Airwallex Review 2025 – Is It the Best Multi-Currency Account for You?

Airwallex competes in the multi-currency banking space and gives businesses and individuals a streamlined approach to international finance. Founded to address the pain points of global transactions, this fintech platform combines competitive exchange rates with user-friendly interfaces and robust business tools. Its particular strength lies in helping businesses scale internationally without the traditional banking headaches. Airwallex helps e-commerce businesses, digital entrepreneurs, and companies with global supply chains or international workforces. Is Airwallex the best option for managing multiple currencies? Let’s take a deep dive into its features, fees, pros, and cons.

Overview: What Is Airwallex?

Airwallex was founded in 2015 by Jack Zhang, Max Li, Lucy Liu, and Xijing Dai in Melbourne, Australia. What began as a solution to high foreign exchange fees quickly evolved into a global financial platform backed by major investors, including Sequoia Capital and Tencent. Today, Airwallex operates as a unicorn fintech company valued at over $5.6 billion.

Unlike traditional banks, Airwallex was built specifically for the digital economy. Its core infrastructure allows businesses to create virtual multi-currency accounts, facilitate international payments, and manage foreign exchange without long processing times or high fees.

The platform works by helping users open local accounts in major markets, collect payments in multiple currencies, and convert currencies at competitive rates. Businesses can then use these funds to pay suppliers, staff, or transfer to their main accounts.

Airwallex is particularly suited for e-commerce businesses, SaaS companies, importers/exporters, and businesses with international clients or suppliers who need efficient currency management without excessive banking overheads.

Key Features of Airwallex

Airwallex supports over 20 currencies, enabling businesses to collect, hold, and send money globally. This extensive currency support extends to major global markets and gives companies the opportunity to operate with local banking details in regions like the US, UK, EU, and Australia.

When it comes to exchange rates, Airwallex stands out by offering rates much closer to the interbank rate than traditional banks. Their markup is typically between 0.3% and 0.6% depending on the currency pair, significantly lower than the 3-5% often charged by conventional banks.

International transfers with Airwallex are designed for efficiency. Payments to major markets often arrive within 1-2 business days, with transfers to over 150 countries supported. Transaction limits are generous, particularly for business accounts, which makes it suitable for both small payments and larger transfers.

The platform offers comprehensive account management through both web and mobile applications. The interface prioritizes functionality for business users, with features like batch payments, approval workflows, and detailed reporting. Customer support is available through multiple channels, including dedicated account managers for larger clients.

On the security front, Airwallex maintains high standards with bank-level encryption and is regulated by financial authorities in multiple jurisdictions, including the FCA in the UK, ASIC in Australia, and holds licenses in Hong Kong, Singapore, and the US. These regulatory approvals provide users with confidence in the platform’s stability and security protocols.

For businesses requiring deeper integration, Airwallex offers extensive API capabilities that allow direct connectivity with accounting systems, e-commerce platforms, and custom applications. This level of technical flexibility separates it from many competitors who offer more limited integration options.

Fees & Costs

Airwallex’s fee structure is designed with transparency in mind. There are no monthly or annual account fees for standard business accounts, although some enterprise features may incur subscription costs.

Currency conversion fees typically range from 0.3% to 0.6% above the interbank rate depending on the currency pair. This is substantially more competitive than traditional banks, which often charge 3-5% markups on international transactions.

For withdrawals, Airwallex generally does not charge fees for transfers to local bank accounts in supported currencies. However, international wire transfers may incur fees ranging from $10-$30 depending on the destination country.

Incoming transaction fees are minimal, with free local deposits in supported regions. For international receipts, Airwallex provides local account details in major markets, which allows businesses to receive payments as if they were a local entity.

While Airwallex aims for fee transparency, users should be aware of potential costs when transferring to certain countries or using specific payment methods. Additionally, currency conversion is automatic for unsupported currencies, which may result in unexpected exchange fees if not managed carefully.

For high-volume users, Airwallex offers customized pricing plans that can further reduce per-transaction costs. This makes it particularly cost-effective for businesses processing significant international payment volumes. These enterprise arrangements often include preferential FX rates and reduced fees for specific corridors based on business needs and transaction patterns.

Pros & Cons

How to Open an Account

Opening an Airwallex account is straightforward but tailored primarily for businesses. The process begins on their website by selecting your business type and providing basic company information.

