Airwallex Money Transfer Review

Should I use AirWallex?

Cons:

  • Relatively new company
  • Not enough client feedback on services
  • No private client offering
  • No hedging functionality

Pros:

  • 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?

Safe, 9/10

Official Website:

Services Offered by AirWallex

  • Business B2B Payments
  • Multi-Currency Account in Multiple Languages
  • API Payments
Overall rating80%
  • star-100
  • star-100
  • star-100
  • star-50
  • star-0
Updated on Jun 06, 2022
Aggregated User Votes
thumbs-up172
thumbs-down50

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.
#1
UK Multi-currency Bank Accounts in USA, Canada, UK, EU, New Zealand, Hong Kong, Singapore and Australia
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
Minimum transfer:
£100
Why Them?
  • 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.
+Read more
#2
UK Best for eCommerce Sellers 🛒: Potentially the Best Rates
Headquarters:
Millbank Tower, 21-24 Millbank, Westminster, London SW1P 4QP
95.4% Editorial rating
3,000 Client Reviews
Minimum transfer:
Min. annual volume of £1,000 - **Only Accepting Business Clients and Online Sellers**
Why Them?
  • 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.
+Read more
#3
UK Multi-Currency Bank accounts available in UK, EU, Poland, Australia, NZ and and USA + Debit Card 💳. Best App 📱.
UK Offices:
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
Minimum transfer:
€1
Why Them?
  • 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
+Read more
#4
UK Best for Corporate Foreign Exchange Payments
Headquarters:
Zig Zag Building, 70 Victoria St, Westminster, London SW1E 6SQ
93.2% Editorial rating
7,000 Client Reviews
Minimum transfer:
Min. annual volume of £5,000 - **Virtual Bank Accounts for Business Clients and Online Sellers - But Send and Receive Payments Available for Private Cusotmers**
Why Them?
  • 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.
+Read more

AirWallex FAQ

  Is AirWallex safe to use?

Yes. It is approved by multiple regulators to handle customers’ funds – FCA, ASIC, FINTRAC and HK Customs and Excise Department.

  Can I use AirWallex as a private client?

No, but there are very similar solutions out there for private clients such as OFX.

  What are AirWallex’ strengths against competitors?

Very technology oriented, strong API for payments, great rates, free one month trial, and smooth platform.

  What are AirWallex’ weaknesses against competitors?

Less known and less experienced than prime competitors like Moneycorp who has been doing business payments since 1979. Not as good rates as WorldFirst for large transfers. Not enough client feedback available to understand if service is good and consistent.
 

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
Finnies (Fintech Australia) 2019 – Jack Zhang (CEO) – Outstanding Fintech Leader
Finnies (Fintech Australia) 2019 – Airwallex – Excellence in establishing a global market presence
2018: H2 Top 50 Global Fintech (along with the likes of N26, Monzo, TW, revolut and Stripe)
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
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
87%
87 of 100 1 review
  • Credibility Score - 80%
    80%
  • Client Feedback - 80%
    80%
  • Fees, Exchange Rates - 95%
    95%
  • Global Reach, Availability, Service - 89%
    89%
  • Added Values - 92%
    92%

Bottom Line

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.