Airwallex Review: Revolutionising Global Finance for Singapore Businesses

As a Singapore business owner, navigating international transactions efficiently is crucial for success. Airwallex, a rising fintech star, offers innovative solutions that could transform your cross-border financial operations. Let’s explore how Airwallex can benefit your Singapore-based company.

What is Airwallex?

Founded in 2015, Airwallex has quickly become a global fintech leader, valued at USD 5.6 billion. It offers three core products: business accounts, Core APIs for programmatic money management, and Embedded Finance solutions.

Key Features for Singapore Companies

1. Multi-Currency Accounts

• Hold, send, and receive 22 currencies, including SGD, USD, EUR, and CNY
• Ideal for international trade and expansion

2. Competitive FX Rates

• Beat traditional bank rates
• Over 70% of transfers arrive same-day

3. Global Payments

• Facilitate payments to 150+ countries in 50+ currencies
• Streamline international operations

4. Borderless Cards

• Issue virtual and physical Visa business debit cards
• Enjoy 1% cashback on business expenses

5. API Integration

• Seamlessly integrate with existing business systems
• Automate domestic and international payment workflows

Advantages for Singapore Businesses Using Airwallex

1. Cost Savings: Lower fees and better FX rates for international transactions

2. Efficiency: User-friendly platform reduces time and errors in financial operations

3. Scalability: Grows with your business as you expand internationally

4. Financial Visibility: Real-time tracking and detailed reporting

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Potential Drawbacks

1. Limited Cash Handling: May not suit cash-heavy businesses

2. Relatively New: Some businesses may prefer more established institutions

3. Learning Curve: Initial adjustment period to fully utilise all features

Airwallex vs. Traditional Banks

Advantages over Banks:

• Faster international transactions
• More competitive FX rates
• Lower fees, especially for cross-border transactions
• Greater account management flexibility
• Modern, user-friendly interface

Bank Advantages:

• Wider range of financial products
• Physical branch networks
• Established reputations

Airwallex Business Account Overview

• Quick setup of domestic and foreign currency accounts
• No account opening fees, monthly charges, or transaction requirements
• Easy currency conversion and global transaction viewing

Corporate Card Features

• Instant card creation and management
• Multi-currency spending without international transaction fees
• 1% cashback on business expenses
• Customisable spending limits and approval workflows

Payment Gateway

• Support for multiple payment methods in various countries
• Fraud prevention features
• Multi-currency pricing to minimise FX risk

Accounting Integration

• Connects with popular software like NetSuite, QuickBooks, and Xero
• Automates expense categorisation and reconciliation
• Streamlines financial workflows

Fees and Charges

• Account Registration: $0
• Monthly Fee: $0
• Minimum Balance: $0
• SWIFT: Up to $35
• FX rates and fees: Up to 0.6%
• Corporate card: $0
• Expense Management Module: $5/user/month

Setting Up an Airwallex Business Account

Required documents for Singapore-registered businesses include:

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

Setup time: 1-3 working days

Who Should Consider Airwallex?

Airwallex is ideal for global online businesses needing extensive multi-currency capabilities, particularly those with international customers and suppliers.

Common Customer Feedback About Airwallex 

Singapore businesses appreciate Airwallex for:

• Eliminating foreign transaction fees
• Ease of sending and receiving international payments
• Seamless integration capabilities
• Simplified global payroll management
• Cost-effective currency conversion

Summary

For Singapore businesses engaged in international trade or managing multi-currency operations, Airwallex offers a compelling alternative to traditional banking services. Its combination of competitive rates, user-friendly platform, and innovative features can lead to significant cost savings and improved efficiency in managing global finances.

Consider your specific business needs when evaluating Airwallex. While it excels in international money management and transfers, it may need to be complemented with other financial services for a complete business banking solution.

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