Airwallex Global Account review
- Monthly Account Fee
- $0
- Multi Currency Accounts
- CAD, USD, GBP, EUR + 17 more
- FX Fee
- 0.5% - 1%
Our verdict
Spend and get paid in multiple currencies with a business account that slashes fees for global transactions.
An Airwallex business account is a solid option if you need to make or receive payments in multiple currencies. Domestic and international transfers are fee-free (although an exchange rate markup applies).
You'll get local account details for different currencies, so it's like having many local accounts, which helps you save on currency conversion fees.
Airwallex Canada isn't a bank, though, so you'll need to look elsewhere if you want full-service business banking, including ATM access and loans.
Pros
-
No monthly account fee
-
Hold 20+ currencies in one account
-
Local account details for multiple currencies for easy global transfers
-
No transaction fee for transfers to 150+ countries
-
Virtual card for online & in-store purchases
Cons
-
0.5% - 1% currency conversion fee
-
No ATM access
-
No physical card
What is Airwallex?
Airwallex is a global financial platform for businesses. It offers multi-currency business accounts, borderless spending cards (similar to debit cards), customer payment solutions, international money transfer services, expense management software and integrations with popular third-party business apps.
Since 2023, business customers in Canada have been using Airwallex to manage multi-currency spending and payments.
What are the benefits of Airwallex in Canada?
Here are some of the features you can expect, when you open an Airwallex Global Account in Canada:
- $0 monthly fees. You don’t need to pay a fee to open or maintain an Airwallex account.
- Multi-currency account. Avoid costly transfer fees and transact in local funds with an Airwallex multi-currency account. With one global account, hold and spend 20+ currencies, including AUD, CAD, DKK, CZK, CHF, GBP, HUF, MXN, NOK, RON, SEK, ZAR, EUR, HKD, CNY, USD, JPY, NZD, SGD, IDR and ILS. Transfer around 60 currencies to more than 150 countries around the world.
- Local bank details for different currencies. You’ll receive different account details for the different currencies, so it’ll be like having a local account without needing to be in the country.
- Multi-currency card. Get Airwallex Borderless Cards for you and your employees to spend and receive payments in different currencies using funds from your account. Cards can be used online and in store anywhere Visa is accepted.
- Convert currencies within seconds. Converting currencies is easy with the Airwallex mobile app, and there’s no currency conversion fee for international money transfers (although an exchange rate markup applies).
- Flexible limits. With most Airwallex account types, you can deposit and withdraw as much as you want. By default, you can convert between $10 USD and $5 million USD per transaction, but these limits can be changed by contacting customer service.
- Software integrations. Integrate your Global Account with online platforms like Amazon, Shopify and WooCommerce. Integration with software like Xero and QuickBooks helps you streamline your accounting and reduce your admin burden.
What are the drawbacks of Airwallex?
Before you sign up for Airwallex Canada, there are a few factors to keep in mind:
- Not a bank. Airwallex isn’t a bank, so it doesn’t offer a full suite of banking products and services for businesses, including loans and mortgages.
- Not all currencies supported. You can hold 20+ currencies in your Airwallex digital wallet and transfer to 150+ countries. But not every region and currency is supported.
- Virtual card only. Airwallex Borderless Visa Card holders in Canada can’t get physical cards. Instead, you’ll get a virtual card that can be used for online and in-store purchases.
- No ATM access. Airwallex accounts can’t be accessed by ATM. To withdraw cash, you’ll need to transfer money to a bank account that comes with ATM access.
- Currency conversion fee. Airwallex adds a 0.5% - 1% markup to the midmarket exchange rate whenever you convert currencies.
What are Airwallex fees in Canada?
| Fee type | Fee amount |
|---|---|
| Monthly fee | $0 |
| Minimum deposit | $0 |
| Outgoing transfers | $0 ($20 - $35 CAD per SWIFT transfer) |
| Incoming transfers | $0 (sender’s bank network might charge fees) |
| Exchange rate markup (for currency conversions) | 0.5% - 1% |
| Bill payments | $0 |
| Card issuance | $0 |
Is Airwallex safe and legitimate?
Airwallex was founded in 2015 in Melbourne, Australia and is headquartered in Singapore. Today, the fintech company has offices in 23 countries and has been valued at $5.6 billion USD, attracting over $900 million in investment money from well-known companies like Mastercard, Tencent and Salesforce.
Airwallex is registered as a Money Service Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC registration number M19395067) and Revenu Quebec (license number 14460). It also holds money transmitter licenses in forty US states and is registered with both the UK Financial Conduct Authority (FCA) and Australian Securities and Investments Commission (ASIC).
Customer funds are deposited into a Canadian bank account for safekeeping, and this money is never used for company operations. Learn more about how Airwallex protects customers here.
What should I know before I apply?
You can open an Airwallex business account online in minutes. Here’s what to expect before you begin your application.
Eligibility
- Minimum age. You must be at least the age of majority in your province or territory to open an Airwallex account.
- Business requirements. You must be the owner or director of the business, and you’ll need to provide a valid business number (BN).
Documentation needed
- Business details. Have your business number handy as well as your business name, email, industry, product(s), website, monthly turnover and location.
- Personal details. You’ll need to provide your first and last name and phone number.
- ID. New Airwallex customers must provide valid, government-issued ID, such as a Canadian passport or driver’s licence, for all business owners.
How do I open an Airwallex Canada account?
It’s free to open an Airwallex account online. Follow these simple steps:
- Go to the Airwallex website and select Get started.
- Enter your name and business email and create a password.
- Provide basic personal and company information like your phone number and business name. Enter the verification code texted to your phone to confirm your number.
- Indicate how you plan to use your Airwallex account. If you agree to the Terms & Conditions, select Create Account. You’ll get immediate access to your account dashboard.
- To fully activate your account and fully unlock its features, verify your email address, provide additional business information and submit government-issued personal ID.
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