Airwallex Review 2025: Complete Guide for Growing Businesses

Last Updated: December 2025 | Reading Time: 9 minutes

Airwallex has rapidly emerged as one of the most powerful financial platforms for businesses operating globally. Built from the ground up for the modern, borderless economy, Airwallex offers a comprehensive suite of features that go far beyond simple money transfers.

But is Airwallex the right choice for your business? In this in-depth review, we'll explore everything from account setup to advanced features, helping you make an informed decision.

What is Airwallex?

Airwallex is a global financial technology platform founded in 2015 in Melbourne, Australia. Now valued at over $5.5 billion, Airwallex serves more than 100,000 businesses worldwide, from startups to enterprises like Papaya Global, Stake, and Brex.

Unlike traditional banks or simple money transfer services, Airwallex provides a complete financial operating system for businesses, including:

• Multi-currency business accounts
• Unlimited virtual and physical cards
• Global payment collection
• Expense management
• Payroll solutions
• Developer-friendly APIs

Who is Airwallex For?

Airwallex is specifically designed for:

• Tech startups with global operations
• E-commerce businesses selling internationally
• SaaS companies with customers worldwide
• Digital agencies managing international clients
• Marketplaces facilitating cross-border transactions
• SMEs expanding internationally

Key differentiator: Airwallex is built for businesses that need more than basic banking—companies that require sophisticated financial infrastructure to operate globally.

Core Features: What Makes Airwallex Powerful

1. Unlimited Virtual Cards

One of Airwallex's standout features is unlimited virtual card issuance:

What you get:

• Create unlimited virtual cards instantly
• Assign cards to specific team members, projects, or subscriptions
• Set spending limits per card (daily, monthly, or per-transaction)
• Restrict cards to specific merchant categories
• Generate single-use cards for one-time purchases

Real-world use cases:

Use Case 1: SaaS Subscriptions
Create a separate virtual card for each SaaS tool (AWS, Google Workspace, Salesforce, etc.). If one service has a data breach, only that card is compromised—not your entire account.

Use Case 2: Ad Spend Management
Issue virtual cards for each advertising platform (Facebook Ads, Google Ads, TikTok Ads). Set monthly limits matching your budget. When the limit is reached, the card automatically declines further charges.

Use Case 3: Team Expenses
Give each team member their own virtual card with appropriate spending limits. Marketing team gets cards for ad platforms, engineering gets cards for cloud services, etc.

Security benefit: Virtual cards can be frozen, deleted, or regenerated instantly without affecting other cards or your main account.

2. Global Multi-Currency Accounts

Airwallex supports 50+ currencies with local account details in major markets:

Local Account Details (receive payments like a local business):

• USD: US routing number and account number
• EUR: IBAN (European banking)
• GBP: UK sort code and account number
• AUD: BSB and account number
• CNY: Chinese bank account details
• SGD, HKD, CAD, NZD: And many more

Why this matters: Instead of receiving international payments via expensive SWIFT transfers, clients can pay you via local bank transfers (which are often free for them).

Example: A UK-based agency working with US clients can receive payments to their Airwallex USD account via ACH (free for clients), instead of international wire transfers ($25-$50 for clients).

Currency Exchange:

• Competitive FX rates (typically 0.3%-0.6% above mid-market)
• Better than banks (which charge 2%-4%)
• Slightly higher than Wise (0.41%-0.69%) but with more features
• Real-time exchange with transparent pricing

3. Expense Management System

Airwallex includes enterprise-grade expense management:

Features:

• Receipt Capture: Mobile app with OCR (Optical Character Recognition)
• Automatic Categorization: AI-powered expense categorization
• Approval Workflows: Multi-level approval for expenses over thresholds
• Policy Enforcement: Set spending rules and automatically flag violations
• Integration with Accounting: Sync with Xero, NetSuite, QuickBooks
• Real-time Visibility: Managers see spending as it happens

How it works:

1. Employee makes purchase with Airwallex card
2. Push notification asks for receipt upload
3. AI categorizes expense (travel, software, marketing, etc.)
4. Manager reviews and approves (if required)
5. Expense automatically syncs to accounting software

Time savings: Companies report reducing expense report processing time by 70%.

