Airwallex Review: A Comprehensive Look at the Global Fintech Platform for Businesses

Airwallex Review

In today’s interconnected world, businesses of all sizes are increasingly operating across borders, managing international payments, and navigating complex financial ecosystems. Traditional banking systems often fall short, with high fees, slow transfers, and clunky interfaces. Enter Airwallex, a fintech platform designed to streamline global financial operations for businesses. Founded in 2015 in Melbourne, Australia, Airwallex has quickly grown into a trusted solution for companies seeking efficient cross-border payments, multi-currency accounts, and integrated financial tools. But is it the right choice for your business? In this in-depth Airwallex review, we’ll explore its features, pros, cons, pricing, user feedback, and alternatives to help you decide.

What is Airwallex?

Airwallex is a financial technology company, not a traditional bank, that provides a platform for businesses to manage international payments, multi-currency accounts, expense tracking, and more. Regulated in multiple jurisdictions, including Australia (ASIC), the UK (FCA), the US, and Singapore, it operates in over 50 countries and supports payments in more than 180 countries. The platform is tailored for businesses, from startups and SMEs to large enterprises, particularly those in e-commerce, SaaS, or industries requiring frequent cross-border transactions.

Airwallex’s mission is to simplify global finance by offering tools like local currency accounts, low-cost international transfers, virtual and physical Visa debit cards, payment links, and integrations with popular business software like Xero, Shopify, and QuickBooks. With a focus on transparency, low fees, and a user-friendly interface, it aims to compete with traditional banks and other fintech platforms like Wise, Revolut, and WorldFirst.

Key Features of Airwallex

Airwallex offers a robust suite of tools designed to address the financial needs of global businesses. Below, we break down its core features to give you a clear picture of what the platform provides.

1. Multi-Currency Accounts

One of Airwallex’s standout features is its ability to open local currency accounts in over 20 currencies, including USD, EUR, GBP, AUD, and CNY. These accounts allow businesses to collect, hold, and send payments as if they were local, avoiding costly currency conversions. For example, an Australian e-commerce business can receive USD payments from US customers without incurring high FX fees from a traditional bank. This feature is particularly valuable for businesses with international clients, suppliers, or employees.

2. International Transfers

Airwallex supports payments to over 150 countries, with transfers often completed within 1-2 business days. The platform uses local payment networks where possible to reduce costs and speed up transactions. Foreign exchange (FX) markups range from 0.3% to 1% above the interbank rate, significantly lower than the 3%-5% charged by many traditional banks. Businesses can also lock in exchange rates for future payments, providing predictability for budgeting.

3. Borderless Visa Cards

Airwallex provides virtual and physical Visa debit cards, known as Borderless Cards, for team and employee expenses. These cards support payments in 10 major currencies without foreign transaction fees, making them ideal for businesses with distributed teams or frequent international spending. Virtual cards can be created instantly for online purchases, while physical cards are available for in-person transactions. Cardholders can set spending limits and track expenses in real-time via the Airwallex app.

4. Payment Links and E-commerce Solutions

For businesses that need to accept payments online, Airwallex offers payment links, plugins, and APIs. Payment links allow businesses to request payments from clients via email or messaging apps, with no coding required. For e-commerce businesses, Airwallex integrates with platforms like Shopify, WooCommerce, and Amazon, enabling seamless payment processing. The platform supports multiple payment methods, including Visa, Mastercard, and local options like Alipay and WeChat Pay.

5. Expense Management

Airwallex’s expense management tools help businesses track and control spending. Managers can issue cards to employees, set spending limits, and categorize transactions for accounting purposes. The platform syncs with accounting software like Xero and QuickBooks, reducing manual data entry and streamlining financial reporting. Real-time expense tracking ensures businesses stay on top of cash flow.

6. APIs and Embedded Finance

For tech-savvy businesses or platforms, Airwallex offers APIs to integrate payment processing, multi-currency wallets, and financial services into their own systems. This is particularly useful for marketplaces, SaaS platforms, or businesses building custom financial products. The embedded finance solutions allow companies to offer branded payment experiences to their customers.

7. Security and Compliance

Airwallex is regulated by financial authorities in multiple countries and is SOC 2 Type II compliant, ensuring robust data security. The platform uses advanced encryption, two-factor authentication (2FA), and fraud detection systems to protect user funds. In the US, funds are held with Evolve Bank & Trust, providing FDIC insurance up to $250,000 per depositor. However, as Airwallex is not a bank, deposits in other regions may not have equivalent guarantees.

