Airwallex Review: Global Accounts, Business Cards & Payment Solutions

What Is Airwallex?

Airwallex started in 2015 in Melbourne from a simple cup of coffee. While running their café, CEO Jack Zhang and his fellow entrepreneurs faced a common business problem. They paid steep fees – 4.5% – on a US$10,000 purchase from China, plus endured slow transfer times. This experience sparked their vision to transform international business payments.

Today, Airwallex serves over 100,000 businesses worldwide. The company focuses on one clear goal: building financial infrastructure that lets businesses work globally without barriers. They offer essential tools for modern commerce, from multi-currency accounts to efficient payment systems.

Airwallex provides five key financial tools:

• Global Accounts: Set up local bank accounts worldwide to accept and send payments in multiple currencies. The network spans 180+ countries for accepting payments and 150+ for transfers.
• Business Cards: Manage company spending with multi-currency cards for employees, complete with expense tracking tools.
• Online Payments: Process payments globally through 160+ payment methods and checkout solutions, supporting all major currencies and local payment options.
• Currency Exchange: Convert money between 1,000+ currency pairs at competitive rates, with the option to lock rates for up to three days.
• International Transfers: Send money to 150+ countries in 60+ currencies with streamlined processing and tracking.

Who Is the CEO of Airwallex?

Jack Zhang, Airwallex’s CEO and co-founder, brings a unique perspective to financial technology through his personal experience as a business owner. His journey from running a Melbourne café to identifying systemic problems in international payments demonstrates the practical foundation of Airwallex’s solutions.

Under Zhang’s leadership, the company has maintained its focus on solving real business problems. The initial challenge of expensive international payments for coffee shop supplies evolved into a comprehensive platform serving over 100,000 businesses globally. This growth reflects Zhang’s vision of creating financial infrastructure that transcends borders.

Is Airwallex a Bank?

Airwallex is not a bank – it operates as a regulated financial technology provider. While offering services that may appear similar to traditional banking, Airwallex functions distinctly as a financial infrastructure platform. The company holds licenses and regulations from multiple financial authorities, including the FCA in the UK.

This distinction is crucial: Instead of traditional banking services, Airwallex provides global accounts with local bank details. The platform focuses on specialized financial technology solutions designed for international business operations and payments.

The platform’s regulatory framework enables it to offer financial services while maintaining clear separation from traditional banking institutions. This specialized focus allows Airwallex to solve specific challenges in international business operations and payments more efficiently than conventional banking systems.

Airwallex Business Account Requirements and Eligibility

Airwallex maintains specific criteria for account opening and business eligibility. This section outlines the key requirements and restrictions for businesses interested in using the platform.

Account Types and Eligibility

Airwallex focuses exclusively on business accounts. The platform does not offer personal accounts or services for individual consumers. All accounts must be used for business transactions involving the sale of goods or services.

Supported Business Types

Airwallex serves a wide range of business types while maintaining certain industry restrictions due to regulatory requirements and risk management. The platform primarily supports businesses in e-commerce, retail, import/export, technology, professional services, manufacturing, and digital services.

However, due to regulatory requirements and risk management policies, Airwallex cannot support several industries. These include investment firms, arms dealers, gambling companies, pharmaceutical companies, charitable organizations, and money services businesses.

Geographic Coverage

Airwallex operates through regional entities serving specific markets. The platform maintains a strong presence in three main regions:

Asia Pacific – Operating through entities in Hong Kong SAR, Singapore, and Australia Europe – Serving customers through the UK, Netherlands, and Lithuania North America – Supporting businesses in the US and Canada

Business Registration Requirements

Companies must register in supported jurisdictions to access Airwallex services. The specific requirements vary by region, with each Airwallex entity serving designated territories. Businesses need to verify their registration status in their operating region before proceeding with account setup.

Regional Restrictions and Documentation

Airwallex currently does not support businesses with UBO/directors based in Russia or Belarus, though exceptions exist for citizens with valid residence permits in non-restricted countries. The platform maintains strict compliance with international sanctions and regulations.

