Airwallex Review: A Global Business Account

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How Airwallex works

The Airwallex Global Accounts function as local currency accounts in your name that come with local bank and branch codes and dedicated account numbers. With a Global Account, you can get paid in your customer’s local currency (like USD in the US or EUR in Europe) without having to convert it right away. That means no unnecessary double conversions, lower fees and faster cross-border payments overall.

Who is Airwallex best for?

Without a doubt, Airwallex is best for global business owners. If you frequently pay vendors or employees in other countries, Airwallex could be a good fit. Creating subaccounts in over 60 countries and accepting payments in over 180 local currencies can save a lot of money in currency conversion fees.

And if the core business plan isn’t quite what you need, Airwallex states you can contact its sales team via an online form to create a customized plan.

Airwallex plans and cost

Airwallex offers three types of plans for businesses with different needs:

What we like about Airwallex

First off, know that Airwallex isn’t a bank — it’s a fintech company with a bank partner. Its accounts are covered by FDIC deposit insurance through Evolve Bank & Trust. Evolve provides payment services for US customers as Airwallex’s partner bank.

Airwallex is SOC-compliant and Payment Services Directive compliant and has over 60 licenses and permits to operate globally.

Multi-currency account

The Airwallex account is designed for international payments and transfers. You get a multi-currency Airwallex Wallet where you can hold over 20 currencies and open currency accounts with unique details in 23 currencies, including USD, AUD and CAD.

You can open subaccounts with local bank details in over 70 countries, accept payments from over 180 countries and make local transfers to over 120 countries. You can spend or convert received money at the interbank exchange rate. On top of all that, you can also create multi-currency virtual cards.

Your Airwallex Borderless Card has no foreign transaction fees. Plus, you can pay for domestic and international transactions directly from the currency held in your Airwallex Wallet, potentially eliminating currency conversion fees.

Team card management

Since you can create multiple cards under your Airwallex account, you can create virtual company cards to organize your expenses, and company cards can be shared with up to three contacts. You can also issue individual employee virtual cards and have the option to restrict spending based on specific merchants or overall spending limits.

Affordable transaction fees

Airwallex offers low-cost money transfers and transactions. And a unique perk for US customers: you can get paper checks.

Software integrations and accounting tools

Airwallex offers expense management tools, including receipt capture and approval tools that integrate with your accounting software. Some software you can integrate with your Airwallex account includes:

Also, you can automate transactions, manage domestic and international bill pay, input sales and order data from popular shopping plugins, categorize expenses and much more.

Fast international payments

Airwallex lets you send money to 200+ countries and regions in over 90 currencies, and they’re still expanding. Because they tap into local payment networks in 110+ countries, many transfers are faster and cheaper than traditional SWIFT wires.

What could be better

Like most fintechs, Airwallex lacks physical locations and doesn’t offer in-person support. It provides different customer support options for Canada, China and the US. In the US, support is available from 8 a.m. to 6 p.m. PT.

We appreciate that it offers phone support, as some fintechs lack this service altogether. However, we also noticed there isn’t an online form or chat support available — or one that was at least accessible as a non-customer.

Missing information on some fees

Try as we might, we couldn’t find out whether Airwallex has overdraft fees or a form of overdraft protection. We found no information about ATM fees, either.

Another pain point we noticed is that while Airwallex advertises $0 transfers, some transfers may cost extra depending on the currency. We couldn’t locate a list specifying which currencies cost extra, so you might only find out right before you make the transfer.

Airwallex also mentions that you can create a custom plan, but there’s very little information about what that entails. To learn more, you have to complete a form and contact its sales team.

No savings

We didn’t necessarily expect a free business account and management platform to offer savings, but savings accounts are a very common product.

There are business accounts with no monthly fees that offer these perks, more notably Bluevine. Bluevine’s accounts are interest-bearing, with the highest APYs available to customers through its paid plans.

