Airwallex Review | US Businesses (2024)

Airwallex is a digital financial institution that aims to simplify international payments for companies of all sizes.

In this article, we will take a closer look at Airwallex and review its features, services, and benefits for businesses in the United States. We'll also discuss how Wise Business could be a good option for you and your team.

Looking to hold funds, as well as send and receive payments internationally?

Try Wise Business >>

Wise Trustpilot Score: Excellent (200,000+ reviews)¹⁰

Airwallex Account Review: Quick Overview

Overview	Description
Key Features¹	Cloud-native platform Online payments, treasury and FX, and spend management Desktop and mobile accessibility Core API Embedded Finance solutions
Main Fees²	Account opening in multiple currencies: Free Sending money via transfer: Free, additional fees may apply to certain currencies Company cards: Free FX conversions: 0.5% above interbank exchange rates for HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY. 1.0% above interbank exchanges rates for all other currencies
Great For¹	Businesses invested in global financial operations
Trustpilot Rating³	3.9 out of 5 stars “Great”

Airwallex Account Review: What is it?

Airwallex is a global financial institution that provides businesses with an integrated platform. They help with cross-border payments, foreign exchange, and digital banking services. Founded less than ten years ago, Airwallex has quickly grown into a major player in the international finance industry.

The company was started by Jack Zhang, its current CEO, and three friends and fellow entrepreneurs. They initially wanted to open a cafe in Melbourne. But they ran into many financial issues along the way, specifically related to FX conversion. They decided to fix these problems themselves and created Airwallex.⁶

The company's mission is to empower businesses of all sizes to grow beyond borders. They do so by providing affordable and efficient solutions for their international payment needs. Airwallex offers a seamless process for paying suppliers or receiving payments from abroad.

Key Features⁴

• Business Account - “An all-in-one account to help your business grow and operate globally”
• Core API - “Powerful and flexible APIs to programmatically manage your money”
• Embedded Finance - “APIs and components to build your global financial products”

Ease of Use

Airwallex has quite a few complex systems at play, but users seem to find it easy to use. Capterra customers have given it a score of 4.4 out of 5 stars in the “Ease of Use” category.¹

A 5-star review on Trustpilot by user Marcel K states: “Airwallex has a very user-friendly platform. The intuitive interface made it easy for me to navigate through the process of making cross-border payments.”³

Another 5-star review on Trustpilot by user Anjali states: “Airwallex has been a lifesaver for my brand. Their platform is user-friendly, their rates are excellent, and their support team is always ready to assist. For anyone with a multi-currency business model, I can't recommend them enough.”³

Airwallex Account Fees²

Let's dive into Airwallex's fees and services. The first section goes into Airwallex's fees on accounts, transfers, conversions, and payments.

Service	Fee
Foreign and Domestic Currency Accounts	Free
Multi-Currency Wallet	Free
Payments via Domestic Cards	2.80% + $0.30
Payments via International Cards	4.30% + $0.30
Payments via Local Payment Methods (Klarna, etc.)	$0.30 + payment method fee(s)
Transfers	Free Some additional charges may apply
SWIFT Transfers	$15-$25
Check Transfers	$1.50/check
Direct Debit	Free
FX Conversions (HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY)	0.5%
FX Conversions (Other Currencies)	1.0%

In this section, you will find additional features that Airwallex provides. These features include cards, integrations and plugins, and ways to manage expenses and pay bills.

Additional Features and Services	Fee
Company Cards	Free
Employee Cards	Free
Expense Management	Free
Bill Pay	Free
Xero Integrations	Free
QuickBooks Integrations	Free
Shopping Plugins	Free
Integrations	Free

What are the Benefits of Airwallex?

Airwallex is relatively new to the fintech scene. You can tell with its vast amount of technological resources.

Their fee sheet and reviewers report minimal fees for their services. Many reviewers on Capterra mentioned switching to Airwallex because their fees were lower than other fintech solutions.

Airwallex’s main benefit is its cross-border payments. This is what it was made for and why people chose it in the first place. If you’re looking to send payments overseas, Airwallex is a strong contender.

