Airwallex business account review

Apr 05, 2024

Businesses are constantly looking for growth opportunities. This can be achieved by going beyond geographical boundaries for trade purposes.

Trading overseas is made convenient with an Airwallex business account. It is an online digital provider that allows businesses to hold, receive, and transfer payments across the world.

This article serves the main objectives required for the Airwallex review. Businesses must know the significance of holding an Airwallex business account. 

What is an Airwallex business account?

Introduced in 2015, Airwallex has successfully established 19 branches across the world. It also has an office established in Singapore. Entrepreneurs looking for account services should hold an Airwallex business account.

Most businesses confuse Airwallex with a bank. Well, Airwallex is a financial technology business. Just like a bank, it offers business account facilities to entrepreneurs and businesses across the globe.

Businesses can conveniently send and receive international payments. The Airwallex business account comes with a linked debit card. 

MAS approval is mandatory for using an Airwallex business account. The regulatory bodies ensure the safety of business finance management. Transaction safety is the major concern in the Airwallex review. 

What are the features of the Airwallex business account?

Global accounts

The Airwallex business account allows SWIFT transactions in CAD, AUD, CNH, CHF, GBP, EUR, JPY, HKD, USD, NZD, and SGD. It also offers convenience in local transactions.

However, it's important to know that SWIFT payments typically come with high charges for the sender.

Businesses should keep in mind that intermediary fees are likely to appear, which are deducted as payment processes if you are receiving payment via SWIFT. This might mean that you get less than the sender expected in the end. 

Borderless cards

Businesses can quickly build virtual borderless debit cards and order physical borderless cards for delivery with an Airwallex business account.

You will have access to user permissions in your Airwallex business account, which you can use to control who can create and authorize borderless debit cards.

The employees are handed over all the tools they require to do their roles while also freeing up more of their time by delegating this task to the accounts team. 

Expenses for employees

The Airwallex business account allows you to upload receipts, make approvals for expense claims, and manage entire business spending with convenience. This can reduce administrative tasks.

Airwallex business account also improves the processes involved in business operations, making it simpler to reconcile accounts and manage records of all business expenses.

Payment links

The Airwallex business account offers payment links to the customers so that transactions can be initiated in multiple currencies. The link can be shared with customers who need to make business payments to you.

Payment links like QR codes can be shared with the customers. It is very useful for people working as freelancers. Payments are made quicker with the payment links. Also, you can receive payment in your preferred currency. 

Accounting integration

For real-time updates on your account balance and the status of the transaction, Airwallex business accounts can be synced with Xero cloud accounting software. The entire accounting system is automatic.

You will be able to more easily keep track of your business finances because your account will sync automatically every hour and you will never miss any updates from the account details. 

What are the fees associated with the Airwallex business account?

Airwallex business accounts charge fees from the businesses. An Airwallex business account is free to open, and there is no monthly fee involved.

Instead, Airwallex makes money by providing services like international SWIFT transfers and transactions in foreign currencies. We recommend that you check the Airwallex website for the most recent pricing because charges can vary.

Payments can be received for free with the Airwallex business account. 20 SGD is charged for international SWIFT transactions. 0.60% is charged for converting business payments to other currencies.

However, if you want to convert the payment to USD, NZD, GBP, CAD, HKD, EU, CNY, and SGD, the Airwallex business account charges 0.40%. 

Opening a business account with Airwallex

To keep accounts safe and prevent fraud, Airwallex accounts must adhere to local and international laws just like any other bank account.

This means that before you can use your Airwallex business account in Singapore, you will need to go through a verification process.

Airwallex, a mobile and online business, makes it possible to complete a simple digital verification from home without having to go to a branch or stand in a queue to show your documents.

To open an Airwallex business account, follow the on-screen instructions to create a password and sign up for an account on the Airwallex website.

Once your account has been verified, you will receive a notification that you will be able to begin transacting.

It is typically possible to get your account verified within one to three days; if the Airwallex team needs any additional information from you to begin, you will be notified.

Pros and cons of Airwallex business account

Following are the pros of the Airwallex account. 

• By receiving payments in local currencies and maintaining balances, you can avoid currency conversion fees.

• Take advantage of extremely competitive exchange rates.

• There are no monthly account fees.

• Integrate with PayPal and other online stores.

• Sync your accounts with Xero to simplify and speed up your accounting!

The cons of the Airwallex business account are mentioned below. 

• A multi-currency business account probably isn't necessary if your company only does business in British pounds in the UK.

• You can only hold 11 currencies at this time (though this is similar to services offered by rivals).

• The Financial Services Compensation Scheme does not cover this.

Why should you opt for Volopay's business account over Airwallex?

Volopay is a better substitute option for Airwallex as Volopay is an effective all-in-one spend management platform.

Volopay offers global business accounts, which are fulfilling all business financial management needs for vendor management, spending, reporting, and planning.

These global accounts are multi-currency supported to give your business the ease of dealing in more than 100 countries. Check out our article on multi-currency bank account to know in detail.

Volopay business accounts also facilitate expense reconciliation, money transfers, reimbursements, and corporate cards. Volopay makes business accounting and financial management easy and stress-free. Get Volopay to get relief. 


Can I open a personal account with Airwallex?

No, Airwallex does not offer personal accounts. You can only apply for an Airwallex business account. 

What is meant by the Airwallex global account?

The Airwallex global account allows fund collection from several platforms, including Amazon or Paypal. The global account allows you to collect business payments. Businesses cannot hold payments with the global account. 

Does Airwallex have a mobile app?

Yes, Airwallex has a mobile app that is compatible with both iOS and android.

Is the Airwallex business account safe for your business?

Airwallex is dedicated to safeguarding your funds. You can rest assured that the platform through which you make payments is compliant because Airwallex is regulated and licensed in all countries where it operates. 

Does Volopay's business account help in cross-border transactions?

Yes, the Volopay business account allows customers to initiate cross-border transactions. 

Volopay business account to support your business as you grow