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Review: Airwallex international money transfers for businesses

See how Airwallex can help you access interbank exchange rates and cut your business payment costs.

Updated

Fact checked

Quick verdict

Good for
  • Any size of business and transfer
  • API automation of payments
  • Highly competitive exchange rates
  • Receiving payments from overseas
Not so great for
  • Personal use
  • One-off or ad hoc transfers

Airwallex exchange rates and fees

Airwallex lets its business customers access interbank exchange rates and aims to find the most cost-effective payment routes for each transfer.

Its fees will vary by transaction and may include one or both of the following:

  • FX conversion fees: A percentage fee on top of the currency exchange rates quoted to Airwallex by its liquidity providers.
  • Payment fees: A fixed fee based on the payment method and the currency.

Available currencies

Airwallex aims to offer all currencies, which naturally includes the most popular.

  • USD United States dollar
  • EUR Euro
  • JPY Japanese yen
  • GBP British pound
  • AUD Australian dollar
  • CAD Canadian dollar
  • CHF Swiss franc
  • CNY Chinese yuan

What types of transfers can you make with Airwallex?

Airwallex is a business money transfer service. It's built on routing algorithms designed to find the most efficient and cost-effective way of making payments around the world. Airwallex lets businesses:

  • Receive money. According to Airwallex, its "Collect" service lets businesses "receive foreign currencies faster and cheaper than traditional payment methods".
  • Transfer money. The same routing technologies can facilitate international payments.
  • Exchange currencies. Businesses can convert funds through Airwallex's trading environment, accessing live rates from a range of liquidity providers.
  • Automate payments. Businesses can integrate with the Airwallex API to automate payments to cut costs and improve efficiency.

How long does a transfer with Airwallex take?

The amount of time a transfer or exchange takes depends on the currency, the destination country and the receiving country, but Airwallex says its auto-routing algorithm can find the most direct route for your payment, to help deliver funds quicker.

You'll be able to see an estimate of how long your payment will take through the Airwallex interface.

What payment methods does Airwallex accept?

Airwallex lets businesses pay for transfers through the Airwallex web application via an API integration.

Funds will be delivered to the nominated bank accounts.

Transfers typically takeClock icon for transfer speed

Varies per currency

Is Airwallex safe to use?

  • Security and regulation: Regulated in several jurisdictions
  • Established: 2015
  • Investors: Sequoia, Tencent, Mastercard

Airwallex says it works with leading security and compliance providers so its security systems and procedures are based on the highest international standards to "ensure your funds are secure at all parts of the payment experience".

It maintains that your data is stored and protected behind multiple layers of authentication, closely managed at all stages of collection, transmission and storage.

How to register an Airwallex account

How do I make an international money transfer with Airwallex?

What is Airwallex?

Airwallex is a holistic business money service, built around an algorithm that's designed to find the most efficient and cost-effective route for international payments, and supplemented by a range of partnered liquidity providers.

It aims to provide business payment and currency exchange services, as well as offering a number of other business payment solutions.

Airwallex was founded in 2015 and since then it's become one of very few Australian fintech unicorns, with a 2019 valuation of more than US$1 billion following a successful Series C fundraising round.

In a nutshell

Pros

  • Quicker and cheaper. It's faster and cheaper than traditional payment services like banks.
  • Competitive rates available. Airwallex's routing system can give businesses more-competitive exchange rates than banks typically offer.
  • Flexible solutions. You can pick and choose whether you just want to receive payments, make payments or exchange currency, or set up an entirely new payments platform.
  • Developer API. The Airwallex developer API lets businesses automate payments through the Airwallex platform.

Cons

  • May not suit one-off payments. Other providers might better suit businesses that only need to make ad hoc payments.

How does Airwallex compare to other business providers?

If you're looking for other business payment providers or want to see if you're getting the best possible value on a given transfer, you may want to compare Airwallex to some other providers. The table below shows some other business money transfer options.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 Same day AUD 0.00 0.703 USD
7,035
XE Money Transfer can help your business unlock international transfers. Forward contract and limit order options available. Go to site Show details
AUD 2,000 1 day AUD 0.00 0.704 USD
7,042
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.704 USD
7,042
Fee-free transfers in 30+ currencies to over 200 countries for business customers. Go to site Show details
EUR 100 1 - 2 days AUD 0.00 0.701 USD
7,014
$0 online transfer fee for your business with access to a 24/7 online platform. Go to site Show details
EUR 8 3 - 5 days AUD 5.00 0.702 USD
7,017
A peer-to-peer transfer service with a large range of currencies on offer. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

FAQs

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