Pros of Airwallex

Airwallex has earned praise from many users for its cost-effective and efficient solutions. Here are the key advantages:

• Low Fees: No account opening, monthly, or maintenance fees. FX markups (0.3%-1%) are competitive compared to traditional banks.
• User-Friendly Interface: The web and mobile apps are intuitive, with a clean design that simplifies financial management. Users frequently praise the ease of navigation.
• Global Reach: Supports businesses in 50+ countries, with local account details in 60+ countries and payments in 180+ countries, making it ideal for global operations.
• Fast Onboarding: Account setup is fully digital and typically takes 1-3 days, compared to weeks for some traditional banks.
• Integration Capabilities: Seamless connections with Xero, QuickBooks, Shopify, and other platforms streamline accounting and e-commerce workflows.
• Positive User Feedback: On Trustpilot, 75% of over 450 reviews give Airwallex 5 stars, highlighting reliability, quick issue resolution, and excellent customer service for many users.
• Scalability: Suitable for businesses of all sizes, from startups to enterprises, with customizable APIs for advanced needs.

Cons of Airwallex

Despite its strengths, Airwallex has some limitations that may affect certain users. Here are the main drawbacks:

• Not a Traditional Bank: Airwallex doesn’t offer interest-bearing accounts, loans, or overdraft protection. Deposits outside the US lack the same protections as bank accounts.
• Customer Support Challenges: Some users report slow or unresponsive support, with no phone support available. Responses via email or chatbots can take days, frustrating businesses with urgent needs.
• Account Freezing Issues: A recurring complaint is accounts being locked or funds frozen without clear explanations, causing delays and disruptions.
• Opaque Onboarding Rejections: Some businesses are rejected during the application process with little transparency, leading to perceptions of arbitrary or discriminatory practices.
• Mobile App Limitations: The app lacks notifications for payment statuses (e.g., successful or failed transfers) and doesn’t support older Android versions, limiting accessibility.
• Business-Only Focus: Airwallex is designed for businesses, not individuals, so freelancers or sole proprietors needing personal banking may need to look elsewhere.
• Learning Curve for Advanced Features: While the interface is user-friendly, APIs and embedded finance tools may require technical expertise to implement effectively.

User Feedback and Sentiment

To gauge Airwallex’s real-world performance, we analyzed user reviews from multiple platforms and posts on X:

• Trustpilot (3.7/5 from 1,749 reviews): 75% of reviews are 5-star, with users praising the platform’s ease of use, low fees, and quick resolution of issues like compromised cards. However, negative reviews (20% 1-star) cite poor customer support, frozen funds, and onboarding rejections. For example, one user described a seamless experience with international transfers, while another complained about a week-long account freeze without communication.
• Capterra (4.4/5): Users highlight the platform’s intuitive design and virtual card functionality but note that customer support needs improvement, especially for urgent queries.
• ProductReview.com.au (3.6/5 from 94 reviews): Australian users appreciate the platform’s simplicity but express concerns about security and delays in resolving account issues.
• X Post: A user on X praised Airwallex for its stability, affordability, and features like forex management and Borderless Cards, calling it a “practical choice for most businesses.”

Overall, user sentiment is generally positive, particularly for businesses that value low fees and global payment capabilities. However, support issues and account freezes are significant pain points that Airwallex needs to address to maintain trust.

Pricing Structure

Airwallex’s pricing is one of its strongest selling points, with no hidden fees and transparent costs. Here’s a breakdown:

• Account Fees: Free to open and maintain, with no monthly or setup fees.
• FX Markup: 0.3%-1% above the interbank rate, depending on the currency pair. This is significantly lower than traditional banks.
• International Transfers: Local transfers are often free or low-cost, while SWIFT payments range from $10-$30 AUD, depending on partner bank fees.
• Borderless Cards: No foreign transaction fees in 10 supported currencies. Transactions in unsupported currencies incur FX and transfer fees.
• Payment Links: No setup fees, only transaction fees based on payment method (e.g., 2.9% + $0.30 for Visa/Mastercard, varying by region).
• API Usage: Free for standard integrations, though custom solutions may incur development costs.

Compared to competitors like Wise (0.4%-2% FX markup) or Revolut (0.5%-1.5% markup), Airwallex’s fees are competitive, especially for businesses with high transaction volumes.

Who is Airwallex Best For?

Airwallex is ideal for:

• E-commerce Businesses: Those selling on platforms like Shopify, Amazon, or WooCommerce benefit from payment links and integrations.
• SaaS Companies: Firms with global clients or contractors can leverage multi-currency accounts and low-cost transfers.
• SMEs and Startups: Businesses looking to scale internationally without high banking fees.
• Marketplaces and Platforms: Companies needing APIs to build custom payment solutions or embedded finance products.

