Airwallex Review (Updated in 2024) Is it Safe & Legit?

Last Updated on July, 2024

Ready to raise your financial experience with Airwallex?

I’ll cover how Airwallex simplifies cross-border transactions, offering multi-currency accounts, Cross-Border cards, and upgraded payment methods.

You can explore many advantages, including competitive rates and real-time features, making international finance efficient. Plus, Discover how Airwallex enhances financial flexibility for businesses like yours.

This guide is your key to understanding everything about Airwallex.

Ready? First, I’ll start with the Airwallex aspects.

Airwallex Review

Aspects

  • Global Accounts: Airwallex allows opening accounts in different countries without needing a physical presence. This feature allows you to manage more than 45 currencies in a single platform, simplifying global money management.
  • International Payments and Transactions: Airwallex supports payments and transfers in over 110 countries, often at lower costs than traditional banking methods. You can also schedule recurring payments for added convenience.
  • Payment Links: Simplify payments with Airwallex’s payment links, making sending secure links to customers easy. This helps prevent fraud and avoids conversion fees when dealing with multiple currencies.
  • Expense Management Platform: Enable your employees to upload expenses in real-time, with customizable spending limits per employee or department.
  • Budgeting Tools: Use real-time analytics and reporting tools for tracking spending and analyzing financial data.
  • Payment Methods: Airwallex facilitates money transactions to over 150 countries in 46 currencies through SWIFT payment and local payout methods. SWIFT payments support major G10 currencies, while local payouts are available in the beneficiary’s local currency.
  • Multi-Currency Cards: Airwallex offers virtual and physical multi-currency cards for online purchases, subscriptions, and employee expenses.

Services

a screenshot of the airwallex services

Borderless Cards:

  • Access to physical and virtual corporate cards linked directly to your Global Account.
  • Use your account balance for 24/7 in-store and online purchases.
  • Built-in controls facilitate effective management in expanses for your team.

Payment Gateway:

  • Enhance your payment processes with Airwallex’s strong payment gateway solutions, ensuring secure and efficient transactions.

APIs:

  • Tools enabling businesses to automate global financial operations.

Software Integrations: 

  • Smoothly connect with e-commerce platforms and accounting software.
  • Collect payments as soon as possible, save time with automatic reconciliation, and optimize management at expense.

Competitive FX rates & Transfers:

  • Send and receive money in 46+ currencies across 150+ countries at the interbank rate.
  • The batch payment feature simplifies cross-border transactions, enhancing money management efficiency.

About Airwallex

airwallex logo

Do you know? Airwallex, founded in Melbourne, Australia, in 2015, is a fully licensed fintech company that has expanded to 19 locations worldwide. 

Airwallex provides specialized financial services, including business accounts and financial cards.

  • Mission: Airwallex aims to simplify the complexities associated with international money transfers, exchange rates, and funds with streamlined financial solutions
  • Financial Support: With substantial support from Tencent, a prominent Chinese multinational conglomerate, Airwallex has secured over USD 900 million in funding from 23 investors across 12 rounds (as of November 2023).
  • Industry Recognition: Airwallex has been recognized for its contributions to the fintech sector, receiving the FinTech of the Year 2022 award at the Asia FinTech Awards.
  • Licensing and Regulation: Airwallex is licensed and regulated in multiple countries, including Australia, Canada, China, Hong Kong, Lithuania, Malaysia, New Zealand, Singapore, The Netherlands, the United Kingdom, and the United States.
  • Services: They empower businesses to establish and manage foreign currency accounts, facilitate global payments and currency conversions, and issue payment cards.

How Does Airwallex Work?

Airwallex simplifies global transactions for businesses. Users create an account to gain access to foreign currency features.

Airwallex offers physical and virtual corporate cards for purchases to send and receive funds internationally at competitive rates. Smooth integration with software simplifies payment processes.

The app provides a user-friendly interface for transaction and money management. Transparent exchange rates enhance efficiency. Airwallex offers an accessible and efficient solution for businesses managing global financial transactions.

Airwallex App

a screenshot of the airwallex app on google play store

The Airwallex app offers a user-friendly interface for efficient money management. With its minimalist design, the app ensures clarity and simplicity, allowing customers to manage smoothly through various features.

a screenshot of the airwallex app interface

The dashboard displays a clear overview of financial activities, while the left menu panel grants easy access to essential functionalities. The app serves diverse financial needs, from managing transactions and multi-currency cards to monitoring expenses.

Transparent exchange rates simplify foreign currency operations, making it a comprehensive solution.

