Airwallex Review: Features, Fees & Use Cases

If you operate a business, you know how challenging it can be to find the right banking and payments platform. While many companies opt for traditional banks, there has been a recent increase in the popularity of online payment platforms as alternatives to conventional banks. 

These platforms are often cheaper, less complicated, and quicker. But with so many options out there, which one is right for your business? 

In this article, we examine Airwallex, including reviews, features, competitors, pros, cons, and more, to help you make an informed decision about streamlining your global payments.

Airwallex is a global financial platform, initially established in Australia in 2015. Now backed by Tencent, a Chinese tech giant, it has moved its base to Singapore. Airwallex has also expanded to major markets in the United States, Singapore, and Hong Kong. While it has often been referred to as a digital bank or "neobank," it is more accurately defined as a payment company. 

Since beginning its operations, Airwallex has expanded its range of financial products and services. These are primarily catered to small and medium-sized enterprises (SMEs), as well as larger companies. So whether you're a solo trader, a smaller startup, or even a large MNC, Airwallex could work for you. 

The payment institution is ASIC-licensed and partners with local payment rails in different economic territories and nations. Some of their offerings include cross-border payment solutions, virtual business accounts, business cards, and APIs. 

Their total funding has exceeded USD 1.2 billion, and the company has attracted numerous investors, including Visa Ventures, Salesforce Ventures, and various Australian pension funds. 

Airwallex's key features include its foreign exchange services, business cards, digital payments, and security measures. Let's take a closer look below:

1. Multi-currency accounts

Airwallex offers businesses multi-currency accounts. This means you can receive, send, and hold money in more than 20 different currencies. It also provides local account details (such as routing numbers or IBANs) for the EU, Australia, the UK, and the US. This means your clientele in these regions can send you money as if you had a local account there. 

2. International payments

One of Airwallex's key offerings is the ability to send payments using local networks in over 200 countries and across more than 90 currencies. Since the platform connects to local clearing systems, payouts are generally faster than those made through other networks, such as SWIFT payments. 

3. Currency conversion

Foreign exchange rates are one of the biggest hurdles when operating a global business. Unlike traditional banks or platforms like PayPal, Airwallex charges a fee of 0.5% to 1.0%, depending on the currency. If you want to avoid an FX markup, consider Xflow (an alternative provider), which charges a 0% FX markup fee on transactions.

4. Digital / online payment 

With Airwallex, your business can also accept online payments through cards (anywhere where Visa payment networks are accepted) or via payment links. Airwallex also integrates with e-commerce platforms like Shopify and supports Xero, Amazon, QuickBooks, and other accounting systems. 

Airwallex can be used by businesses of any size, enabling customers to receive money securely in multiple currencies. It supports multiple payment methods and integration features, allowing you to connect various payment platforms to your business website, app, or store. 

To open a global account on Airwallex, visit their website and follow the steps listed. In most instances, this would involve:

• Signing in and starting an application from the dashboard 
• Submitting the required documents listed on the website
• Waiting for your application to be approved 

Once your account has been set up, you can create payment links to send to foreign clients or manage subscriptions for your services/products. 

There are several advantages to using Airwallex, including enhanced safety, security, and reliability. Let's take a closer look below:

1. Secure 

As a regulated financial institution, Airwallex holds financial licenses in the jurisdictions where it operates. These include Singapore, the US, the UK, Australia, Hong Kong, and Canada, among others. This licensing comes with rigid security standards, ensuring customer data and funds are protected. 

2. Convenient

Another benefit of Airwallex is the streamlined and convenient account-opening process. The onboarding process is done digitally and can be completed within a couple of days, making it easily accessible for business owners and financial departments. Additionally, because Airwallex's operations are entirely online, users never need to visit a physical branch or office; financial transactions can be handled remotely. 

3. Upfront pricing structure and lower fees 

Airwallex has lower foreign exchange conversion markups compared to traditional banks. It charges markups from 0.5% to 1.5% for transactions, depending on the currency being converted. Its pricing structure and subscription models are also clearly displayed on its website. 

