiving accounts in 13 markets (USD, EUR, GBP, SGD, and more)
• Hold and manage funds in over 20 currencies
• Send payments to 150+ countries via SWIFT or local payment network
• Batch and scheduled payments for payroll or suppliers
• Integrate with Xero, QuickBooks, Shopify, Amazon, Stripe, and PayPal to automate financial operations.
• Issue multiple virtual and physical corporate cards with custom spending controls

Airwallex Singapore Business Account Features

Airwallex positions itself as a digital-first alternative to traditional business banking—particularly for companies with international operations. From Singapore, businesses can open local currency accounts in 13 markets, including the US, UK, EU, and Australia. These accounts come with local bank details, allowing payments to be received as if the business were operating locally.

All incoming funds are collected into a multi-currency wallet that can hold and manage balances in 20+ currencies. Businesses can convert funds at competitive FX rates and send payments to more than 150 countries via SWIFT or local payment networks. Features like direct debits, scheduled transfers, and batch payments for up to 1,000 recipients are also available.

Airwallex integrates with software like Xero, QuickBooks, Shopify, Amazon, Stripe, and PayPal—making it a practical option for businesses selling internationally.

In addition, multi-currency debit cards are available for team spending, with real-time expense tracking and no foreign transaction fees. However, ATM withdrawals are not supported. While Airwallex is not a licensed bank, it is a regulated financial service provider that prioritises automation, global reach, and currency management over traditional banking functions.

Our Verdict: 9/10

Airwallex is a strong option for Singapore-based businesses managing international payments. With local receiving accounts in key markets, a multi-currency wallet, and seamless integrations, it’s well-suited for companies operating globally and selling online.

The platform is intuitive and efficient, but it's less suited to businesses that rely on cash access or need more advanced treasury capabilities.

Airwallex Singapore Business Account Fees

Opening an Airwallex business account is free, with no setup or monthly maintenance fees. Most core features are accessible without additional charges, though certain transactions and services do carry costs.

Please refer to Airwallex Singapore’s pricing page and fee schedule for the latest details.

Our Verdict 7.5/10

Airwallex keeps costs low where they matter most. There are no monthly fees, they have free local transfers, and competitive FX rates for major currencies. For many businesses in Singapore, that’s more than enough.

However, international transfer fees vary by destination and can add up over time. The 0.6% fee on KRW receipts and the SGD 5 monthly charge per expense card are minor on their own, but they start to matter if you process a lot in Korean Won or have a large team. It’s a well-priced offering overall, but may not be the cheapest once you start scaling.

Airwallex Customer Support

Airwallex does not have physical branches for in-person support, but Singapore customers can reach out via email (support@airwallex.com) or submit a support request through the website.

Additionally, the FAQs (available in English and simplified Chinese) cover common topics such as accounts, transfers, and corporate cards, providing quick answers to frequently asked questions.

Our Verdict: 6.5/10

Support is functional but basic. For businesses comfortable with email-based service and self-help resources, it gets the job done. But if your team values quick answers or live support, the lack of chat and phone options may be a drawback—especially compared to providers offering more direct channels.

Opening an Airwallex Singapore Account

If your business is registered in Singapore and operates in non-prohibited sectors, you are eligible to open an Airwallex account. Examples of prohibited sectors include arms dealing, gambling, pharmaceuticals, charities, and investment firms.

Airwallex cannot onboard businesses with Ultimate Beneficial Owners (UBOs) or directors residing in Russia or Belarus. However, if you are a Russian or Belarusian citizen with a valid residence permit in a non-sanctioned country, you are eligible to open an account without restrictions.

You can open an Airwallex account remotely, and the review process usually takes about 3 business days. The onboarding team may request additional documents if necessary.

Once your account is opened, Airwallex gives you access to a default collection account in Singapore, which is held under Airwallex’s name. To receive and send payments under your own company name, you’ll need to manually activate Global Accounts for each currency you intend to use.

Our Verdict: 9/10

Airwallex makes opening a business account in Singapore fast, simple, and fully online, with reasonable compliance checks and a fast review time. The only catch: you’ll need to activate Global Accounts separately to receive payments under your company name. It’s a small extra step, but essential to get full functionality.

Review and Rating

Trustpilot: 3.5/5 (based on 1,677 reviews)

Airwallex receives praise for its global payment features, competitive FX rates, and responsive onboarding for some users. A few reviewers highlight helpful support during setup and a well-designed platform for cross-border business needs.

At the same time, a number of recent reviews mention account restrictions and delays in fund access, particularly during compliance checks. While KYC and AML reviews are standard across the industry, some users express frustration with limited communication and unclear timelines during the process.

As with any financial service, experiences vary depending on the nature of the business and its risk profile.

Airwallex Alternative: Statrys

If Airwallex doesn’t meet all your business needs, consider Statrys.

Statrys is a licensed payment service provider in Hong Kong that offers multi-currency business accounts to businesses registered in Hong Kong, Singapore and the British Virgin Islands (BVI). With a Statrys business account, you can hold, receive and send money in 11 major currencies: SGD, HKD, RMB, USD, EUR, GBP, AUD, CAD, NZD, JPY, and CHF–all under a single account number.

Statrys also offers forward contracts, allowing businesses to lock in exchange rates for up to 12 months to manage currency risks. Additionally, Statrys’ business cards support ATM withdrawals, a feature not available with Airwallex corporate cards.

Customer support is another key difference. Statrys provides real-time assistance through phone, email, live chat, WeChat, and WhatsApp. Every business account comes with a dedicated account manager to ensure you get personalised support whenever you need it.

While Airwallex supports more currencies, Statrys focuses on an all-in-one multi-currency business account, along with advanced FX services and ATM access. This makes Statrys a strong option for Singapore companies that value convenience and personalised service.