Should I use AirWallex?
Services Offered by AirWallex
AirWallex Review: Executive SummaryAirwallex is a digital payments company that offers businesses of all sizes a suite of cross-border payment solutions. The company was founded in 2015 by Jack Zhang, Xin Wang, and Max Li, who saw an opportunity to make international payments simpler, faster, and more transparent. Airwallex offers a range of products including foreign exchange services, global business banking, and cross-border payments. The company has offices in Melbourne, Hong Kong, San Francisco, Shanghai, and Singapore. It is a good service but there are better alternatives on the market.
Not Top 10 Ranked
Where is AirWallex Available?
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.
- 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.
- Bank accounts available in UK, France, Germany, USA and Canada, as well as Singapore, China and Japan (recent additions)
- FX Margins are anywhere up to 0.75%, depending on the amount sent, potentially cheaper than competitors like TransferWise (Wise). Payment fees range from £1.50 - £15, depending on the payment type
- Industry Leader in the eCommerce Space, owned by Ant Financial (AliPay). Easy integration with any eCommerce platform, and an Amazon recommended solution for currency exchange
- Operating since 1979 - the first commercial foreign exchange space. Specialising in businesses - both large corporations and small businesses. Each business customer with volume of £5,000 is assigned with a dedicated currency dealer, demonstrating a very high level of professionalism and excellent availability
- Virtual IBAN bank accounts available in GBP, EUR and USD - but you can use Moneycorp to hold balances in over 120 currencies
- 98% satisfaction based on online customer review -many customer and business awards
+ 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:
- ✓ 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 CustomersResearch: 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 FeesFees:£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 PresenceResearch:
- 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
Additional FunctionalitiesAccounts: 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%80%
- Client Feedback - 80%80%
- Fees, Exchange Rates - 95%95%
- Global Reach, Availability, Service - 89%89%
- Added Values - 92%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.