Airwallex Business Account: 2025 Review
Airwallex is an established provider of multi-currency accounts and card services, which could suit anyone from a sole trader through to the owner of a large and complex organization. Accounts offer multi-currency features, debit and expense cards, ways to take customer bank and card payments, accounting integrations, bulk payments and more.
Read on for all you need to know about Airwallex in the US including the pricing, features and who the services might suit. We’ll also cover alternative business accounts like Wise and Revolut.
Key Points
- No ongoing account fees
- Hold and exchange 20+ currencies with interbank rates and low fees
- Get local account details to receive foreign currency payments for free
- Send money globally using local payment methods or SWIFT depending on the currency
- Issue corporate cards and expense cards for yourself and your team
- Cloud accounting integrations with Xero and similar services
| Pros | Cons |
|---|---|
| ✅ Hold and exchange 20+ currencies | ❌ Currency exchange costs 0.5% – 1% |
| ✅ Open local accounts to get paid by others in foreign currencies | ❌ Taking customer card payments has variable fees which can be fairly high for international cards |
| ✅ Take customer card payments online and in app | ❌ Airwallex cards can not be used at an ATM |
| ✅ Generate corporate cards for yourself and your team | |
| ✅ Send money globally, often with no fee |
Overall: Airwallex offers multi-currency accounts for businesses and sole traders in the US. Accounts support 20+ currencies for holding and exchange, and can send money to 120+ countries – often using fast and low cost local transfer options.
You’ll need to weigh up the Airwallex fees to decide if it’s right for your business, but Airwallex has a strong range of options which can suit many different entity types.
What is Airwallex for business?
Airwallex was founded in Australia in 2015, and offers multi-currency accounts and cards, FX and transfers, as well as plugins and payment links for digital businesses getting paid online. You can take payments from 180+ countries with your Airwallex account and details, including customer card payments and local transfers in a selection of 20+ currencies.
Airwallex business accounts/plans
Airwallex US does not offer variable account plans – all customers get the same feature access, unless you opt for a custom plan which is intended for high-volume businesses, custom API, and embedded finance use cases.
Here’s a quick overview of some key features of Airwallex account plans:
- Local account information for 20+ currencies to receive payments
- Currency exchange which uses the interbank rate plus a fee of 0.5% – 1%
- Issue cards for yourself and your team
- 15 USD – 25 USD SWIFT transfer fee, some low cost or free transfer options also available
- Take card payments, bank transfers, local payment methods – fees apply
- Expense management tools
- Cloud accounting integrations for convenience
Other features are available, so do check out the Airwallex account information carefully before you sign up.
Who is it for?
Airwallex has flexible services to cater for everyone from a sole trader just starting out, through to enterprise level customers with very complex needs. The exact services you get can depend on where your business is registered – this guide assumes you have a US business, but do check the details if you’re running a business in a different country, as some rules may vary slightly.
It’s helpful to note that Airwallex can not offer accounts to businesses in certain niches, including investment firms, arms dealers, gambling companies, pharmaceutical companies and charities. At the time of writing, Airwallex also does not support businesses who have owners or directors that reside in Russia or Belarus.
Where is it available?
Airwallex offers business accounts to customers with registered businesses in 50+ countries. Airwallex has onboarding entities in 10 countries including the US – this means that if your business is registered in a country which does not have its own Airwallex onboarding entity, you will be assigned another onboarding entity to allow your registration.
The Airwallex website and app are available in English and Chinese only.
Airwallex Business Account Main Features
The Airwallex business account has lots of helpful features to make it easier to manage your company finances, including getting paid by customers, paying for business expenses in person and online by card, making transfers, and managing all your money across multiple different currencies. To give you a flavor we’ll look at some of the most important features for business owners.
Multi-currency account features
Airwallex accounts can hold and exchange 20+ currencies which can be valuable for any business dealing with customers, suppliers or contractors abroad. You’ll be able to hold different currencies in your account, which is helpful if you know you’ll need to make foreign currency payments for example. You’ll be able to switch from USD to the currency you need when you see a good exchange rate, to avoid disruption caused by fluctuations in the rate at the point that a payment is required.
Local account details
When you open an Airwallex account you’ll be able to access local account details for 20+ currencies. These local account details allow you to receive payments from customers, PSPs and marketplace sites, as though you’re a local in the country. This means that even if you’re based in the US you could take a payment in euros, for example.
Take customer payments
As well as the local account details which can be used to take customer payments, you can also use Airwallex to process customer card payments, and to take payments through local payment methods. Payments from local and overseas Visa, Mastercard, Discover, Diners Club, JCB, Amex and Unionpay cards are available, with varying fees based on the card type and place of issue. You can also take payments through Apple Pay and Google Pay for local US customers.
