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Airwallex review

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Airwallex
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Our verdict

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

Founded in Melbourne, Airwallex is a business money service that offers cost-effective route international payments. It aims to provide business payment and currency exchange services and other business payment solutions. With Airwallex you can quickly open multi-currency accounts and access low-fee money transfers.

In this guide

  • Our verdict
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question

Details

Product details

Product Name Airwallex
Pay By Bank transfer, Debit card
Receiving Options Bank account, Alipay (China only)
Customer Service Phone, Live chat, Email, In person
Maximum Transfer Amount Unlimited

Why should I consider Airwallex?

  • Competitive rates available. Airwallex adds a markup of 0.5% to 1% onto exchange rates, in comparison banks typically add a 3-6% conversion fee. You can bypass the SWIFT network for cheaper and faster transfers.
  • 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.

What to be aware of

  • May not suit one-off payments. Other providers might better suit businesses that only need to make ad hoc payments.
  • Business use only. Airwallex doesn't have any accounts for individual or personal use.
  • Transfer speed. Most transfers arrive on the same day but some can take up to 3 business days.

How much are Airwallex's transfer fees?

Airwallex doesn't charge any transfer fees from their end if you have a global business account, but there are a couple of other fees to be aware of. They 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.
  • Banking partner fee. Fees charged by third-party banks - these vary depending on which country is making the transfer.

How are Airwallex's exchange rates?

Airwallex gives its business global account customers access to interbank exchange rates. Its own interbank rate is determined by it having access to live exchange rates from banking partners and market data sources, and these being calculated into a blended rate.

If you just wish to exchange currencies, expect to pay around a 0.5% or 1% markup on the interbank rate. For major currencies such as USD, AUD, GBP and Euro the markup should be 0.5%.

What are the ways I can send money abroad 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. You can accept bank transfers in 20+ currencies and 60+ countries. Payments acceptance (cards and 160+ local payment methods).
  • Transfer money. Airwallex lets you make bank transfer to 110+ countries using local rails or to 150+ countries using SWIFT, Multi-currency Debit Cards. There is no limit on transfers.
  • 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 to register an Airwallex account

How to make an international money transfer with Airwallex

What are Airwallex's payment options?

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

Funds will be delivered to the nominated bank accounts.

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. You can typically expect your transfer to arrive within 3 business days.

Transfers typically takeClock icon for transfer speed

Within minutes

How does Airwallex compare to other business providers?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 6 of 6
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Frequently asked questions

  1. Airwallex official website, accessed April 2024

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Kate Finder

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