BEST FOR INTERNATIONAL MONEY TRANSFER

Requirements to Open an Airwallex Account

Remember these points before you open an Airwallex account:

  • Age Requirement: You must be at least 18 (or the age of majority in your jurisdiction) to be eligible for an Airwallex account.
  • Location: Airwallex extends its services globally. However, service availability varies due to different financial regulations in each country. As of now, Airwallex is supported in the UK.
  • Type: Ensure your business does not fall under Airwallex’s list of prohibited businesses, which often includes high-risk industries like gambling or weapons manufacturing.
  • Status: Airwallex offers primarily to businesses, not individual use. Your business must be registered and have a physical address.
  • KYC Requirements: Completing a Know Your Customer (KYC) process is mandatory. This involves providing Identification and verification documentation for your business and its owners.

Opening an Account With Airwallex: Step-By-Step Guide

To open an account with Airwallex, follow these simple steps:

  • Visit Airwallex Website: Go to airwallex.com and click on the ‘Get Started’ button at the top right of the homepage.
  • Select Country and Business Type: Choose your country and specify your business status, indicating whether it’s a company or a sole trader.
  • Provide Details: Enter your personal information, including your name and business email, and choose a password.
  • Email Verification: Check your email. Airwallex will send a verification email to the address you provided. Verify your email to proceed.
  • Complete KYC (Know Your Customer): You may be asked for additional details. This could involve providing proof of address, identification documents such as a ID card or passport, and relevant business registration documents.
  • Set Up Your Account: This step includes configuring security measures like two-factor authentication, connecting your business bank account, and customizing your profile.

Once you’ve completed the setup process, you can use the Airwallex platform immediately.

Following these steps, you can quickly open an account with Airwallex.

Airwallex Fees Structure

a screenshot of the airwallex pricing page

Understanding Airwallex’s fees is simple, but it’s crucial to note that transaction fees can vary depending on entities and locations. For the most accurate and up-to-date information, visiting their pricing and fee schedule pages is recommended.

Here are some of the main charges you need to be aware of:

ServiceFee Structure
Global Account CreationNo charge
Multi-Currency WalletNo charge
Local TransfersNo charge
Direct Debit FundingNo charge
Company CardsNo charge
Expense Management PlatformNo charge
SoftwareNo charge
FX Conversion Rate (USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY)0.5%
FX Conversion Rate (Other Foreign Currencies)1.0%
SWIFT Transfer£10 to £20
Employee Cards£5 per card per employee (first 5 cards free)
UK Payments1.30% + £0.20
EEA Payments1.80% + £0.20
International Payments2.90% + £0.20
AMEX Payments2.40% + £0.20

So, Airwallex is a reliable, convenient, and user-friendly option for those involved in international payments.

Airwallex Customer Support

a screenshot of the airwallex customer support page

If you have a query and need assistance from Airwallex, you can contact them through three channels:

  • Fill out a Form: Visit their support page and fill out a form with your inquiry.
  • Chatbot: Use the chatbot feature for real-time assistance.
  • Phone: Call the Airwallex office in Canada, China, or the US to speak directly with a representative.

These channels provide various options to get in touch with Airwallex, ensuring you can choose the method that suits you best.

Is Airwallex Safe?

Ensuring a high level of security, Airwallex incorporates the following protective measures:

Advanced Security Features:

  • Using fingerprint or facial recognition, biometric Identification provides a highly secure login method.
  • 3D Secure adds high security for online transactions. Transaction approval is facilitated through a push notification within the app.
  • Virtual Cards offer additional safety for online payments. They allow a temporary virtual debit card to keep primary card details private and bank balances secure.

Identity Verification:

  • To prevent identity fraud, users must submit a government-issued identity document, like a passport or a UK driving license, during registration.

Passcode and Password Protection:

  • Airwallex enforces a per-device PIN code for app security. Biometric security features, including facial recognition and fingerprint, are available.
  • Personal passwords are necessary for tasks like issuing company and employee cards, authorizing global payments, and managing allowances.

Real-Time Card Controls:

  • Suspecting any fraudulent transaction? You can instantly freeze or cancel company or employee cards for added security.

Financial Services Compensation Scheme (FSCS):

  • Airwallex protects eligible deposits up to £85,000 through FSCS. This safeguard ensures that deposits are protected in case Airwallex goes into liquidation.

With these strong security measures, Airwallex aims to provide its users with a safe and secure platform.

