Airwallex Review

Businesses had to juggle accounts in various nations in the dim days of traditional banking (only a few years ago) or pay expensive costs for a multi-currency account.

The biggest cost, however, maybe the time it takes to manage everything, especially when you take into account the management of cards, accounting, and expenses in several currencies.

There are now a few excellent non-bank online multi-currency account providers that make it much simpler to maintain and receive payment regardless of the currency.

Yes, cheap costs are a major benefit. However, that might not be the greatest part:

Making payments simple to accept can also open up new markets.

The Facts:

Although Airwallex may be the best option for your company, they are up against some formidable rivals. In the Airwallex Review, I will also point out instances in which Airwallex won't be effective and lead you to potential replacements.

What Problems does Airwallex Solve?

Businesses may overcome many of the difficulties associated with making and receiving payments in several currencies by using Airwallex.

With Airwallex, you can receive 11 different currencies (as if you had bank accounts there) and send payments in those currencies directly or at a low cost.

Speaking about payments, it is simple to manage cardholders and create new physical and virtual cards.
However, reporting features like Xero integration might be the true benefit.

End-to-end solutions like Airwallex are possible.

In the end, this can create new markets, cut down on costs, and make managing an international firm easier.

When to Refrain

Individuals cannot yet purchase Airwallex.

Additionally, Airwallex competes with more seasoned services like Revolut and the Wise Multi-Currency Account (review) (review). In addition to the security of using more well-known businesses, they really have more services and apps.

In reality, Airwallex is not a legitimate bank, which offers both benefits and drawbacks.

For instance, although being heavily regulated, Airwallex does not offer overdraft protection, and deposits are not insured the way deposits at banks are.

Businesses may benefit more from hiring a specialized money transfer provider for money transfers, especially for larger amounts. Even though Airwallex has relatively low fees, specialized services could be more advantageous if you take into account particular requirements like forwarding contracts, limit orders, and currency strategies provided by services like OFX (review).

Mechanics of Airwallex

Pay yourself and others in different currencies all at one place.

Setup worldwide accounts to send and receive foreign payments online

Spend less on currency exchange costs: Interbank foreign exchange (FX) rates plus an exchange fee of 0.3% to 1.0% of the transaction amount equals foreign exchange (exchange) fees.

Track and manage your company's spending: Companies can control and manage payments. Your employees, for instance, can create payments for approval by others.

Possess the ability to use virtual cards to make payments abroad: You can immediately create virtual Visa cards that are usable right away. No matter where they are, you can give each team member their cards.

To ensure that your records are constantly updated, sync your multiple currencies to Xero automatically.

How Airwallex Operates

Get paid and pay others in many currencies when Airwallex is working for you

When the friction between several currencies is eliminated, many businesses expand into new markets more quickly.

Both free and affordable international money transfers are available.

On Airwallex, local payment technology is used to conduct the majority of international transactions. Transfer fees are not assessed.

A tool for managing and keeping track of your business spending.

A platform for tracking, planning, and managing payments is provided by Airwallex. You can make virtual cards for your team and create sub-accounts.

When Airwallex Won't Work for You 

The largest problem, according to our research, is that you might not be able to get it.

When we looked more closely at the Trustpilot evaluations (below), we discovered that many of the unfavourable comments concern the inability to use their service.

As a result, you might want to review their usage conditions if you discover that your firm is registered in one of the nations they serve.

Opening an Account (The Easiest Way)

*Check out their website.

*Give some basic information:

Enter your first and last names, as well as your professional email address, and then make a password to protect your account.

The name of your company, the address where it is registered, and a phone number are required. Accept the terms and conditions after that.

*By clicking on the link supplied to your email, you can confirm your account.

*Describe your company in detail:

You will be required to submit your business registration location, firm structure, industry, and a link to your website or social media accounts after having your account verified.

Additionally, you must include specific information about your company, such as the kinds of products and services it offers. Don't worry; it might only take 6 minutes.

*Give the specifics of your transaction: 

Describe where, how, and an approximate amount you intend to transfer and receive.

List of nations from which you will receive funding List of nations from which you will send funding List of nations in which your company is incorporated and where you have a physical office with staff

platforms like Amazon, PayPal, and others from which you will be collecting money.