It may not suit:

• Freelancers or Individuals: The business-only focus excludes personal banking needs.
• Businesses Needing Loans or Credit: Airwallex lacks traditional banking products like loans or overdrafts.
• Companies Requiring Robust Support: Those needing immediate, phone-based support may find Airwallex lacking.

Alternatives to Airwallex

To help you make an informed decision, here are some alternatives to Airwallex, with their strengths and weaknesses:

1. Wise Business

• Pros: Transparent fees (0.4%-2% FX markup), simple interface, fast transfers, supports personal accounts.
• Cons: Fewer business tools (no APIs or expense management), limited multi-currency account options.
• Best For: Freelancers, small businesses, or those prioritizing simplicity.

2. Revolut Business

• Pros: Wide range of apps and services, including crypto and budgeting tools, competitive FX rates for smaller transactions.
• Cons: Higher fees for complex needs, less focus on large-scale business solutions.
• Best For: Startups and SMEs needing a broad feature set.

3. WorldFirst

• Pros: No account fees, supports 100+ currencies, offers forward contracts for FX hedging.
• Cons: Less comprehensive business tools, slower onboarding for some regions.
• Best For: Businesses focused on large international transfers.

4. OFX

• Pros: Specializes in large transfers, offers limit orders and forward contracts, 24/7 support.
• Cons: Limited business management tools, higher minimum transfer amounts.
• Best For: Companies with high-value, infrequent transfers.

How Airwallex Compares to Traditional Banks

Traditional banks like HSBC, Citibank, or ANZ often charge higher fees (3%-5% FX markups) and have slower transfer times (3-5 days). They also require physical branch visits for account setup and offer limited digital tools. Airwallex’s advantages include:

• Lower costs for international payments.
• Faster, digital-first onboarding.
• Multi-currency accounts without forced conversions.
• Modern integrations with business software.

However, banks offer loans, credit facilities, and deposit guarantees that Airwallex cannot match. Businesses needing these services may prefer a hybrid approach, using Airwallex for payments and a bank for lending.

Getting Started with Airwallex

To open an Airwallex account:

1. Sign Up: Visit the Airwallex website and complete the online application, providing business details and identification.
2. Verification: Submit documents (e.g., business registration, ID for directors). Approval typically takes 1-3 days.
3. Setup: Create multi-currency accounts, issue Borderless Cards, and integrate with accounting or e-commerce platforms.
4. Test Transactions: Start with small transfers to ensure the platform meets your needs.

Tips:

• Review Airwallex’s terms for your country, as features and fees vary.
• Test customer support responsiveness before committing large sums.
• Use integrations to maximize efficiency (e.g., Xero for accounting).

Final Verdict

Airwallex is a powerful fintech platform for businesses with global ambitions, offering low-cost international transfers, multi-currency accounts, and seamless integrations. Its user-friendly interface, competitive fees (0.3%-1% FX markup), and support for 150+ countries make it a top choice for e-commerce, SaaS, and international businesses. The Borderless Cards and expense management tools add significant value for teams managing cross-border spending.

However, Airwallex isn’t perfect. Customer support issues, account freezing complaints, and a lack of transparency in onboarding rejections are notable drawbacks. Its business-only focus and absence of traditional banking services like loans or interest-bearing accounts may also limit its appeal for some users. For businesses needing robust support or personal banking, alternatives like Wise or Revolut may be better suited.

Overall, Airwallex is a strong contender for businesses looking to streamline global payments and financial operations. To mitigate risks, start with small transactions and ensure it aligns with your business needs before fully committing. If you’re a growing company with international clients or suppliers, Airwallex could be a game-changer, provided you’re prepared to navigate occasional support challenges.

FAQs

Is Airwallex safe to use?
Yes, Airwallex is regulated in multiple countries (e.g., ASIC in Australia, FCA in the UK) and is SOC 2 Type II compliant. Funds in the US are FDIC-insured up to $250,000 via Evolve Bank & Trust, but deposits elsewhere lack similar guarantees.

Can individuals use Airwallex?
No, Airwallex is designed for businesses only. Freelancers or individuals should consider alternatives like Wise or Payoneer.

How does Airwallex compare to Wise Business?
Airwallex offers more business tools (e.g., APIs, expense management), while Wise is simpler and supports personal accounts. Airwallex’s FX markups (0.3%-1%) are slightly lower than Wise’s (0.4%-2%).

What are Airwallex’s fees?
No account or maintenance fees. FX markups range from 0.3%-1%, SWIFT transfers cost $10-$30 AUD, and payment link fees depend on the payment method (e.g., 2.9% + $0.30 for Visa/Mastercard).