Airwallex Review: Business Account Singapore

Rating

Overall rating: 4.4 / 5

What is Airwallex?

Founded in 2015 in Melbourne, Airwallex is a global fintech company that provides cross-border financial infrastructure for modern businesses. Built with a focus on scalability and speed, Airwallex serves companies ranging from startups and e-commerce sellers to large enterprises, offering tools that help them manage international payments, global expenses, and multi-currency operations with ease.

Airwallex caters to a diverse range of industries, including technology, e-commerce, SaaS, professional services, import-export, and travel, as well as platform-based businesses such as marketplaces and global agencies. Its solutions are designed for companies that operate or transact across multiple countries, which enables them to move money efficiently, collect payments globally, and control business spending without relying on traditional banks.

At its core, Airwallex offers a suite of financial services tailored for businesses, including:

• Global business accounts in 60+ countries and 20+ currencies.
• Multi-currency virtual and physical cards for employee and expense management.
• Cross-border payments with market-leading FX rates.
• Payment collection solutions that allow businesses to receive funds like a local in key markets.
• Integration tools that connect with accounting, ERP, and e-commerce systems.

The Airwallex Business Account serves as a central hub for managing international finances, allowing businesses to open and operate multi-currency accounts, collect global payments, make local and international transfers, and issue employee cards all from a single platform. With competitive FX rates, transparent pricing, and real-time transaction tracking, Airwallex positions itself as a modern alternative to traditional corporate banking and is purpose-built for digital-first, globally connected businesses.

Airwallex key features

• Multi-currency account that supports over 20 currencies, including SGD, USD, EUR, GBP, and AUD. Businesses can receive payments like a local and hold funds in a central wallet.
• International payments to over 150 countries and in 60+ currencies via local and SWIFT networks, often completed on the same day in major markets.
• Corporate cards available in two types—company cards and employee cards—for managing shared and individual business expenses.
• Expense management tool that automates bill payments, tracks spending in real time, and enforces approval workflows.
• Payment gateway that accepts over 160 global payment methods for online transactions.
• Transparent FX rates with markups ranging between 0.4%–0.6% above the interbank rate.
• Bulk payment function that enables batch and automated payments through CSV upload.
• Direct integration with Xero, QuickBooks, and NetSuite. Developers can use APIs to automate payments, reconciliation, and card issuing.
• Yield feature that allows businesses to earn returns on idle USD and SGD balances.

Airwallex Business Account: Pros and cons

Overview of the Airwallex Business Account

Multi-currency business account (Global account)

Airwallex’s Global Account is built for SMEs managing cross-border payments and multi-currency holdings. Here’s what users get:

• No account opening fees. Monthly fees range from SGD $0 to SGD $399 per month, depending on the pricing plan.
• Local currency accounts with local bank and branch codes, plus unique account numbers.
• Access to 20+ currencies, including SGD, USD, EUR, GBP, AUD, and HKD.
• Instant local transfers through MEPS and FAST networks in Singapore.
• Batch payment support for handling multiple transfers at once.
• No transaction limits, allowing unrestricted transfers and receipts.
• Real-time FX conversion at interbank rates through the Airwallex dashboard.
• API access to automate account creation, reconciliation, and payment workflows.

Corporate card

Airwallex’s Visa-powered corporate cards help businesses manage global expenses and team spending efficiently. There are two types of cards available:

• Company cards: Used for shared company expenses such as software subscriptions and advertising spend.
• Employee cards: Designed for individual business purchases like travel and employee benefits.

With these cards, users can:

• Issue unlimited virtual and physical Visa cards instantly for teams or departments (subject to the pricing plan).
• Spend in multiple currencies with no international transaction fees.
• Link cards to specific wallets to avoid unnecessary FX conversions.
• Set spending limits and approval workflows to control budgets.
• Freeze or cancel cards instantly from the dashboard.
• Earn 1% cashback on eligible business expenses.
• Get detailed, real-time expense tracking and reporting in one view.
• Use cards for online, in-store, or mobile payments (supports Apple Pay & Google Pay).
• Free card issuance, though expense management tools cost SGD $5 per user/month.

Payment gateway

The Airwallex Payments solution enables businesses to collect revenue globally with flexible integrations.

• Accept 160+ payment methods, including Visa, Mastercard, Apple Pay, Google Pay, WeChat Pay, and GrabPay.
• Enable local checkout experiences with like-for-like settlement in customer currencies.
• Offer subscription and recurring billing, automatically charging clients at set intervals.
• Integrate easily with Shopify, WooCommerce, and custom-built sites through APIs.
• Access fraud protection tools and built-in chargeback management.
• Transparent fees: 3.3% + SGD $0.50 for local cards, 3.6% + SGD $0.50 for international cards.