However, if your business is looking for a financial payments receipt platform with 0% FX markup fees, Xflow is the way to go! 

According to Airwallex's website, the company offers three pricing plans. These include the following:

1. Explore: $0/$29 per month 

This plan is designed for small to medium-sized businesses. After setting up your account, there is a $0 fee if you deposit $5,000 monthly or maintain a minimum balance of at least $10,000. This plan also offers multiple accounts per entity, accounts with local banking details in over 20 countries, online card and local payment method acceptance, up to 10 free business debit cards, and more. 

2. Grow: $99 per month 

This plan is designed for businesses that want to manage their company and employee expenses. It includes everything in the Explore subscription package, along with international batch transfers and up to 50 free company cards. It also includes expense management for reimbursements and cards, batched bill payments, and more. 

3. Accelerate: $999 per month 

This model is designed for larger businesses seeking to tailor their workflows. It includes all the features in the Grow plan, along with centralized financial management across international entities, purchase order requests, syncing of bank feeds, expenses, bills, onboarding support, and a dedicated account manager, among other features.

For businesses operating globally, selecting the right payment platform is a crucial aspect of ensuring their cash flow, payment settlements, and access to funds are quick and streamlined. Compliance, security, and cost-efficiency are also essential factors. Below, we break down some of Airwallex's competitors so that you can choose the one best suited for your business:

1. Xflow

Xflow is one of the top B2B payment platforms, designed for businesses operating globally. Here are some of its top features:

• Transparent pricing: Xflow offers customers a transparent pricing model, guaranteeing no hidden fees. This means your business gets enterprise-grade pricing tied directly to mid-market rates.  

• Faster settlements: Cash flow is a significant part of everyday business operations, and Xflow ensures you have access to your funds as soon as possible. Xflow settles payments within one business day and lets you track them throughout the journey. 

• Backed by the world's largest banks, Xflow's transactions are powered by JPMorgan Chase, one of the world's largest banks. This ensures your funds are safe and secure at all times. Additionally, Xflow is ISO 27001 and SOC 2 certified. 

• One-click eFIRA: Xflow lets customers generate a one-click eFIRE/FIRC within 24 hours of all international transactions. 

• Lower transaction fees: Unlike Airwallex and traditional banks, Xflow only charges a flat 1% fee, or a minimum of $8, on all transactions. It also features 0% FX markup on mid-market rates, enabling up to 50% cost savings for your company.    

• Process large transactions with ease: Xflow enables your business to receive payments of over $10,000 on a single invoice while remaining compliant with the relevant regulations. This reduces manual effort and human error, helping to accelerate payment deadlines.

• Locked forex rates: Foreign exchange is always a tricky endeavour due to the market's volatility. To protect your business's cash flow, Xflow allows your company to lock today's FX rates for up to 45 days at no additional charge. 

• Leverage local payment networks: Xflow makes international payments, especially from the US to India, easier and streamlined. It leverages local payment networks, including FedWire and the Automated Clearing House (ACH). FedWire facilitates real-time gross settlements for instant bank transfers, while ACH enables same-day or next-day payments. This allows your customers to make payments using local methods. 

2. Hyperwallet

Powered by PayPal, Hyperwallet is an online payment provider. It specialises in global payouts and is targeted towards small, medium, and large businesses. Here are some of its features:

• Allows enterprises to send payouts to employees internationally
• Allows your company to send payouts to 115 currencies
• Supports 150 currencies
• Has a batch payments tool, allowing for up to 5,000 payouts in one batch 
• Has local payout options in more than 200 countries

However, Hyperwallet charges $3 a month to store money in your account. Different types of transfer will also incur additional charges. 

3. Venmo 

Venmo is a business banking platform built for companies of all sizes. You can create a profile and QR code for free to facilitate payments. However, it is primarily designed for retail businesses, making customer checkouts faster and more efficient. 

However, there are high seller fees associated with this. For example, all charges will incur a charge of $0.10, plus a 1.9% seller fee. 

