Airwallex Review: Products, Fees, and Alternatives

Looking for an Airwallex review? Our comprehensive guide provides an in-depth analysis of the Airwallex platform, including its features, benefits, fees, and user experience.

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Airwallex Review

Airwallex is one option to consider if you need a trustworthy and efficient payment platform for your business. It is a robust payment technology that enables businesses to transact and manage their funds across borders. The service has quickly become a popular choice for organizations wishing to optimize their payment procedures, thanks to its wide product offering, affordable prices, and user-friendly interface.

In this article, we will present a complete  Airwallex review, including its features, benefits, prices, user experience, and alternatives. So, whether you’re considering utilizing Airwallex for the first time or looking for an alternative payments platform, this guide will give you all the information you need to make an informed decision.

What is Airwallex and how does it work?

Airwallex is a worldwide payments network that enables businesses to transact and manage their finances across international borders. The company was started in Melbourne, Australia, in 2015, and has since expanded its operations to include offices in the United States, the United Kingdom, China, Hong Kong, and Singapore.

Airwallex accepts over 130 currencies and provides a variety of products for businesses, including global accounts, virtual cards, real cards, and cross-border payments. Its technology is intended to assist organizations save time and money on foreign transactions while also delivering real-time financial data and reporting.

Airwallex review: onboarding process

To utilize the service, you must first open an account by giving basic information about your company. You can use Airwallex to send and receive payments, swap currencies, and manage your global funds once you’ve created an account.

The procedure of opening a USD business account is simple and can be completed online. The documentation required to start an account varies based on the country where you want to register an account.

The basic documents include:

  • Certificate of Incorporation,
  • ID of UBO,
  • Supportive Business Documents,
  • Proof of full legal name and legal entity’s address.

After you have completed all of the essential information, Airwallex will process your application within three business days. If more information is required, the management will contact you separately.

What products does Airwallex offer?

Airwallex provides a variety of products to assist organizations in managing cross-border transactions.

  • Global Account is essentially a multi-currency business account that allows businesses to deal in over 130 currencies. You can use the Global Account to send and receive money from all around the world, get real-time currency rates, and manage your finances all in one place.

    Global Account can be opened in the following countries: US, Canada, UK, Europe, Hong Kong, Japan, Australia, and New Zealand.
  • Airwallex cards are another product the company offers to its clients when registering an account. There are two types of cards: virtual and physical Debit cards. Physical Visa Debit cards can be issued in Australia, Hong Kong, the United Kingdom, and the USA. Cards allow business owners to control their employees’ expenses, set spending limits, and have full control over the company’s cash flow via the app. Company cards also allow receiving cashback on certain services.

    Additionally, Airwallex offers an Expenses service. It allows business owners to reconcile their employees’ receipts and expenses and synchronize them with the company’s accounting system.
  • FX exchange allows you to send payments in different currencies. Airwallex supports more than 40 currencies, including EUR, USD, CNY, and other. For every FX transaction, there is a certain fee, which is calculated using a blended rate based on live exchange rates from Airwallex’s banking partners and market data sources and is payable in addition to the interbank rate.
  • Wallets enable you to keep all of your money in one place. The service enables businesses to open several accounts around the world based on their specific requirements. When you receive a payment, the service automatically transfers funds to the appropriate currency wallets, making it easier for you to manage your accounts.

Airwallex also provides a payment infrastructure that enables you to swiftly and simply make cross-border payments. Payment options supported by the platform include local bank transfers, SWIFT transfers, and global card payments. It also includes features like batch payments, payment schedules, and real-time payment tracking, making it an excellent choice for companies trying to streamline their payment procedures.

What are the fees for using Airwallex services?

Airwallex has a clear and competitive fee structure. It has fewer fees than traditional banks. For instance, registering an account is free and there is no monthly fee to pay for your account.

