Airwallex Business Account Review 2025

Airwallex is a global financial technology platform providing multi-currency business accounts, international transfers, corporate cards, and online payment acceptance to businesses operating across borders. With over 1.5 million customers worldwide, this digital-first solution promises interbank exchange rates, zero foreign transaction fees on cards, and access to local banking details in 20+ currencies—all without traditional banking queues or paperwork.

But does Airwallex genuinely deliver value for UK small businesses, or do the costs and limitations outweigh the benefits? This review examines verified pricing, features, regulatory compliance, and user experiences to help you make an informed decision.

Review Summary Box

Best For: UK businesses with significant international transactions, cross-border payments, or multi-currency revenue streams
Main Pro: Access to genuine interbank FX rates with zero markup (regardless of transaction size) plus zero foreign transaction fees on corporate cards
Main Con: Monthly fees of £19 (unless maintaining £10,000 minimum balance) plus payment processing fees ranging from 1.30% to 3.15% + £0.20 per transaction
Rating: 4.6/5

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Airwallex Business Account Pricing

¹ The £19 monthly fee is waived if you deposit a minimum of £10,000 (or equivalent in any currencies) through bank deposits, direct debits, or payment processing volumes during your monthly subscription, OR if you hold a minimum balance of £10,000 across your Wallet at the end of your monthly subscription.

One-Month Free Trial: Available for Explore and Grow plans for eligible customers.

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Airwallex Payment Processing Fees (UK)

Payment acceptance fees apply in addition to monthly subscription costs:

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Airwallex Core Features (All Plans)

Multi-Currency Business Accounts

• Local bank details in 20+ currencies including GBP, USD, EUR, AUD, CAD, HKD, SGD, and more
• Receive payments domestically and internationally without setting up multiple entities or accounts
• Hold, manage, and convert funds in 60+ currencies within a single multi-currency wallet
• Earn competitive returns on held balances

FX & International Transfers

• Genuine interbank exchange rates with zero markup—available for all transaction sizes
• Send payments to 200+ countries and regions in 60+ currencies
• 93% of funds arrive within the same day for most transfers
• Batch transfers capability—send funds to multiple recipients (up to 1,000) across countries and currencies in one transaction
• Automatic currency conversion based on detected or specified location

Corporate Cards

• Multi-currency Visa corporate cards (both company cards and employee cards)
• Zero foreign transaction fees—pay for international purchases directly from held currency balances without conversion fees
• Instant virtual card creation with immediate online use
• Physical cards available
• Apple Pay and Google Pay compatible
• Set spending limits at card level: per transaction, daily, weekly, monthly, quarterly, or annually
• Real-time transaction visibility and notifications
• Freeze or cancel cards instantly from the dashboard

Expense Management

• Built-in expense management system for corporate card spend and out-of-pocket expenses
• AI-powered receipt extraction using OCR technology—automatically extracts relevant details from uploaded receipts
• Automatic expense categorisation using AI and machine learning
• Forward receipts via email for automatic matching to card transactions
• Multi-layer approval workflows
• Mobile app for expense submission on the go
• Automatic reconciliation with integrated accounting software

Bill Pay

• Upload or email bills for automatic data extraction using OCR
• Create multi-layer approval workflows based on bill currency and amount thresholds
• Pay bills directly in multiple currencies at interbank FX rates
• Batch bill payments—group payouts to multiple vendors in multiple currencies
• Vendor management system with complete audit trail
• Designed for up to 500 bills per month on Explore and Grow plans (higher volumes require Accelerate plan)

Accounting Software Integrations

• Direct integrations with Xero, QuickBooks, NetSuite (Accelerate plan only), Sage, and Odoo
• Automatic bank feeds—transactions sync hourly for reconciliation
• Import chart of accounts, tracking categories, and tax rates
• Code expenses directly within Airwallex using your accounting data
• Sync card expenses, reimbursements, bills, and payments back to accounting software

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Airwallex Pros & Cons

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Airwallex Fees & Charges: The Reality

Monthly Subscription Costs

• Explore Plan: £0 if you maintain £10,000+ in deposits/balance monthly; otherwise £19/month
• Grow Plan: £49/month (no waiver option)
• Accelerate Plan: From £999/month (custom pricing for enterprise needs)

Per-entity charging: Monthly fees apply per business legal entity (not per account). You can have multiple accounts under one entity with a single monthly fee.

