Airwallex Business Account Review (UK - 2024)

If you’re looking for a new business account and aren’t interested in using a bank, one potential option is Airwallex.

If you’re thinking of signing up for a digital Airwallex business account, this guide is for you. We’ll run through everything you need to know, including features, fees, security and customer service.

We’ll also show you an Airwallex alternative - Wise Business, which lets you effortlessly manage your business finances across 40+ currencies, including GBP, USD and EUR.

💡 Learn more about Wise Business

What is Airwallex?

Airwallex is a multinational financial technology company based in Singapore. It was originally founded in Australia in 2015, before expanding internationally.

It offers digital global business accounts to companies based in the UK. It also provides its services to businesses based in the US, Australia, Canada, Europe, New Zealand, China and many other countries.¹

Besides multi-currency accounts, the main services on offer at Airwallex include:

• Multi-currency cards
• Expenses management tools
• Global payments
• Overseas collection
• Foreign exchange (FX) management

Is Airwallex safe?

Airwallex is safe to use to manage your business finances. It is regulated by the FCA, and your money is safeguarded as required by the UK regulator.²

The company also has a suite of security features designed to protect your account, data and business funds. This includes real-time fraud protection, encrypted payments, network tokenization and 3DS2.

How does Airwallex work?

With Airwallex, you can create a digital account for your business online. Once up and running, you can use it to make and receive payments in multiple currencies. In fact, payment services are the platform’s speciality. You can also create cards to manage expenses, and use the account to pay staff in multiple countries.

The platform is designed for businesses of all sizes, especially those that sell, trade or otherwise operate across international borders.

For example, a growing online fashion company can use it to create payment links and accept payments from customers in multiple countries, in their own currency. It’s possible to integrate with eCommerce platforms like Shopify and Woocommerce, so that a business can reach and sell to customers all over the world - and get paid easily.

This kind of business can also pay its own suppliers in other countries, using the Airwallex international payments service or one of its multi-currency debit cards. And all while converting currencies within their Airwallex account as it suits them.

Airwallex review

When choosing a new account or payment service, there are three critical things to check out. These are features, fees and customer service.

You need a platform that does everything you need it to, and at a price that fits with your budget. And if something goes wrong, you need to know you can get fast, efficient and helpful customer support in your own language.

Below, we’ll run through all the essential info you need to know on Airwallex pricing, features and customer service here in the UK. This should help you see how Airwallex stacks up next to banks and alternative providers, and work out if it’s the best choice for your business.

The first thing you need to know is what its existing customers think. The reviews are mixed, as Airwallex currently has an ‘average’ rating of 3.7 on TrustPilot, based on 1,100+ reviews.³

Airwallex key features and products

Here’s what’s on offer when you sign up for an Airwallex account:

• Create global digital Airwallex accounts for 40+ countries¹
• Send payments to 150+ countries¹
• Automated domestic and international bill pay service
• Foreign exchange services
• Borderless corporate cards
• Expenses management
• Payment links and plugins
• Receive payments through marketplace sites
• Accounting and other software integrations

Airwallex global accounts

With Airwallex, you can open both domestic and foreign currency accounts online. You’ll get local bank details, so that customers and clients can pay you in their own currency. If you then spend that currency to cover your own business expenses, there’s no need for unnecessary currency conversion - and the fees and costs related to it.

Airwallex global accounts also offer currency conversion if you need it, international transfers and plenty of automation tools using the Core API.

Airwallex money transfer review

You can send international payments to over 150 countries with Airwallex.¹ This lets you pai and get paid all over the world, as well as covering your own business expenses.

All payments are initiated online, so it takes just moments to set them up. Alternatively, you can make use of the automation tools available with Airwallex and its Core API.

According to Airwallex, around 70% of transfers arrive the same day¹ - so they’re pretty fast.

Airwallex bill pay

Bill pay is an Airwallex feature which lets you manage all of your bill payment processes all in one place.

You can upload invoices, approve and make payments, and reconcile all domestic and international bills. It also lets you automate your accounts payable, as well as creating custom approval workflows.

Airwallex payment links and plugins

So that you can get paid by your customers and clients all over the world, Airwallex offers a number of payment links and plugins.

