Airwallex is a modern financial platform designed to help businesses of all sizes simplify their financial operations. It is a solution built for companies involved in international trade or multi-currency transactions.
Airwallex offers a business account that allows you to manage multiple currencies, make international transfers, and manage your finances more efficiently – all from one platform.
Whether you are a small business owner or part of a global enterprise, Airwallex makes managing your business finances easier.
Why should you consider Airwallex for your business?
Conducting business through international transactions often requires hidden fees and complex systems. Traditional banks operate slowly and charge high fees for currency conversions and cross-border payments.
Airwallex aims to solve these problems by providing a fast, affordable, and seamless alternative. Here are the reasons to consider it:
Low fees on global transfers
Airwallex’s business account significantly reduces the cost of transferring money internationally. Their exchange rates are close to interbank rates, which is much better than what you usually get from traditional banks.
Multi-currency Account
One of the most impressive features of Airwallex is the ability to hold multiple currencies at once. This is especially useful if your business deals with clients, suppliers, or partners in different parts of the world.
Airwallex offers local bank details in over 60 countries, allowing you to send and receive money in different currencies without unnecessary delays or fees.
Easy-to-use platform
Navigating a complex financial system can be overwhelming. Airwallex’s platform is user-friendly, making it easy for business owners and financial teams to manage their accounts.
Everything from viewing transaction history to setting up transfers is made easy and simple.
Fast Transfers
While traditional banks can take days to process international payments, Airwallex makes things faster.
Transfers can happen within a few hours, sometimes even the same day, depending on the region. This speed can be a big advantage when you need to make quick business decisions.
Integrated Expense Management
Managing business expenses is an important task. Airwallex integrates with accounting tools like QuickBooks and Xero so you can easily track, approve, and manage business expenses.
You can also set spending limits for employees with corporate cards, helping you maintain better control over your finances.
Features of Airwallex Personal And Business Account
Multi-Currency Support
One of the most attractive features of an Airwallex personal account is the ability to hold and manage multiple currencies in one account. This is ideal for travelers, freelancers, or anyone making or receiving payments in different currencies.
Low Foreign Exchange Fees
When making international transfers or payments, Airwallex offers competitive exchange rates with minimal fees, often much lower than traditional banks or other financial services.
Global Payment Capabilities
Airwallex allows individuals to send and receive payments from across the globe. You can transfer money internationally with ease and at a fraction of the cost of traditional banks.
Virtual Cards
Airwallex offers virtual cards for personal accounts, allowing users to make secure online payments. These virtual cards can be used for purchases, subscriptions, and other online transactions, with real-time transaction tracking.
Easy Integration with Apps
Airwallex integrates seamlessly with popular apps and financial tools, such as accounting software and digital wallets. This makes it easier to track and manage expenses without switching between different platforms.
Mobile App Accessibility
Airwallex’s mobile app allows you to manage your account on-the-go. Whether you’re traveling or just need quick access to your funds, the mobile app ensures you can easily control your finances from anywhere.
Bank-Level Security
For peace of mind, Airwallex offers strong encryption and follows regulatory standards to protect personal account holders’ data and transactions. You can feel confident knowing that your money and information are secure.
Airwallex Business Account
Multi-Currency Bank Accounts
If your business deals with international clients or suppliers, holding multiple currencies in one account can save you time and money. Airwallex provides you with a multi-currency account, so you don’t have to open separate accounts for different currencies. This feature also makes it easier to manage payments from various countries.
Local Bank Details
Having local bank details in countries around the world can save your business a lot of hassle. Airwallex gives you local bank accounts for various regions, which means you can receive payments as though you’re based in those countries, without the hassle of international fees.
Corporate Cards
Airwallex’s corporate cards are designed to help you manage and control your business’s expenses. You can issue multiple cards to employees, set spending limits, and track their purchases all in one place. It’s a great way to simplify how you manage team spending and ensure you stay within budget.
Integration with Popular Accounting Software
Managing finances is easier when all your tools work together. Airwallex integrates with popular accounting software like Xero, QuickBooks, and others. This integration ensures that you can easily reconcile your accounts, track expenses, and prepare financial reports without jumping between platforms.
Fast and Secure International Transfers
Sending payments abroad is quick and easy with Airwallex. Whether you’re paying an overseas supplier or sending money to a partner in another country, Airwallex ensures fast, secure, and low-cost transactions.
Simple Pricing and No Hidden Fees
Airwallex doesn’t charge hidden fees. Their transparent pricing makes it easy to understand what you’re paying for. This honesty is rare in the financial industry and a key reason why many businesses choose Airwallex over traditional banks.
Airwallex Business Account Requirements
Legal Business Structure
Airwallex only allows legally registered businesses to open accounts. Your business must be established as a legal entity.
This means that whether you are a sole proprietorship, partnership, LLC, or corporation, you will need proof of your company’s legal status. This typically includes:
A copy of your business registration or incorporation certificate.
Proof of business ownership or partnership agreement (if applicable).
This ensures that your business is recognized and can legally operate in your region.
Business Identification Documents
Airwallex requires businesses to submit identification documents to verify the legal existence and ownership of the company. These documents may include:
A government-issued business license or registration certificate.
Proof of tax registration (e.g., Employer Identification Number (EIN) for U.S. businesses).
Depending on your business structure, other business documents, such as articles of incorporation or bylaws, may be required.
