Airwallex review 2024: Features, fees and alternatives
Last updated: 16.10.2024
We review the features and fees of the Airwallex business account and see how it compares to WorldFirst
Key takeaways
- Airwallex offers multi-currency accounts, payment links, and core APIs for managing financial operations
- The pricing varies for different currencies and payment methods
- Using Airwallex’s core API requires developer support
- WorldFirst is an Airwallex alternative that allows businesses to set up multi-currency accounts in 15+ currencies for free
Introduction
Airwallex is a digital payments platform that aims to make international payments and collections easy for global businesses through its range of financial products and API.
This detailed review looks at everything you should know about the Airwallex business account, including its features and fees.
We also compare Airwallex with its alternative, WorldFirst, so you have all the information you need to choose the right foreign currency account for your business requirements.
Table of Contents
What is Airwallex?
Airwallex is a financial platform that aims to simplify global payments and financial operations of global businesses.
Founded in 2015, Airwallex has offices in over 19 countries. More than 100,000 registered businesses are using Airwallex’s payment services and APIs [1].
Quick look: Pros and cons of Airwallex business account
| Pros | Cons |
|---|---|
|
|
Airwallex fees: The breakdown
| Registering | Airwallex [2] |
|---|---|
| ✅Monthly fee | Starting at $29 ($0/month if you deposit at least $5k per month or hold a minimum balance of $10k) |
| ✅Multi-currency account | Free |
| Receiving payments | |
| ✅Receive funds | Direct debit funds are free. Payments using local payment methods are charged a minimum AUD 0.30 fee** |
| ✅Hold funds in multiple currencies | Free |
| Receiving payments through payment links | Domestic cards: 1.65% + AUD 0.30 International cards: 3.40% + AUD 0.30 Local payment methods: AUD 0.30 + payment method fee (The fee varies for every transaction based on the currency and mode of payment) |
| Sending money | |
| ✅Users in the same network | Instant, but with a fee |
| ✅Sending payments to other accounts | Free for local transfers For SWIFT transfers, a fixed fee of AUD 10-30 applies Currency conversion rates apply: 0.5% above interbank exchange rates for USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY 1.0% above interbank exchange rates for all other currencies |
| Airwallex debit card | Free for company card Employee cards cost AUD 14 per cardholder per month |
*Fees checked in October 2024
**Note: Airwallex has a separate pricing structure for different payment methods through payment links and plugins.
Features of Airwallex
Multi-currency account
Airwallex allows businesses to set up a multi-currency account with bank details for 20 currencies, including USD, GBP, EUR, AUD, CNY, HKD and CAD.
You can receive payments from customers worldwide in their preferred currency and use those funds to pay suppliers or business partners, avoiding unnecessary conversion fees. Or, hold funds in foreign currencies and convert them when exchange rates are favourable.
Payment links
Airwallex allows businesses to receive payments through shareable payment links. Sellers in Hong Kong, Australia, Singapore, the UK and EU can use payment links to collect funds from customers worldwide.
There are multiple payment methods available including Visa, Mastercard, American Express, Apple Pay and Google Pay, though some payment methods only support limited currencies.
There are no charges for using payment links. You’re charged a transaction fee based on the payment method selected by the customer. Airwallex charges different fees for different payment methods.
Business debit card
Airwallex provides virtual and physical cards that support 140 currencies [4]. You can issue company and employee cards and track all the purchases through your main Airwallex account. These cards allow you to make global purchases directly from your multi-currency account. If you don’t have enough funds in the required currency, Airwallex will automatically convert your available funds at their currency conversion rates.
There are no international transaction fees for cards; you only pay for currency conversion. Setting up a company card is free, but there’s a monthly fee of AUD 14 per cardholder for issuing physical and virtual employee cards.
Core APIs
The core APIs allow businesses to whitelabel Airwallex’s online payment processing solution and provide customers with a more unified payment experience [7]. You can take full control of the checkout process and automate different financial operations, including payments and collections.
However, using APIs requires developer support, and business users may not be able to manage them on their own.
How to open a AirWallex account
To open a business account with Airwallex in Australia, you’ll need to provide the following documents [8]:
- The personal ID of each Ultimate Beneficial Owner (UBO) (if applicable)
- Authorisation letter (if applicable)
- Partnership agreement (if applicable)
- New business supporting documents (if applicable)
- Personal ID (in case of sole traders)
Once the documents are ready, follow the steps below to open an account with Airwallex:
- Sign up on Airwallex’s website with your email address
- Add your personal information and business details
- Upload the required documents and submit them for verification
- Verification usually takes 1-3 working days
The Airwallex alternative: WorldFirst
WorldFirst helps global businesses make fast, secure, and reliable international transactions while protecting their profit margins.
You can set up multi-currency accounts with zero fees in 15+ currencies, including GBP, USD, CAD, EUR, AUD, NZD and CNH. With one World Account, you can send payments to overseas suppliers in up to 90+ currencies at competitive exchange rates and collect payments from 100+ marketplaces and payment gateways for free.
Holding funds in your World Account comes at no extra costs and you can convert funds when the exchange rate is favourable. WorldFirst also offers forward contracts, allowing you to lock in exchange rates for up to 24 months.
If you are still unsure about WorldFirst vs Airwallex, check out our comparison of fees.
| Registering | WorldFirst | Airwallex [1] |
|---|---|---|
| Monthly fee | Free | Starting at $29 ($0/month if you deposit at least $5k per month or hold a minimum balance of $10k) |
| Multi-currency account | Free | Free |
| Receiving payments | ||
| Receive funds | Free | Direct debit funds are free. Payments received through local payment methods are charged at AUD 0.30+ per payment** |
| Hold funds in multiple currencies | Free | Free |
| Sending money | ||
| Users in the same network | Free and instant to other World Account users | Instant, but with a fee |
| Sending payments to other accounts | [Fixed transaction fee] + up to 0.6% currency conversion fee |
Free for local transfer methods For SWIFT transfers, a fixed fee of AUD 10-30 applies Currency conversion rates also apply: 0.5% above interbank exchange rates for USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY 1.0% above interbank exchange rates for all other currencies |
| International 1688 buyers | Up to 0.8% | Not supported |
| Businesses with AU$100,000+ monthly volume | Custom pricing for greater savings |
Supports large transactions but at the same cost as smaller transactions |
*Fees checked in May 2024.
**Note: Airwallex has a separate pricing structure for different payment methods through payment links and plugins.
Join WorldFirst’s network of 1 million+ businesses. Signing up only takes a few minutes.
- Open 15+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Take control of spending with the World Card, a business expense card that saves you more with 1% cashback. Learn more
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Sources
- https://www.airwallex.com/au/
- https://www.airwallex.com/au/pricing
- https://www.airwallex.com/uk/blog/understanding-the-difference-between-corporate-debit-and-credit-cards
- https://www.airwallex.com/business-account/cards
- https://www.airwallex.com/docs/payments__payment-links-overview
- https://www.airwallex.com/au/online-payments-capability
- https://www.airwallex.com/au/core-api
- https://help.airwallex.com/hc/en-gb/articles/900001756866-Verifying-your-business-in-Australia
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