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Airwallex
Minimum Transfer Amount
US$10
Fastest Transfer Speed
Within an hour
Receiving Options
Bank account

Summary

Send and receive business payments globally with an account that offers zero transfer fees and strong exchange rates.

Airwallex international money transfers are designed for businesses with cross-border needs. Manage multiple currencies in a single account, send money to 150+ countries in 60+ currencies and receive unlimited amounts.

Airwallex lets you have local bank account details for multiple currencies, so you have the info needed to easily transfer abroad.

But if you're looking for instant transfers or zero-markup currency conversions, Airwallex Canada might not be right for your business.

Pros

  • Transfer 60+ currencies to 150+ countries
  • No transfer fee for most transactions
  • Low exchange rate markup
  • Batch transfers
  • Multi-currency spending account with virtual card
  • Local bank account details for multiple currencies

Cons

  • Business use only
  • Fee for wire transfers
  • Some transfers take up to 3 business days

In this guide

  • Review
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question

Details

Product details

Product Name Airwallex
Pay By Bank transfer
Receiving Options Bank account
Customer Service Phone, Email
Available Currencies AED, AOA, ARS, AUD, BDT, BGN, BOB, BRL, BWP, CAD, CHF, CLP, CNY, COP, CZK, DKK, EGP, EUR, GBP, GMD, HKD, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, LSL, MAD, MGA, MWK, MXN, MYR, NAD, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, PYG, RON, RWF, SAR, SEK, SGD, THB, TRY, USD, UYU, VND, XAF, XOF, ZAR, ZMW

What is Airwallex?

Introduced to Canada in 2023, Airwallex is an international financial platform for businesses. It offers global money transfer services, multi-currency business accounts, borderless spending cards (similar to debit cards), customer payment solutions and software for managing expenses and integrating with third-party apps like Amazon, QuickBooks and Shopify.

Is Airwallex legitimate?

Airwallex is a legitimate company registered as a Money Service Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC registration number M19395067) and Revenu Quebec (license number 14460). It also holds money transmitter licenses in forty US states and is registered with both the UK Financial Conduct Authority (FCA) and Australian Securities and Investments Commission (ASIC).

Founded in 2015 in Melbourne, Australia and headquartered in Singapore, Airwallex has offices in 23 countries and has been valued at $5.6 billion USD. Its investors include well-known companies like Mastercard, Tencent and Salesforce.

The company follows extensive procedures for safeguarding customers’ funds and data, using both human and machine-driven tools to identify and deter unauthorized activity. Customer deposits held in a Canadian bank account and are never used for business operations.

What we like about Airwallex international money transfers

  • No monthly fees. You don’t need to pay a fee to open or maintain an Airwallex account.
  • No transfer fees. Airwallex doesn’t charge transfer fees for sending money internationally, unless you send a bank wire transfer. (However, the exchange rate is marked up.)
  • Send to many countries. Receive payments and pay employees and suppliers in over 150 countries. Transact in over 60 currencies without high conversion costs.
  • Batch transfers. Airwallex lets you send specific amounts at once to multiple recipients, making it easy to pay employees, contractors and suppliers.
  • Multi-currency account. With one global account, hold and spend 20+ currencies, including AUD, CAD, DKK, CZK, CHF, GBP, HUF, MXN, NOK, RON, SEK, ZAR, EUR, HKD, CNY, USD, JPY, NZD, SGD, IDR and ILS. Spend online and in store with the virtual Airwallex Borderless Card (compare more multi-currency cards here).
  • Local bank details for different currencies. Airwallex multi-currency accounts come with the bank details needed to send and receive international transfers in various currencies.
  • Flexible limits. Sending limits vary based on factors like your sending and receiving method, and there’s usually no receiving limit. Within Airwallex accounts, you can convert anywhere from $10 USD to $5 million USD (or contact customer service to raise your limits).
  • Business solutions. Use Airwallex’s expense management software to track your cash flow, and integrate with many popular third-party accounting, workflow and sales apps.
  • Developer API. Airwallex’s developer API lets businesses automate payments through the company’s platform.