These documents help Airwallex verify that your business is legitimate and complies with local laws and regulations.
Personal identification of business owners
For security and regulatory reasons, Airwallex is required to verify the identity of the individuals who own or operate the business. This typically includes:
A government-issued photo ID (such as a passport or driver’s license) for each owner, director, or significant shareholder.
Proof of address, such as a utility bill or bank statement, dated within the last three months.
Business address
You must provide a physical address for your business. This address is the address where official communications will be sent. You may be asked to provide documents to confirm your business address, such as:
A utility bill or lease agreement.
A business tax return showing the business address.
The business address must be in the country where you are registering your Airwallex account. Airwallex operates in multiple countries and your business address needs to be in one of the supported regions.
Bank Account Information
When setting up your Airwallex business account, you may need to link it to your existing business bank account.
This helps to facilitate fund transfers and ensures that you can transfer money between your Airwallex account and your traditional bank account.
You will likely be asked for:
Bank account details, including bank name, account number, and routing information.
A recent bank statement to verify your existing business account.
Account Purpose
Airwallex may ask for information about why you need a business account. This may include explaining how your business plans to use the account, especially if you engage in international transactions or hold multiple currencies.
Understanding the purpose of the account helps Airwallex provide you with the most appropriate service.
Common uses for an Airwallex business account include:
Managing payments for international suppliers.
Holding funds in multiple currencies for global business operations.
Receiving payments from customers in different countries.
Additional Verification for High-Risk Businesses
If your business is considered high-risk—such as operating in certain industries (e.g., cryptocurrency, gambling, or high-volume e-commerce)—you may need additional verification. This may include more detailed information about your business operations, source of funds, and enhanced due diligence.
While this is not required for all businesses, Airwallex will let you know if you need to submit additional documentation.
Airwallex Fees: What You Need to Know
Here’s a look at Airwallex fees and what you can expect when using their services
1. Account Setup and Maintenance Fees
Airwallex doesn’t charge any setup fees for opening a business account. Whether you sign up for a personal or business account, there are no monthly or annual maintenance fees.
This is a huge advantage over traditional banks, which often charge monthly fees to keep your account open.
2. Currency Conversion Fees
A notable feature of Airwallex is its ability to offer competitive exchange rates. For businesses that need to convert currencies, Airwallex offers foreign exchange (FX) rates that are very close to the interbank rate (the wholesale exchange rate used between banks). However, Airwallex charges a small margin on the interbank rate for currency conversions.
Typically, Airwallex’s markup is around 0.5% to 1% above the interbank rate, which is significantly lower than traditional banks or services like PayPal, which can charge 3% or more for currency conversions. This means you get a lot more value for your money when converting currencies.
3. International Transfers and Payments
Airwallex offers low-cost international transfers, with fees typically ranging from 0.3% to 0.6% of the transaction value. The fee structure is based on factors such as the currency involved and the destination country. Compared to traditional banks, which can charge anywhere from 2% to 5% for international wire transfers, Airwallex’s rates are much more affordable.
For example:
Sending money from another country to the UK, Europe, or the US may cost around 0.3%.
Transfers to other regions with more complex requirements may cost slightly higher fees, but they are still competitive.
It is important to note that Airwallex does not charge any additional fees for receiving payments, which is different from traditional banks, which often charge receiving fees for international wire transfers.
4. Debit and Corporate Card Fees
If you choose to use Airwallex’s business debit card or corporate card, here is what you can expect:
Card Issuance Fee: Airwallex does not charge any upfront fees for issuing corporate cards to your employees. However, if you lose your card or need to replace it, there may be a small fee for replacing the card.
Card Usage Fee: Airwallex does not charge a fee for using the card in local currency. For international transactions (outside your account’s base currency), there is typically a 1.5% foreign exchange fee for each transaction. This is still lower than other financial institutions that charge much higher foreign exchange fees.
ATM Withdrawal Fee: When withdrawing cash using your Airwallex card, you may be charged an ATM withdrawal fee. While Airwallex itself does not charge any fees, the ATM operator may charge a fee depending on the location.
5. Top-up and Transfer Limits
Airwallex does not charge any fees for topping up or adding funds to your account. However, there may be a limit on how much you can deposit or transfer per day, which is typically $100,000 USD for a business account. This is much higher than most consumer-oriented platforms where top-ups and transfers are limited to lower amounts.
If you need to increase this limit, you can contact Airwallex support for assistance and they can adjust the limit based on your business needs and account activity.
6. Withdrawal Fees
Airwallex generally does not charge any fees for withdrawing funds to your bank account, whether domestically or internationally. This is a significant advantage over traditional banks, which often charge withdrawal fees for international transfers.
However, be aware that there may be third-party fees depending on your bank or the payment network used. For example, a foreign bank receiving funds may impose its own fees.
Can I buy an airwallex business account?
No, you cannot “buy” an Airwallex business account in the traditional sense of purchasing a product. However, you can apply for an Airwallex business account by meeting the necessary requirements.
To set up an Airwallex business account, you’ll need to:
Sign up online by providing your business details.
Submit required documentation, such as proof of your business’s legal structure (e.g., business registration), identification documents for business owners, and proof of address.
Verify your business by completing the verification process, which includes confirming the identity of business owners or directors and ensuring compliance with legal and regulatory standards.
Once your account is set up and approved, you can begin using it for international payments, currency management, and more.
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