Expense management, bill pay & reimbursements

Airwallex consolidates invoice management, approvals, and team expenses into one interface.

• Upload and track bills directly on the platform.
• Automate approvals with custom workflows.
• Pay vendors locally or internationally from the same dashboard.
• Capture receipts and categorise transactions automatically.
• Sync all transactions to accounting systems like Xero, QuickBooks, or NetSuite.
• Generate real-time expense reports for finance visibility.
• Expense management module is a paid add-on (SGD $5 per user/month).

Accounting integration

Airwallex connects with leading accounting and ERP tools to automate reconciliation and reporting.

• Direct integrations with Xero, QuickBooks, and NetSuite.
• Automatic hourly syncing for all transactions and receipts.
• Import charts of accounts, tax rates, and tracking categories to align with internal bookkeeping.
• Embed payment links into invoices for faster collections.
• Reconcile transactions automatically with minimal manual work.

Yield/interest on balances (Available in select markets)

Airwallex provides an optional way for businesses to earn on idle balances with Yield.

• Earn up to 1.32% on SGD and 3.98% on USD.
• Funds are invested in short-term, low-risk money market instruments.
• Withdraw anytime with no lock-in periods.
• Returns depend on prevailing market rates and availability in each region.
• Not guaranteed or covered under deposit insurance schemes.

Customer Support and Assistance

Airwallex offers several standard customer support options, but availability and responsiveness may vary by region.

• Help Centre & Self-Service:

Most support starts through the Airwallex Help Centre, which includes articles on common topics such as account setup, card management, and payments. It’s useful for basic troubleshooting, though deeper or account-specific issues typically require escalation.

• Support Channels & Phone:

Requests can be submitted through the Help Centre, and businesses in Singapore can reach the team by phone at +65 3129 4178. Phone support isn’t available 24/7, and users are generally encouraged to raise tickets online first.

• Account Manager & Email Support:

Larger clients or those with higher transaction volumes may be assigned a dedicated account manager. For general assistance or queries, please send them to support@airwallex.com. Response times may vary depending on your location and the type of issue.

• Office Presence & Local Contacts:

Airwallex operates locally under MAS registration as a licensed provider for e-money issuance and cross-border transfers. Regional contact details are listed on its “Get Support” page for businesses needing in-country help.

Airwallex Fees and Charges You Should Look Out for

In terms of pricing, Airwallex offers three subscription plans, Explore, Grow, and Accelerate, each with its own features and pricing structure

Beyond the subscription fees, there are a few other service fees worth noting:

How to Set Up an Airwallex Business Account

A business registered in Singapore will require the following documents to open an Airwallex business account.

Eligibility Requirements

Airwallex business accounts are open to registered businesses in Singapore and several other supported countries. Eligible entities typically include:

• Private Limited Companies (Pte. Ltd.)
• Partnerships and Limited Liability Partnerships (LLPs)
• Sole Proprietors
• Non-Singapore entities with valid company registration and proof of operations

Applicants must be at least 18 years old and legally authorised to open accounts on behalf of their business.

‍Required documents

• Partnership Agreement (if applicable)
• Ownership Structure Chart (if applicable)
• Authorisation Letter Template (if applicable)
• Financial Institution Onboarding Questionnaire (if applicable)
• ID of UBO (if applicable)
• ID of Authorised Person (if applicable)
• Individual Address Proof (if applicable)

Application process

You can apply for an Airwallex account entirely online. The process is straightforward:

1. Visit the Airwallex website and select “Open a Business Account.”
2. Provide company details, including your registration number, business address, and nature of business.
3. Upload identification documents for all directors, shareholders, and authorised persons.
4. Verify ownership structure and provide any supporting compliance documents requested.
5. Submit your application for review.

Airwallex may reach out for additional verification or clarification if needed.

How long does it take to set ip an Airwallex Business Account?

While still quicker than traditional banks, opening a business account with Airwallex can take up to 1-3 working days to set up, which is still longer than other fintech providers.

How to start using your Airwallex Account

Once your account is approved:

1. Log in to your Airwallex dashboard.
2. Deposit funds into your global wallet.
3. Create local currency accounts in your preferred markets.
4. Issue virtual or physical corporate cards for your team.
5. Set up integrations with accounting tools or e-commerce platforms.
6. Begin sending or receiving payments in multiple currencies.

Your account is now ready to handle cross-border transactions, manage expenses, and receive international payments efficiently.

Who is Airwallex Business Account best suited for?

Airwallex is particularly fitting for businesses that:

• Handle a large number of cross-border transactions or multi-currency flows, and require local account details in multiple currencies to receive payments globally.
• Operate in multiple markets and require a platform built around FX and international payouts.
• Want to use a secondary operating account focused on global spend and expansion rather than as their primary domestic bank.
• Prefer to manage corporate cards, expense workflows, and payment APIs under one fintech roof.