To open an account, businesses must provide:

• Business registration documents
• Proof of business address
• Director identification
• Bank statements from existing accounts

Why Choose Airwallex for Your Business?

Global business operations bring unique challenges in managing costs, speed, and complexity. Airwallex addresses these challenges through its cloud-based platform, offering solutions that simplify international business operations.

The platform enables businesses to open accounts with local bank details in multiple currencies worldwide, eliminating costly conversion fees. High-speed international transfers process at interbank rates, while the payment acceptance system allows businesses to receive funds from customers globally through various payment methods.

Corporate card management features enable instant issuing of multi-currency cards with real-time control through a single dashboard. The expense management system consolidates all transactions and reimbursements, providing complete visibility over company spending. For additional functionality, Airwallex integrates with essential business software including major accounting and e-commerce platforms.

Businesses requiring customized solutions can access direct integration through the Core API, while platforms and marketplaces can offer financial products through Airwallex’s embedded finance solutions. The service provides global coverage with enterprise-grade security and professional support throughout the onboarding process.

With these benefits in mind, let’s examine how Airwallex’s specific products and services deliver these advantages.

Airwallex Main Products and Services

Airwallex has developed a comprehensive suite of financial solutions that work together to solve complex international business challenges. At its core, the platform integrates four main services that create a seamless financial ecosystem for global operations. These services evolved from real business needs, starting with the founders’ own experience of expensive international payments for their Melbourne café.

The company’s approach to product development focuses on removing traditional banking friction points while providing businesses with tools they need for international growth. Each service connects seamlessly with the others, creating an integrated platform that handles everything from initial payment receipt to final expense reconciliation.

1. Global Accounts

Global Accounts serve as the foundation of Airwallex’s service offering. This solution enables businesses to operate like local entities in multiple markets without the traditional hassle of setting up foreign bank accounts. The service eliminates the common pain points of international banking while providing businesses with essential tools for global operations.

Key Features:

• Access to 60+ local accounts worldwide
• Accept payments from 180+ countries
• Transfer capabilities to 150+ regions
• Zero monthly fees for account maintenance
• Local bank details for major global markets
• Real-time transaction monitoring
• Direct debit capabilities in USD, AUD, GBP, and CAD

2. Online Payments

The Online Payments system represents Airwallex’s answer to the complexities of international e-commerce. This service streamlines the payment acceptance process for businesses operating across multiple markets, supporting various payment methods and currencies. The system integrates directly with major e-commerce platforms, creating a seamless connection between sales and financial operations.

Key Capabilities:

• Integration with 160+ international payment methods
• Multi-currency payment acceptance
• Connections to major e-commerce platforms: Shopify, WooCommerce, Magento, Amazon and eBay
• Real-time payment tracking
• Automated reconciliation features

3. FX Services

Foreign Exchange services at Airwallex address the traditional challenges of international money transfer and currency conversion. The platform provides competitive rates and fast processing times, with 85% of transfers completing within the same day. This service particularly benefits businesses dealing with suppliers, employees, or customers in multiple currencies.

Service Highlights:

• Access to 1,000+ currency pairs
• Competitive foreign exchange rates
• Rate lock-in for up to 72 hours
• Batch transfer capabilities
• Real-time currency conversion
• No hidden markup fees
• High-speed transfer processing

4. Cards and Expense Management

The Cards and Expense Management system brings modern technology to business spending and expense tracking. This comprehensive solution combines physical and virtual cards with automated expense management tools, creating a streamlined approach to business spending. The system reduces manual processing while increasing visibility and control over company expenses.

Key Benefits:

• Virtual and physical card options
• Zero international transaction fees
• Digital wallet integration: Apple Pay & Google Pay
• Automated receipt capture
• Real-time expense tracking
• Customizable spending limits
• Multi-layer approval workflows
• Expense categorization and reporting

Through these four core services, Airwallex provides businesses with the tools needed to operate effectively in the global marketplace. The integration between services creates efficiency gains and cost savings that would be difficult to achieve with traditional banking solutions or disconnected services.

