Airwallex review
- Number of Currencies
- 60
- Minimum Transfer Amount
- $1
- Pay By
- Bank transfer, Debit card
- Fees (Pay by Bank Transfer)
- $0
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.
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 |
| Number of Currencies | 60 |
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 60+ currencies and 150+ countries. Payments acceptance (cards and 160+ local payment methods).
- Transfer money. Airwallex lets you make batch transfer to 110+ countries using local rails or to 212+ countries using SWIFT and global accounts.
- 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.
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 take
Within minutes
How does Airwallex compare to other business providers?
Frequently asked questions
- Airwallex official website, accessed April 2024
Your reviews
Kate Finder
Money expert
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