Airwallex Business Account Review

Feeling fed up with the challenges and costs of making international payments? Meet Airwallex – a fintech startup changing how businesses manage cross-border transactions.

Airwallex offers a range of smart features on an easy-to-use platform, making international payments smooth for everyone. From small enterprises to multinational corporations, UK companies of various sizes are choosing Airwallex due to its speed, convenience, and cost-effectiveness.

If you're an entrepreneur aiming to simplify your global transactions with an Airwallex Business Account, this thorough review is worth checking out.

Here's a brief overview of the upsides and drawbacks of having an Airwallex Business Account.

Pros:

• Quick and Easy Setup: Opening an Airwallex Business Account takes just minutes online, with no paperwork or in-person visits needed.

• Multi-Currency Wallet Options: Airwallex features exchange-rate wallets for holding funds in various currencies, reducing your need for multiple bank accounts and simplifying financial management.

• Competitive Exchange Rates: Enjoy highly competitive exchange rates for international money transfers with Airwallex, lowering overseas business costs.

• Enhanced Security: Advanced security measures like two-factor authentication and SSL encryption protect your financial information and transactions on Airwallex.

• Integration with Accounting Software: Seamlessly connect to popular accounting software like Xero for efficient bookkeeping and accounting processes.

Cons:  

• Not All Businesses Qualify: Not all businesses qualify for an account due to eligibility criteria set by Airwallex. Some may not have access to its services.

• Terms, Features, and Fees Vary by Country: Terms, features, and fees from Airwallex can differ depending on the country you're in.

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Airwallex is a fintech startup that's been gaining traction in the industry. Its customer base has doubled within the last year, now serving tens of thousands of businesses, including well-known names like Papaya Global, Plum, and HubSpot.

Airwallex Business Account

The Airwallex Business Account consists of two main parts: business banking and platform products. On the business banking side, you'll find services such as bank accounts, money transfers, payment cards, expense management tools, and B2B payment links.

As for the platform product – it's a collection of embeddable financial services that customers can incorporate into their platforms or websites using APIs. This covers online payments, treasury services, foreign exchange operations, payout processing, and card issuing.

Keep in mind that Airwallex only offers business accounts. Their accounts are designed to cater to businesses of all sizes operating globally with various currency needs. However, not every business may be eligible for an account since eligibility criteria can differ from one country to another.

As of now, an Airwallex Business Account can be opened only by businesses registered in supported countries like the United Kingdom, United States, Australia, Hong Kong, Malaysia, Netherlands, and Singapore.

Eligible Business Types

• Sole traders: Sole traders can apply for an Airwallex Business Account and will need to provide a personal ID to complete the registration process. Freelancers can also apply as long as they are registered as a business entity.

• Companies: During the registration process, the company must provide their business registration number, authorisation letter, partnership agreement, and details of the directors and beneficial owners.

• Trusts: They must provide a copy of the signed and executed deed, the trustees' ID, and the appointor, guardian, or principal ID.

However, due to legal constraints, certain businesses –such as betting companies, investment firms, non-profit organisations, and pharmaceuticals –cannot open an Airwallex Business Account.

What Details Do You Need To Open A Business Account With Airwallex?

To open an account with Airwallex, you'll need to supply the following details:

• Proof of identity for all directors (passport, national ID card, or photo driver's license)

• Proof of address (recent bank statements, utility bills, or council tax bills)

• Business and contact information

• Companies House registration number

• Estimated yearly turnover

• Personal financial history may be needed for credit and banking history checks

Depending on your business type, other supporting documents might also be required.

How Long Does It Take To Open An Account?

If you submit all necessary info to Airwallex promptly, they generally process applications within 1-3 business days. The time it takes to open a business account varies based on your company's complexity and the completeness of the required documentation.

Collectively, Airwallex has garnered an average score of 3.7 / 5 from a total of 612 reviews across four platforms.

Awards And Recognitions

Even though Airwallex is a relatively new fintech player, it has already collected several awards and recognitions. In 2018, the company secured the "Excellence in Payments" title at the Finnie Awards and won "FinTech of the Year" at the Asia FinTech Awards in 2022.

That same year, they were named "Startup of the Year" at the US FinTech Awards. These accolades showcase Airwallex's growing impact and reputation within the industry.

An Airwallex Business Account offers various features to benefit business owners:

Access Global Accounts

Airwallex Business Account users can carry out SWIFT transactions in 11 currencies while also enjoying local transaction convenience. However, keep in mind that SWIFT payments often come with higher charges for senders – intermediary fees may be deducted during payment processing.

Generate Unique Payment Links

The Airwallex Business Account lets you generate payment links for customers, making it easy to start transactions in various currencies. Share these links with clients who need to pay your business – a feature handy for freelancers, similar to QR codes. Payment links help speed up payments and let you receive funds in your preferred currency.

Manage Employee Expenses Easily

With an Airwallex Business Account, managing all aspects of business spending becomes a breeze – from uploading receipts and approving expense claims to tackling other administrative tasks. This feature cuts down on admin work and streamlines operations, simplifying account reconciliation and keeping track of all expenses.

Issue Multiple Virtual Cards For Team Members

Airwallex Business Accounts offer several Visa debit cards for team members. As a business owner, you can easily assign debit cards to your staff, granting them access to funds for work-related expenses. No more employees using personal money for work costs that might lead to reimbursement delays or added administrative load.

By giving team members their own cards, businesses can streamline expenses while empowering teams with more autonomy.

Integrations

As businesses expand, handling financial transactions can get more complicated. That's why the Airwallex Business Account offers integrations with popular business software – a powerful feature to simplify your financial operations.