FX services
Use your Airwallex account to send local and SWIFT transfers to 150+ countries. Local transfers are low cost, or even free, while there’s a 15 USD to 25 USD fee for SWIFT payments. Currency conversion – in your account or when you send a payment – uses the interbank rate with a fee of 0.5% or 1% added. Major currencies like GBP and EUR attract the smaller 0.5% fee, with 1% on less commonly traded currencies.
Card payment services
You can issue multi-currency company and employee cards for use on shared spending.
There’s no fee to spend overseas if you have the currency you need in your account. If you don’t have the currency you need in your account for overseas spending, there may be a variable fee added to the exchange rate used for conversion.
Expense management
You’ll also be able to access expense management tools through your Airwallex account. This includes an app for submitting employee receipts, real time visibility of spending and customisable expense approval flows.
Reconciliation
If you have an Airwallex account you can integrate your bank feeds, expenses and bills in Xero. There are also integrations available for QuickBooks and Netsuite.
How does Airwallex work?
When you register with Airwallex you’ll be asked to complete a KYC process, uploading relevant documents and ID to prove your business registration, your address and your identity. Then once your account has been verified you can start to transact, using Airwallex to take customer payments, send money globally and issue cards for yourself and your team to spend for business needs.
Is Airwallex regulated and safe to use?
Yes. Airwallex US partners with banks to provide services to customers. The banks Airwallex works with include Evolve Bank & Trust, and customer funds are held in accounts which are FDIC insured up to the legal limit.
As a global business it is also regulated in the other countries in which it does business, such as the FCA in the UK..
Airwallex Business Account fees and exchange rates
Airwallex accounts have some service fees for different transaction types. We’ll take a look at how much Airwallex costs in more detail now – but do remember to closely check the fee schedule before you sign up to make sure you’re clear on the costs as they apply to you.
Account Fees
There’s no Airwallex monthly fee for accounts – you just pay for the services you use as and when you need them.
Transfer Fees
When you open your account you’ll get the option to send local and SWIFT transfers. In some destination countries, SWIFT is the only available option, although sending with a local transfer is preferable where this is allowed. Here’s the fee for all plans, aside from custom accounts where you may be able to negotiate the costs:
- Local transfers to 120+ countries are free
- 15 USD – 25 USD SWIFT transfer fee
- 1.5 USD per check sent
Airwallex Exchange Rates
Airwallex uses the interbank exchange rate, and adds a fee of 0.5% or 1% depending on the currency. The interbank rate is pretty fair, as it’s the rate that banks use as a reference when trading between themselves and on global currency markets. You can see the Airwallex live rate in the Airwallex app once you’ve registered.
The Airwallex fee is as follows:
- 0.5% fee for conversions involving HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY
- 1% fee for all other conversions
Large payments for business
Airwallex has variable transfer limits which depend on the country you’re sending money to and the payment method. In some cases there’s no upper limit on the amount you can send – but if you run into a limit at any point, you’ll be notified in the app when you set up your payment.
Supported Currencies
Airwallex supports holding and exchange of 20+ major currencies. You can open local accounts in the following currencies for domestic payments:
- AUD
- NZD
- CNY
- EUR
- HKD
- USD
- SGD
- IDR
- MXN
- GBP
- DKK
- PLN
- CAD
- AED
You can also receive SWIFT transfers in a broader range of currencies, for added flexibility.
Alternatives to Airwallex Business in the US
Airwallex isn’t the right choice for every business. There are also some other great non-bank providers which offer business accounts to US business owners, sole traders and entrepreneurs. Compare Airwallex with these services to see which works best for you:
Wise Business: Hold and exchange 40+ currencies, with ways to receive payments conveniently with local and SWIFT details for 8+ currencies. You can send international payments with Wise Business to 160+ countries with low, transparent fees and the mid-market exchange rate, and get Wise Multi-Currency Card for spending and withdrawals in 150+ countries. No ongoing charges.
Revolut Business: Choose from one of 4 different plans, including the Basic plan which has no monthly fee to pay. Hold and exchange 25+ currencies, accept online and in person payments, and unlock extras for some account plans including some no-fee transfers, and some weekday currency exchange which uses the Revolut exchange rate with no additional fee.
