Airwallex business account review

Key takeaways

• Airwallex is a global fintech platform that lets users make transfers to 200+ countries and accept payments in 180+ countries.

• A Forrester study found Airwallex’s competitive foreign exchange (FX) currency conversion rates and transaction fees saved US businesses $6.6 million over a three-year period¹.

• The platform integrates with leading accounting and eCommerce software, such as Xero, QuickBooks, Shopify, and WooCommerce, helping businesses automate reconciliation and manage global finances.

Managing business finances across borders can be complex, costly, and time-consuming, especially for companies that trade internationally. Traditional banking infrastructure is often designed for domestic banking which can cause issues for businesses that require fast, international operations for their finances. 

The Airwallex Business Account aims to solve these problems by offering a digital-first account built around international payments, multi-currencies, and streamlined spend management tools. In this Airwallex review, we cover its features, fees, and how it compares to other offers, so you can decide if it’s the best business account for your needs. 

Who is the Airwallex Business Account Best For?

With three subscription tiers, Airwallex offers a solution suitable for almost every business that operates internationally or plans to do so. Businesses that can benefit include:

• International sellers: Airwallex combines foreign exchange (FX), settlements, multi-currency accounts, and payouts into a single platform, so users don’t need to rely on multiple providers for global business activities. 

• Small and Medium-sized Enterprises (SMEs): Our all-in-one financial platform helps reduce the time and stress of administrative work, letting smaller organizations focus on growing their businesses.

• Startups: Our tools are designed for scalability so that startups can tailor Airwallex’s services to their business stage. As businesses grow, they can add features without switching suppliers.

• eCommerce: Airwallex integrates seamlessly with leading eCommerce platforms, such as Shopify and WooCommerce. It helps improve checkout conversion and reduce fees, making it a best business bank account for eCommerce.

Is Airwallex Legit? (Security and trust)

Businesses handling large volumes of transactions might wonder: “Is Airwallex safe?” The short answer is yes. We take several steps to safeguard customers' funds and personal data. 

FDIC insurance

The Federal Deposit Insurance Corporation (FDIC) is a federal agency that reimburses savers if a member financial institution were to fail². Although Airwallex is not a bank, eligible funds are protected by FDIC insurance through trusted partner banks, like Evolve Bank & Trust. As with any financial institution, this insurance has a limit of $250,000 per depositor per bank.

Licenses

Airwallex holds Money Transmitter Licenses (MTL) in over 40 states and territories. As part of MTL regulations, Airwallex must maintain a minimum capital requirement, which varies by state³. This safeguard ensures that licensed businesses have enough liquidity to absorb losses should something go wrong.

Fund safeguards

Like most financial institutions, Airwallex separates customers’ funds from its own funds, meaning creditors and third parties can’t access your funds to recover debts. Additionally, we operate daily fund reconciliations to make sure that transactions are processed correctly across banking partners and internal systems. 

High security

Our two-factor authentication (2FA) requires you to enter a password and code sent via Short Message Service (SMS) or an app before you can access your account. We require 2FA for all account users, which customers can’t turn off. Airwallex also uses advanced algorithms to monitor suspicious activity, including high-risk or unusual transactions.

Account freezes

Airwallex may freeze your account if we detect suspicious or fraudulent activity, like unusual transaction patterns or repeated access attempts from new locations. We do so to protect your funds and personal information from malicious actors. Airwallex Support will work closely with you to reopen your account if it’s been mistakenly frozen.

Pros and cons: A transparent breakdown

The pros: why businesses choose Airwallex

• Transparent pricing with low FX markup fees

• End-to-end encryption and bank-level security

• Same-day or next-day international transfers

• Hold, receive, and pay in multiple currencies

• Integrated spend and expense management tools 

• Multi-currency corporate cards are available

The cons: potential limitations to consider

• No physical branches, which could limit customer service options

• Indirect FDIC insurance (receives protection via partner banks)

• No overdraft facility

Airwallex business account detailed review

So, what is Airwallex and how exactly does it work? In this section of our Airwallex business account review, we take a deep dive into the key features.

Global accounts

Airwallex’s global multi-currency business account lets users open local currency accounts online, making it easier to receive and manage international payments. Customers can pay in their preferred currency, helping avoid unnecessary conversion and transaction fees. 

Business accounts also provide local bank details in more than 70 countries, removing the need for complex paperwork. Once an account is open, users can view their global transactions via a single dashboard, streamlining cash management across markets. Given these features, Airwallex is among the best business bank accounts for international business.  

Corporate cards and spend management

Airwallex’s corporate Visa cards let you make payments worldwide in multiple currencies without transaction fees. You can order unlimited cards and distribute them to as many employees as needed, which can be ideal for work-related travel and business expenses.

Payment acceptance and ‘like-for-like’ settlement

Our “like-for-like” settlement allows you to receive payments in the same currencies your customers use, helping to avoid currency and FX fees on the acquiring side. This feature is a major cost-saver for global businesses

Accounting integrations and automations

Airwallex offers numerous integrations to suit your needs. For example, you can integrate your banking functions with Xero and QuickBooks to sync your transactions and import bills directly into Airwallex. Our integration with NetSuite also lets you manage spend and reconcile transactions. 

If you operate an eCommerce business, our platforms integrate with Shopify, WooCommerce, Magento, Shoplazza, and Shopline. These integrations make it easier to manage products, orders, and inventory from a centralized platform.

