Easier than a business bank account
Find out how managing business finances with Airwallex can be easier than with a traditional bank.
While the big four Australian banks offer reliable services, Airwallex goes beyond traditional banking. Receive, hold, convert, and transfer multi-currency funds seamlessly on a single platform.
3 reasons why businesses choose Airwallex over traditional banks
Start operating like a local in 60+ countries within minutes
Create local bank details in minutes to receive funds in 60+ countries. Receive, hold, and spend in multiple currencies without the need for a local entity or separate bank accounts.
Get faster transfers at lower costs compared to most traditional banks
Send funds to 120+ countries using local payment rails, faster and more cost-efficiently than using SWIFT. With Airwallex, 95% of transfers settle within a few hours or the same day.
Manage business spend on one platform
Issue multi-currency corporate cards, set controls, and manage expenses in real time. Unlike traditional banks, Airwallex gives businesses complete control and visibility over every transaction on a single platform.
No more bank queues, paperwork, or needless fees
Instantly tap into leading global coverage across currencies and markets, world class security, fast onboarding, award winning customer support, and integrations with other popular platforms like Xero, Amazon, and Shopify.
countries where you can open local currency accounts
countries from which you can accept payments
countries to which you can make transfers
95%
transfers arrive within the same day
Save on transaction and FX fees with Airwallex
Overall, Airwallex offers lower transaction and currency conversion fees than the big four Australian traditional banks.
Manage global finances with Airwallex
A single Airwallex Business Account gives businesses access to local bank details, allowing them to operate like a local business in 60+ countries within minutes. No more bank queues, paperwork, or needless fees.
Plus, businesses can go beyond what the big four traditional banks offer with Airwallex. Consolidate financial operations – from global treasury to payments, FX, transfers, and expense management – all on one platform.
What local businesses are saying about Airwallex
"Having reliable payment processing with Airwallex is something that, as we mature as a company and bring on more customers, we’ve got to make sure that we’re confident in. Being able to rely on Airwallex is something that’s going to be really important as we grow.”
Tony Hughes
Tour Amigo, CMO
“If you have staff, suppliers or customers overseas, then your business should be using Airwallex. It’s a fantastic product backed by a wonderful customer care team who will answer all your questions and ensure you get onboarded properly and know how to use the product.”
Dale Beaumont
Founder and CEO, Business Blueprint
"Before Airwallex, we were making unnecessarily expensive conversions. Our margins have easily increased by 3% simply by switching to Airwallex.”
Jake McKeon
Coconut Bowls, Founder
“Because of Airwallex, we’re enjoying significant cost savings and a more streamlined management of funds between different currencies, which is essential for our travel agency.”
Simon Russell
Authentic Vacations, CEO
Frequently asked questions about traditional banks' features and fees
How much are traditional banks' fees in Australia?
Traditional banks typically charge a flat fee or a percentage-based fee of 3% onwards for international transfers. Additional fees apply for foreign currency settlement and FX conversions. Airwallex offers a competitive alternative with transparent and often lower fees, especially for businesses dealing with multiple currencies and regions.
What alternative solutions to traditional banks are there?
There are several alternatives to traditional banks, including Stripe and PayPal. However, Airwallex stands out for its multi-currency support, competitive pricing, like-for-like settlement, and end-to-end solutions including payment acceptance, FX and transfers, and spend management tools.
What is like-for-like settlement?
Like-for-like settlement is a process that ensures that the currency a business receives in their account is the same as the currency in which the payment was made. This means that if a customer pays a business in, for example, US dollars (USD), the funds will be settled directly into their Airwallex account in USD, without currency conversion. This approach helps businesses avoid unnecessary foreign exchange fees and ensures that they receive the exact amount they are owed, making international transactions more transparent and efficient.
Who can open an Airwallex Business Account in Australia?
Most Australian businesses are eligible. You’ll need an active ABN, a valid ID for all directors or beneficial owners, and basic registration documents.
How does an Airwallex Business Account help businesses save on transaction fees?
An Airwallex Business Account can be used to avoid unnecessary conversion fees and to save on everyday expenses. You can collect payments from your international customers in their preferred currency and then spend those proceeds later in the same currency (for example, to pay global suppliers and employees), thereby eliminating unnecessary conversion fees. You can also benefit from holding funds in a foreign currency until FX rates are favourable enough to convert these funds to your home currency.
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*All comparisons and information reflect Airwallex’s own research using public documentation as of August 2025, and have not been independently validated. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [email protected].