Can you use Airwallex in India?

If your business has expansion plans and global ambitions, you might need alternative solutions for managing company finances in multiple currencies.

A popular option with UK businesses is Airwallex. The fintech firm offers digital global business accounts to companies based in the UK and in many countries worldwide.

In this guide, we’ll take a look at whether you can use Airwallex in India. If you have plans to trade with India or perhaps set up operations there, you’ll want to read this.

Remember though that Airwallex isn’t the only option for global businesses. Wise Business is a fantastic alternative, offering a full-feature account, cards, invoicing, bulk payments and secure transfer services to India and worldwide.

💡 Learn more about Wise Business

Can you use Airwallex in India?

You can use Airwallex in India as a UK-registered business, but there are limits.

You can send payments in Indian rupees (INR) from the UK to India, but you can’t receive them into your UK Airwallex account.¹

It’s not possible to open an Airwallex Global Account in INR, nor can you spend directly in the currency using your Airwallex card. The card will work in India, wherever Visa is accepted, but a currency conversion will be required whenever you spend.²

Other Airwallex features include:

• 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.

Read our full Airwallex business account review here.

Is Indian Rupee supported by Airwallex?

The Indian rupee (INR) is supported by the Airwallex platform. But as a UK business, you can only send international payments in INR - you can’t receive them without a currency conversion.¹

You won’t be able to hold the currency in your Airwallex account, create a Global Account in INR or spend directly in the currency using your Airwallex card.²

Airwallex fees and cost in India

Now we come to the important question - how much does it cost to use Airwallex in India as a UK business?

Below are the main fees you need to know about:¹

Can you open an account with Airwallex in India?

Considering expanding your business operations to India or the wider south Asia region? You’ll need to know whether you can open local accounts in each of the countries you’re targeting.

Although Airwallex doesn’t have a dedicated website for Indian customers, it may be possible to open an account in the country. You’ll need to go to the Airwallex global website (airwallex.com) and start the signup process using your business email address.

You’ll need to have a registered address in India, and provide the following information and documents so that Airwallex can verify your business:⁴

• Certificate of Incorporation
• Articles of Association (AOA)
• GST Registration Certificate
• Business Permanent Account Number (PAN) Card
• Bank statement from the last 3 months
• Audited Financial Statements or Internal Audit Reports
• ID documents for owners or key people connected to the business.

You can see a full list of documents you might need here.

Wise Business: an alternative to Airwallex in India

Of course, Airwallex isn’t the only global digital business account out there. There are actually quite a few alternatives, including the Wise Business account.

The Wise Business account is ideal for companies that trade internationally, source supplies from overseas, or employ people from other countries.

This powerful account lets you manage everything in one place, with no monthly subscription fees. Features include:

• Hold and convert between 40+ currencies
• Local account details for major currencies
• International payments to India and worldwide for low fees and the mid-market exchange rate
• Employee expense cards which work in 150+ countries, including India
• API integration with business and accounting tools
• Bulk payments and automation tools - batch pay up to 1,000 people at once
• Bespoke permission levels to control team access.

There’s even a new feature which lets you earn returns while growing your business - Wise Interest (capital at risk).

Get started with Wise Business 🚀

Wise Business vs. Airwallex in India comparison

To help you choose the right business account for your needs, here’s a quick comparison of Wise Business and Airwallex for UK companies looking to trade in India:

Find out more about what Wise Business could do for your business.

Get started with Wise Business 🚀

And that’s about it - your essential guide to using Airwallex in India as a UK business.

We’ve covered what you can do with your Airwallex account in INR, along with any fees and exchange rates you need to know about. Plus, how to open an Airwallex account in India if your company ever expands operations there.

So, you should be all set to decide if Airwallex is the right choice for your business. Just remember to compare all available options before making your decision, as there are alternatives out there - including Wise Business.

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Sources last checked on date: 21-Mar-2024