However, compared to most of the  Airwallex competitors, the service charges a modest fee for certain transaction types and foreign exchange services, as well as for employee cards, The pricing varies depending on the country where you register an account. We suggest checking the most up-to-date information on the company’s homepage.

Here’s an example of the fee schedule if you are looking to open an Airwallex account in the UK.

Global Accounts

Foreign currency accountsFree
Multi-currency walletFree

Transfers & FX

Conversions between AUD, USD, HKD, CNY, JPY, EUR, GBP, CAD, CHF, NZD, SGD0.50%
Conversions between MYR, IDR, KRW, PHP, THB, VND, INR, NPR, PKR, BDT, TRY, LKR1.00%
Conversions between other currencies1.00%

Payments

Local payments£0
SWIFT (SHA)£10/payment
SWIFT (OUR)£20/payment
Payments in CNY0.10%

Cards

Employee Cards£5.00 per active Employee Cardholder/calendar month
Expenses service£5.00 per active Employee Cardholder/calendar month

Airwallex vs Transferra: which one to choose

Both Airwallex and Transferra are online payment services that assist organizations in managing their finances across borders. While the two platforms have certain similarities, there are some major differences that organizations should examine when deciding between the two.

Currencies and countries

Airwallex and Transferra operate in different countries. Transferra is a UK-based company that primarily serves the UK market and can help to open a business account for non-UK residents. It provides a local GBP account with a sort code and an account number, SWIFT cross-border transfers, local UK payments such as BACS, CHAPS, and Faster transfers, and EUR payments via SEPA, SEPA Instant, and TARGET2.

Airwallex, on the other hand, supports over 130 currencies and operates in various countries, including Australia and the USA. This means that Airwallex may be a better solution for firms that need to transact in a variety of currencies and nations, whereas Transferra is an  Airwalex alternative for businesses that predominantly operate in the United Kingdom and EEA.

Services

Another distinction between the two platforms is the variety of features and services they provide. While both solutions provide multi-currency accounts and cross-border payments, Airwallex adds virtual and physical cards, employee expense control, and payment scheduling. Transferra, on the other hand, has services such as a dedicated manager who assists customers and multi-user access for simplified bookkeeping.

Fees

When it comes to pricing, both services provide reasonable options. Businesses can select the pricing plan that best meets their needs, and both platforms offer straightforward pricing with no hidden fees.

To sum up

While it may seem that Transferra is Airwallex’s competitor, businesses need to consider their unique needs and priorities while choosing between the two. For example, if they need a broader selection of currencies and regions, as well as services like corporate cards and expenditure management, Airwallex may be a better fit.

Transferra, on the other hand, may be a better option if you are primarily focused on the UK and EEA markets and require features such as local UK payments such as BACS, CHAPS, and Faster Payments, as well as multi-user access for easier accounting.

Finally, make sure to examine the features and services offered by each platform to choose which one best matches your needs.

FAQ

What is Airwallex?

Airwallex is an online payments platform designed for businesses to manage their finances across borders. It offers multi-currency accounts, cross-border payments, and additional features such as virtual and physical cards, real-time exchange rates, and payment scheduling.

How do I use Airwallex?

To use the payment platform, businesses can sign up for an account online and provide the necessary information and documentation. Once the account is verified, they can start using the platform to manage their finances and make cross-border payments.

What makes Airwallex different?

Airwallex stands out from other payment platforms due to its wide range of supported currencies and countries, as well as its additional features such as corporate cards and expense management solutions. It also offers fair and transparent pricing plans, making it a more affordable option for businesses of all sizes.

Is Airwallex safe to use?

Airwallex is a fully licensed and regulated platform in all countries where it operates. This gives users assurance that their payments are being processed on a secure site. The security of user cash is secured by adhering to rules that serve as insurance in each country where services are supplied. The laws specify how Airwallex must keep user payments secure, adding an extra degree of security for users.

For example, in the UK the service is registered under Electronic Money Institution (EMI) license issued by the Financial Conduct Authority.

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