Compliance: Built-in audit trails for tax compliance and financial reporting.

4. Payment Links and Global Collections

Airwallex allows you to collect payments from customers worldwide:

Payment Links:

• Create custom payment links for invoices
• Accept credit cards, debit cards, and local payment methods
• Support for 130+ currencies
• Branded checkout experience
• Automatic payment reconciliation

Supported Payment Methods:

• Visa, Mastercard, American Express
• Alipay, WeChat Pay (for Chinese customers)
• Local payment methods in 50+ countries

Fees:

• Card payments: 2.5% + $0.30 (competitive with Stripe)
• Local payment methods: 1.5%-3% depending on country
• No setup fees or monthly minimums

Use case: A SaaS company can send payment links to international customers, who can pay in their local currency using their preferred payment method.

5. API and Developer Tools

Airwallex provides robust APIs for custom integrations:

API Capabilities:

• Payments API: Accept payments programmatically
• Payouts API: Send payments to suppliers/contractors
• FX API: Real-time currency conversion
• Card Issuing API: Create virtual cards programmatically
• Webhooks: Real-time notifications for transactions

Documentation: Comprehensive API docs with code examples in Python, JavaScript, Ruby, PHP

Use cases:

• Marketplaces: Automatically split payments between sellers
• Payroll platforms: Pay international contractors in local currencies
• E-commerce platforms: Accept payments in 130+ currencies
• Expense tools: Issue cards and track spending programmatically

Developer experience: Airwallex is known for excellent API documentation and developer support.

6. Accounting Software Integrations

Seamless integration with major accounting platforms:

Supported Integrations:

• Xero: Real-time transaction sync, automatic reconciliation
• NetSuite: Enterprise-level ERP integration
• QuickBooks Online: Automatic expense categorization
• MYOB: Popular in Australia/New Zealand
• Sage: UK and international accounting

How it works:

1. One-time connection setup (OAuth authentication)
2. Transactions sync automatically (daily or real-time)
3. Expenses appear categorized in your accounting software
4. Month-end reconciliation is automatic

Benefit: Eliminates manual data entry, reduces accounting errors, speeds up financial close.

Account Setup: What to Expect

Eligibility Requirements

To open an Airwallex account, you need:

1. Registered Business Entity:

   • Corporation, LLC, Partnership, or Sole Proprietorship
   • Registered in a supported country (100+ countries supported)
   • Active business operations (not dormant)

2. Business Documentation:

   • Certificate of Incorporation / Business Registration
   • Proof of business address
   • Business website or LinkedIn profile
   • Description of business activities

3. Personal Information (for beneficial owners):

   • Government-issued ID (passport, driver's license)
   • Proof of residential address
   • Tax identification number

Application Process

Step 1: Online Application (15-20 minutes)

• Create account on Airwallex website
• Enter business details
• Upload required documents
• Provide beneficial owner information

Step 2: Verification (1-5 business days)

• Airwallex reviews your application
• May request additional documentation
• Compliance checks (KYC/AML/CFT)
• Video verification call (sometimes required)

Step 3: Approval (instant to 7 days)

• Most businesses approved within 2-3 business days
• Some industries (high-risk) may take longer
• Notification via email when approved

Step 4: Account Activation (immediate)

• Set up multi-currency wallets
• Order physical cards (optional)
• Create virtual cards
• Connect accounting software

Total time: 2-7 business days from application to active account.

