Airwallex business account review

Since it was founded in 2015, online payments company Airwallex has expanded across 19 international offices in 11 different territories, and has raised over $800 million. The company allows businesses to open multi-currency accounts with no monthly fees so that they can trade globally. Read our review to find out more.

FREE multi-currency business account

• Send to 130+ countries
• Create virtual debit cards in seconds
• Sync your transactions to Xero
• Dedicated account manager

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What types of accounts are on offer?

Airwallex allows businesses to open multiple foreign currency accounts and collect, hold, receive and send money in 11 currencies. These are:

• Euros
• US dollars
• Australian dollars
• Hong Kong dollars
• British pounds
• Swiss francs
• Chinese yuan
• Singapore dollars
• Japanese yen
• New Zealand dollars
• Canadian dollars

Account holders can collect and spend money in the same currency (by using the local account details that Airwallex provides), which eliminates unnecessary conversion fees; or they can convert and withdraw funds into their home currency.

Payments can be collected into what’s known as a Global Account from various platforms such as PayPal and Amazon, as well as from merchants and clients. Collected funds are transferred into your Airwallex Wallet of that particular currency, and from there you can send payments.

Airwallex customers can also benefit from the following account features:

• Foreign transactions. As well as holding local currencies in the multi-currency accounts themselves, customers can also transfer funds in more than 30 currencies to over 130 countries, at competitive exchange rates.
• Multi-currency cards. Create virtual employee and expense cards for your business in just minutes. You will be able to track spending and set spend limits for individual cards, as well as pay with your multi-currency balance with no international card transaction fees.
• No fees. There are no sign-up or monthly account fees.
• Integrate with online stores. Connect your currency accounts with platforms such as eBay, Shopify and PayPal.
• API integration. Automate key financial processes, such as payment workflows, and streamline account management.
• Collect customer payments. You can also receive online payments from customers by creating a link in Airwallex and sending it to customers. Get paid in the currency and payment method of their choice.
• Xero integration. Link your Airwallex and Xero accounts easily to ensure your Xero transaction records are up to date for your accountant or bookkeeper.

Airwallex rates and fees

Product Name	Multi-Currency Business Account
Account fee	Free
Bank transfers	Free
Overseas card transaction fees	0.5% - 1%
FSCS protected
Accounting integrations	Xero
Requires credit check
Overdraft
Interest (AER)	0% AER

What fees are there?

One of the big benefits of Airwallex is that there are no account set-up or management fees. UK domestic transfers are also fee-free, providing they are carried out via Airwallex’s payment network. Any payments that are made via the SWIFT network will incur a fee of £10.

When exchanging currencies, Airwallex charges a 0.5% to 1% fee above the interbank foreign exchange rate. For card transactions, customers will pay the interbank rate, plus a small margin for the following currencies:

• Euros
• US dollars
• Australian dollars
• Hong Kong dollars
• British pounds
• Swiss francs
• Singapore dollars
• Japanese yen
• New Zealand dollars
• Canadian dollars

How to apply

To apply, simply click the “Get Started” button at the top of the Airwallex website. You will need to be a private limited company, limited partnership, general partnership or sole trader. Investment firms, arms dealers, gambling companies, pharmaceutical companies and charities will not be accepted.

Is it safe?

Airwallex is regulated by the Financial Conduct Authority (FCA) and holds an Electronic Money Institution licence. This means customer funds must be held in a ring-fenced account. Should Airwallex cease trading, funds held in the account will be protected from other creditors making a claim against the company.

Because Airwallex is not a bank, funds are not protected by the Financial Services Compensation Scheme (FSCS), which covers deposits of up to £85,000.

Pros and cons

Our verdict

If your business regularly trades internationally, Airwallex is an option well worth exploring. With competitive foreign exchange rates, multi-currency cards that can be used by your employees, and no monthly account fees, Airwallex has a lot of plus points. However, always do your research, and compare fees and currencies against other accounts to ensure that it’s the right choice for you and your business.

If you want to sign up for an Airwallex account, you can get started by visiting its website. If you have read this review and decided that Airwallex’s account is not for you, you can also compare other business accounts on the market.

Frequently asked questions

• Can I open a personal account with Airwallex?

  No, Airwallex currently only offers business accounts. These accounts are not for personal use.

• What is a Global Account?

  The Global Account is an Airwallex collection capability. It provides you with an account number so that you can collect funds from various platforms such as Amazon and PayPal, or from merchants via SWIFT and/or domestic payment methods.

  The Global Account doesn't hold any money and only collects the payments. These will then be credited to your Wallet for you to transfer out.

• Does Airwallex have a mobile app?

  Yes, Airwallex has an iOS mobile app that can be downloaded from the App Store, and an Android app that can be downloaded from the Google Play Store.