If you’re a business owner or in finance looking for ways to have more control and clearer oversight on all your global business expenses, you might have heard of Airwallex or OFX.
Here, we take a look at the features, benefits and fees that Airwallex offers their customers. We’ll also have a look at the features of OFX’s Business Account and why OFX could be a great alternative for you and your business.
Looking for a partner to help you manage every aspect of your company’s finance operations?
Who is Airwallex and what are they used for?
Airwallex is headquartered in Singapore and simplifies international business payments.
Airwallex was founded in 2015 to help businesses worldwide with fully integrated solutions to manage everything from business accounts, payments, and spend management, to embedded finance at a global scale.
They offer proprietary infrastructure and software, through a combined payments and integrated financial platform to facilitate companies global transactions and treasury management.
Review of Airwallex Key Features1
Airwallex offers customers:
- Business accounts
- Business debit card (borderless card)
- Global accounts in 23+ countries
- Multi-currency wallets
- Conversion to 60 currencies
- Embedded finance. Collect, store, and disburse funds globally
- Payment links & plugins
- Software integration
- API’s
Reviews: What are customers saying about Airwallex?
Airwallex has an overall score of 3.5 out of 1,198 reviews on Trustpilot.2
A 5-star review on Trustpilot by customer David M says: “We must say that this service has been a life saver for businesses aiming to scale and gain easier access to the market.”
A further 5-star review on Trustpilot by customer Jos V says: “Airwallex has been incredibly useful for our business as we have continued to scale and work across different markets and currencies. The UI is very intuitive, and the support teams are really responsive and helpful. Thoroughly recommend the platform.”
Negative feedback mainly concerns customer service and account application issues, generally due to some businesses not meeting the Know Your Customer (KYC) criteria, and the lack of 24 hour support.14
Correct as at August 15, 2024
OFX Corporate Multi-Currency Card
Access to 30+ currencies directly linked to your business account, reducing unnecessary exchange conversions when you spend in those currencies.
Airwallex pricing, fees and rates
Let’s take a closer look at Airwallex’s pricing, fees and services.3 First, we go into fees on accounts, transfers, conversions and payments.
| Service | Plan and Fees |
|---|---|
| Foreign and domestic currency accounts | Explore – AU$29 or AU$0 /month AU$0/month if you deposit at least AU$5k per month or hold a minimum balance of AU$10k |
| Multi-currency wallet | Explore – AU$29 or AU$0 /month AU$0/month if you deposit at least AU$5k per month or hold a minimum balance of AU$10k |
| Direct debit in and out | Explore – AU$29 or AU$0 /month AU$0/month if you deposit at least AU$5k per month or hold a minimum balance of AU$10k |
| Money transfers | $0 for local transfer methods AU$10-30 for SWIFT transfer methods (SHA and OUR) |
| FX conversions | 0.5% above interbank exchange rates for USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY 1.0% above interbank exchange rates for all other currencies |
Now let’s have a look at the additional features that Airwallex provides. These features include cards, integrations and plugins, and management of expenses and bills.3
| Additional Features and Services | Plan and Fees |
|---|---|
| Expense Management | Grow – AU$99/month |
| Bill Pay | Grow – AU$99/month |
| Company Cards | 10 cards Explore – AU$29 or AU$0 /month AU$0/month if you deposit at least AU$5k per month or hold a minimum balance of AU$10k 50 cards Grow – AU$99/month Unlimited cards Accelerate – AU$499/month |
| Employee Cards | 2 card users Grow- AU$29 or AU$0 /month AU$0/month if you deposit at least AU$5k per month or hold a minimum balance of AU$10k AU$15/additional card user/month |
| Xero & Quickbooks Integrations | Bank feeds sync Explore – AU$29 or AU$0 /month AU$0/month if you deposit at least AU$5k per month or hold a minimum balance of AU$10k Expenses and bills sync Grow – AU$99/month |
| Netsuite | Bank feeds sync Explore – AU$29 or AU$0 /month AU$0/month if you deposit at least AU$5k per month or hold a minimum balance of AU$10k Advanced integration Accelerate – AU$499/month |
| Shopping Plugins | Grow – AU$29 or AU$0 /month AU$0/month if you deposit at least AU$5k per month or hold a minimum balance of AU$10k |
| Dedicated account manager & Onboarding Support | Accelerate – AU$499/month |
Airwallex benefits15
According to Airwallex, some of the benefits of using their service include:
- Cross-border payments – Easy and efficient international payments
- Minimal fees – Fees are comparatively lower than other fintech solutions
- Technological resources – To embed end-to-end payment processes and financial services into companies
Airwallex v OFX
Both OFX and Airwallex provide international business accounts. Take a look at which may serve your business best.
| OFX | Airwallex | |
|---|---|---|
| Publicly listed on the ASX | ✅ | X |
| Free plan with no minimum requirements | ✅ | X4 |
| Corporate cards for employees | ✅ | ✅ |
| Global bank transfers | ✅ | ✅ |
| Multi-currency Global Accounts | ✅ | ✅ |
| Xero integration | ✅ | ✅ |
| Approval workflows | ✅ | ✅ |
| Assign shared budgets for payment and expense control | ✅ | X5 |
| Fund your account using a rewards based card | ✅ | X6 |
| Payroll payments | ✅ | ✅ |
| Employment Hero payroll integration | ✅ | X7 |
| Global expense reimbursements | ✅ | ✅ |
| Role based access control | ✅ | ✅ |
| Post-trade funding for conversions for all customers | ✅ | X8 |
| Payment links | X | ✅ |
| Generate yield through money-market funds | X | ✅ |
| Auto-top up | X | X |
Airwallex Pros and Cons
Pros
✅ Offers a digital payments experience with their online platform. You can manage your account anywhere, anytime.