Airwallex Card: Benefits and Usage

Airwallex’s card solution revolutionizes how businesses manage their spending across borders. The platform offers two distinct card types – Company Cards and Employee Cards – each designed to address specific business needs while eliminating common pain points of international transactions.

Company Cards function as the central tool for managing business-wide expenses, particularly suited for organizational purchases such as software subscriptions, marketing expenses, and supplier payments. These virtual cards provide administrators with comprehensive control and visibility over company spending, enabling real-time tracking and management of all transactions.

Employee Cards serve a different but equally important purpose, designed for individual staff members who need to make business purchases. These cards come in both physical and virtual formats, offering flexibility for various spending scenarios. The system’s design carefully balances convenience with control, allowing employees to make necessary purchases while maintaining organizational oversight.

Key Features of Company Cards:

• Virtual card format for online transactions
• Centralized expense management
• Custom spending limits and controls
• Integration with accounting software
• Real-time transaction monitoring
• Multi-currency support

Employee Card Benefits:

• Physical and virtual card options
• Digital wallet integration (Apple Pay, Google Pay)
• Individual spending limits
• Automated expense categorization
• Receipt capture and storage
• Personal transaction privacy

Shared Benefits Across Both Card Types:

• Zero international transaction fees
• Competitive FX rates
• Multi-currency support in 60+ currencies
• Real-time expense tracking
• Custom approval workflows
• Instant card creation and management

Airwallex Checkout and Payment Links: Simplifying Online Transactions

Airwallex has developed sophisticated checkout and payment solutions designed to enhance online business transactions while reducing costs and complexity. The platform’s checkout solution combines advanced features with a low-code implementation approach, making it accessible for businesses of all technical capabilities. This system focuses on increasing conversion rates through localized experiences and multiple payment options.

The platform’s approach to online payments prioritizes both merchant and customer needs. Through intelligent features like automatic currency conversion and localized payment methods, businesses can serve customers across 180+ countries efficiently. The system’s fraud prevention capabilities and security measures ensure transactions remain secure while maintaining high acceptance rates.

Key Features of Checkout Solution:

• Multiple payment method support
• Local currency conversion
• Built-in fraud prevention
• Customizable checkout experience
• Smart 3D Secure optimization

Payment Models and Flexibility

The platform supports various payment models to accommodate different business needs:

• One-time purchase processing
• Recurring payment management
• Subscription handling with trial periods
• Marketplace payment distribution

Payment Links

Airwallex’s Payment Links offer a code-free solution for businesses to accept payments online. This feature enables merchants to:

• Create customized payment links quickly
• Share via multiple channels (email, social media)
• Track payments in real-time
• Integrate with accounting software

The combination of robust security measures, including PCI DSS compliance and AI-powered fraud detection, with user-friendly features makes these solutions particularly valuable for businesses expanding their online presence or operating across borders.

Is Airwallex Safe?

Security and regulatory compliance form the foundation of Airwallex’s operations. The platform implements comprehensive protection measures while maintaining strict adherence to global financial regulations.

Security Infrastructure

Airwallex employs multiple layers of security to protect user data and transactions. The system uses end-to-end encryption for all data transfers, supported by bank-level security protocols. Multi-factor authentication provides additional security for all critical operations.

Business accounts benefit from customizable approval workflows based on specific transfer amounts. The platform enables granular control through individual permissions for employees and third parties, including view-only access options. Each transfer requires multi-factor authentication verification, ensuring secure financial operations.

Global Regulatory Compliance

Airwallex maintains licenses and registrations across major financial jurisdictions worldwide.

European Operations

In the United Kingdom, Airwallex (UK) Ltd operates under Financial Conduct Authority (FCA) authorization as an electronic money institution (license number 900876). The platform’s European operations run through Airwallex (Netherlands) B.V., licensed by the Dutch Central Bank for EEA-wide services.

