Airwallex Review: Payments, Fees, and Business Tools Explained

The details in this article about Airwallex are based on information available from their website as of 15 June 2025 and may change over time.

Airwallex is a fintech platform that helps businesses send, receive, and manage money in different currencies.  It’s not a traditional bank, but it offers similar services for companies that work with international customers, suppliers, or teams.

In this review, we’ll look at what Airwallex actually does, what it costs, where it shines, and where it might fall short. We’ll also explore how it compares with other options, including open banking providers.

What is Airwallex?

Airwallex was originally launched in 2015 in Australia and is now headquartered in Singapore. The platform was created to help businesses manage cross-border payments more easily and reduce the costs and delays often associated with international transfers.

Airwallex Valuation and Revenue in 2025

In May 2025, Airwallex raised $300 million in a Series F funding round, bringing the Airwallex valuation to $6.2 billion, up from $5.6 billion in 2022. This funding is expected to support further infrastructure expansion and product development.

According to the company, Airwallex's revenue reached $720 million in annualised revenue as of March 2025, representing a 90% increase year over year. Airwallex also reported $130 billion in annualised payment volume and a customer base of 150,000 businesses worldwide. The company expects to reach $1 billion in annual run-rate revenue by the end of the year.

How does Airwallex work?

Key Features of Airwallex 

Below is an overview of its main features and how they’re typically used.

Multi-Currency Accounts
Airwallex provides a multi-currency business account where you can hold, receive, and send money in over 20 currencies. You also get local account details (such as IBANs or routing numbers) for regions like the UK, US, EU, and Australia. This allows others to pay you as if you had a local bank account in those countries.

International Payments
You can send payments to more than 150 countries in over 60 currencies. In many cases, payments are routed through local banking networks, which can help reduce fees and speed up delivery. Airwallex reports that most transfers arrive within a day.

Business Cards
The platform lets you create both virtual and physical Visa cards. These are linked to your currency balances, so you or your team can make purchases in different currencies without needing to convert funds manually or pay extra card fees.

Online Payment Acceptance
Accepting payments online isn’t Airwallex’s main focus, but it’s still part of what they offer. You can create payment links, take online card payments, and build custom checkout experiences using their API.

They also offer direct integrations with popular e-commerce platforms like Shopify and WooCommerce, so you can connect your store easily. Other third-party tools like Amazon, Xero, and QuickBooks are also supported, making it simpler to manage things like inventory, accounting, and reporting all in one place.

Currency Conversion Rates
Foreign exchange (FX) rates on Airwallex typically include a 0.5% to 1% markup, depending on the currency. This is often lower than what’s charged by traditional banks or services like PayPal, which may include hidden fees in the exchange rate.

Security and Regulation
Airwallex is regulated by the Financial Conduct Authority (FCA) in the UK and uses security measures such as two-factor authentication and encrypted transactions. Customer funds are stored in separate accounts. However, because Airwallex is not a bank but an Electronic Money Institution (EMI), customer funds are not protected by the Financial Services Compensation Scheme (FSCS).

Costs and Pricing
Airwallex has a transparent pricing model. Many standard features, such as setting up an account or issuing cards, are included at no extra charge.

Airwallex Fees and Pricing (UK)

Airwallex Pricing Overview

Quick Overview of Key Fees Across All Plans

This Means:

1. It can be free to maintain  in specific B2B use cases
The £19 monthly fee for the Explore plan is waived if you’re depositing or holding over £10,000 each month. However, this mainly benefits B2B businesses handling cross-border transactions — for example, companies working with overseas suppliers, buying goods internationally, or receiving payments from foreign clients.

For e-commerce businesses, the platform isn’t truly free to maintain, since online payment processing fees still apply on top of the plan.

2. You save on transfers and FX
Local and domestic transfers are free. Cross-border payments use local banking rails when possible (also free), and even when SWIFT is used, the fees are still lower than what most banks charge. You also get access to FX rates very close to the mid-market rate, with just a 0.5%–1% markup, versus the 3 %+ markup often buried in bank or PayPal rates.

