Airwallex is a Melbourne-based company that caters to local and international payment services provider. It supports business payments to more than 130 countries. Through the use of smart cross-border payment technology, it allows businesses to easily set up global accounts. The company supports more than 14 currencies, which accepts settlement via WeChat Pay.
This review features everything that you need to know about Airwallex. We made it easier for you to get the important details that you need to find about this company. Should you need to compare it with the other money transfer providers like XE, HiFX, FlashFX, SendFX, or AFEX , check HERE.
Airwallex Money Transfer Company
Before you chose any money transfer or payment provider, it is important that you find out more on the history, regulatory compliance. Besides this, you have to check other pertinent information about the company. Below are the highlights of Airwallex as a payment provider.
Airwallex was established in 2015 in Australia by Jack Zhang. The company’s goal is to provide modern financial technology for businesses. They have international offices situated in 8 countries. These companies are supported by more than 420 professionals globally.
Moreover, Airwallex flourishes into a financial powerhouse. As of today, the company caters transfers to over 130 countries.
Airwallex is licensed and registered as a payment service provider. Following is the scope of their license in which they operate.
Australian Securities and Investments Commission (ASIC) and the Australian Transactions Report & Analysis Centre (AUSTRAC)
Hong Kong Customs and Excise Department as a Money Services Operator in Hong Kong
Financial Conduct Authority (FCA) in the UK
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business in Canada
Investors and Awards
The innovative shift of Airwallex attracted funding from a broad array of investors. The company has accumulated approximately $362 million just from 7 funding rounds. Some of Airwallex’s investors are:
- Square Peg Capital
- DST Global
- Horizons Ventures
- Hillhouse Capital Group
- Sequoia Capital China
- Salesforce Ventures
- Tencent Holdings
- ANZi Ventures
Furthermore, as a flourishing company Airwallex earned awards. This is because of its innovation plus its user experience. The two significant awards they receive are as follows:
- FINTECH100 – Airwallex is at rank 32 in KPMG’s leading global innovators for 2019.
- 2019 Finnie Awards – Airwallex got the Category for FinTech Organisation of the Year.
Key Industry Partnerships
To reinforce its brand and improve the platform to be more convenient for the users, Airwallex has opened the following opportunity:
To launch the Airwallex Borderless Card that aims to support businesses, the company partnered with Visa.
Their partnership with Xero aims to aid small to medium scale businesses or enterprises that are operating with the Xero accounting system to accommodate both local international payments through their platform.
Partnership with -i2c Inc
With their partnership with -i2c Inc, the company was able to heighten their support in terms of technology infrastructure for Airwallex’s borderless card solution.
Airwallex Service Coverage
Airwallex currently has 8 internal offices with 420 employees located in:
- Hong Kong
- Melbourne (HQ Location)
- San Francisco
Though Airwallex does not have a mobile app yet, the company’s website is mobile optimised with language in English. They support we currencies and over 130 countries initiating business payments. The company is rapidly growing with a team of developers, movers, entrepreneurs, and shakers.
Significantly, Australia-based Airwallex is said to be the latest tech startup to enter the billion-dollar “unicorn” club. The company announced today that it has closed a $100 million Series C round that values its business above $1 billion.
Exchange Rates And Fees
Airwallex offers transparent and competitive rates as well as transfers fees.
Airwallex transfers are valued at within 0.3% and 0.6% higher than the interbank rate. The specific rate you’ll get will be based on the currencies you’re transferring.
Customers or clients can send payments same as locals for free due to its local payment technology. If you send a payment in a foreign currency, the provider issues an AU$10 charge.
Securing a payment with non-local currencies draws a SWIFT network charge. Additionally, if you’re paying in Chinese Yuan, Airwallex charges an additional 0.1% payout fee.
Airwallex PROS and CONS
LOW FEES – The fees you get are lower since most of the currencies are carried out through a local payment technology. This could mean zero fees for your transfer. However, transfers that are not on local currency are charged with AU$10 per transaction.
