Airwallex business account review
Airwallex is a global fintech platform that provides multi-currency business accounts, international payments, and expense management solutions. Designed for startups, SMEs, and high-growth businesses, it enables companies to efficiently manage cross-border transactions without relying on traditional banks.
Key features of Airwallex
1. Multi-currency business accounts
- Hold and manage funds in over 50 currencies.
- Open local currency accounts in 11+ countries to receive payments like a local business.
- Convert currencies with real-time FX rates.
2. Global payment network
- Make international and domestic payments via SWIFT, SEPA, Faster Payments, and local bank transfers.
- No monthly fees for maintaining a multi-currency wallet.
- Access to batch payments for bulk transfers.
3. Business debit cards and expense management
- Issue virtual and physical corporate cards for employees.
- Set spending limits and track expenses in real time.
- 0% transaction fees on domestic purchases.
4. Borderless payments and FX capabilities
- Interbank FX rates with low-cost conversions.
- Automate currency exchanges to reduce exposure to market fluctuations.
- No hidden fees on foreign exchange transactions.
5. API and integrations
- Open API to integrate Airwallex with accounting software and e-commerce platforms.
- Direct integrations with Xero, Shopify, and Amazon.
- Automate payments and invoicing for seamless financial operations.
Airwallex fees and pricing
1. Account fees
- No account opening fee.
- No monthly account maintenance fees.
- Free local accounts in multiple currencies.
2. Transaction fees
- Local payments: Free in supported regions.
- International payments: From 0.3% to 1.0% per transaction.
- Currency exchange margin: Typically 0.3% – 0.6% above the interbank rate.
3. Additional costs
- Corporate cards: Free to issue, with 0% fees on domestic transactions.
- SWIFT transfers: Fees vary based on destination and currency.
Pros and cons of Airwallex
Pros
- No account setup or monthly fees.
- Multi-currency accounts in over 50 currencies.
- Competitive FX rates with low-cost currency conversions.
- Seamless integrations with accounting and e-commerce platforms.
- Virtual and physical cards for business expenses.
Cons
- No personal accounts, as it is strictly for business use.
- Limited local accounts, with only 11+ countries supported.
- No cash or cheque deposits, as it is a digital-only platform.
How Airwallex compares to competitors
| Feature | Airwallex | Wise (formerly TransferWise) | Revolut Business | 3S Money |
|---|---|---|---|---|
| Multi-currency support | 50+ currencies | 50+ currencies | 30+ currencies | 65+ currencies |
| Account fees | Free | Free or low-cost | Subscription-based | £1,500 – £5,000 |
| Exchange rate | Interbank + 0.3-0.6% | Mid-market + small fee | Mid-market + markup | Mid-market + markup |
| Dedicated account manager | No | No | No | Yes |
| SWIFT payments | Yes | Yes | Yes | Yes |
| Local account details | Yes (11+ countries) | Yes | Yes | Yes (UK, EU, US IBANs) |
| Ideal for | SMEs, startups, global e-commerce | SMEs, freelancers | Startups, SMEs | High-growth businesses |
Who should use Airwallex?
- Startups and SMEs: Ideal for businesses that need low-cost international transactions.
- E-commerce businesses: Beneficial for companies selling globally and requiring local currency accounts.
- Companies making frequent FX transactions: Offers competitive rates with minimal fees.
- Businesses needing virtual corporate cards: Provides expense tracking and multi-user access.
Our verdict
Airwallex is a powerful alternative to traditional banking, offering cost-effective multi-currency accounts, low-cost international payments, and business expense solutions. It is particularly well-suited for SMEs, startups, and e-commerce businesses that operate across multiple markets.
With no setup or maintenance fees, competitive FX rates, and seamless API integrations, Airwallex provides a scalable solution for businesses looking to streamline international financial operations. However, businesses needing dedicated account managers or personal banking services may need to consider alternative providers.