Transaction Fees

Payment Acceptance (UK-specific rates):

• Domestic UK cards: 1.30% + £0.20
• European cards: 2.40% + £0.20
• International cards: 3.15% + £0.20
• Each subscription payment (API): additional 0.50%

Cost Example: A business processing £10,000 monthly in UK card payments would pay:

• £10,000 × 1.30% = £130
• Plus £0.20 × number of transactions
• Total fees exceed subscription cost—payment processing fees typically dwarf monthly plan fees for active merchants

FX and Transfer Fees

• FX conversions: Interbank rates with zero markup (genuine mid-market rate)
• Local transfers to 120+ countries: Free
• International transfers: Fees may apply depending on transfer method (e.g., SWIFT network usage)

Fair Use Policy: Spend features designed for up to 500 bills and 250 active spend users monthly. Businesses exceeding these limits will be contacted to explore custom high-volume plans.

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Airwallex App Performance

App Store: 4.9/5 stars (295 ratings)
Google Play: 4.2/5 stars (507 reviews)

Mobile App Availability:

• iOS and Android apps available
• Submit expenses and upload receipts directly via mobile
• Real-time spending notifications
• Create and freeze cards on the go
• Review and approve expenses and bills via mobile
• Mobile SDKs available for payment integration

Web Application:

• Full feature access via web dashboard
• Real-time transaction visibility
• Batch transfer management
• Comprehensive reporting and analytics
• Multi-layer approval workflow configuration

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Opening an Airwallex Account: Eligibility, Process, and Restricted Industries

Eligibility Requirements

Business Types Supported:

• Limited companies
• Sole traders
• Partnerships

Geographic Requirements:

• Business must be registered in a jurisdiction where Airwallex operates
• UK businesses supported via Airwallex (UK) Ltd

Account Opening Process

1. Create account via Airwallex website or app
2. Verify business details and upload required documentation
3. Complete identity verification
4. Connect accounting software (optional but recommended)
5. Set up multi-currency accounts and cards
6. Begin transacting

Onboarding Support: Available on Accelerate plan (£999+/month) with dedicated account manager.

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Airwallex FSCS Protection & Regulatory Compliance

Regulatory Status (UK)

• Licensed Entity: Airwallex (UK) Ltd
• Regulator: Financial Conduct Authority (FCA)
• License Type: Electronic money institution
• License Number: 900876
• Regulatory Framework: Electronic Money Regulations 2011
• Customer Funds: Safeguarded as required by the FCA

Fund Safeguarding (Critical Difference from FSCS)

Airwallex is NOT a bank—it operates as an electronic money institution and partners with banks worldwide to provide financial services.

Safeguarding vs. FSCS Protection:

Airwallex customer funds are safeguarded but not covered by the UK’s Financial Services Compensation Scheme (FSCS) which protects bank deposits up to £120,000.

How Safeguarding Works:

• Customer funds are held in segregated accounts separate from Airwallex’s operational funds
• Funds are protected from the moment Airwallex receives them until customers make payouts or withdrawals
• Separately held money is not available to Airwallex’s creditors, banks, or third parties
• In the event of Airwallex insolvency, liquidation, or bankruptcy, customer funds are safely set aside and customers receive them back in priority to all other creditors

Key Distinction: Safeguarding means your funds are protected by segregation (keeping them separate from company funds), whereas FSCS provides government-backed insurance compensation. Safeguarding offers protection with no upward limit on the amount, unlike FSCS’s £120,000 cap per institution.