Where you can make payments to and withdrawals from accounts with the same name as your employees, suppliers, etc.

*Upload your files: 

The following files must be uploaded by you:

Signed trust deeds and an incorporation certificate. Make careful to upload all of the document's pages.

Association's memorandum and articles.

All directors' personal identification and addresses. The question will ask if any of the directors are Ultimate Beneficial Owners.

Images of each Ultimate Beneficial Owner's personal identification documents.

*Money for your wallet: 

Transfer money from your bank account to your wallet.

How Much Does Airwallex Cost to Use?

On Airwallex, registering an account and sending transfers are free. No monthly account fees, foreign fees, withdrawal fees, or telephone inquiry fees are assessed by Airwallex.

So, How Do They Earn For a Living?

Between 0.3% and 1.0% more than the interbank rate is the margin on the exchange rate.

Payments that automatically include a minor fee from their partners are referred to as third-party fees.

Any currency SWIFT transfer costs between $10 an$30UD, depending on the SWIFT charge schedule. Fedwire (USD) domestic US - AUD 10AUD 10D for Singapore domestic RTGS (SGD)

Hong Kong domestic RTGS ($10AUD) (CNY, HKD, USD)

Overview of Airwallex (inc. Negative Ones)

With nearly 300 reviews, Airwallex has a Trustpilot rating of 4.0/5. We examined actual user reviews (botfavourablele and unfavourable) and discovered that 80% of them are "Excellent" or "Great," while 18% describe a "Bad" interaction with the business.

Customers adore how simple it is to set up and onboard. Many people like Airwallex's user-friendly user interface (UI), which helps them see its potential for simplifying the management of payments and expenses.

Even though 18% of reviews had a one-star rating, many of these had to do with gaining permission to use Airwallex. This might just be a result of their stringent application of regulations during their own clearance procedure.

Overall, if you take into account that a large portion of bad ratings resulted from businesses not being allowed to use Airwallex, you are probably going to have a good experience with the majority of them.

Limitations You Should Know

Airwallex is now only available to registered businesses, but it will eventually be made available to people as well.

For companies with operations around the world, it may not be optimal that it can only support 30+ currencies.

Due to specific restrictions, not all firms are permitted to use Airwallex as a financial provider.

Only bank accounts with corresponding names on your Airwallex account can be used to finance your wallet.

The Safety of Airwallex Money Transfers

Despite not being a true bank, Airwallex is subject to regulation in many nations.

How Do They Safeguard Your Money?

No matter where you are, your money and information are secure. Every nation where they conduct business has strict regulations governing them.

To protect your money, they use a two-factor authentication technique. This system provides two main ways to produce authentication codes:

One-Time-Password for Text Messages (SMS) (OTP).

App for Mobile Authentication

Additionally, they allow 2FA, commonly known as 3D Secure, or 3DS, for card transactions.

The Several Organizations That Oversee Airwallex in Various Nations Include:

Australia: The Australian Transactions Report & Analysis Center and the Australian Securities and Investments Commission (ASIC) (AUSTRAC).

Hong Kong: As a Money Services Operator, the Hong Kong Customs and Excise Department.

Financial Conduct Authority, United Kingdom (FCA).

Canada: Airwallex has been given permission to conduct business as a money service business by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) (MSB).

When Using Airwallex, How Long Does It Take to Transfer Money?

1–5 business days is the quick response.

However, this is dependent on the location and currency combination. Reviews indicate that most non-SWIFT transactions come in a single day whereas SWIFT transfers arrive in three business days.

You may get a ballpark idea of how long your transaction will take from their interface.

These three factors are added together to determine transfer speed:

ETA for Accessing an Airwallex Account (1-2 business days)

Time Spent Processing and Matching (can vary)

Duration until beneficiary account (1-2 business days)

Conclusion:

Because of its inexpensive cost, a good multi-currency account, strong customer support, and thoughtful user design, Airwallex is a wonderful option for many organizations.

While many businesses make the claim to be the greatest, only a select few can compare to Airwallex.

However, as we found out (above), their very strict acceptance criteria at the moment are our main worry. However, as we stated (above), there are a few things you may do to determine if your application will likely be approved.

Hope this post will help you know more about Airwallex, see you in the next post^^