Airwallex vs Wise Business

Both Airwallex and Wise are well-known companies of international business accounts. Let's take a look at which one might be better for you.

Feature/Fee	Wise Business	Airwallex
Trustpilot Rating	200,000+ reviews - 4.3 Excellent	1,000+ reviews - 3.9 - Great
Hold Currencies	Free (+40 currencies)	Free (22 currencies)
Send Money	Free for same currency when sending money to a Wise account. Otherwise, a fee will apply depending on the currency and route of transfer. If it’s cross-currency, then FX conversion charges will apply	Free for same currency, though additional charges may apply. If it’s cross-currency, then FX conversion charges will apply.
FX Conversion	From 0.39% for cross-currency conversion, varying by currency.	0.5% above interbank exchange rates for HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY. 1.0% above interbank exchanges rates for all other currencies.
Receive Money	Free after a one-time 31 USD fee to receive in GBP, USD, EUR, CAD, AUD, JPY, and more (non-wire), Wire payments: Flat fee of 4.14 USD	Direct debit funds into and out of your foreign currency accounts are free. Local Payment Methods: 0.30 USD + Payment Method Fee
Get Paid by Card	Domestic consumer cards: 1%, International consumer cards: 2.9%, All business cards: 2.9%¹¹	Domestic cards: 2.80% + 0.30 USD, International Cards: 4.30% + 0.30 USD
Debit Cards	5 USD (one-time fee)	Free and earn 1.5% cash back
Expense Management	Free	Free
Bill Pay Feature	Free	Free
Accounting Integrations	Free	Free
Interest Feature	Yes⁹	Yes¹⁰

Why chose Wise Business?

Wise Business also has a commitment to transparency, pushing for change in both business and consumer finance to get rid of hidden fees. They use the mid-market exchange rate to give a clear indication how much their customers will pay.

See how much you could pay with Wise Business

Airwallex Account Review: FAQ

What are the Main Fees I Should Look Out For From Airwallex?

Airwallex has minimal fees. But you should look out for fees related to payments/transactions, transfers, and FX conversions. Payments fees look like a percentage of the transaction plus a set fee. Transfer fees are for SWIFT and check transfers. Any currency conversion will incur a 0.5-1% fee. All other services should be free, pending acceptance.

How Does Airwallex Work?

Airwallex simplifies international payments by offering a unified platform where businesses can manage their cross-border transactions, foreign exchange, and virtual bank accounts in many currencies.

Is Airwallex Only for Large Corporations?

No, Airwallex works with businesses of all sizes – from startups to established enterprises. They offer different solutions tailored to the needs of each business type.

Is Airwallex Secure?

Yes, Airwallex uses advanced security measures to protect its users' data and transactions. The company is also regulated by various financial authorities in different countries, including the US.

What Do Customers Think of Airwallex?

Customers have a generally positive opinion of Airwallex. Capterra users rated it 4.4 out of 5 stars based on five reviewers, while the combined score from 996 reviewers on Trustpilot came to 3.9 out of 5 stars.

Negative reviews on Trustpilot mainly focus on their customer service experiences. Some also mention their account application being rejected with little to no reasoning, although it’s important to highlight that this may be connected to security measures.

Where is Airwallex Based Out Of?

Airwallex is originally based in Australia, but they have grown significantly from their roots. They have 19 global office locations that use over 1,200 people in the following countries:

• United States
• United Kingdom
• Netherlands
• Lithuania
• Greater China
• Japan
• India
• Malaysia
• Singapore
• Australia
• New Zealand

Their office in the United States is located in San Francisco, California.⁶ ⚠️ It’s important to note that these offices are for staff operations, customers cannot visit an office for customer support.

How Was Airwallex Founded?

As mentioned earlier, Airwallex was founded in 2015 by four friends from Australia. They were trying to start a coffee shop in Melbourne when they ran into significant financial issues they knew could be solved. Here's the full story, as told by Airwallex:

“In 2015, our CEO Jack Zhang and three fellow entrepreneurs launched a café in Melbourne. Beyond a desire to sell great coffee, the café was a laboratory to test and learn around a rising global trend in retail, where the initial presence may be local, but the mindset and scaling ambition are global.