3. Payment processing fees are lower than Stripe or PayPal
If you use Airwallex to accept payments, UK card transactions are charged at 1.3% — that’s lower than Stripe’s standard 1.5% + 20p and significantly cheaper than PayPal. However, this is still more expensive than open banking.

Local Airwallex Payment Methods – Additional Fees Apply

In addition to standard card payments, Airwallex supports a wide range of local payment methods across the UK and EU. These come with separate pricing, depending on the country, method, and type of transaction. While this adds flexibility for regional buyers, the fees vary significantly, and in some cases, are relatively high compared to card payments.

A few examples from their UK/EU pricing:

• Open Banking / Pay by Bank App (UK): 2.60%
• SEPA Direct Debit (EU): €0.05
• iDEAL (Netherlands): €0.15
• Sofort (Germany, others): 1.00% – 2.00%, depending on use
• Bacs Direct Debit (UK): 1.00% (capped at £2.00)
• MyBank (Italy): 2.40%
• Multibanco (Portugal): 2.90% + €0.25
• Baltic Online Banking (e.g. Latvia, Lithuania): up to 6.00% + €0.25

Some cash-based and wallet services like Paysafecard or Paysafecash also come with higher fees — up to 10.00%, depending on the region.

Is Airwallex Safe?

Yes, Airwallex payments are generally considered safe. The company is regulated in major markets like the UK, US, EU, Australia, and Singapore, and holds customer funds in segregated accounts with licensed banks. The platform uses industry-standard security features like two-factor authentication, encryption, and fraud monitoring.

Airwallex Support

Airwallex provides support through a dedicated help centre, where users can submit a message using an online form. Support is available for a wide range of topics, including accounts, payments, cards, transfers, technical issues, and more. Customers can also search FAQs or start a live chat.

Phone support is only listed for customers in China (+86 400 866 3888), available from 9:00 to 18:00 CST.

Airwallex Pros and Cons

Airwallex has a lot going for it, especially for UK merchants handling international transactions. But like any platform, it has trade-offs depending on your business model.

Pros

Multi-currency
You can hold, receive, and spend in over 20 currencies under one login. This reduces unnecessary currency conversions and fees. It’s especially useful if you’re getting paid in EUR or USD and want to pay suppliers or freelancers in the same currency.

Good FX rates
Airwallex’s currency conversion fees are among the lowest in the market. With just a 0.5% markup for major currencies, it’s more competitive than traditional banks or PayPal.

Low or no fixed costs
There are no setup fees or required monthly fees if you meet the £10k threshold. Many businesses will end up paying nothing just to keep the account active.

Cons

Not ideal for GBP-only businesses
If you only deal in GBP, the multi-currency features may be unnecessary. You might find a UK-only provider better suited to your needs.

Plus, if you mainly want to receive payments quickly and affordably from UK/EU customers, Airwallex comes with some limitations:

• It still relies on cards, so you’re subject to standard processing fees and possible settlement delays.
• It lacks phone support in the UK, and support is largely email-based, so if something needs quick attention, you may face delays.
• Its setup is more focused on global currency handling, not optimised for simple, local payments.

Get More Support, Faster Payments and Lower Fees with Noda

Instead of relying on card networks or platforms like PayPal, Noda uses open banking to let your customers pay you directly from their bank account. There’s no need for cards, no waiting days for funds to clear, and no unnecessary extra fees. Payments settle instantly through Faster Payments or other local networks in other supported countries, and you only pay from 0.1% per transaction. 

You also get more than just a payment method:

• A personal account manager to support your setup and growth
• Payment links and no-code payment pages that require no integrations - create them in seconds and share with the customers
• Dynamic QR codes for in-store — ideal for retail and events
• Optional payment cards, so you can still offer card payments alongside open banking

Best of all, Noda is easy to plug into your existing setup, either via API or by using plugins for WooCommerce, Magento, OpenCart or PrestaShop. It connects with over 2,000 banks across the UK and EU, handles customer verification and offers smart tools for things like refunds and forecasting, so you’re not just getting a payment method, but a broader checkout improvement.

Want to see how much you could save? Try Noda today or speak to our team about integrating open banking payments into your checkout.