Should I use AirWallex?
- Relatively new company
- Not enough client feedback on services
- No private client offering
- No hedging functionality
- Great rates, and even better rates for enterprise clients
- Plenty of positive media attention
- One month no-fees trial
- Payments via API
- Leader in business payment automation
- Very strictly regulated
Is AirWallex Safe to Use?
Services Offered by AirWallex
Not Top 10 Ranked
🏆 6 Industry Awards
Where is AirWallex Available?
This review of Airwallex money transfer will explain the advantages and disadvantages of using the company’s money transfer services. We focus on client reviews, fees and exchange rates, quality of online platform, and level of service.
AirWallex Alternatives (Better Rated)
Below you can find AirWallex competitors whom we believe provide a more holistic and complete offering for business customers. Find the best AirWallex alternatives detailing their pros and cons below.
Local UK Offices:
The White Chapel Building, 10 Whitechapel High St, London, E1 8QS. Headquartered in Australia, have offices in Asia, USA, Canada, EU and more.
90.4% Editorial rating
1,500 Client Reviews
- Multi-currency Bank Accounts in USA, Canada, UK, EU, New Zealand, Hong Kong, Singapore and Australia
- Traded Publicly in the Australian Stock Exchange. A prominent and well-know company with excellent reputation in Australia operating for 20+ years. Boasting more than £20bn in annual turnover, across all five continents.
- Diverse offering combining the good parts of all other compabies - transfer money abroad, receive funds, multi-currency accounts, corporate foreign exchange, ecommerce intergration, online system and a friendly app.
Millbank Tower, 21-24 Millbank, Westminster, London SW1P 4QP
95.4% Editorial rating
3,000 Client Reviews
Min. annual volume of £1,000 - **Only Accepting Business Clients and Online Sellers**
- Bank accounts available in UK, France, Germany, USA, and Canada, as well as Singapore, China and Japan (recent additions)
- FX Margins from 0.15% to 0.5% per transaction, potentially cheaper than competitors like TransferWise (Wise). No fixed payment fees or receiving fees.
- Industry Leader in the eCommerce Space, Owned by Ant Financial (AliPay). Easy integration with any eCommerce platform, and Amazon recommended solution for currency exchanges.
- Global Offices in 5 Continents and 20 years of experience in FX
- 95% positive reviews from past customers.
Tea Bldg, 6th The, 56 Shoreditch High St, London E1 6JJ, but have many more offices globally (in Europe, North America, Australia and Asia)
86.8% Editorial rating
32,000 Client Reviews
- Bank accounts available in UK, EU, Poland, Australia, New Zealand and USA but you can hold money in 50+ currencies
- Most recognisable name in money transfers and multi-currency account, serving millions of customers and traded on the London Stock Exchange
- Very transparent about its fees which are generally among the cheapest for both private clients
- Very easy to use online, fast (especially with transfers with other Wise accounts)
- Easy to set up to receive payments from PayPal, Amazon, eBay, ETSY etc.
Zig Zag Building, 70 Victoria St, Westminster, London SW1E 6SQ
93.2% Editorial rating
7,000 Client Reviews
Min. annual volume of £5,000 - **Virtual Bank Accounts for Business Clients and Online Sellers - But Send and Receive Payments Available for Private Cusotmers**
- Operating since 1979 - the first commercial foreign exchange space. Specialising in businesses - corporations and small businesses. Each business customer with volume of £5,000 is assigned with a dedicated currency dealder, demonstrating very high level of professionalism and excellent availability.
- Virtual IBAN bank accounts available in UK, EU and USA - but you can use Moneycorp to receive foreign exchange payments from everywhere in the world.
- 98% satisfaction based on online customer review. Many customer and business awards.
- Excellent FX hedging offering for businesses that need to control their foreign exchange flows. From Forward contracts to FX options - all are available for customers of any size, together with dedicated guidance on how to use these fx hedging tools optimally.
Is AirWallex safe to use?
Can I use AirWallex as a private client?
What are AirWallex’ strengths against competitors?
What are AirWallex’ weaknesses against competitors?
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:
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.
- ✓ 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
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
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
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.
AirWallex Review Summary
- Credibility Score - 80%
- Client Feedback - 80%
- Fees, Exchange Rates - 95%
- Global Reach, Availability, Service - 89%
- Added Values - 92%
This Airwallex review summary can only say one thing – Airwallex is the best e-wallet and international payment solution for businesses there is. . It has stronger technology and a more diverse offering than literally any other payment company currently on the market, and it offers rates that start from “great” at 0.5% margin and could possibly be “unbeatable” for larger enterprise customers. With 8 offices globally, free virtual accounts and collections accounts, the ability to hold funds in multiple currencies and the simplicity of their API, Airwallex is truly an incredible fit for internationally trading businesses who want to automate their overseas payments and pay less.