Industry Restrictions

Airwallex may decline or require additional documentation for:

• Cryptocurrency exchanges
• Adult entertainment
• Gambling and gaming
• Cannabis-related businesses
• High-risk financial services

Pricing: Transparent and Competitive

Account Fees

• Monthly account fee: $0
• Account opening: $0
• Account maintenance: $0
• Multi-currency wallets: $0

Transaction Fees

Local Transfers (same currency):

• USD (ACH): $0
• EUR (SEPA): $0
• GBP (Faster Payments): $0
• AUD (BPAY): $0

International Transfers:

• FX markup: 0.3%-0.6% above mid-market rate
• Transfer fee: $0-$5 depending on corridor
• SWIFT transfers: $10-$20

Currency Exchange:

• Interbank rate + 0.3%-0.6% markup
• Real-time rates, transparent pricing
• No hidden fees

Card Fees:

• Virtual card issuance: $0 (unlimited)
• Physical card issuance: $10 per card
• Card transactions: 0% international transaction fee (major benefit)
• ATM withdrawals: 2% + $2 per withdrawal

Payment Collection:

• Card payments: 2.5% + $0.30
• Local payment methods: 1.5%-3%
• No setup or monthly fees

Cost Comparison Example

Scenario: Company making 50 international transfers per month ($100,000 total)

Provider	Monthly Cost
Traditional Bank	~$2,500 (2.5% FX + $25 wire fees)
Wise Business	~$410 (0.41% FX)
Airwallex	~$500 (0.5% FX)

Airwallex value: Slightly more expensive than Wise for pure transfers, but includes unlimited cards, expense management, payment collection, and APIs.

Pros and Cons: The Complete Picture

Pros

✅ Unlimited virtual cards: Best-in-class card issuance
✅ 0% international transaction fees: Save on foreign purchases
✅ Robust API: Developer-friendly for custom integrations
✅ Global payment collection: Accept payments in 130+ currencies
✅ Expense management: Enterprise-grade features
✅ Multi-currency accounts: 50+ currencies with local details
✅ Accounting integrations: Xero, NetSuite, QuickBooks
✅ No monthly fees: $0 account maintenance
✅ High spending limits: Suitable for high-volume businesses
✅ Excellent support: Dedicated account managers for larger accounts

Cons

❌ Strict onboarding: KYC process can be lengthy (1-7 days)
❌ Not for sole traders in some regions: Requires registered business entity
❌ Higher FX fees than Wise: 0.5% vs Wise's 0.41%
❌ Learning curve: Feature-rich platform requires time to master
❌ Limited cash handling: No cash deposits or ATM-friendly features
❌ Account freezes: Some users report sudden compliance reviews
❌ Not available everywhere: Limited to 100+ countries (not truly global)
❌ Physical card fee: $10 per card (vs free at some competitors)

Real-World Use Cases

Case Study 1: SaaS Startup (20 employees, 15 countries)

Challenge: Managing subscriptions for 50+ SaaS tools, paying contractors in 10 countries.

Airwallex Solution:

• Created 50 virtual cards, one per subscription
• Set spending limits matching subscription costs
• Issued cards to contractors in local currencies
• Integrated with Xero for automatic reconciliation

Results:

• Eliminated subscription billing surprises
• Saved $5,000/year on FX fees vs traditional bank
• Reduced accounting time by 60%
• Improved security (isolated cards for each service)

Case Study 2: E-commerce Business (selling globally)

Challenge: Accepting payments from customers in 30+ countries, managing inventory purchases from China.

Airwallex Solution:

• Payment links for international customers
• Local currency pricing (USD, EUR, GBP, AUD)
• CNY account for paying Chinese suppliers
• Virtual cards for ad spend (Facebook, Google)

Results:

• Increased conversion by 15% (local currency checkout)
• Saved $10,000/year on payment processing fees
• Simplified supplier payments (no SWIFT fees)
• Better cash flow management

Case Study 3: Digital Agency (50 employees, remote-first)

Challenge: Managing team expenses across 20 countries, invoicing international clients.