Fees and pricing structure

Here’s how key costs stack up on each Airwallex business account:

Airwallex vs. Wise vs. Stripe Business

While Airwallex is an excellent choice for many businesses with a global presence, there are other options, and it’s sensible to compare business bank accounts before choosing a payment provider. Here’s how two of these options, Wise and Stripe, compare.

Wise Business

Wise is a global fintech company that provides international payments and multi-currency account services for U.S. businesses⁴. The platform lets companies hold funds in multiple currencies, pay overseas suppliers, and manage cross-border cash flow. 

It also syncs with popular accounting software such as Xero and QuickBooks, making it easier for users to reconcile international payments. If you’re interested in fintechs, you can also consider these Wise alternatives.

Stripe

Founded in 2010, Stripe is a global payment platform that helps businesses accept and manage payments online⁵. In addition to basic card payments, the company offers customizable checkouts, developer-friendly APIs, billing management, sales tax collection, and fraud prevention. Stripe supports a range of currencies and payments, making it suitable for global businesses. The platform also integrates with popular eCommerce and accounting tools, allowing users to manage payments alongside other key operations. If Stripe isn’t a fit, Revolut is another global payment platform that offers straightforward eCommerce capabilities.

Here’s how Wise and Stripe compare to Airwallex.

How to open an Airwallex account (US guide)

You can typically open an Airwallex business account in one to three business days, with the exact timeframe depending on the nature and size of your organization. It takes approximately 15 minutes to apply, and your account can be approved as quickly as the same day.

To open an account, you’ll need:

• A business email address

• An official Government-issued ID and Social Security Number (SSN)

• Number of employees

• The transaction volume you expect to send through Airwallex

• Details on how you intend to use your account

• A residential address

Business documentation

You’ll also need the following:

• Supporting tax documentation

• Certificate of Formation (for LLCs) 

• Certificate of Incorporation (for corporations)

• Attestation of Beneficial Ownership (usually the details of people with an ownership stake of 25% or more)

• Employer Identification Number (EIN); the name on your EIN letter must be an exact match for the one on your Airwallex account

The onboarding and verification process

After you submit your initial application, our teams typically begin an initial review and run preliminary compliance checks. 

Next, compliance teams verify business registration details and conduct enhanced due diligence on businesses in specific industries or with high transaction volumes. Once this process is complete, you can fund your Airwallex account and start using it.

Avoiding KYC and compliance delays

Know Your Customer (KYC) verification is a legal requirement for opening an account in the US, so it’s essential that this process runs as smoothly as possible. Some steps you can take to avoid delays include:

• Preparing documents in advance of your application

• Ensuring all information is accurate and complete

• Keeping background versions of documents 

• Following on-screen instructions carefully during the application process

• Responding quickly to requests for additional information

Unsupported industries

You may not qualify for an Airwallex account if you operate in specific industries. These include (but aren’t limited to):

• Adult content

• Gambling services

• Illegal drugs

• Counterfeit goods

• Weapons manufacturing

• Payday lending

Verdict: Is Airwallex the right choice for your business?

Airwallex stands out as a powerful, modern alternative to traditional banks for US businesses. Its greatest strength is seamlessly bringing together multi-currency accounts, international payments, FX cards, and spend management. Rather than juggling multiple providers, businesses can manage global finances from a single platform, saving time, reducing costs, and gaining clearer visibility over cash flow.

The ability to send, hold, and pay funds in local currencies helps avoid unnecessary conversion fees, while competitive FX rates and transparent fees make costs easier to predict.

Airwallex won’t necessarily appeal to companies that rely on branch banking. However, it delivers a global-first financial toolkit for fast-moving online businesses. If you’re looking to streamline operations and control spending more effectively, Airwallex could be a compelling option.

Frequently asked questions about Airwallex 

Is Airwallex a real bank?

Airwallex is not a bank; it’s a global fintech platform. However, we partner with Evolve Bank & Trust and other banks to offer our customers up to $250,000 in FDIC insurance per qualified account. 

Does Airwallex offer a personal account?

Airwallex specializes in multi-currency business accounts; we don't currently offer services for personal use.

Is it safe to give Airwallex my SSN or EIN?

Yes, it’s safe to provide your SSN or EIN to Airwallex. In fact, it’s usually a legal requirement to open an account under KYC (Know Your Customer) regulations. Airwallex uses strong encryption practices to protect any data you provide.

Is Airwallex FDIC insured?

Airwallex itself isn’t FDIC-insured, but eligible U.S. customer funds are placed with FDIC-member partner banks, such as Evolve Bank & Trust, and are insured up to $250,000 per depositor.

How does Airwallex make money if the account is free?

In addition to charging a subscription fee on some plans, Airwallex also earns from transaction-based fees, payment processing fees, and charges at online checkouts. We also charge a small FX markup, although it is well below that of many of our competitors.

Is Airwallex a US company?

Airwallex was initially founded in Melbourne, Australia, in 2015 by CEO Jack Zhang and a team of co-founders. However, we are fully licensed to operate in the US and offer the same protections as most other US-based banks.

Sources:

1. https://www.airwallex.com/us/forrester-report   

2. https://www.fdic.gov/

3. https://flofr.gov/divisions-offices/division-of-consumer-finance/money-transmitters

4. https://wise.com/us/pricing/business

5. https://docs.stripe.com/global-payouts/pricing