Next, you’ll need to complete the verification process by submitting:

• Company registration documents
• Proof of business address
• Director identification
• Beneficial ownership information
• In some cases, proof of business operations

The verification timeline typically ranges from 1-3 business days. However, simpler business structures may be approved more quickly. Once approved, you can immediately access your global account and begin setting up currency accounts in your preferred denominations.

For businesses requiring more complex setups, Airwallex offers onboarding support to help configure mass payment options, API integrations, or specialized banking requirements.

Many businesses complete the entire process online without needing direct assistance, though account managers are available for enterprises with more complex requirements. The platform’s documentation and setup guides are comprehensive, which makes it possible for even financially non-technical teams to establish working accounts with minimal friction.

Who Should Use Airwallex?

Airwallex is ideally suited for businesses with international operations rather than individual users seeking travel-friendly accounts. E-commerce businesses benefit significantly from its marketplace integrations and ability to collect payments in local currencies without excessive conversion fees.

Software companies and subscription businesses with global customer bases will appreciate the ability to bill clients in their local currencies while consolidating funds efficiently. Import/export businesses can use Airwallex to pay suppliers internationally while maintaining better control over exchange rates.

Companies with international teams will find value in Airwallex’s employee expense cards and mass payout features. This helps to streamline global workforce management. If your business processes regular transactions above $10,000 across different currencies or markets, Airwallex’s fee structure could offer substantial savings compared to traditional banking arrangements.

However, individual travelers or digital nomads without business entities may find consumer-focused alternatives like Wise or Revolut more appropriate for their needs.

Rapidly scaling startups entering new international markets will also find Airwallex particularly valuable as it eliminates the need to establish traditional banking relationships in each country while still providing local banking capabilities essential for market expansion.

Competitor Comparison

When comparing Airwallex to other multi-currency providers, notable differences emerge in target users and feature focus. Wise (formerly TransferWise) offers slightly better consumer-facing features and potentially lower fees on smaller transfers, but lacks Airwallex’s advanced business tools and API capabilities. Revolut provides more comprehensive personal banking features and crypto integration but doesn’t match Airwallex’s business payment infrastructure.

Payoneer caters well to freelancers and marketplace sellers but charges higher fees than Airwallex for currency conversion. PayPal offers universal acceptance but with significantly higher fees, sometimes reaching 4-5% for international business transactions compared to Airwallex’s sub-1% rates.

For enterprise users, Airwallex competes with more traditional providers like HSBC Global or Citibank’s Treasury services but offers more modern interfaces and generally lower fees. However, these established banks may provide better credit facilities and relationship banking that Airwallex doesn’t currently match.

The key differentiator for Airwallex is its focus on providing comprehensive financial infrastructure rather than just accounts or transfers. This makes it particularly valuable for businesses building global operations rather than individuals looking for travel-friendly banking.

Its marketplace-specific solutions are another distinguishing feature, with pre-built integrations for platforms like Shopify, WooCommerce, and other major e-commerce systems providing streamlined payment flows that many competitors have not developed as thoroughly.

Conclusion: Is Airwallex Worth It?

For businesses conducting regular international transactions, particularly those in e-commerce, SaaS, or with global supply chains, Airwallex is an excellent choice. Its combination of competitive exchange rates, minimal fees, and powerful business tools creates genuine value for companies looking to scale across borders efficiently.

Airwallex does have its limitations. For example, its consumer offerings are less developed than business features, and companies operating in emerging markets might face some currency restrictions. Additionally, businesses in search of comprehensive lending facilities alongside multi-currency banking might find traditional banks still hold advantages.

If you need a powerful global financial infrastructure for your business with modern API integrations and significant cost savings on international transactions, then Airwallex is a compelling choice. However, if you’re an individual traveler or prioritize in-person banking services, alternatives like Wise or traditional banks with international services might better suit your needs.

Looking toward the future, Airwallex continues to expand its service offerings and geographical reach. Its focus on technological innovation and integration capabilities suggests it will maintain its competitive edge in the business financial services space.

Thinking of signing up? Check out their website and compare options before deciding, particularly focusing on whether your specific currency routes and business requirements align with Airwallex’s strongest offerings. For businesses with complex international payment needs, arranging a consultation with their sales team may provide valuable insights into how their enterprise solutions could be tailored to your specific requirements.