As the founders worked to build a supply chain that was smooth, efficient, and without unnecessary costs, they quickly discovered the friction points that eventually became the problem Airwallex would aim to solve. Jack often tells the story of purchasing pallets of coffee cups, lunch boxes, and other paper goods from China. They spent around US$10K on the supplies and had to pay the company through a remittance company that charged 4.5 percent. The cost of FX conversion was painful – as was the time it took to transfer funds.

They fundamentally believed something better must be possible. That’s when Airwallex was born, as the founders set out to build a financial infrastructure to support operations that transcend borders.”⁶

What is Airwallex’s Mission?

In their own words, Airwallex’s goal is “to be the global economic infrastructure to empower businesses of all sizes to grow without borders”. They also wish “to connect the entrepreneurs, business builders, makers, and creators with borderless opportunities in every corner of the world”.

Their official mission statement is: “With technology at our core, we build global financial infrastructure and applications to empower businesses to operate anywhere, anytime”.⁶

How Do I Set Up an Account with Airwallex?

Setting up an account with Airwallex is a simple process that can be completed online in just a few minutes. Just enter your information and you will be able to apply for an account. You will also most likely need to supply KYC documentation for Airwallex’s consideration.

It’s important to note that not everyone will be accepted for an Airwallex account. Firstly, Airwallex only offers business accounts, so you cannot make an account just for yourself. You also must be a business that fits certain criteria set by Airwallex. Customers have reported that this criteria is vague. Here’s what Airwallex has to say:

“Airwallex supports Business Accounts, that are used strictly for business transactions where goods or services are sold, either to a business or an individual. Due to different restrictions and regulations, there are a few limitations on the types of businesses and transactions we can support.”

Specifically, they will not support “investment firms, arms dealers, gambling companies, pharmaceutical companies, and charities”.

You can learn more about the restrictions on their United States Terms & Policies page.⁷

What Limits, Minimums, and Maximums Apply to Airwallex Accounts?

Airwallex limits are mostly not clearly defined. They suggest you discuss your limits on a case-by-case basis with your account manager or customer support. This applies to transfer, conversion, and deposit limits. The only number for a limit they do mention is for your card. That default limit is $50,000. But that limit can be changed.

In Airwallex’s words: “Airwallex Transfer and Conversion limits vary by business agreement. Deposits are typically unlimited and may have account-specific restrictions. Airwallex Cards have a default 50,000 USD limit, with customizable daily and transaction limits. For limit adjustments or inquiries, contact your account manager or customer support.”⁸

What is Wise Business?

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account comes with similar fee types as Airwallex, such as SWIFT fees, and FX conversion fees. However, it can be useful to compare the fees and features of each, to determine which one may be the best for your business needs.

Wise serves 300k business every quarter in markets all over the world. The Wise Business account offers the chance to send and receive international payments in multiple currencies.

Whether an instant one-time payment or batch payment, Wise offers transparent rates to customers with the mid-market exchange rate.

• Batch Payments come with the account - no need to pay extra for these key features
• Multi-level permissions and alerts gives you complete control over your account
• Link your accounts with top accounting systems: QuickBooks, Wave, Sage, and Xero
• US businesses get local account details in global currencies to receive funds after paying a one-time fee

Looking to hold funds, as well as send and receive payments?

Send money with Wise >>

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Sources used:

1. Airwallex Pricing, Alternatives & More 2024 | Capterra
2. Pricing & fees | Airwallex Official Site
3. Airwallex Reviews | Read Customer Service Reviews of airwallex.com - Trustpilot
4. Airwallex: Trusted Global Payments & Financial Platform
5. Submit a request - Airwallex Help Centre
6. Who We Are | Airwallex US
7. Who can open an account with Airwallex? - Airwallex Help Centre
8. What are my transaction limits? - Airwallex Help Centre
9. Wise Score | Trustpilot
10. Airwallex Interest | Blog
11. Wise - Get paid by card

Sources last checked April 2024.