Security Standards

• PCI DSS compliant—Payment Card Industry Data Security Standard
• SOC1 compliant—controls over financial reporting
• SOC2 compliant—security, availability, processing integrity, confidentiality, and privacy
• AI-powered fraud engine—trained on millions of transactions to detect and prevent fraud
• Smart 3DS optimization—maximizes acceptance while staying compliant with regulations
• End-to-end encryption
• Multi-factor authentication (2FA)
• Transaction monitoring

Banking Partners

Airwallex partners with multiple reputable banks worldwide including DBS, JP Morgan, Standard Chartered, and ANZ.

Risk Diversification: Spreading funds across Airwallex’s 60+ banking partners can reduce concentration risk compared to holding all funds with a single traditional bank.

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Airwallex User Reviews & Customer Experience

Trustpilot: 3.5/5 stars (2,211 reviews)
App Store: 4.9/5 stars (295 ratings)
Google Play: 4.2/5 stars (507 reviews)

Common Positive Themes:

• Fast international payment processing
• Significant savings on FX conversion fees
• Easy-to-use platform for multi-currency management
• Helpful for businesses with global operations
• Reasonable transaction fees

Common Negative Themes:

• Account freezing and prolonged reviews without clear explanation
• Funds held during KYC (Know Your Customer) verification processes
• Generic automated customer support responses
• Arbitrary account rejections without meaningful feedback
• Hidden fees despite “no hidden fees” marketing
• Limited customer support accessibility

Important Pattern: Trustpilot reviews (3.5/5) show significantly more mixed experiences than app store ratings (4.9/5 iOS, 4.2/5 Android), suggesting while the technical platform performs well, customer service and account management issues create substantial dissatisfaction.

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Our Final Verdict & Airwallex Recommendation

Airwallex delivers substantial value for UK businesses with significant international payment flows—particularly those receiving income in multiple currencies, paying overseas suppliers regularly, or operating across borders. The platform’s genuine interbank FX rates, zero foreign transaction fees on cards, and comprehensive multi-currency infrastructure can generate £10,000s in annual savings for internationally active businesses.

The Mathematics Favor Airwallex When:

• Your business processes £50,000+ monthly in foreign currency transactions
• You currently lose 2-4% on bank FX markups (£1,000-£2,000 monthly on £50,000 turnover)
• You make regular international supplier payments
• You hold significant foreign currency balances that traditional banks force-convert at poor rates
• Your team needs corporate cards for international software subscriptions, advertising spend, or travel

The £10,000 Threshold Is Critical: Businesses maintaining £10,000+ in monthly deposits/processing volume or account balances access Airwallex’s Explore plan at £0/month—making it essentially risk-free to trial. Businesses below this threshold pay £19/month, which requires £500-£1,000 monthly in FX savings to break even.

✓ Choose Airwallex if:

• You operate an eCommerce business selling to international customers
• You pay overseas contractors, suppliers, or remote employees regularly
• You currently lose significant amounts to bank FX markups (typically 2-4% per transaction)
• You need to hold, convert, and manage multiple currencies efficiently
• Your business requires integrated expense management, bill pay, and corporate cards in one platform
• You want real-time accounting software integration (Xero, QuickBooks, NetSuite)
• You’re expanding internationally and need local bank details in foreign markets

✗ Avoid Airwallex if:

• Your business is predominantly UK-domestic with minimal international transactions
• You require traditional banking features like overdrafts, business loans, or branch access
• You need responsive customer support for urgent issues (multiple reports of poor support responsiveness)
• Your transaction volumes don’t justify monthly fees or payment processing costs
• You prefer the FSCS £120,000 deposit insurance to safeguarding arrangements
• Your business cannot tolerate potential account freezing or prolonged KYC reviews

Overall Assessment: Airwallex is a highly capable, cost-effective solution for internationally active UK small businesses, but offers limited value to domestic-only operators. The platform’s strength lies in eliminating FX markups and foreign transaction fees—advantages that compound significantly for businesses with substantial cross-border payment flows. However, customer service concerns and account management issues represent genuine risks that businesses must weigh carefully.

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Airwallex FAQs: People Also Ask

Is Airwallex a real bank?