Asia-Pacific Presence

The platform holds multiple regional licenses:

• Hong Kong: Licensed as a Money Service Operator and Stored Value Facility provider
• Singapore: Operates as a Major Payment Institution under MAS regulation
• Australia: Maintains Australian Financial Services Licences with ASIC oversight

North American Services

In the United States, Airwallex operates as a registered Money Service Business with the Financial Crimes Enforcement Network.

Fund Security

Customer funds receive protection through various safeguarding measures:

• Segregated client money accounts
• Regular regulatory audits
• Compliance with local financial regulations
• Continuous monitoring systems

This comprehensive security framework, combined with global regulatory compliance, establishes Airwallex as a secure platform for international business financial operations.

Airwallex Pricing Plans

Airwallex structures its pricing to accommodate businesses at different stages of growth and with varying international needs. The platform’s tiered approach ensures that companies can access appropriate features and support levels while maintaining cost efficiency. Each tier builds upon the previous one, adding capabilities and services designed to support increasingly complex business operations.

The pricing structure reflects Airwallex’s understanding that businesses need flexibility as they scale. Rather than forcing organizations into rigid plans, the system allows for natural progression through different tiers as needs evolve. This approach particularly benefits growing businesses that need to expand their financial capabilities gradually.

Plan Overview

Explore Plan (£0 or £19/month)

This entry-level plan serves as an ideal starting point for small businesses beginning their international operations. The plan becomes free with qualifying activity of £10,000 monthly deposits or minimum balance maintenance.

Core Features:

• Multiple accounts per entity
• Local bank details in 20+ currencies
• Free local transfers to 120+ countries
• 5 free employee card users
• Up to 10 free company cards
• Basic API access
• Bank feed syncing with Xero

Grow Plan (£49/month)

This tier introduces advanced features for scaling businesses that require more sophisticated expense management and payment capabilities. It includes everything in Explore, plus:

• 5 free spend users monthly
• Up to 50 free company cards
• Comprehensive expense management
• Automated receipt extraction
• Custom approval workflows
• Advanced integrations
• Domestic and international bill pay

Accelerate Plan (£999/month)

Designed for larger enterprises, this tier provides comprehensive solutions including:

• Centralized finance management
• Single sign-on capabilities
• Advanced integration options
• Dedicated account manager
• Custom workflow creation
• Priority support services
• Advanced security features

Custom Plan

For organizations with specific needs or high transaction volumes, Airwallex offers tailored solutions with custom pricing based on individual requirements, including:

• Volume-based pricing
• API customization
• Embedded finance solutions
• Specialized integration needs
• Custom support packages

Monthly prices are in GBP and VAT exclusive. Terms & Conditions, additional Fees & Charges may apply. Check Airwallex website for details.

Who Should Use Airwallex?

Airwallex has designed its platform to serve businesses operating in today’s global marketplace, particularly those requiring sophisticated international financial operations. The platform addresses common challenges that businesses face when dealing with traditional banking systems, offering solutions that streamline cross-border transactions and simplify international financial management.

The platform’s comprehensive suite of tools particularly benefits organizations dealing with multi-currency operations and international payments. By eliminating traditional banking friction points and reducing currency conversion costs, Airwallex enables businesses to operate more efficiently in international markets. The integrated nature of the platform makes it especially valuable for companies looking to scale their global operations without increasing administrative complexity.

Three main business types typically benefit most from Airwallex’s services:

International Trade Companies derive significant value from the platform’s ability to manage multiple currencies and international payments efficiently. These businesses can receive payments in their customers’ preferred currencies while paying suppliers in local currencies, eliminating double conversion fees and reducing transaction costs.

E-commerce Businesses find particular advantage in Airwallex’s integrated payment solutions and competitive FX rates. The platform’s ability to connect with major e-commerce systems and process multiple payment methods makes it ideal for online retailers operating across borders.

Growing Global Companies benefit from the comprehensive expense management features and multi-currency capabilities. As these organizations scale internationally, they can maintain better control over spending while efficiently managing payments to remote teams and international contractors.