What to watch out for

  • Business use only. Airwallex doesn’t have any accounts for individual or personal use.
  • Transfer speed. Transfers can arrive the same day, but some take up to three business days.
  • Currency conversion fee. Airwallex marks up the exchange rate by 0.5% to 1%, which reduces the amount received, especially for larger amounts.
  • Fee for wire transfers. Airwallex money transfers sent through the SWIFT network (wire transfers) cost $20-$35 CAD each. But other transfers are free (there might be a fee to send some currencies in certain regions).
  • Multi-currency account limits. Airwallex Borderless Visa Cards in Canada are virtual only, so you won’t get a physical card. Plus, Airwallex account funds can’t be accessed by ATM.

Alternatives to Airwallex transfers

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OFX

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Min. Transfer Amount

$200


Max. Transfer Amount

Unlimited


Pay By

Debit card, Bank transfer


Receiving Options

Bank account

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Min. Transfer Amount

$1


Max. Transfer Amount

$1,500,000


Pay By

Credit card, Debit card, Bank transfer, Interac e-Transfer, Online bill payment, Direct debit (EFT)


Receiving Options

Bank account, Alipay (China only)

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Min. Transfer Amount

$1


Max. Transfer Amount

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Receiving Options

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Summary of Airwallex reviews

SiteDetails
Trustpilot3.6/5 stars based on 1,189 Airwallex reviews
Google Play4/5 stars based on 196 Airwallex reviews
Apple App Store3.7/5 stars based on 3 Airwallex reviews
BBB accreditationN/A
BBB ratingC
BBB reviewsNo Airwallex reviews available

Reviews as of August 7, 2024

Airwallex exchange rates

Airwallex exchange rates are the midmarket (“true”) exchange rate reduced by a small margin, which the company deducts as a fee. Compared to other international money transfer services, this is fairly low. But it still decreases the amount deposited into your recipient’s account, an impact that grows with the size of your transfer.

Sample Airwallex exchange rate markups

How much does it cost to send an Airwallex transfer? Here’s how much your recipient could receive if you sent $5,000 to India, the Philippines, China, the UK and the EU. These are just examples; your actual rate and fees could vary.

Note that the exchange rate markup is based on midmarket rates as of August 7, 2024.

CountryAirwallex exchange rateFeeAmount received
India1 CAD = 60.981254 INR

(approx. 0.1168% markup)

1%301,857 INR
Philippines1 CAD = 41.815574 PHP

(approx. 0.2748% markup)

1%206,963 PHP
Bangladesh1 CAD = 84.999406 BDT

(approx. 0.5142% markup)

1%420,744 BDT
HKD1 CAD = 5.66728 HKD

(approx. 0.0214% markup)

0.5%28,195 HKD
Mexico1 CAD = 14.009753 MXN

(approx. 0.0793% markup)

1%69,348 MXN

Airwallex transfer fees

There are no transfer fees for Airwallex international money transfers when you fund your account via bank transfer or direct debit and then initiate a transfer. However, there’s a $20-$35 CAD fee for sending Airwallex wire transfers.

Airwallex payment and delivery methods

Airwallex only supports bank-to-bank transfers using local networks and the SWIFT network.

How to sign up

Follow these steps to create an Airwallex multi-currency account, so you can begin sending money abroad:

  1. Go to the Airwallex website and select Get started.
  2. Enter your name and business email and create a password.
  3. Provide basic personal and company information like your phone number and business name. Enter the verification code texted to your phone to confirm your number.
  4. Indicate how you plan to use your Airwallex account. If you agree to the Terms & Conditions, select Create Account. You’ll get immediate access to your account dashboard.
  5. To fully activate your account and fully unlock its features, verify your email address, provide additional business information and submit government-issued personal ID.

How to send an Airwallex money transfer

  1. Login to the Airwallex mobile or web app and go to the Transfers tab.
  2. Choose a recipient or select Someone new.
  3. Choose a funding account, sending amount and transfer method.
  4. Enter details like the transfer date, purpose of sending funds and any note you want included for your own records.
  5. Review the transfer details and select Submit for approval.
  6. You’ll get a confirmation message and email.

How long do Airwallex transfers take?

Airwallex transfers can arrive the same day or up to three business days after being sent. Airwallex says its auto-routing algorithm finds the most direct route for your payment. But the exact timing depends on the currency, destination country and transfer network.

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