FREE multi-currency business account
- Send to 130+ countries
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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.
Airwallex allows businesses to open multiple foreign currency accounts and collect, hold, receive and send money in 11 currencies. These are:
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:
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:
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.
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.
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.
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