“Interbank rates” appears all over Airwallex’s website. So we converted EUR 1,000 and checked the result against the market at the same moment. The gap looks tiny, until you multiply it by twelve months.
If you’ve been comparing business accounts in Hong Kong, you’ve met the phrase before. It sits on Airwallex’s homepage, beside the plans on the pricing page, and even in the headings of their currency converters. It’s repeated so often that you stop questioning it, and a business owner reading it would naturally assume they convert at the same rate the banks do.
Exchange rates aren’t the most thrilling subject, but they get interesting fast once your business converts six figures a month. Beatrice Ozanne, Chief Product Officer at Statrys, ran a live test on the platform. She explains what “interbank rate” actually means, who really gets it, and how Airwallex defines it. Then she shows what comes on top.
The result isn’t a fee you’ll ever see on a statement, which is exactly why it’s worth watching. If you move money across currencies for your business, whoever you bank with, the video ends with the one question to ask before you convert, and how Statrys prices the same conversions for comparison.
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