✅ Operates globally. You can receive payments like a local, no matter where in the world you are.
✅ Competitive fees and rates.
Cons
X To be eligible for $0 per month option, you need to deposit at least AU$5k per month or hold a minimum balance of AU$10k3
X In-person support is not an option. Airwallex operates predominantly online
Airwallex Alternatives: Why choose OFX?
If you’re looking for a seamless solution to make international business payments, monitor your budgets and simplify all your business expenses, we can help.
OFX is an all-in-one global money management platform, offering competitive rates and fast transfers.
- Get more control over your expenses and budgets
- Integrated with employee cards
- Create multi-layered approval workflows
- With one platform to facilitate all your accounts payable needs
- Get fast and secure money transfers with our special business 0.45% FX margin* intro offer on major currencies. *Terms and conditions apply
- Easy access to 30+ currencies
- Plus OFXpert help 24/7, when you need it.
Sign up for your free OFX Business Account today
Start saving time and money on your global business payments. With our established global network and competitive rates, you can trust OFX to meet your financial management needs.
Airwallex Account Review FAQ
How was Airwallex founded?9
Airwallex was founded in 2015 by four friends from Australia. They encountered foreign exchange issues while trying to start a cafe in Melbourne, which inspired them to create a better financial platform for businesses. They started Airwallex to eliminate the high costs and inefficiencies they faced in their own venture.
How does Airwallex work?10
Airwallex streamlines international payments by providing a unified platform where businesses can handle cross-border transactions, foreign exchange, and virtual accounts in multiple currencies.
Who is Airwallex for?10
Airwallex caters to businesses of all sizes, from startups to large enterprises, offering tailored solutions to meet various needs.
Is Airwallex a bank?10
No, Airwallex isn’t a traditional bank, but they are a licensed payment institution. They work with local payment networks in different countries, allowing them to offer overseas transfers in local currencies.
Is Airwallex secure?10
Airwallex uses advanced security measures to protect user data and transactions. It’s also regulated by financial authorities in different countries.
Does Airwallex charge fees?13
Airwallex keeps fees minimal, but it’s important to watch for certain charges. The key ones being payment/transaction fees, transfer fees and FX conversion fees.
What restrictions apply to Airwallex accounts?14
Airwallex is Singapore headquartered and now has 19 global offices in the following countries:
- United States (San Francisco, California)
- United Kingdom
- Netherlands
- Lithuania
- Greater China
- Japan
- India
- Malaysia
- Singapore
- Australia
- New Zealand
Who is OFX?
OFX is your all-in-one global money management platform.
Since being founded in 1998, we have grown into a global business with over 700 employees and 9 offices around the world.
Our all-in-one business account can help you manage international accounts, currencies and payments with greater efficiency. And for a limited time, we are offering businesses a special intro 0.45% FX margin* on major currencies. *Terms and conditions apply
For large transactions contact us.
We are ASX listed since 2013, ISO 27001:2022 certified in Australia and ASIC regulated. Learn more about OFX Business
OFX Business AU App
The OFX Business AU App streamlines expenses, approvals, and payments, offering greater convenience for managing your business financial operations anytime, anywhere.
Manage your global business payments, bills and approvals on the go.
Download the OFX Business app today and start saving time, money and energy.
**This article was written in August 2024. The information is based on our online research at time of publication. This publication is provided for general information purposes and a reader should consider the specific requirements of their business when evaluating providers. This information does not constitute legal, tax or other professional advice from OZForex Limited or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. If you would like to request updated information, please contact us at business@ofx.com .Please see our product disclosure, target market determinations and pricing pages for the most up to date OFX pricing and fee information.
Sources used:
1. See what Airwallex offers here – https://www.airwallex.com/au
2. Read more Trustpilots reviews here – https://au.trustpilot.com/review/airwallex.com
3. Airwallex’s $0/month pricing plan for small businesses has minimum requirements. See here – https://www.airwallex.com/au/pricing
4. Airwallex’s $0/month pricing plan for small businesses has minimum requirements. See here – https://www.airwallex.com/au/pricing/plans
5. Airwallex offers limits over various time periods on individual cards, but not a shared budgeting feature across multiple users that can be applied to bank transfers and card spend https://help.airwallex.com/hc/en-gb/articles/900001755706-How-to-change-Airwallex-Card-transaction-limit
6. Airwallex offers bank transfer and direct debit as funding options. In order to fund the account via a card charge, a third party would need to be used. See here https://help.airwallex.com/hc/en-gb/articles/900001756166-How-to-add-funds-to-your-Airwallex-Wallet
7. Learn more about Airwallex integrations here – https://www.airwallex.com/au/integrations
8. Airwallex requests the full amount required to convert a conversion by default, and post-trade funding is subject to negotiation. See here https://help.airwallex.com/hc/en-gb/articles/900001756366-When-do-I-need-to-have-funded-my-conversion
9. https://www.airwallex.com/au/who-we-are
10. https://www.airwallex.com/au/blog/how-does-airwallex-work
11. See Airwallex Terms and Conditions here – https://www.airwallex.com/au/terms
12. https://careers.airwallex.com/
13. See Airwallex fee schedule here – https://www.airwallex.com/au/terms/fee-schedule
14. See Airwallex Product Disclosure Statement – https://www.airwallex.com/au/terms/product-disclosure-statement
15. https://help.airwallex.com/hc/en-gb/articles/900001759903-Why-should-I-use-Airwallex