Key Benefits:

• Multi-currency account management
• Competitive FX rates for international transactions
• Simplified global payment processing
• Integrated expense management solutions

The platform serves businesses of various sizes, with solutions that scale alongside the organization’s international presence. The key determining factor is the need for efficient international financial operations and the desire to reduce costs associated with traditional banking systems.

How Does Airwallex Compare to Competitors?

Airwallex distinguishes itself in the financial technology marketplace through its focus on comprehensive business solutions. While many competitors offer individual services or focus primarily on consumer needs, Airwallex has built an integrated ecosystem specifically designed for modern business requirements. This approach sets it apart in key areas such as multi-currency management, payment processing, and business expense handling.

The platform’s competitive advantage stems from its origin story – being built to solve real business problems encountered by its founders. This practical foundation influences everything from feature development to pricing structure, resulting in solutions that directly address common business pain points.

Comparison with TransferWise (Wise) – Read our Wise Review –

Market Position:

• Wise focuses on personal transfers and smaller business operations
• Airwallex targets medium to large businesses with complex needs
• Both offer multi-currency accounts, but with different emphases

Key Differentiators:

• Wise:
  • Simpler interface
  • More transparent fee structure
  • Better for individual users
• Airwallex:
  • More comprehensive business features
  • Advanced integration capabilities
  • Better rates for high volumes

Comparison with Revolut – Read our Revolut Business review –

Market Approach:

• Revolut serves both consumer and business markets
• Airwallex maintains a purely business focus
• Different feature priorities and development paths

Feature Comparison:

• Revolut Advantages:
  • Personal finance tools
  • Investment options
  • Broader service range
• Airwallex Strengths:
  • Dedicated business focus
  • More robust API capabilities
  • Advanced FX management

Comparison with PayPal

Market Position:

• PayPal dominates consumer payments
• Airwallex specializes in business infrastructure
• Different target user bases and use cases

Competitive Analysis:

• PayPal Strengths:
  • Universal recognitionExtensive merchant network
  • Consumer trust
• Airwallex Advantages:
  • Lower international fees
  • Better business integration
  • Competitive FX rates

This market positioning enables Airwallex to serve businesses requiring sophisticated international payment solutions while maintaining competitive pricing and service quality. The platform’s focus on business needs, rather than trying to serve all market segments, allows for more specialized and effective solutions for its target market.

Airwallex Reviews: What Customers Are Saying

Customer feedback provides valuable insights into Airwallex’s performance in real-world business environments. Based on reviews from various platforms and business users, Airwallex has established a strong reputation for its international payment capabilities and financial management tools.

Users consistently highlight several key strengths of the platform. The competitive exchange rates make international transactions more cost-effective compared to traditional banking solutions. Many businesses praise the intuitive user interface, which makes complex international transactions straightforward to manage. The platform’s integration capabilities with various business tools and accounting software receive particular recognition from users managing complex operations.

Areas for Improvement:

• Customer support response times need enhancement
• Account verification process can be lengthy
• Initial setup requires detailed documentation

This balanced feedback has helped Airwallex continue improving its services, with regular platform updates addressing user concerns while maintaining the strengths that make it valuable for international businesses.

How to Get Started with Airwallex

Starting with Airwallex involves a streamlined process designed to ensure both security and efficiency. The platform has developed an onboarding journey that balances regulatory compliance with user convenience, typically completing within several business days. Throughout the process, Airwallex provides dedicated support to help businesses navigate each step efficiently.

The verification process demonstrates Airwallex’s commitment to security while maintaining user-friendly procedures. Once verified, businesses receive comprehensive onboarding support, including platform training and integration assistance, ensuring they can quickly begin utilizing the full range of features.

Getting Started Process

Step 1: Initial Application

• Business registration documents
• Proof of business address
• Director identification
• Bank statements

Step 2: Account Activation

• Complete business verification
• Set up your global account
• Choose your preferred currencies
• Configure account settings

The entire process is supported by Airwallex’s customer service team, ensuring businesses can quickly resolve any questions or challenges that arise during setup. This approach allows organizations to start utilizing the platform’s features efficiently while maintaining necessary security protocols.