Airwallex provides businesses with global accounts designed to simplify overseas transactions. This financial technology (fintech) platform offers fast transfers, multicurrency accounts, and corporate cards.
By using transparent and competitive foreign exchange rates, businesses can effectively lower currency conversion costs and utilize various payment methods. In addition to its global accounts, Airwallex offers valuable software integrations that enhance business efficiency, further increasing the benefits of using its services.
Why you can trust Fit Small Business
How I Evaluated Airwallex Business Account
To learn about Airwallex’s business accounts and services, I explored the fintech’s website. While writing the Airwallex business account review, I focused on the fee structure, features, and software integrations associated with the account. In addition, I researched the user feedback for the Airwallex business account features by checking third-party websites and mobile app reviews.
As a fintech platform, I compared Airwallex with other payment processing providers, such as Revolut and Bluevine. Both Airwallex and Revolut offer local accounts in multiple currencies, seamless international payment acceptance, and competitive rates for sending money abroad.
Similarly, Bluevine facilitates international payments in several currencies to many countries.
Terms & Features
| Special Offer | None |
|---|---|
| Opening Deposit Requirement | None |
| Monthly Maintenance Fee | None |
| APY | None |
| ATM Fees | No ATM card |
| Other Standout Features |
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Use Cases
- You regularly make international transfers: With Airwallex, most of your overseas payments can arrive on the same day, with a success rate of 90%.
- You want to save on transfer fees: Airwallex allows you to open local currency accounts in over 60 countries, which helps reduce conversion costs.
- You have an ecommerce business: Multiple software integrations make Airwallex ideal for companies with digital operations. It is compatible with various accounting, productivity, ecommerce, and marketing and sales tools.
Airwallex Alternatives & Comparison
| Account Name | Monthly Service Fee | APY | Free Monthly Transactions | |
|---|---|---|---|---|
 | Global Account | None | None | Varies |
| Visit Airwallex | ||||
 | Standard | None | 1.3% | Unlimited |
| Visit Bluevine | ||||
 | Business Essentials | None | None | Unlimited digital transactions and 25 free teller transactions |
| Visit U.S. Bank | ||||
 | Basic Business Account | None | None | Free and instant between Revolut accounts |
| Visit Revolut | ||||
Best For | Learn More | |
|---|---|---|
| You want to earn a competitive APY: You cannot earn interest with an Airwallex Global Account. In contrast, Bluevine Standard offers an APY of 1.5% on qualifying balances up to $250,000. | Read our Bluevine business checking review |
| You want the option to deposit cash: Airwallex does not support cash deposits, whereas U.S. Bank allows for 25 free cash deposits per month. | Read our U.S. business checking review |
| You want more access to services beyond traditional banking: Airwallex does not offer crypto trading unlike Revolut, which allows you to purchase over 100 tokens, although this option is limited to international businesses operating outside the US. | Read our Revolut business account review |
Airwallex Business Account Reviews From Users
| Users Like | Users Dislike |
|---|---|
| Great exchange rates | No assistance for fraud dispute |
| Efficient overseas transfers | Suspension of account and withheld funds |
| Syncs with ecommerce tools | Rejected applications |
| Supportive relationship managers | |
On Trustpilot, Airwallex has a rating of 3.8 from nearly 1,500 reviews. Most Airwallex business account reviews are positive, with users from various locations appreciating the ability to make seamless cross-border payments. They highlighted the cost-effective rates, various software tools, and the tailored support they received from customer service.
However, some Airwallex reviews show that Airwallex failed to assist users with fraudulent disputes, stating that their voicemails were not returned. Others complained about frozen accounts and unreasonable fund holds, which made it challenging to operate their businesses. Additionally, many reviewers expressed frustration over not receiving explanations for account rejections.
The Airwallex mobile app has an impressive rating of 4.9 on the App Store from about 300 reviews. On Google Play, it has a 3.8 rating based on over 200 reviews. Reviewers praised the app for its excellent user interface, noting that transactions were fast, secure, and easy. One user particularly remarked on the provider’s impressive service for international banking.
Airwallex Business Account Terms
| Required Opening Deposit | $0 |
|---|---|
| Required Balance Minimum | $0 |
| Transaction Limit Before Fees | None |
| Monthly Fees | $0 |
| Global Account Receiving Funds Fee | $0 |
| Local Transfer Fee | $0 |
| SWIFT (SHA | $15 per transfer |
| SWIFT (OUR | $25 per transfer |
| ATM Fees | Card cannot be used at ATMs |
| Cash Deposits | None; cash deposits are not accepted |
| APY | None |
Airwallex Business Account Requirements
| Business Documents |
|
|---|---|
| Personal Information |
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| Additional Supporting Documents | In general, two to three of these supporting documents are required for foreign businesses and/or businesses operating outside the US.
|
| New Business Supporting Documents |
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- Australia
- Austria
- Belgium
- Bulgaria
- Canada
- Cayman Islands
- China
- Croatia
- Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Greece
- Hong Kong
- Hungary
- Iceland
- Ireland
- Israel
- Italy
- Korea
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Macao
- Malaysia
- Malta
- Marshall Islands
- Mexico
- Netherlands
- New Zealand
- Norway
- Poland
- Portugal
- Puerto Rico
- Romania
- Seychelles
- Singapore
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- Taiwan
- Thailand
- United Kingdom
- United States of America
- Virgin Islands (British and U.S.)
Certain high-risk industries are not allowed to open an Airwallex account. These include investment firms, pharmaceutical companies, and charities. See AirWallex’s list of unsupported business industries.
How to Open an Airwallex Business Account
- Step 1: Visit the Airwallex website and choose the business banking product.
- Step 2: Click the Get Started button.
- Step 3: Enter your business email.
- Step 4: Complete the required business information.
Airwallex Business Account Features
| Airwallex Global Account |
|
|---|---|
| FX & Transfers |
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| High Security |
|
| Multicurrency Corporate Cards |
|
| Software Integrations |
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| Customer Service |
|
Other Airwallex Business Products
- Global Treasury
- Banking as a service (BaaS)
Frequently Asked Questions (FAQs)
What are the disadvantages of Airwallex?
Airwallex, unlike traditional banks, does not have physical branches and offers a limited range of business banking products. Additionally, some users have reported that it lacks live chat and 24/7 hotline customer support.
Is it safe to use Airwallex?
Yes, Airwallex is considered safe to use. It complies with legal regulations and provides multi-layered security, including two-factor authentication (2FA), data encryption, and ongoing security monitoring. The platform is licensed and regulated on a global scale.
Is Airwallex better than Wise?
While Wise offers competitive rates for small businesses, Airwallex is the better option for growing and large companies needing to make frequent international transactions.
Bottom Line
Airwallex is an excellent choice for businesses that frequently make international payments, as it enables the cost-effective opening of local accounts. This helps eliminate conversion fees for each transaction, which can add up. Additionally, providing free employee cards simplifies the tracking of expenses, regardless of where your staff is based.
