Is AirWallex Safe?

Company size: AirWallex is a relatively new company to enter the competitive space of international payments in 2015, which has managed to set a strong foothold in the market and expand significantly in  less than 4 years of existence. The firm now employs more than 320 employees across 8 global offices, and is making headlines in tech publications due to its colossal  funding to date. The company has raised more than $200m with a current valuation surpassing the $1bn mark, an achievement that only private-client-facing rival Transferwise has managed to surpass. The company has reported they are on track to transfer $3bn for its clients this year, an amount comparable to what major, well-positioned, competitors such as Currencies Direct are transacting annually through their corporate desk. The company hasn’t only grown at  a staggering pace to date but is in fact continuing its expansion currently, with plans to enter the US market later on this year as well as working on entirely new products which are still yet to be released.  Regulated By:

• ✓ United Kingdom – FCA – Electronic Money Institution (EMI) License
• ✓ Europe – FCA – EMI License is passported throughout the EEA
• ✓ Australia – ASIC – Australian Financial Services License
• ✓ Canada – FINTRAC – Money Service Business
• ✓ Hong Kong – Customs and Excise Department – Money Services Operators License

Awards: Awards Conclusion: Although we normally recommend staying away from newer companies which don’t have a long and proven track record yet, with Airwallex it’s a whole different story. This firm has been gaining the trust of major investors and increasing in valuation with each funding round, winning awards and getting the attention of all major publications, while accumulating a significant amount of business clients and transacting  billions each year. It’s also different to the majority of other payment companies in this space which are normally only leveraging technology for their core business of international currency transfers, while Airwallex is first and foremost a technology-driven company. Providing global bank account functionality, local payment delivery and API connectivity. We deem Airwallex to be safe as they are extremely reputable, especially for its relatively short track record, and well regulated.

AirWallex Reviews by Customers

Research: True for May 2022, AirWallex had 37 Facebook reviews with an average score of 3.5 with several complaints. Similarly on the company’s GlassDoor review, it only averages at 3.7 with 180 reviews indicating some dissatisfaction in the corporation. Then on Reviews.io, there are 134 reviews with just 2 complaints. Conclusion: One thing we can tell for sure about AirWallex is that it’s a b2b company and it has a relatively short track record, and hence the number of reviewers is a lot lesser than competitors. For example, Wise has more than 150,000 reviews online. The ratio of complaints to positive reviews seem inline with other international payment specialists, and the only thing of concern is the relatively low GlassDoor rating as you’d expected a well-duned unicorn like AirWallex would keep its employees satisfied.

AirWallex Exchange Rates and Fees

Fees:£2.50 per payout to a bank account Exchange Rates: Airwallex exchange rate margins are fixed at 0.5% for SMEs, for all currencies, and could be further narrowed for Enterprise customers Conclusion: Airwallex offers not only bank-beating prices on international payments… they offer incredibly tight margins even in comparison with other leading money transfer websites. In a nutshell, they have similar or better rates than Transferwise’s which is quite remarkable, and unlike Transferwise they even offer better rates if you transact enough. £2.50 per payout for a bank account makes a lot of sense considering Airwallex’ business model. It’s difficult to compare it with what other companies are charging because none of them offers the same technology (API directly to the payment system).

AirWallex Global Presence

Research:

• Dedicated Dealer: Yes
• Offices:HQ: Hong Kong. Offices: London, Melbourne, Singapore, Shanghai, Shenzhen, Beijing and San Francisco
• Ways to approach: Phone, email, or automated request via API
• Translations: Chinese
• Accepts clients:Business clients only – Europe, Singapore, Hong Kong, China & Australia.
• Currencies Handled: 50
• Client reviews: 5 stars on Facebook

Conclusion: Airwallex is a truly international company with offices in the major business hubs of the world. The company also offers virtual accounts and collection accounts in multiple regions/currencies and enhances each of their client’s ability to receive and send money abroad! In addition, it is the only company covered on this website out of 40+ provider reviews offering 24/7 trading!

Additional Functionalities

Accounts:  Free international virtual accounts. Collection:  Local collection available in 11 CCYS (depending on region) FX:  Spot, Forward (365days) & Carded FX rates (>24 hours) Payment: Super fast local payment available in 11 CCYs with most being made same day and SWIFT available for all other CCYs 24/7 trading Ability to hold funds in multiple currencies Free reporting for each of the products

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Conclusion: AirWallex offers business clients  more functionality than any other company in the market right now. Collection accounts, local payments, ability to hold funds… Airwallex is in fact an E-Wallet or a multi-currency account tailor-made for international businesses.