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Airwallex is a Melbourne-based local and international money transfers provider launched in 2015. Currently, it operates from 8 international offices located in Hong Kong, Melbourne, Shanghai, Shenzen, Singapore, Beijing, London and San Francisco and has more than 420 employees. The platform is designed solely for business customers, and cannot be used by individuals wanting to transfer money.
Using smart cross-border payment technology, Airwallex supports business payments to over 130 countries. Its global financial infrastructure allows businesses an easy way to set up global accounts that support up to 14 currencies and that accept settlement via WeChat Pay. Generally charging exchange rate margins of between 0.3% and 0.6% above interbank rates, Airwallex helps customers move money quickly and inexpensively around the world.
This review looks at everything you need to know about Airwallex, including the platform's exchange rates, fees, payment methods available, and whether you can trust them with your money.
Exchange Rates and Fees
Airwallex offers competitive, simple, and transparent rates and fees. Here is what you should expect to pay when making your transfer.
Exchange rates
Airwallex transfers are priced at between 0.3% and 0.6% above the interbank rate. The exact rate you get will depend on the currencies you’re transferring between, but these rates make Airwallex competitive on all transfer corridors they service.
Fees
Through Airwallex’s local payment technology, customers can send payments just like locals for free. When sending a payment in non-local currencies, the provider imposes an AU$10 charge.
Additional costs
Making a payment in non-local currencies attracts a SWIFT network fee. Also, when paying in Chinese Yuan ,Airwallex charges an additional 0.1% payout fee.
Airwallex Pros and Cons
Whether you are making domestic or international payments, Airwallex guarantees you a fast, reliable, and inexpensive service. Here are some of the pros and cons to consider before committing to a transfer.
- Low fees: Payments to most countries are based on the local payment technology which means zero transfer fees. Transfers not transacted in local currency are charged a fee of AU$10 per transaction.
- Competitive rates: Airwallex charges a margin ranging from 0.3% to 0.6% thus saving customers a lot of money compared to high street banks and even many other online payment providers.
- Global accounts: Customers can open and manage accounts in over 14 currencies. This ensures fast and convenient payments just like locals.
- Accounting system integration: Businesses running on Xero accounting software can now link their Airwallex accounts with their respective accounting systems for ease of importing transactions.
- Borderless cards: Businesses can create virtual cards to use in online transactions such as software and supplies purchases.
- No mobile app: Airwallex does not have a mobile app. However, the online platform is mobile-friendly for quick transactions on the go.
- Limited transfer payment options: Customers are required to pay for their transfers through the bank. Card payments are not supported.
What Kind of Payments Can I Make With Airwallex?
Airwallex has a limited range of payment channels and withdrawal options customers can use. Here is a summary of what to expect.
Payment Methods Available
Airwallex accepts only bank transfers as a transfer payment method. For other options, such as cash and card payments, you’ll have to look for alternatives.
Withdrawal Options Available
Funds are transferred to customers’ bank accounts from where they can withdraw and use as they please. Again this is the only delivery method available for your transfer.
How to Send and Receive Money With Airwallex
Customers find Airwallex a simple to use platform for making local and international payments. Here is a breakdown of what it takes to make a transfer.
How to Send Money With Airwallex
1. Signup for an account: Businesses can set up accounts using their email addresses. Thereafter they need to upload their certificates of incorporation, memorandum or partnership agreements, legal representative and authorised persons’ drivers license or passport documents for verification.
2. Funding your wallet: To get started making payments, add funds to your wallet using bank transfer. Your Airwallex wallet can hold up to 11 currencies.
3. Booking a payment: Select the preferred funding account, the beneficiary you want to send money to and the amount you want to send. You can also add a special reference to the receiver.
4. Additional transaction details: Indicate the payment type whether local or SWIFT and the payment date you prefer the funds to leave your Airwallex account.
5. Review and confirm details: Review that all details are captured and if you are satisfied, confirm the payment. Apart from the onscreen transfer confirmation, you will receive an email with the transfer details.
How to Receive Money With Airwallex
Funds are sent via the local payment network or SWIFT to the receiver’s bank account, there is no need for you to take any action other than ensuring you provide the sender with accurate account information.
Does Airwallex Have a Mobile App?
No, Airwallex does not have an app. Their website is mobile optimised, though.
How Fast Are Airwallex’s Transfer Speeds?
Most transfers arrive the same day, however, some may take a bit longer (up to 3 days) to be credited into the recipient’s account.
Are There Maximum and Minimum Transfer Amounts?