If you are interested in opening a multi-currency account for your international business needs – this guide might help: Best multi-currency business account
How to open an Airwallex business account online
To open your Airwallex account you’ll need to register and complete a verification and onboarding process. This is pretty easy to do and you’ll manage the end to end process with just your phone or laptop:
- Open the Airwallex US website and click Sign up
- Follow the prompts to enter your name and contact information
- Add your email address, set a password and click Get Started
- Follow the prompts to complete the KYC process, uploading the required documents
- Wait for your account to be verified – usually within 3 days – and then you can transact
Documents needed to open a business account
The documents you need to open an Airwallex business account vary depending on the country your business is registered in, as well as the entity type. To give an idea, here’s what you need to register a business with Airwallex, if you have a US registered limited company:
- Supporting Tax ID Documentation – EIN Letter or a screenshot of your EIN Number on the IRS website
- Certificate of Formation or Incorporation – your business formation documents filed with the Secretary of State
- Attestation of Beneficial Ownership – Full Name, Date of Birth, Nationality and % of Ownership for the Ultimate Beneficial Owner (any individuals with a 25% or more stake)
- Official Government Issued Photo ID – passport, national ID or driver’s license
If you largely operate outside of the US you will usually need to give some other information and documents which you’ll be notified about when you sign up.
Verification Process
You’ll complete the verification process online or through the Airwallex app. The process uses on-screen prompts to make sure you enter all the required information – you’ll also need to take clear photos of your required ID and address documents, and any other paperwork needed based on your entity type. You can upload the images for verification by the Airwallex team.
Verification times vary but once all your paperwork is uploaded you could get set up in 1 – 3 business days.
How to Use Airwallex for Business?
You can use Airwallex for managing your company finances, including sending and receiving local and international transfers, card spending and managing your payroll.
Log into your Airwallex account to make a payment – to send money to a supplier for example – and you can set up the transfer in just a few taps. 90% of Airallex international payments arrive in 24 hours, so there’s no waiting around – and local payment methods are free to use.
You can also use your local account information to get paid by others. Give your account details to a customer who wants to pay you with a bank transfer, or use the details to add to a marketplace like Amazon or a PSP like Stripe. Then you can have your money deposited to your Airwallex account easily, and in the currency the customer pays you in. Hold a balance in any of the supported currencies, and then convert when you’re ready or when you spot a good exchange rate.
Business Account Users and Permissions
Airwallex accounts can be used by multiple people, which is helpful because you can give team members the access they need to be able to do their jobs, without risking security. Simply assign your team member the Airwallex role which most closely suits their access needs, or create a custom role to be in full control of the permissions given to any particular user.
Airwallex standard user roles and permissions include:
- The Owner – Main point of contact for the account and can carry out all critical actions within the account
- Account admin – Access to modify the account and carry out all actions
- Cardholder – Can access only employee cards that have been created specifically for them, as well as company cards where permission has been given
- Analyst – Can make transfers and conversions, and view the Wallet and create Global Accounts
- Developer – Granted access to developer resources and integrations
- View only – Can view transactional data but cannot make any changes
Airwallex Business Account Limits
Airwallex transfers have variable limits based on the currencies and the payment method. There’s not usually any limit to the amount of money you can hold in your account, or the amount you can receive to your Airwallex account.
How long does it take to make a transfer?
Airwallex transfers arrive on the same day they’re sent in 90% of cases. Ultimately, though, factors like the destination country, and the recipient’s bank processing times can impact the exact delivery time with any international transfer provider.
Conclusion
Airwallex has a comprehensive range of account features and services,which can suit businesses of all shapes and sizes, from sole traders right through to enterprise level organizations. Accounts all come with the option to hold and exchange 20+ currencies and easy ways to send money overseas – often with no additional transfer charge. Compare the options for Airwallex, to see if an account could help you manage your business finance across different currencies hassle free.
FAQs
Is Airwallex a good business account?
Airwallex is a popular provider of business accounts which operates in many countries and regions globally. Airwallex could be a good option for both small and large companies which operate internationally, with multi-currency and international features available.
Can I use Airwallex as a business bank account?
Airwallex is not a bank. However, the Airwallex global accounts do offer business owners many of the tools needed to manage your business finances on a day to day basis.
How much does it cost to open an Airwallex business account?
There’s no fee to open an Airwallex business account, but transaction fees do apply depending on how you use your account.
How can I withdraw money from my Airwallex business account?
You can transfer your Airwallex funds to another account if you’d like to, or get an Airwallex card for spending online and in stores.
Can I transfer money from the Airwallex business account to my personal account?
Airwallex does not offer personal accounts. However, Airwallex supports transfers to banks in 120+ countries with local payment methods so you could move your money to a personal account held in a US bank or with another non-bank provider if you want to.
Are there any restrictions on Airwallex business transfers?
Airwallex transfers have limits which can vary between currencies. In some cases there are no limits at all – but if you do encounter a limit when arranging a transfer, you’ll be notified in the Airwallex app.
What is the difference between Airwallex business and personal?
Airwallex does not offer personal accounts. To sign up you must have a registered business and be in a country supported by Airwallex services.
