When it comes to running a successful business, choosing the right payment service provider is essential. That’s why we’ve taken a closer look at one of Australia’s up-and-coming fintech companies, Airwallex. Our review covers everything you need to know to make an informed decision, including an overview of Airwallex, who is eligible for an account and a list of pros and cons to help determine if the platform is right for your company. So, let’s get started!
Airwallex is a fintech company that provides payment solutions for small to medium-sized businesses. It enables businesses to make and receive payments in over 50 currencies across 130 countries. The company was founded in Melbourne, Australia, in 2015 and is now headquartered in Hong Kong.
With this, the first thing you should know is that Airwallex is not a bank, but an approved payment and financial service provider in multiple countries such as Australia, Canada, Hong Kong, Malaysia, New Zealand, Singapore, the United States, and more. Airwallex aims to offer SMEs a more efficient and cost-effective way of managing local and international payments than traditional banks and bank accounts.
Is Airwallex Safe?
We personally use Airwallex to receive funds from international buyers and we can 100% vouch that it is one of the safest choices for online entrepreneurs in 2023. Not only it is a safe banking option for anyone that does online business, it is also extremely convenient since it lets you transact in over 30+ currencies with very low fees. You can find all sort of positive reviews about Airwallex on the web, and we certainly assure you it is a great option if you are both an already established business or just starting out!
The first thing you should know is that Airwallex is a business account provider only, so it’s not possible to open a personal account with them. Moreover, when opening an account with Airwallex, there are a few fundamental principles to keep in mind.
First, your business must be registered and operating in a legal capacity. Additionally, your business should not be operating in any industries that are prohibited by Airwallex, such as arms dealing, gambling, pharmaceuticals, charities, or investment firms.
We should also note that the country where your business is registered will play a role in determining which Airwallex country you should apply to for an account. This is because account terms and conditions can vary between the different Airwallex countries.
For instance, businesses registered in Canada, Hong Kong, Japan, Mexico, Thailand, and Taiwan can only apply for an Airwallex account through Airwallex Hong Kong. These businesses will be subject to Airwallex Hong Kong’s terms and conditions, which may affect pricing, products available, and the prohibited industries list.
What Features does Airwallex Provide?
- Multi-Currency Accounts: With Airwallex, businesses can hold and manage multiple currencies in a single account. This feature is particularly useful for businesses that operate in multiple countries or have customers in different parts of the world. It eliminates the need for multiple bank accounts, making it easier to manage funds and reduce transaction fees.
- Easy Integration: Airwallex can be integrated with a variety of platforms, including popular e-commerce platforms like Shopify, WooCommerce, and Magento. This makes it easier for businesses to manage their payments without having to switch between different platforms.
- Competitive Exchange Rates: Airwallex offers competitive exchange rates, which can help businesses save money on currency conversions. This is particularly important for businesses that operate in countries with volatile currencies.
- Transparent Pricing: Airwallex offers transparent pricing, with no hidden fees or charges. Businesses can see the exact amount they will pay for a transaction before they make it, which helps them budget more effectively.
- Payment Collection: Airwallex makes it easy for businesses to collect payments from customers, with features like payment links and recurring payments. This helps to reduce the administrative burden of managing payments and ensures that businesses get paid on time.
Airwallex offers several benefits that can be valuable for businesses. Yet, like anything else, it may not be perfect for everyone. Here’s a quick look:
- Avoid currency conversion fees by receiving payments and holding balances in local currencies.
- Enjoy super-competitive foreign exchange rates.
- No monthly account fees.
- Integrate with popular online stores such as Amazon and PayPal.
- Sync your accounts with Xero to streamline and simplify your accounting process.
- Not all businesses are eligible to open an account with Airwallex.
- All cards have a default transaction limit of 10,000 USD, and increasing the limit is subject to approval by Airwallex.
In summary, Airwallex is a great payment service provider that offers a variety of benefits to businesses. From holding balances and receiving payments in local currencies to integrating with popular online stores and syncing with accounting software like Xero, it can help companies to save money, streamline transactions and make the accounting process more manageable. With no monthly account fees and competitive exchange rates, Airwallex is definitely worth checking out for any business looking for a comprehensive and cost-effective solution for managing their payments.