Transfer limits are usually negotiated between the customers and Airwallex on a case by case basis, so there are no stated maximums or minimum amounts.
Can I Trust Airwallex?
Airwallex is a fairly new entrant into the financial payment services scene. Having said that, the company has grown pretty fast and is now a unicorn, loading innovative features such as borderless cards and global accounts. Below is a breakdown of the trust factors to reassure you when using Airwallex’s services.
History
Airwallex Pty Ltd was founded in 2015 in Australia - ABN 609 653 312- by Jack Zhang. The company’s aim was (and is) to provide a modern financial technology stack for businesses. With international offices in 19 countries supported by a global pool of over 1200 talented professionals, Airwallex is quickly becoming a financial powerhouse. Currently, the provider supports transfers to more than 130 countries.
Regulatory compliance
Airwallex is a fully registered and regulated payment services provider. Here are the jurisdictions in which the company is licensed to operate.
Australia: Here the provider is registered and regulated by both the Australian Securities and Investments Commission (ASIC) and the Australian Transactions Report & Analysis Centre (AUSTRAC).
Hong Kong: The company is licensed by the Hong Kong Customs and Excise Department as a Money Services Operator.
United Kingdom: Here, Airwallex is regulated by the Financial Conduct Authority (FCA).
Canada: The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) authorised Airwallex to operate as a Money Service Business (MSB).
Key industry partnerships
To bolster its brand and enhance its end-to-end user experience, Airwallex has entered partnerships with the following brands.
Visa: Airwallex partnered with Visa to launch the Airwallex Borderless Card that targets businesses.
Xero: This partnership is aimed at helping small-to-medium scale enterprises running Xero accounting systems to reconcile their local and international payments using the Airwallex platform.
-i2c Inc: This payment and open banking technology provider supports the technology infrastructure underlying Airwallex’s borderless card solution.
Encryption and customer data
The provider uses two-factor authentication as well as Secure Socket Layer (SSL) and RSA key encryption. Every customer is identified before granted access to use the transfer platform.
Investors and awards
Airwallex innovation has attracted funding from a wide range of investors. To date, the company has raised over $362 million from 7 funding rounds. Some of the investors include:
ANZi Ventures
Hillhouse Capital Group
DST Global
Horizons Ventures
Sequoia Capital China
Tencent Holdings
Salesforce Ventures
Square Peg Capital
Despite Airwallex being a relatively young company, it has already received awards for its innovation and user experience. Here are its two most significant ones:
FINTECH100: In 2019 Airwallex came at position 32 in KPMG’s leading global innovators ranking.
2019 Finnie Awards: Airwallex won in the FinTech Organisation of the Year category.
Customer Satisfaction
On social media and Trustpilot, customers had this to say about the provider.
Positive
Inexpensive transfers especially when compared with mainstream banks
Ability to pay and get paid like a local in most supported countries, further reducing fees
Wide coverage making it easier to send money across without having to switch providers
Negative
The provider only caters to businesses and that means individuals have to look for other alternatives
There is no mobile app for those looking for the convenience of transferring money on the go
Can I Cancel My Transfer?
If you book a conversion transfer with Airwallex, then yes. You will have to settle it and then book another conversion in the opposite direction to return the funds to your account, incurring fees, however. If funds are sent out and have already been paid to the recipient, cancellation is not possible.
Top Destinations
Out of the more than 130 destinations, the following are the most frequented transfer destinations on Airwallex:
Customer Support
Customers can direct their queries to customer support through email. The address is [email protected]. There is no other customer support option.
Summary
Airwallex has a professional global talent comprising over 1200 employees and offices in 19 offices worldwide. The platform has only been around since 2015, but has already forged a place for itself in the business payments sector. Airwallex customers can be assured of quality services and adequate support. However, the platform is only open to businesses, not individuals.
After raising US$100 million on Mar 26, 2019, Airwallex’s valuation went beyond $1billion thus making it a unicorn. With this financial backing, and over 130 supported countries, Airwallex is positioned among the leading fintech companies in Australia. All this means that you can save on international money transfers, for example, if you're looking to send money to Thailand from the USA or from USA to Australia, it will be much cheaper than using a high street bank.
Before choosing any payment provider, however, it’s important to shop around for other options that could offer you a better deal on the transfer you’re looking to make. Airwallex’s low fees and fast transactions make them a competitive service, but to help you get accurate information for effective decision making, we have put together an easy-to-use money transfer comparison tool. It is free to use and can help you quickly analyse the available options to find out who is fast, inexpensive, and reliable.
