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Airwallex review 2024: Features, fees and alternatives

Last updated: 12.09.2024

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.

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
Access 22 currencies with one multi-currency account [2] Send payments in 60 currencies across 150 countries Accept payments through payment links and various payment methods like Apple Pay, Visa MasterCard, and WeChat Pay Get multi-currency company cards for international transactions	Payment fees up to 5.50% depending on currency and payment method [6] Employee cards have fixed monthly costs [2] Using Airwallex’s core API requires developer support

Airwallex fees: The breakdown

Registering	Airwallex [2]
Monthly fee	Free
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
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 May 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 22 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.

There are no account opening fees or monthly maintenance charges.

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.

accounts on marketplaces like Amazon and eBay (make sure the currency matches the marketplace region). When a customer makes a purchase, you’ll receive the funds from the marketplace sale in your Wise account.

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.

There is no setup fee or minimum balance requirement.

If you are still unsure about WorldFirst vs Airwallex, check out our comparison of fees.

Registering	WorldFirst	Airwallex [1]
Monthly fee	Free	Free
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 a World Account for free

Open 10+ local currency accounts with local account details
Direct CNH payments to 1688.com
Pay suppliers, partners and staff in 40+ currencies and 130+ destinations
Collect secure payments from 100+ marketplaces and payment gateways, including Amazon, AliExpress, Paypal and Shopify
Lock in currency conversion rates for up to 24 months

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

Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.

Written by Jim Vrondas, Country Manager ANZ at WorldFirst

Based in Sydney, Jim is responsible for the WorldFirst business across Australia and New Zealand. He brings with him over 25 years of experience helping Business Owners, CFO’s and Treasury Managers overcome the challenges with cross border payments and navigating volatile foreign exchange markets.