An innovative way of handling business finances, Airwallex makes international transactions feel like domestic ones. Sending or collecting funds in other currencies is fast and simple using local bank details to make the world feel a little smaller. The multicurrency wallet also makes it simple to make batch payments to pay more than one recipient at a time. With borderless cards for business, your team will have less to manage when traveling or interacting with countries that use other currencies. Here’s an Airwallex review with all the pros and cons of the innovative service that makes international payments seem borderless.
- International businesses
- Local businesses handling payments with overseas suppliers or employees/contractors
- Startups seeking a rapid solution for company cards
- Apply entirely online and manage your account using convenient tools
- Open bank accounts with local details in 12 countries
- Transfer money in more than 60 currencies to more than 150 countries
- Cost-effective as fees are competitive with traditional bank accounts
- Variable T&Cs: Features, fees, and terms and conditions vary by countries and regions
Airwallex Ratings at a Glance
Airwallex Product Offering and Features
Airwallex's primary offering is a global, multicurrency business account that enables your business to set up local bank accounts in 12 locations: Australia, Canada, Denmark, the EU, Hong Kong, Indonesia, Japan, New Zealand, Poland, Singapore, the U.K. and the U.S. Key features include:
- Multicurrency wallet for holding and transferring funds abroad to more than 150 countries across 60+ currencies
- Collection of funds from local and international payment networks
- Batch payments for multiple recipients simultaneously
- Borderless corporate cards linked to the global account for 24/7 payments
- FX transfers at interbank rates for simplified cross-border transfers
- Integration with major accounting software such as Xero and QuickBooks
Airwallex offers competitive and transparent fees, although managing fees can be complex due to the breadth of the service. Payment collection fees vary based on currency and the foreign exchange (FX) conversion fee. The only complex part of the fees is the variable FX conversion rates. Businesses with high international transaction volumes might find this aspect of the account complex. Despite that, we think the pricing is great as opening domestic and foreign currency accounts in various countries and getting started with company cards is completely free.
You can review the full pricing on Airwallex to learn more about how the fees apply to the currencies you’d be using. They are also offering a $500 bonus when you sign up for a new account.
Get in touch with customer service through the online support request form, or use the chatbot to find knowledge base information related to your inquiry without extensive searching. As a digital-only bank, there are no physical locations for in-person support.
You can reach the company via phone using this contact information:
- Canada: +1 450-367-5490 (Available from 8 a.m.-6 p.m. PDT / PST)
- China: +864008663888 (Available from 9 a.m.-6 p.m. CST)
- United States +1-855-932-3331 (Available from 8 a.m.-6 p.m. PDT / PST)
The company is also active on X, Facebook and LinkedIn.
Resolving issues fast can be an issue without live chat and limited business hours for phone calls. Despite this limitation, customers seem pleased with the responsiveness of the online support.
Airwallex uses state-of-the-art payment security technology and holds more than 60 financial licenses to ensure compliant, secure and seamless payments. The company uses network tokenization and 3D Secure 2 (3DS2) to keep companies and their customers safe. It also uses machine learning to improve payment acceptance and reduce payment disputes.
The company has third-party reviews to prove compliance with General Data Protection Regulation (GDPR), PCI Data Security Standard (DSS), System and Organization Controls (SOC) 1 and SOC 2. It is a Visa service provider and working toward Cloud Security Alliance (CSA) STAR and International Organization for Standardization (ISO) 27001 compliance certification.
Access Airwallex from anywhere using the cloud platform, through a web browser, or the company’s native mobile apps. Thanks to application programming interfaces (APIs) and integrations, using Airwallex as part of your finance and accounting makes it simple to justify accounts even for complex international businesses.
Manage multiple corporate cards in one place and provide employees with multicurrency cards offering cashback and no international fees.
Airwallex vs. Competitors
Airwallex has a few competitors that offer similar services, including Revolut, Adyen and Payoneer. All competitors offer international transactions in many currencies. Take a look at how these competitors compare.
While Airwallex has room for improvement in customer service and fee transparency, it stands out as an excellent option for businesses requiring a single account to manage their global payments and finances. Its user-friendly interface and seamless integration with other software tools make it an outstanding choice for many business types.
Frequently Asked Questions
Can I trust Airwallex?
Airwallex uses many security measures to keep your business finances safe and holds more than 60 financial licenses.
Which country is Airwallex based in?
Airwallex is headquartered in Melbourne, Australia, with 19 global locations.
How does Airwallex make money?
Airwallex makes money from processing fees to facilitate the transaction.
Is Airwallex a bank?
Airwallex is a fintech company and not a bank. It uses a banking network to handle local transactions.
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About Rebekah Brately
Rebekah Brately is an investment writer passionate about helping people learn more about how to grow their wealth. She has more than 12 years of writing experience, focused on technology, travel, family and finance. Her work has been published in Benzinga, Hearst Bay Area, FreightWaves and Dallas Observer publications.