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Our verdict

Your business can get paid in multiple currencies, and spend directly in those currencies to save on currency conversion fees.

This business account could suit you if you get paid in different currencies. You can hold 11+ foreign currencies, including AUD, USD, EUR and GBP and make payments directly in these currencies to avoid currency conversion fees. You'll get account details for these different currencies too, so it's like having a local account.

You can also integrate your account to online global marketplaces including Amazon and eBay, to seamlessly get paid by your international customers in their default currency.

One thing to keep in mind with this account is that Airwallex is not a bank, so the money you keep in your account isn't guaranteed by the Australian Government under the Bank Deposit Scheme. Airwallex is, however, regulated by ASIC and has an Australian Financial Services License.

Pros

Get paid in a different currencies including AUD, USD GBP and EUR
Spend directly in foreign currencies without needing to do a currency conversion
No account keeping fees
Integrate with global online marketplaces like Amazon and eBay

Cons

This is not a bank account and the money isn't covered under the Bank Guarantee Scheme
No physical card is available (only a virtual Visa card)

This business multi currency account allows you to receive and hold payments in different currencies, and spend directly in those currencies to avoid currency conversion fees. It's might be suited to your business if you operate online and have global customers and suppliers.

Details

Key details

Product Name	Airwallex Global Account
Monthly account fee	$0
Card access	Visa
Own network ATM fee	$0
International transaction fee	1%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay

Eligibility

Minimum Age	18
Joint account availability	No
Minimum opening deposit	N/A

Key features

$0 monthly fees

There are no monthly account-keeping fees attached to this account.

Hold up to 11 different currencies at once

You can hold up to 11 currencies including AUD, GBP, USD, EUR, HKD, JPY, SGD, CAD, NZD, CHF in the multi currency account. You can receive payments directly in these currencies. If needed, you can convert them into a different currency instantly within the mobile app.

Local account details for different currencies

You'll receive different account details for the different currencies, so it'll be like having a local account without needing to be in the country.

Pay in foreign currency

Because you can receive and hold money in several currencies, you can also use this to make international payments in that currency without needing to pay for a currency conversion.

Convert currencies within seconds

If you need to convert one currency for another, you can do this within seconds using the Airwallex mobile app. There's no currency conversion fee, however Airwallex will apply a margin to the transfer of between 0.3% or 0.6% above the interbank rate.

Integrate your account with online marketplaces

You can integrate your Global Account with online platforms like Amazon, eBay, Shopify and Paypal.

Integrate your account with accounting software

Integration with Xero means you can streamline your accounting and reduce your admin burden.

How to apply

You can open an Airwallex Global Account online in minutes. Here's what to expect before you begin your application.

Eligibility

Minimum age. You must be at least 18 years old to apply for this account.
Business requirements. You must be the owner or director of the business, and you will need to provide a valid ABN or ACN number.

Documentation needed

Business details. You will need to have your business ABN or ACN handy as well as your business name.
Contact details. You'll need to provide your personal and contact details.
Identification. New Airwallex customers will need to provide two forms of ID, including an Australian passport, a driver's license or a Medicare card.

NOTE: Airwallex is not a bank and the Global Account is not a bank account. Airwallex is regulated by ASIC and holds an Australian Financial Services License. However, the money in this account is not covered under the bank deposit scheme as Airwallex doesn't hold an ADI license.

Sources

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Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

Airwallex Global Account

Pros

Cons

Key features

$0 monthly fees

Hold up to 11 different currencies at once

Local account details for different currencies

Pay in foreign currency

Convert currencies within seconds

Integrate your account with online marketplaces

Integrate your account with accounting software

How to apply

Eligibility

Documentation needed

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