4. Wise 

Wise is a Money Services Business designed for companies operating globally. It enables your business to manage funds in over 40 currencies. Here are some of its features:

• Batch transfers are possible with your account 
• For better control, there are multi-level alerts and permissions 
• Allows you to link accounts with accounting systems like NetSuite

However, while registering for a Wise account is free, sending money incurs a charge of 1.16%. 

5. Skrill 

Skrill is another financial platform that companies can use for international payments. It offers the following features:

• Allows you to schedule payments for repeat transactions.
• For e-commerce vendors, the platform features a shopping cart, enabling customers to select from over 100 local payment options.

While opening an account is free, a fee applies to inactive accounts. Additionally, Skrill charges a fee on all transactions, which differs based on the payment method. 

Airwallex business reviews are visible on websites like Glassdoor and Trustpilot, where the company has a 3.7-star rating. Customer reviews are mixed, with many businesses appreciating their services, as well as those unhappy with their experience. Below are a few real customer reviews of Airwallex:

• "I just start loving Airwallex they provide best payment solutions for charging client card to hold money in their wallets. I tried Stripe but the experience was worst but Airwallex is far more better than Stripe."

• "Using Airwallex is very easy. They have integration with Xero as well to make the billing cycle more comfortable. The coverage of the multiple currencies to send the money across our vendors globally is a plus. Our account manager - Wan Ling is also a very helpful to all of our inquiries and questions along the way. It could be 5 stars if they could develop the ability to upload more than 1 supporting documents, so we can have Xero documents fully exported from Airwallex. Keep the good work!"

• "Business Denied no explanation. I run a completely legit, registered business eBay store in the UK. For some reason though, AirWallex denied my application."

While Airwallex has several compelling features, it also has certain limitations. These include:

1. Exclusive to businesses 

Airwallex is only available for businesses, which means individuals cannot open personal accounts on the platform. This may be a hurdle for sole proprietors or freelancers seeking payment platforms that cater to international customers. 

2. Limited banking features

Since Airwallex is a payment company, not a traditional bank, it lacks specific offerings, such as letters of credit. Businesses requiring these particular features will need to search for other financial service providers. 

3. Transaction limits

Airwallex imposes transaction limits on companies based on their risk profile. Businesses need to clarify these limits while setting up their accounts, to be aware of any limitations early on. 

Airwallex is suited for companies of all sizes. However, it is ideal for those working with international payments, collecting multiple currencies, or conducting many cross-border transactions. 

The following types of companies can benefit from Airwallex's multi-currency accounts, expense management tools, and integration with platforms like Xero and Shopify:

• International businesses
• E-commerce platforms
• Businesses with high transaction volumes
• Growing companies and marketplaces
• Companies seeking streamlined financial operations

If you're looking for a payment platform that will truly streamline your payments and improve your efficiency, Xflow is the way to go. Our platform features a well-defined infrastructure for international business payments, offering single-day payment settlements, transparent pricing, and seamless transactions. 

Compared to other financial service providers, such as Airwallex, Xflow does not impose transaction limits on individual invoices. We have a 0% FX margin and offer transfer pricing for funded startups. We also ensure you get an e-FIRA within 24 hours of every withdrawal. Here's what we bring to the table:

Affordability

Xflow offers flat fees and no hidden costs, ensuring your business won't incur any unexpected charges. Our pricing starts at a flat 1% or a minimum of $8 for monthly volumes of up to USD 10k. For volumes exceeding USD 10k, we offer custom pricing plans tailored to your specific needs.

Cashback on processed funds

Xflow allows you to process over USD 10,000 monthly through your account and provides cashback on funds (subject to our terms and conditions). 

No limits on transaction size

Unlike Airwallex, Xflow does not impose transaction limits on your account. This allows you to manage payments of any size smoothly. 

The world of B2B cross-border payments can be tricky. Luckily, Xflow has been designed to simplify the process for you. We bring efficiency, innovation, and transparency. Are you ready to step into the future of cross-border payments? Sign up with Xflow today!