Airwallex’s fees and access

Compare Airwallex to other business checking accounts

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Finder Score	Fee	Annual Percentage Yield (APY)	FDIC Insured Amount	Software Integrations	Account management	Bank transfer fee
Promoted Finder score 8.8 Great Airwallex	Finder score 8.8 Great	$0 per month	N/A	Up to $250,000	Amazon, Quickbooks, Zapier, Shopify, Xero, Hubspot and more	Online, App, Phone	$0	$400 REWARD Go to site View details Compare product selection Compare	loading
Promoted Finder score 8.4 Great Novo Business	Finder score 8.4 Great	$0 per month	N/A	Up to $250,000	Quickbooks, Stripe, Square, Xero, and more	Online, App, Phone	$0	Go to site View details Compare product selection Compare	loading
Promoted Finder score 9 Excellent Bluevine Business Checking	Finder score 9 Excellent	From $0 per month	3.00% on balances of $0+ 1.75% on balances of $0 to $250,000 1.30% on balances of $0 to $250,000	Up to $3 million	Cash App, Expensify, Quickbooks, Square, Stripe, Wave, Wise, Venmo, and Xero	Online, App, Phone	$0	You can earn $500 when you open a new Bluevine Business Checking account and meet eligibility requirements. Apply with referral code CA500. T&Cs apply.	Go to site View details Compare product selection Compare	loading
Finder score 6.6 Standard Live Oak Business Essential Checking	Finder score 6.6 Standard	$10 per month (can be waived)	N/A	Up to $250,000	QuickBooks	Online, App, Phone	$0	Go to site View details Compare product selection Compare	loading
Finder score 7.6 Great Chase Business Complete Banking®	Finder score 7.6 Great	$15 per month (can be waived)	N/A	Up to $250,000	N/A	Branch, Online, App, Phone	$0	Earn $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. T&Cs apply.	Go to site View details Compare product selection Compare	loading

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How we picked these

How we calculate Business Checking Finder Scores

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What different scores mean

9+

Excellent

These are the best business checking accounts that are likely to have the lowest fees, smallest opening deposits, unlimited transactions and low wire transfer fees.

7+

Great

These accounts may have low service fees, a number of free transactions and low wire transfer fees, but may not offer the most perks.

5+

Standard

These business accounts are likely to charge a monthly fee, may have transaction fees or costly wire transfer fees, but are still typical business accounts.

0+

Basic

These business checking accounts are likely to have costly service fees, may not accept cash deposits, have costly wire transfer fees and lack extra perks the best accounts offer.

How to open an Airwallex account

Airwallex has an online application. To apply, you’ll need:

• Your business registration number
• Your business address
• Proof of business registration
• Proof of identity
• Other verification documents

Some users on Trustpilot and Reddit reported needing to submit various documents and stating the verification process took a few weeks to complete.

Which countries is Airwallex available in?

Businesses registered in the following countries can create an Airwallex account:

Customer experience

Though Airwallex is originally an Australian company, its US subsidiary, Airwallex US, LLC, has a low BBB rating due to its failure to address 10 complaints filed against the business within the past three years. Most complaints were about people getting their accounts suddenly shut down and their money getting stuck for weeks or even months because of vague compliance issues. What really frustrates them is that support doesn’t explain what’s going on or when they’ll actually get their money back. All of these complaints remain unanswered to this day.

We found the most feedback on Trustpilot, where Airwallex holds a so-so rating based on just over 2,000 reviews. Most Trustpilot reviews are 5-star ratings, with customers stating they switched from another borderless account to Airwallex. Happy customers say they’ve been with the fintech for years with barely any problems cropping up, and many highlight quick issue resolution and helpful customer support.

On the other side of the fence, dissatisfied customers often complain about the lengthy application process and the need to provide extensive paperwork to get things moving. Another common complaint is poor customer service.

Frequently asked questions

Is Airwallex safe?

Airwallex’s bank partner, Evolve Bank & Trust, provides FDIC insurance on Airwallex deposit accounts, up to the typical amount of $250,000. Airwallex is also licensed to operate in the countries it serves and states it is compliant with laws and regulations governing payments and accounts.

What is the alternative to Airwallex?

A solid alternative to Airwallex could be Revolut or Wise. Both are borderless business accounts and platforms, offering international money transfers and multicurrency accounts, and both have accounts with no monthly fees.