COMPETITIVE RATES -Airwallex imposes a margin which is from 0.3% to 0.6%. This can help customers save money rather than using high street banks and even many other online payment providers.
GLOBAL ACCOUNTS – Customers can initiate and handle accounts in more than 14 currencies. This guarantees quick and timely payments similarly to locals.
ACCOUNTING INNOVATION – Businesses working on Xero accounting software are now able to link their Airwallex accounts with their individual accounting systems for the comfort of importing transactions.
BORDERLESS CARDS – Businesses can generate virtual cards to utilise online transactions like software and supplies purchases.
MOBILE APP NOT AVAILABLE – Airwallex may not have a mobile app yet their online platform is mobile-friendly for swift transactions.
SUPPORT PLATFORMS IS LIMITED – Customers or clients can get in touch via mail. Airwallex does not have phone or chat support available as of yet.
LIMITED TRANSFER METHODS – Customers are expected to fund for their transfers via bank. This is because Airwallex does not support card payments for any transfers.
What kind of payments can I make with Airwallex?
Airwallex payment channels and withdrawal options for clients is limited. Below are the important details that you must know.
Available Payment Methods
The only payment methods they Airwallex accepts are payments through bank transfers. For other alternatives like cash and payments via card, you may need to look for certain options or alternatives to initiate money transfers.
Available Withdrawal Methods
The money is transferred to customers’ bank from which they can withdraw and utilise as they wish. Besides, this is the only way available for your transfer to be delivered.
How To Send and Receive Money With Airwallex
Clients see Airwallex as easy to use when initiating local and international payments. Below are the steps on how you can use Airwallex to transfer money overseas
Sending Money With Airwallex
Step 1: Register and Open an Account. For businesses, they can register with an email address and upload certificates or documents. This is a must to complete the registration. These can include the following documents for verification:
- certificates of incorporation
- memorandum or partnership agreements
- legal representative and authorised persons’ drivers license or passport documents
Step 2: Add Funds to your Airwallex by bank transfer. Your Airwallex wallet can hold up to 11 currencies
Step 3: Select the recipient by booking payment and specifying the amount that you want to send. You may also add a special reference to the recipient if you wish to.
Step 4: Indicate the details of the transaction such as the type of payment (local or SWIFT). Also, inlcude the date you want to send out the payment.
Step 5: Review all the details that you entered and once done, confirm the payment. Besides that confirmation prompt on your screen, you’ll get a confirmation via email. This contains the details of your transaction.
Receiving Money With Airwallex
When receiving funds from Airwallex using the local payment network or SWIFT to the receiver’s bank account, you do not have to do anything aside from ensuring you give the sender accurate bank account details.
- Low-priced transfers particularly when compared with high street banks
- Capacity to pay and receive payment like a local in most sustained countries, further diminishing charges
- Broad coverage giving easy access to send money over without the necessity to switch providers
- The provider simply provides businesses and this means individuals must fid other alternatives
- There is no available mobile app if looking for the ease of transferring funds on the go
Does Airwallex have a mobile app?
No, Airwallex does not have an app. However, their website is optimise for mobile use.
How fast are Airwallex’s transfer speeds?
You recipient may get the money within the day. But, some of which may take up to 3 days to appear on the recipient’s bank.
Are there maximum and minimum transfer amounts?
The limits of your transfer are will depend on the negotiation between Airwallex. This depends on a case by case basis. Thus, it means there is no stated maximum of transfers.
Can I trust Airwallex?
Airwallex is a reasonably fresh candidate for the payment services scene. The company has flourish swiftly. They’re now a unicorn in arranging innovations. One evident is their borderless cards and global accounts.
Can I cancel my transfer?
Booking a conversion transfer with Airwallex, you cancel the transfer. You must then book a different conversion. This is to reverse direction to restore the money to your account; however, this can incur charges. If the funds have been paid to the recipient, you can no longer cancel it.