Customer Reviews of Airwallex

Airwallex is the perfect place for those doing business online.
I can only recommend it to everyone, the account managers are truly ALWAYS there for you and always willing to help you find a solution! Thank you Airwallex and thank you to our account manager Anthony!
There is no 24 hours support. Not even weekend nor overnight support. All the issues are resolved by watching videos. Transfer process is a black box. OnBoarding experience is so so, but support is bad. Pricing is ok, that is only reason I am still here.
C.
Trustpilot User
I really appreciate the speed of transactions. I also like that they made me to trust them. It’s very easy to use WISE and I really enjoy also the use of prepaid cards and how easy is to create one. But mostly I appreciate their security in all transactions. Thank you very much WISE for your effort and please keep going the great job you do.

Airwallex shines for online businesses and is praised for dedicated account managers. However, some users express dissatisfaction with the absence of 24/7 customer support, particularly during weekends and overnight.

Despite mixed feedback on the onboarding process and support, many appreciate Airwallex’s system and overall pricing.

Airwallex Alternatives

When exploring options beyond Airwallex, it’s crucial to analyze various features.

Here’s a detailed view of critical aspects of alternative choices.

Key AspectsAirwallexStatrysRapydWise Business (Recommended)
Supported  multiple currencies for Local Payments49 currencies14 currenciesOver 50 currencies160+ currencies
Eligible Countries52 countriesHong Kong, Singapore, BVIHong Kong, UK80+ countries, including HK and UK
SWIFT PaymentsSupportedSupportedSupportedSupported
Real-Time SWIFT Payment TrackingInformation not providedSupportedSupportedSupported
Customer Service ChannelsForm, Phone, ChatbotLive chat, WhatsApp, WeChat, Website, Email, PhoneSupport portal, Hotline (UK, Ireland), FormChat, Email, Phone, FAQ, Help Center
CardsUnlimited for both physical and virtual cards1 physical card and up to 4 virtual cards per cardholderUnlimited for both physical and virtual cardsVirtual cards available; physical card in some regions
ATM WithdrawalNot supportedSupportedSupportedSupported in certain countries
Account Creation Time3 business days3 business daysUp to 30 daysFew minutes to a few days, depending on verification
Trustpilot ReviewsRated 3.3/5 (754 reviews)Rated 4.6/5 (238 reviews)Rated 2.4/5 (234 reviews)Rated 4.⅖ (212,304)
Monthly FeeNo chargeHKD 88 (with dedicated account manager)USD 99No monthly fee; transparent transfer fees
FX RateInterbank ratesInterbank ratesNot specifiedReal mid-market rate
FX FeeStarting from 0.2%As low as 0.1% (depending on exchange volume)1.00% or 3.00% (depending on integration and conversion method)Transparent low fees

This comprehensive overview provides a detailed analysis of distinctive features, aiding in a comprehensive evaluation of these alternatives based on specific business requirements.

Airwallex: Pros & Cons

Pros

Airwallex supports transactions in over 130 different currencies to manage global financial operations
Transparent upfront pricing with no unexpected transaction fees
Easily integrates with popular business tools like Xero, NetSuite, and Shopify
Conveniently open an account 100% online
Allows opening local accounts in 12 countries
Airwallex enables businesses to transfer in 40+ currencies to 150+ countries
Fees are competitive compared to traditional banks

Cons

Lacks the physical presence of traditional banks due to being an online platform
Not all services are available in every country, limiting access to features based on your business location
Physical cards do not work on ATMs, limiting cash withdrawal options
BEST FOR INTERNATIONAL MONEY TRANSFER

Other online bank reviews:

Conclusion

Now you know what Airwallex has in store; while it provides great features and services such as global financial management, including multi-currency accounts, payment gateways, and expense management platforms, Wise stands out for its competitive fees and transparency. 

Moreover, Wise Business offers convenient features like virtual cards, real-time payment tracking, and a variety of customer service channels for assistance. Their Trustpilot reviews reflect high customer satisfaction, making them a reliable choice for businesses of all sizes.

FAQs

No, Airwallex does not provide credit cards. Instead, it offers both physical and virtual cross-border cards that are connected to your Global Account. These cards allow for convenient in-store and online transactions using your account balance.

Yes, Airwallex is suitable for small businesses. Its diverse services, such as foreign currency accounts, payment cards, and efficient international transactions, cater to the needs of small businesses.

The duration of an Airwallex transfer can vary depending on several factors, including the currencies involved, countries, and the transfer method. While some transfers may be completed instantly, others may take several business days to process.

No, you cannot withdraw money from Airwallex directly. However, you can use your Cross-Border cards linked to your Global Account for in-store and online purchases.

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Author
Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.

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