This article is not sponsored. It is based on our real-life experience using Air Wallex and the feedback received from our clients using Air Wallex for their business.
Many competitors of Air Wallex have published their own reviews of Air Wallex primarily to show that their service is better or less costly.
Our article and video do not aim at providing a comprehensive review of Air Wallex pricing, but simply to report on practical experience dealing with Air Wallex.
Starting a business often comes with the challenge of finding the right banking partner.
While traditional banks like HSBC are usually our customers’ first choice, the reality is that traditional banks are not interested in serving all types of customers (especially small businesses), and such traditional banks may not be the best to serve certain businesses.
That’s where digital banking solutions like Airwallex come into the picture.
This review delves into what Airwallex offers, its advantages, limitations, and whether it’s the right fit for your business.
What is Airwallex?
Airwallex, established in 2015 in Australia, has since expanded to major markets such as Hong Kong, Singapore, and the United States. Though often referred to as a “neobank,” Airwallex is technically a payment company rather than a traditional bank.
Backed by notable investors like Tencent and has raised over USD 900 million, Airwallex is a robust financial institution offering services that rival those of traditional banks.
Services Provided by Airwallex
Airwallex offers a range of business-focused services designed to simplify financial management, including:
- Multicurrency Accounts: Manage and transact in currencies like USD, EUR, and HKD.
- Payment Gateway for Ecommerce Links: Request payments seamlessly, similar to PayPal or Stripe.
- Team Debit Cards: Visa debit cards for business expenses.
- Foreign Exchange Solutions: Competitive FX rates for global transactions.
- Expense Management: A tool for tracking and managing team expenditures.
- Xero Integration: Simplify accounting by syncing with Xero.
- Buy-Now-Pay-Later Options: A newly introduced feature.
These offerings position Airwallex as a comprehensive solution for small and medium-sized businesses.
Pros and Cons of Airwallex
| Pros | Cons |
|---|---|
| Safety and Regulation: Operates under strict regulatory oversight in multiple countries. | Business-Only Accounts: Available only for businesses, not individuals. |
| Convenient Account Setup: Fully remote onboarding completed in about two days. | Limited Banking Features: No interest-bearing accounts or letters of credit. |
| User Satisfaction: Over 450 Trustpilot reviews, with 75% being 5-star ratings (at the time of our original article). | Transaction Limits: Restrictions based on your risk profile (which is the same for most banks anyway). |
| Fully Digital Experience: Manage accounts online without physical visits. | |
| Low Fees: Transparent pricing without hidden charges. |
The Pros of Using Airwallex
1. Safety and Security
Airwallex operates as a regulated financial institution, holding licenses in key jurisdictions such as Hong Kong, Singapore, the US, UK, Canada, and Australia. These licenses require Airwallex to meet stringent security standards, ensuring that users' funds and data are well-protected. While it is not a traditional bank, its compliance with regulatory frameworks positions it as a safe and reliable option for businesses.
2. Seamless Account Opening
One of the standout features of Airwallex is its convenient account-opening process. According to user feedback, accounts can typically be opened within two days. The onboarding process is entirely remote, eliminating the need for interviews or physical visits and making it highly accessible for busy business owners.
3. Reliable and Functional Services
Airwallex delivers on its promises. Clients consistently report satisfaction with its products and services. Trustpilot reviews further validate its reputation, with over 450 reviews and 75% awarding it 5 stars. This positive track record demonstrates that Airwallex provides a dependable and hassle-free experience.
4. Fully Digital Experience
Airwallex operates entirely online, allowing users to manage their accounts without visiting a physical branch or office. This fully digital approach enhances convenience and supports businesses that prioritize efficiency in managing their financial operations.
5. Low Fees and Transparency
Airwallex is known for its competitive and transparent fee structure. Feedback from users suggests that Airwallex avoids unreasonable or hidden charges, making it an affordable choice for businesses looking to minimize costs without compromising on quality.
With these advantages, Airwallex is a preferred choice for many businesses, particularly those seeking a reliable and cost-effective alternative to traditional banking.
The Cons of Using Airwallex
1. Not Available for Individuals
Airwallex caters exclusively to businesses, meaning individuals cannot open personal accounts. While this is not a limitation for companies, it may deter sole proprietors or freelancers seeking personal banking solutions.
2. Limited Traditional Banking Features
As a payment company rather than a bank, Airwallex does not offer certain traditional banking services such as interest-bearing deposits or letters of credit. Businesses that require these specific features may need to explore additional financial service providers.
3. Transaction Limits Based on Risk Profile
Airwallex applies transaction amount limits that vary depending on the user’s risk profile. While this is standard practice for financial institutions, it is crucial for businesses to clarify these limits during the account setup process to avoid unexpected restrictions.
Conclusion: Why We Recommend Airwallex
Despite a few limitations, Airwallex offers numerous advantages that make it one of the best digital banking solutions for businesses. Its focus on security, convenience, and affordability, combined with a fully digital platform, positions it as a strong alternative to traditional banking. For businesses seeking a reliable partner to manage international transactions and daily financial operations, Airwallex is highly recommended.
Is Airwallex Right for You?
Airwallex combines the convenience of digital banking with essential business tools, making it ideal for small to medium-sized enterprises. While it lacks certain features of traditional banks, its innovative approach to financial services makes it a strong contender for businesses looking to streamline their operations.
For businesses prioritizing cost-efficiency, ease of use, and global reach, Airwallex is an excellent choice.