No, Airwallex is not a bank. Airwallex (UK) Ltd is licensed by the Financial Conduct Authority as an electronic money institution under the Electronic Money Regulations 2011 (license number 900876). Airwallex partners with banks worldwide including DBS, JP Morgan, Standard Chartered, and ANZ to provide financial services to customers.

Is Airwallex FSCS protected?

No, Airwallex accounts are not covered by the UK’s Financial Services Compensation Scheme (FSCS). Instead, customer funds are safeguarded as required by FCA regulations. Safeguarding means your funds are held in segregated accounts separate from Airwallex’s operational funds and are not available to Airwallex’s creditors. In the event of Airwallex insolvency, customers receive their funds back in priority to all other creditors. Unlike FSCS’s £120,000 cap, safeguarding has no upward limit on protected amounts.

Does Airwallex charge monthly fees?

Yes, but fees vary by plan:

• Explore plan: £0/month if you maintain £10,000+ in monthly deposits/processing volume or account balance; otherwise £19/month
• Grow plan: £49/month
• Accelerate plan: From £999/month

Monthly fees are charged per business legal entity (not per account). A one-month free trial is available for Explore and Grow plans.

What are Airwallex’s payment processing fees?

For online payment acceptance in the UK:

• UK cards (Visa, Mastercard, Apple Pay, Google Pay): 1.30% + £0.20
• EEA cards (Visa, Mastercard): 2.40% + £0.20
• International cards (Visa, Mastercard, UnionPay): 3.15% + £0.20
• American Express: 2.40% + £0.20
• Local payment methods: £0.20 + Payment Method Fee
• Subscription payments (API): additional 0.50% per successful transaction

What is the real FX rate Airwallex offers?

Airwallex provides access to genuine interbank exchange rates with zero markup—the mid-market rate you see on Google or Reuters, regardless of transaction size. Traditional banks typically add 2-4% markups on top of interbank rates. This means on a £10,000 currency conversion, you save £200-£400 compared to typical high street banks.

Does Airwallex charge foreign transaction fees on cards?

No, Airwallex corporate cards charge zero foreign transaction fees. You can pay for international purchases directly from your held currency balances without conversion fees. If you don’t have the necessary currency balance, Airwallex will auto-convert available funds using interbank rates (with zero markup).

How fast are Airwallex international transfers?

93% of transfers made via Airwallex arrive within the same day. Airwallex uses its proprietary local payment network where possible to deliver funds faster than traditional SWIFT transfers. The platform supports transfers to 200+ countries and regions in 60+ currencies.

Can I get local bank details in multiple currencies?

Yes, Airwallex provides local bank details in 20+ currencies including GBP, USD, EUR, AUD, CAD, SGD, HKD, and more. These function as local currency accounts in your business name with local bank and branch codes and dedicated account numbers, making it easy to receive payments from international customers in their preferred currency.

What accounting software does Airwallex integrate with?

Airwallex integrates with Xero (all plans), QuickBooks (all plans), Sage (all plans), Odoo (all plans), and NetSuite (Accelerate plan only – from £999/month). Integrations provide automatic bank feeds (syncing hourly), ability to import chart of accounts and tax rates, expense coding within Airwallex, and automatic reconciliation of transactions.

How many corporate cards can I issue?

Card limits depend on your plan: Explore plan (up to 10 free company cards), Grow plan (up to 50 free company cards), Accelerate plan (unlimited company cards). Both company cards (for shared team expenses) and employee cards (for individual purchases) are available. Cards are multi-currency Visa cards with zero foreign transaction fees.

Why do some Airwallex users report account freezing issues?

Based on user reviews, Airwallex conducts KYC (Know Your Customer) verification processes that can result in account freezes and fund holds. Some users report accounts under review for extended periods (one month+) without clear communication, funds held during verification processes, generic automated responses from customer support, and difficulty obtaining specific reasons for account holds or rejections. These issues appear most common when accounts trigger anti-money laundering or compliance reviews. Businesses should maintain comprehensive documentation of their operations and transaction sources to minimize verification delays.