It’s less ideal for companies that rely heavily on local banking services (such as domestic payroll, tax, or cash withdrawals) or expect in-depth support tied to a primary business account setup.

TrustPilot rating: 3.6/5 (based on 2,112 reviews)

Most users were happy with their overall experience on Airwallex and appreciated the platform’s user-friendliness and efficiency in handling international transactions. The most positive aspects pointed out by users include competitive exchange rates, user-friendly platforms, intuitive design, simplicity, and cost savings compared to traditional banks. 

Some reviewers also highlighted the responsiveness and helpfulness of the customer support team, especially the quick resolution of issues. However, general concerns expressed by some reviews include payment issues and inconsistent communication regarding price changes.

The Alternative: Airwallex vs Aspire

Aspire is an all-in-one finance platform for digital businesses, helping over 15,000 companies save time and money with international payments, expense management, payable management, and receivable management solutions — all accessible via a single, user-friendly account. Headquartered in Singapore, Aspire is backed by top-tier global VCs, including Sequoia, Lightspeed, Y Combinator, Tencent, and PayPal. 

Aspire’s business accounts can be opened remotely in 1 day. It’s easy to send and receive money in multiple currencies, and they offer transparent and low-cost FX. With Aspire, businesses can also make PayNow transfers to other personal or business accounts, and they can make employee CPF contributions directly from their accounts. 

Aspire also offers businesses an advanced expense management product that surpasses Airwallex’s solutions. Businesses can create budgets, assigning owners with specific spend limits. When it comes to expenses, users can also submit, review, approve and disburse claims from a single dashboard.  Entire workflows for payables and receivables management can be managed easily in one place. This enables easy spending streamlining with real-time visibility and control. Whether it’s budgeting, corporate cards, claims, or accounting integrations, the user-friendly interface makes it easy for businesses to stay on top of their finances. 

To many businesses, the mobile app user experience is important, as it allows them to operate and approve on the go. This is where Aspire stands out. 

Many of Airwallex’s functionalities can only be accessed through its web app. Its mobile app is confined to basic functions such as fund transfers, viewing issued cards, and submitting expense receipts.

In contrast, Aspire's mobile app stands out by offering identical functionality to its web app, providing users with a comprehensive tool for managing finances while on the move. Beyond spending, it allows managers and finance teams to approve expenses effortlessly, edit card details, establish approval workflows, and more on the go.

Here is a summary of some key differences between Airwallex and Aspire:‍

Aspire Business Account

• Global accounts for  SGD, USD, IDR, EUR and GBP
• Faster account opening within one business day
• Free transfers via your USD account to SGD, AUD, CAD, CZK, DKK, EUR, GBP, HKD, HUF, IDR, INR, MXN, MYR, NOK, PHP, PLN, RON, SEK, and USD.
• Supports PayNow QR for sending and receiving offline payments (Airwallex does not)
• Supports Payroll, CPF, and corporate tax payments (Airwallex does not)
• More affordable SWIFT and FX rates 

Aspire Corporate cards

• Issue unlimited virtual cards to employees instantly
• More granular card controls and customisations
• Cards can be tagged to budgets to keep spending organised

Aspire Software and integration

• Offers claims management to consolidate expenses
• More advanced accounting integrations to Xero, Quickbooks, Netsuite and more.
• Offers integrated receivable, expense, and payable management functionalities 

Conclusion

Airwallex presents a suite of financial solutions for businesses, including multi-currency global accounts, corporate cards, a payment gateway, and accounting software integrations. The company enables businesses to operate globally and manage cross-border transactions. Features such as like-for-like settlement, fraud prevention, and streamlined expense management contribute to a useful financial solution for businesses.

Airwallex is particularly useful for businesses that actually need the 12 different currencies offered with their business accounts. Other finance solutions, such as Aspire, offer most major currencies that businesses would need to transact with. Additionally, Airwallex’s solutions are more suitable for larger businesses (such as e-commerce companies) that can benefit from its API and payments solutions. Smaller businesses might find APIs and payment solutions complicated to implement, given technical integration requirements.  

Businesses seeking an alternative may consider Aspire, a Singapore-based fintech platform. Aspire offers faster account opening and focuses on the fundamentals of supporting essential location operations, such as support for PayNow QR for offline payments and salary and CPF payments. Aspire’s expense management solution offers a more advanced and user-friendly interface that makes it easy to manage payables and receivables; issue corporate cards with granular controls and customisation options; integrate accounting software; and much more. For business owners, the intuitive mobile app experience makes it easy to manage finances on the go to speed up purchasing decisions and the velocity of a business' financial operations. 

Open an account with Aspire today.