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Unlike regular banks, which set you up with a business checking account in your home country, Airwallex allows you to set up online Global Accounts in different countries in minutes. These accounts have local details like branch and bank codes, so you can make and receive deposits without cross-border fees or transaction limits. And there is no setup or maintenance fee. You can set up these accounts in the following countries:
Once you have at least one Global Account, you can hold up to 23 currencies in a multi-currency wallet, so you can transfer funds to over 150 countries and receive payments from over 180 nations. Airwallex’s local payment network means up to 85% of international money transfers are delivered the same day.
Your money is stored in your wallet, not your Global Accounts, so you can see all your funds and currencies in one place. You can also benefit from lower interbank FX rates than most banks’ exchange rates.
Make payments worldwide using local payouts or Society for Worldwide Interbank Financial Telecommunications (SWIFT) transfers. With SWIFT transfers, you can send money across borders because banks in different countries exchange accounts and bank information.
Airwallex Business Account also allows your businesses to accept payments from customers using 160+ local payment methods, including Klarna, Apple Pay, Google Pay, Visa, and Master cards, without incurring extra fees, positioning it among the best online banking platforms for international business.
With Airwallex, you can send international transfers to multiple recipients at once. Send as much as you like, with no limits, and see all your international transfers and transactions in one platform.
The app and online banking platform make it easy to track spending. Take a photo of a receipt or email in a bill, and it will be automatically updated in your account with no manual data entry needed. You can instantly pay your bills, even in different currencies and countries, or set up permissions so someone on your team can pay the bills.
If your business accepts payments from other countries, you don’t need to access other pay platforms or know coding with Airwallex. Just create a link you can send to your client or customer. They can then pay you in seconds using popular e-commerce platforms like Google Pay, Apple Pay, and PayPal—or even credit cards.
As with most Global Accounts, paper checks are not accepted, so you’ll need to use digital transfers, online banking, and cash to make and receive payments.
However, you can set up physical or virtual employee Visa cards so your employees can make purchases with no transaction fees in over 160 countries. Airwallex doesn’t have ATMs, so you can’t use these cards to withdraw cash.
With Airwallex cards, you can also enjoy cashback in some countries. In the US, for example, you’ll earn 1.5% cash rebates for local purchases.
With Airwallex, your fees vary by region. Most fees are per use, with very few one-time or monthly costs. You’ll want to keep an eye on the per-transaction fees, which can add up.
| US | UK | Australia | Europe | |
| Accept payments made using domestic cards | 2.80% + 0.30 USD | 1.30% + 0.20 GBP | 1.65% + 0.30 AUD | Starting at 1.30% + 0.25 EUR |
| Accept payments using international cards | 4.30% + 0.30 USD | 3.15% + 0.20 GBP | 3.40% + 0.30 AUD | 3.15% + 0.25 EUR |
| Accepting local payment methods | 0.30 USD + provider fee | 0.20 GBP + provider fee | 0.30 AUD + provider fee | 0.25 EUR + provider fee |
| FX conversions | 1% above market rates for most currencies; 0.5% above market rates for HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, and JPY | 1% above market rates for most currencies; 0.5% above market rates for USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY | 1% above market rates for most currencies; 0.5% above market rates for USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY | 1% above market rates for most currencies; 0.5% above market rates for USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY, DKK, NOK, SEK |
| SWIFT transfers | 15-25 USD/transfer | 10-20 GBP/transfer | 10-30 AUD/transfer | 10-20 EUR/transfer |
| Bill pay | $0 | £0 | $0 | €0 |
| Monthly maintenance fees | $0 | £0 | $0 | €0 |
| Account opening fees | $0 | £0 | $0 | €0 |
| Physical and virtual cards | $0 | £0 | $0 | €0 |
Airwallex offers three support phone numbers for customers in China, Canada, and the US. Canadian and US customers can call from 8am to 6pm (PT), while customers in China can call from 9am to 6pm (CT).
Customers outside the US, China, and Canada can contact customer service through an online web form. Airwallex also has extensive online FAQs with troubleshooting suggestions.
Airwallex gets 3.7 out of five stars on Trustpilot, based on over 1,100 reviews. Positive replies often focus on the responsiveness and helpfulness of phone customer service. Negative reviews mention that some transactions didn’t go through.
Airwallex gets a C rating on the Better Business Bureau (BBB) website, but it is not a BBB-accredited business.
The Airwallex app, available for both iOS and Android, lets you open domestic and foreign currency accounts and see all your account balances on one screen. You can also view current currency exchange rates and instantly transfer money between currencies.
The app lets you view transactions and employee card use, receive payments, and manage expenses. You can also pay businesses or individuals worldwide in their local currencies with no additional fees.
The app gets 4.1 stars out of five on the Apple Store, based on over 30 reviews. Positive reviews report good experiences with customer service. Negative reviews express frustration with some transfers and transactions not working. The app has over 50,000 downloads on the Google Play store but no reviews yet.
While Airwallex does not have a video introducing the app, an online demonstration of the business account includes app screenshots and details about what you can do in the app.
Airwallex partners with Evolve Bank & Trust to offer up to $250,000 of Federal Deposit Insurance Corporation (FDIC) insurance coverage in case the company ever fails. Your account is also protected with two-factor authentication. This uses the more recent 3D Secure 2.0 (3DS2) standard that keeps online information more secure.
Airwallex encrypts your data and protects it with regular data backups. It also goes a step beyond this by employing network tokenization, with card details being converted into tokens before they're sent online, to keep your information even safer.
The fintech company also has cyber insurance and data access processes to control what Airwallex employees can do with your data. There is even a dedicated security center you can contact if you encounter any security problems.
Airwallex Business Account is an all-in-one account that helps your business grow and operate globally. You can have multi-currency accounts internationally, enjoy fast international transfer and FX at competitive rates, and accept payments from your customers in 160+ local payment methods. It also offers features like Borderless Cards, Bill Payment, Expense Management, and integrations with accounting tools and e-commerce platforms. This allows you to manage your financial operation across markets easily and quickly.
Whether on a desktop browser or the app, you can see all your balances on one screen, send or receive payments worldwide, track receipts, and manage your employee cards. Airwallex may be a good match for businesses of all sizes looking for fast and easy cross-border transaction options.
This review was created using information from the following websites: Airwallex, Better Business Bureau, Trustpilot, Apple Store, and Google Play.