Airwallex Solution:

• Issued virtual cards to all 50 employees
• Set role-based spending limits
• Collected payments via local bank accounts (USD, EUR, GBP)
• Integrated with NetSuite for enterprise accounting

Results:

• Eliminated expense report fraud
• Saved 40 hours/month on expense processing
• Reduced client payment friction (local transfers)
• Improved financial visibility and control

Airwallex vs Competitors

Airwallex vs Wise Business

Feature	Airwallex	Wise Business
Monthly Fee	$0	$0
FX Markup	0.5%	0.41%
Virtual Cards	Unlimited	Limited
Physical Cards	$10 each	Free
Expense Management	Advanced	Basic
API Access	Yes	Limited
Payment Collection	Yes	No
Best For	Startups, tech companies	Freelancers, low-volume

Verdict: Wise wins on FX rates; Airwallex wins on features and scalability.

Airwallex vs Revolut Business

Feature	Airwallex	Revolut Business
Monthly Fee	$0	£0-£100
Virtual Cards	Unlimited	Plan limits
API Access	Robust	Limited
Cryptocurrency	No	Yes
Global Reach	100+ countries	150+ countries
Best For	B2B, high-volume	SMEs, crypto-friendly

Verdict: Airwallex for B2B and APIs; Revolut for crypto and broader reach.

Frequently Asked Questions

Is Airwallex a bank?

No, Airwallex is a licensed financial institution (money transmitter, e-money institution) but not a chartered bank. It partners with banks to hold customer funds, which are segregated and protected.

How are my funds protected?

Funds are held in segregated accounts with partner banks. In most jurisdictions, this provides protection similar to deposit insurance, though specific protections vary by country.

Can I get a business loan from Airwallex?

Not currently. Airwallex does not offer loans, overdrafts, or credit facilities. It's purely a payments and expense management platform.

How long does account approval take?

Typically 2-3 business days. Some businesses (especially in high-risk industries) may take up to 7 days or require additional documentation.

What countries is Airwallex available in?

Airwallex supports businesses in 100+ countries, including US, UK, EU, Australia, Singapore, Hong Kong, and more. Check their website for your specific country.

Can I use Airwallex for personal banking?

No, Airwallex is strictly for business accounts. You need a registered business entity to open an account.

Are there transaction limits?

Yes, but they're high. Default limits are typically $100,000+ per transaction and $1M+ per month. Limits can be increased for verified businesses.

How does Airwallex make money?

Airwallex earns revenue from FX markups (0.5%), payment processing fees (2.5%), and premium features. The core account is free to encourage adoption.

Final Verdict: Is Airwallex Right for Your Business?

Choose Airwallex if:

• You're a tech startup or growing SME
• You need unlimited virtual cards for team/subscriptions
• You operate internationally (multiple currencies)
• You want to collect payments from global customers
• You need robust API integrations
• You value advanced expense management
• You're scaling and need enterprise-grade features

Avoid Airwallex if:

• You're a solo freelancer with simple needs (Wise is better)
• You only need the absolute lowest FX rates
• You're in a high-risk industry (may face approval challenges)
• You need business loans or credit
• You prefer traditional banking relationships

Overall Rating: ⭐⭐⭐⭐½ (4.5/5)

Airwallex is the best choice for funded startups and growing SMEs that need a robust financial operating system, not just a bank account. While it's slightly more expensive than Wise for pure currency exchange, the unlimited virtual cards, expense management, payment collection, and API access make it worth the premium for the right businesses.

If you're building a tech company, scaling internationally, or need sophisticated financial infrastructure, Airwallex is one of the top 3 platforms to consider (alongside Mercury for US-focused and Wise for cost-conscious).

Bottom line: Airwallex is the financial platform for ambitious, globally-minded businesses. It's not the cheapest, but it's the most powerful.

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Disclosure: This review is based on independent testing and research. We may earn a commission if you sign up through our links, but this does not influence our editorial assessment.