Send Money With Airwallex

What Makes Airwallex Stand Out?

The platform specialises in helping businesses manage international transactions without the traditional banking hurdles. At its core, Airwallex provides:

1. Fee-free multi-currency business accounts
2. Access to local bank details in 23+ currencies
3. Ability to collect payments in 180+ currencies
4. Payments to over 150 countries
5. Integration with major e-commerce platforms
6. Virtual debit cards for business expenses

Cost Savings in Action

Consider this real-world scenario for a UK business trading with Italy:

Traditional Banking Method:

• £2,000 worth of sales in euros → 3% forex fee → £1,940 received
• £500 payment to Italian suppliers → Another 3% forex fee → £515 cost
• Total fees: £75

Airwallex Method:

• £2,000 worth of sales in euros → Direct to euro account
• Pay Italian suppliers directly in euros → No conversion needed
• Optional conversion of remaining balance → Approximately £7.50 in fees
• Total savings: £67.50

Key Features and Benefits

Multi-Currency Capabilities

• Hold accounts in major currencies including EUR, USD, GBP, AUD, HKD
• Local bank details for 23+ currencies
• Competitive exchange rates (0.5% to 1% above interbank rate)

Business Tools

• Virtual employee expense cards
• E-commerce platform integration (Amazon, eBay, Shopify, WooCommerce)
• API integration for automated financial processes
• Xero accounting software integration
• Customer payment collection tools

Costs and Fees

• No monthly account fees
• No setup fees
• Free UK domestic transfers (via Airwallex network)
• £10 fee for SWIFT network payments
• FX conversion fee: 0.5-1% above interbank rate

Security and Regulation

While Airwallex isn’t a traditional bank, it’s regulated by the Financial Conduct Authority (FCA) as an Electronic Money Institution. Customer funds are ring-fenced for protection, though it’s worth noting that funds aren’t covered by the FSCS £85,000 guarantee.

Who Should Consider Airwallex?

This account is particularly suited for:

• UK businesses trading internationally
• Companies needing multiple currency accounts
• Businesses looking to reduce foreign exchange costs
• E-commerce sellers operating across multiple markets

Limitations to Consider

• Limited to 11 currencies for holding balances
• No FSCS protection
• Not suitable for personal banking
• Some business types excluded (including investment firms, gambling companies, and charities)

Account Access

Airwallex offers both web-based banking and mobile apps for iOS and Android, providing flexible account management options for busy business owners.

The Verdict

For UK businesses engaged in international trade, Airwallex presents a compelling proposition with its combination of multi-currency capabilities, competitive forex rates, and integrated business tools. However, companies operating solely within the UK might find traditional business banking solutions more appropriate for their needs.