Xero

Xero, one of the top accounting and bookkeeping platforms worldwide, pairs perfectly with Airwallex for an all-in-one finance management solution. With Xero integration, you can import and reconcile transactions from Airwallex This way, you'll maintain accurate and compliant financial records.

Netsuite

Netsuite is a cloud-based ERP system offering various tools for managing financial tasks. Combined with Airwallex, this integration delivers a complete financial management solution that automates processes while minimising errors. Plus, it lets you generate real-time reports for valuable insights into your company's financial performance.

Considering an Airwallex Business Account? It's crucial to know the fees involved. The good news is there are no account maintenance fees or minimum balance requirements. However, international transfers come with costs, and currency exchange transactions include a margin on the exchange rate.

Remember that fees can change – always check the Airwallex website for up-to-date pricing info. Here's a breakdown of their business account fees:

Airwallex takes various safety measures to protect your funds and confidential information.

• 2FA - To safeguard your account and cards, they use 2FA (two-factor authentication). You'll need a code sent to your mobile phone or email before logging in.

• EMI License - Regulated by bodies like the UK's Financial Conduct Authority (FCA), Airwallex holds an Electronic Money Institution (EMI) license. This means they operate under strict regulations to protect customers' interests.

• Data Encryption - For data transmission security, Airwallex uses 256-bit SSL encryption – a high-level encryption standard adopted by banks and financial institutions.

How Is Airwallex Regulated?

Airwallex operates under the supervision of several financial regulatory authorities worldwide, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and the Hong Kong Monetary Authority (HKMA) in Hong Kong.

These bodies ensure that Airwallex adheres to necessary standards and complies with relevant laws and regulations.

For UK businesses, Airwallex provides customer support through various channels like email, phone calls, and live chat. Their team is available 24/7 to address any business inquiries or concerns.

Phone number: +44 808 196 7574

Email: [email protected]

Address: Floor 2, 33 Charlotte Street, London, W1T 1RR, United Kingdom

If you have a complaint, Airwallex aims to respond within seven business days and resolve it. However, if they cannot resolve it within that time frame, they have up to 15 business days or eight weeks to investigate your complaint and provide a final response.

If you are unsatisfied with their final response, you have the option to refer your complaint to the Financial Ombudsman Service at no cost, but you must do so within 6 months of receiving our final response.

Address: Financial Ombudsman Service, Exchange Tower, London, E14 9SR

Phone: 0800 023 4567 or 0300 123 9123

Loans And Overdrafts

Airwallex takes a different approach from traditional banks or lending institutions. Instead of using clients' funds for loans or investments, Airwallex keeps the money accessible for immediate withdrawal or payout without restrictions or delays.

This way, businesses have more control over their cash flow and financial operations without worrying about tied-up funds. However, if they need extra capital, businesses might have to explore alternative lending options.

International Payments

The Airwallex Business Account makes transferring funds globally hassle-free through its payment network. The best part? No fees when moving money between Airwallex accounts in different countries.

With 44 available currencies, businesses enjoy flexibility in making transfers with the desired currency. For SWIFT network payments, there's a £10 SHA fee - but overall, it's still cost-effective for frequent international transfers.

Bulk Payments

Need to pay multiple vendors or employees at once? Airwallex has you covered with its bulk payment feature. Simply upload a CSV, XLSX, or JSON file containing recipient payment details and process them all simultaneously – saving time and effort. Plus, track each payment in real-time on their platform to ensure timely delivery.

Cash And Cheques

As an online platform, Airwallex doesn't handle cash or cheques. However, you can receive funds in your Airwallex Business Account by sharing your account number to get payouts from approved e-commerce and marketplace platforms.

You can also accept payments from clients and other parties for business transactions and add your own money from legitimate business sources. Funding for payments can only be done through a bank account held with a licensed bank.

Looking for options besides the Airwallex business account? While Airwallex offers numerous features and benefits, it's wise to explore alternatives.

Wise Business Account

With its inventive approach to international payments, Wise has become a popular choice for businesses operating across borders.

Why it's worth considering: Wise supports over 50 currencies and provides local banking details in the US, UK, EU, and Australia –making receiving and sending payments quick and cost-effective. It's also regulated by financial authorities in various countries like the UK, the US, and Australia, ensuring users' funds are secure.

Revolut Business Account

Revolut Business is a digital banking alternative gaining traction among small-to-medium-sized companies. With an easy-to-use mobile app packed with innovative features, Revolut transforms how businesses manage their finances.

Why it's worth considering: With Revolut Business, you can hold up to 28 different currencies, make global payments at real exchange rates, and access robust tools for managing your company’s finances. Plus, they offer free unlimited FX conversions at interbank rates covering many currencies.

Airwallex Business Accounts are the go-to choice for UK entrepreneurs who need a dynamic and effective way to handle their global finances. Boasting competitive exchange rates, lightning-fast secure international transfers, and cutting-edge features like multi-currency accounts and API integration, Airwallex stands out as a dependable option for businesses big and small.

Keep in mind the limitations, however –such as varying terms, features, and fees depending on the country as well as constrained cash and check handling capabilities.

If these limitations are dealbreakers for you, there are strong alternatives you can consider. Wise and Revolut rise to the challenge with similar offerings in global business banking but go even further with more attractive rates and currency choices.

That being said, Airwallex holds its ground as an impressive solution for businesses seeking a streamlined approach that embraces modern technology.

Check out our other reviews

Researching all the options available to you as a business person is vital to making the right decision. Our expert team has written in-depth reviews of various business accounts and platforms - check them out below:

• Airwallex Review
• Wise Review
• Starling Review
• Soldo Review
• Revolut Review
• Cashplus Review
• Tide Review
• GoCardless Review