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

Airwallex Business Account Rating: 4/5

Our Rating Methodology

Airwallex established in 2015 in Melbourne, Australia, is a multinational fintech company that offers a range of financial services. Their core services include a multi-currency wallet that functions similarly to virtual business accounts, local and international transfer services, payment cards, and FX services.

The company has expanded to 19 locations worldwide and, while not a bank, is licensed and regulated in Australia, Canada, China, Hong Kong, Lithuania, Malaysia, New Zealand, Singapore, the Netherlands, the United Kingdom, and the United States.

Backed by Tencent, a major Chinese multinational conglomerate, Airwallex has secured over USD 900 million in funding from 25 investors across 12 rounds.

In late 2023, Airwallex embraced AI by launching a new generative AI tool to improve the customer onboarding process, helping customers get started faster. Building on this in 2024, the company is now focused on developing an AI tool to further enhance customer support.

Airwallex Might Be a Good Fit if You:

• Prefer a digital banking experience: Open your account online and manage your finances 24/7 with their intuitive platform.
• Operate globally: Benefit from local accounts in 13 major markets, receiving payments like a local.
• Value competitive fees: Compared to traditional banks, Airwallex offers competitive fees and rates.
• Want Integrated Solutions: You value advanced features like APIs, payment links, and software integrations for efficiency.

Airwallex Might Not Be a Good Fit if You:

• Have a high volume of incoming transfers: Airwallex charges a 0.3% fee on incoming transfers from non-owner accounts, which can add up significantly.
• Need in-person or extensive support: Airwallex operates solely online with no physical branches. Their customer support details are also relatively limited.
• Find Complexity Overwhelming: Managing multiple accounts and wallets, and understanding the many different fees for each service might be too intricate.
• Need ATM Access: ATM withdrawal is not supported.

Global accounts are a solution to collect money in over 20 currencies using local currency accounts.

When you open Airwallex’s Global Account in a specific country, you will get local bank and branch codes, as well as dedicated account numbers for that country, as if you had a local bank account there. This setup allows you to collect payments easily in the currency of that country and any other currencies supported by the Global Account you choose to open.

You can open multiple Global Accounts. They are offered in the following locations:

• Australia: Collect funds in AUD.
• Canada: Collect funds in CAD.
• Denmark: Collect funds in DKK, CZK, CHF, GBP, HUF, MXN, NOK, PLN, RON, SEK, ZAR.
• The EU (SEPA area): Collect funds in EUR.
• Hong Kong: Collect funds in HKD, CNY, EUR, USD, AUD, CAD, CHF, GBP, JPY, NZD, SGD.
• Indonesia: Collect funds in IDR. (In most cases, IDR deposits will be converted into USD.)

• Japan: Collect funds in JPY.
• New Zealand: Collect funds in NZD.
• Poland: Collect funds in PLN.
• Singapore: Collect funds in SGD.
• The UK: Collect funds in GBP.
• The US: Collect funds in USD.
• The United Arab Emirates: Collect funds in AED.

With Airwallex’s Global Accounts, you can receive payments from PayPal and popular ecommerce platforms, such as Amazon and Shopify, as well as through local and international payment networks.

For example:

• A USD Global Account in the US allows you to receive USD via ACH, Fedwire, direct debit, or the SWIFT network.
• A GBP Global Account in the UK supports payments via Faster Payments, BACS, CHAPS, and direct debit, but not SWIFT.
• A EUR Global Account allows you to receive payments via SEPA.

The available channels for collecting payments vary by region and are determined by Airwallex. You can find the details on this Airwallex Global Accounts details page.

Note that the Global Account itself does not hold any funds. It is solely for receiving deposits. All funds are stored in your wallet, which receives deposits from your Global Accounts. We’ll discuss this wallet in the next section.

Once you create Global Accounts, you can view all of them in your wallet. Your wallet receives deposits from your Global Accounts and holds those funds.

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.

Airwallex offers business cards called the Borderless Card. Here’s what you can do with it:

• Issue two types of cards, company cards for business-wide or team purchases online (available only in virtual form) and employee cards for individual purchases (virtual or physical.)
• For employee cards, you can assign multiple virtual and physical Visa debit cards to team members to organise and easily manage business expenses.
• Purchases online and in-store worldwide in different currencies using the balances available in your account.
• Direct billing supports 10 foreign currencies: AUD, SGD, HKD, GBP, USD, EUR, JPY, CAD, NZD, and CHF
• Auto-convert available funds from your home currency at Airwallex’s FX rates if you lack the necessary currency balance.
• Conversion rate based on Visa’s daily rate for transactions in other currencies.
• No foreign transaction fees.
• Employee cards are compatible with Apple Pay and Google Pay.
• No ATMs withdrawal
• Comes with built-in controls such as spending limits, custom approval workflows, and the ability to freeze/unfreeze cards.

Note: Companies registered in New Zealand cannot access Airwallex card services at the time of review.

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: Use flexible APIs to automate your financial operations, simplify foreign currency payments, and effectively manage currency risk.

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.

Tip: Currently, the breakdown of FX markup per transaction is not available on the website or platform.

Airwallex offers a competitive fee structure with several free services, including monthly fees and local transfers. 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.

Lastly, while their additional fees are outlined in the full fee schedule, adding to transparency, the complexity and many different details may make it hard to understand for some.

You can fill out a support request form to reach the Airwallex team. Alternatively, you can email [email protected] or 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)

UK and EU/EEA customers can use the following channels to make a complaint.

• UK Customers: +44 808 196 7574 (available from 7:00-16:00 GMT/BST)
• Netherlands, B.V. customers (EU/EEA): +31 85 0003 369 (available from 8:00-17:00 CET/CEST)
• Lithuania, AWX Lithuania, UAB customers (EU/EEA): +370 5 214 38 24 (available from 9:00-18:00 GMT+2)

Although Airwallex provides its office addresses on its website, it does not provide customer service at any of its office locations.

Airwallex typically responds via email within one day.

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 with Airwallex. Examples of prohibited sectors include arms dealing, gambling, pharmaceuticals, charities, and investment firms.

The country where your business is registered will decide which specific Airwallex entity handles your account setup, 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 can be done remotely. Airwallex usually takes 3 business days to review the application. If needed, their onboarding team may reach out for additional documents. Once your Airwallex account is active, you can apply for the Global Accounts that you need, which will be consolidated into your wallet.

Airwallex has recently implemented AI in the KYC and onboarding process, aiming to enhance fraud detection and improve overall security for its customers.

Statrys is a solid alternative to Airwallex for business accounts in Hong Kong and Singapore.

What differentiates Statrys from Airwallex is its focus on personalised support and simplicity. While both platforms handle multiple currencies and aim to simplify cross-border transactions, Airwallex offers local currency accounts solely for fund collection and a separate wallet for sending funds. In contrast, Statrys provides a multi-currency account that lets you hold and manage 11 major currencies—including HKD, SGD, RMB, USD, EUR, GBP, AUD, CAD, NZD, JPY, and CHF—under a single account number.

Additionally, Statrys provides competitive FX services and personalised support to all account holders through multiple channels, such as phone, email, and live chat. Overall, the company earned a 4.7-star rating on Trustpilot from satisfied clients.

Although Airwallex supports more currencies, Statrys is a good choice if you prefer a simpler, more personalised service and if the 11 major currencies it offers meet your needs.