You can integrate with eCommerce platforms such as Shopify and WooCommerce. Plus, you can create shareable and personalised payment links to send directly to customers.

Airwallex cards

To cover your own business expenses, Airwallex has multi-currency Visa cards available. You can create them online, for both company and employee expenses. Once created, you can start using them right away for online purchases.

You can issue cards to your global workforce, spend with no foreign transaction fees⁴ and set spending limits and controls for each card. Other features include:

• Create, freeze and cancel cards instantly
• Track all company card transactions and activity in one place
• Use built-in expenses management software
• Spend in currency balances, or auto-convert at competitive exchange rates⁴ whenever you spend

Airwallex expenses management

Expense management with Airwallex offers end-to-end control and oversight over corporate card expenses and reimbursements.

The platform aims to simplify and streamline global expenses management, including many automation tools. This can help save you time compared to manual processes, as well as reducing the risk of human error.

The features of Airwallex expenses management include:

• Employees uploading receipts and submitting expenses on the go using the Airwallex mobile app
• Real-time visibility of team expenses
• Design multi-layer approval workflows
• Instantly review and approve expenses in the app
• Access AI tools to eliminate the need for manual data entry.
• Faster payouts to reimburse employees
• Simplified reporting

Airwallex pricing

Now, how much does Airwallex cost to use?

Take a look below for the main fees and charges you need to know about, but you can also contact Airwallex to discuss custom pricing for your business. This is usually an option available to larger companies or those with very high volumes of payments.

Transaction type	Airwallex fees⁵
Opening accounts	Free
Account maintenance	Free
Accepting card payments	1.30% to 3.15% (depending on card type) + £0.20
Domestic (local) transfers	Free
International transfers	£10 to £20
FX currency conversion	0.5% to 1% markup on mid-market exchange rate
Create company cards	Free
Create employee cards	£5 per cardholder per month (first 5 cardholders free)

Airwallex customer service

Customer service is essential with any business-related financial product, platform or service. If you need assistance, have a question or something goes wrong, you need to know that there’s someone you can speak to right away.

While Airwallex does have an office in London, it doesn’t have a dedicated customer support phone line here in the UK. It only offers this service in the US, Canada and China.

However, you can get support by submitting an online request. Go to this support page, choose the topic you need support on (i.e. global accounts, cards or technical issues) and complete the online form to create a support ticket.

An Airwallex customer service representative will get back to you as soon as possible, although the platform doesn’t have average response times available on its website.

Airwallex alternative: discover Wise Business account

If you want to compare all the available options before choosing a new business account, make sure to check out Wise Business.

The Wise Business account is ideal for companies that trade internationally, who buy goods or employ people from other countries.

There’s just one powerful account, with no monthly subscription fees. Features include:

• Local account details for 8+ major currencies - so you can get paid by clients and customers in their own currency, without unnecessary currency conversion
• International payments to 160+ countries for low, transparent fees
• Employee expense cards and expense management tools
• Payroll and invoice payments
• API integration with business and accounting tools
• Bulk payments - batch pay up to 1,000 people at once
• Bespoke permission levels to control team access

What’s more, all currency conversions with Wise are carried out using the mid-market exchange rate. This means that no margin or mark-up is added, so you get a great rate and don’t lose funds to foreign currency exchange.

Over the course of hundreds and thousands of business transactions across international borders, these kinds of savings can really add up - and could make a huge difference to your business.

Get started with Wise Business 🚀

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And that’s it - our full and comprehensive Airwallex business account review for UK companies.

We’ve covered all the important stuff, including security, customer service and the long list of features and services on offer. Plus, those all-important fees and charges you need to know about.

After reading this, you should have all the info you need to compare Airwallex UK with other account providers.

It’s important to find the right fit for your business, so make sure you compare features, fees, security and customer service carefully before signing up for an account.

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Sources used:

1. Airwallex - Global business account
2. Airwallex - How is Airwallex licensed and regulated?
3. TrustPilot - Airwallex
4. Airwallex - Borderless cards
5. Airwallex - Pricing

Sources last checked on date: 03-Jun-2024