Airwallex Simple Review | The Right Account for Your Business?

Summary

The video reviews Airwallex, a digital payment company that operates like a neo bank but is not a traditional bank. Founded in 2015, it offers services like multi-currency accounts, international payments, and expense management, making it suitable for small and medium-sized businesses. Key advantages include a safe, fully digital service with low fees and high customer satisfaction. However, Airwallex does not cater to individual accounts and lacks certain traditional banking services. Overall, it is recommended as a reliable banking partner for businesses looking for efficient financial solutions.

Takeaways

• 😀 Airwallex is a digital bank (Neo Bank) that operates as a regulated financial institution, despite not being a traditional bank.
• 🌍 Founded in 2015 in Australia, Airwallex has expanded to key international markets, including Hong Kong, Singapore, and the US.
• 💰 The company has raised over $900 million in funding from notable investors like Tencent, establishing it as a significant player in fintech.
• 📊 Airwallex offers multi-currency accounts for businesses, enabling them to manage payments in various currencies, including USD, Euro, and HKD.
• 💳 The service includes Visa debit cards for team members, allowing for easy access to funds.
• 🔗 Payment links provided by Airwallex function similarly to PayPal or Stripe, facilitating easy payment requests from clients.
• 📈 The platform supports expense management and integrates with accounting software like Xero for streamlined financial operations.
• 🚀 Clients can typically open accounts within two days, enjoying a fully remote onboarding process without interviews.
• 🔒 Airwallex is known for its safety, being licensed in multiple regions with stringent security requirements.
• 💸 While offering many benefits, Airwallex does not provide individual accounts, traditional banking services like interest on deposits, or letters of credit.

Q & A

What is Airwallex and how is it classified?

Airwallex is a digital payment company often referred to as a Neo Bank. However, legally, it is not a bank but a payment institution.

Why might a business choose Airwallex over a traditional bank?

Airwallex offers services that closely match those of traditional banks but with potentially better user experiences, faster onboarding, and lower fees.

What services does Airwallex provide for businesses?

Airwallex provides multi-currency accounts, Visa debit cards for employees, foreign exchange solutions, payment links, expense management integration with Xero, and buy now, pay later services.

What are the advantages of using Airwallex?

Advantages include safety through regulation, convenient account setup, positive customer feedback, entirely digital services, and low, transparent fees.

What regulatory measures does Airwallex comply with?

Airwallex is a regulated financial institution with licenses in multiple regions, including Hong Kong, Singapore, the US, UK, Canada, and Australia, ensuring compliance with strict security requirements.

How quickly can a business open an account with Airwallex?

Clients typically report that they can open an Airwallex account within two days, and the onboarding process is entirely remote.

What feedback has Airwallex received from users?

Airwallex has received mostly positive feedback, with over 450 reviews on Trustpilot, 75% of which are five-star ratings, indicating high customer satisfaction.

What are the limitations of Airwallex?

Airwallex accounts are only available for businesses and not for individuals. It also lacks some traditional bank services, such as interest on deposits and letters of credit.

Are there any transaction limits when using Airwallex?

Yes, transaction amount limits may apply when opening an account, depending on the customer's risk profile.

In conclusion, why is Airwallex recommended for digital banking?

Airwallex is recommended due to its numerous advantages, such as safety, convenience, and low fees, combined with minimal drawbacks, making it a strong choice for small to medium-sized businesses.