Airwallex (Singapore) Reviews: Features, Fees And Some Alternatives

How does Airwallex work?

You can register for Airwallex with no upfront fee, to get access to global accounts in 20+ currencies, and easy ways to generate your own virtual debit cards. You’ll be able to start transacting with your account, and can order physical debit cards if these are more convenient for you, as well as taking customer payments and sending money to others. Connect your Airwallex account to PSPs and marketplace sites if you’re a digital business, or use it to receive invoice payments if you prefer.

Airwallex Business Account fees and exchange rates

Choosing a low cost account provider is essential to make sure you protect your profits. Let’s work through the Airwallex fees you can expect, depending on how you transact.

Account Fees

There’s no fee to open an Airwallex account. You’ll instantly get access to account details in 20+ currencies to let you receive payments, and you can hold money in 23 currencies to hedge against rate fluctuations.

Transfer Fees

There’s no Airwallex fee to send an international transfer using a local payment method. However, it’ll cost 20 - 35 SGD if you send a SWIFT payment. There are also fees for currency exchange if this is needed - this is 0.4%- 0.6% depending on the currency.

Airwallex card payment fees

Use your Airwallex account to take customer card payments, and to receive payments through local payment providers and wallets. There’s a 3.3% + 0.5 SGD fee for domestic card payments, with an additional 0.3% fee if the card is from abroad. Local payment methods have fees which vary depending on the specific method you offer.

Airwallex Card Fees

You can issue company and employee cards for free to your team. Cards can be used at home and abroad, but remember if you don’t hold the currency you need for spending, there’s a 0.4%- 0.6% conversion fee depending on the currency.

Even if you order a physical card, you can not use it in an ATM - a potential problem if you’re using your card to finance business travel.

Airwallex Exchange Rates

Airwallex charges an exchange fee which depends on the currency involved. The fee is 0.4% if you’re exchanging AUD, USD, HKD, CNY, JPY, EUR, GBP, CAD, CHF, NZD, SGD. Or, there’s a fee of 0.6% for all other currencies.

Large payments for business

Airwallex transfer limits vary depending on the transfer method, recipient type and account configuration. Airwallex does not market any discount for higher value payments, although it may be worth asking the provider if you’re transacting in high volumes frequently.

Supported Currencies

You can receive domestic payments in the following currencies:

• AUD

• NZD

• CNY

• EUR

• HKD

• USD

• SGD

• IDR

• MXN

• GBP

• DKK

• CAD

• AED

You can also choose to receive SWIFT payments these currencies: AUD, CAD, CHF, CNY, CZK, DKK, EUR, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RON, SEK, SGD, USD, GBP and ZAR.

Looking for business USD accounts? Get our guide to USD accounts in Singapore here.

Is Airwallex regulated and safe to use?

Yes. Airwallex is licensed in Singapore as a Major Payment Institution by the Monetary Authority of Singapore (MAS). Customer funds are safeguarded as required by MAS.

How to open a Airwallex business account online

Here’s a quick overview of how to open an Airwallex account in Singapore:

1. Open the Airwallex website and click Sign up

2. Follow the prompts to enter your name and contact information

3. Add your email address, set a password and click Get Started

4. Follow the prompts to complete the KYC process, uploading the required documents

5. Wait for your account to be verified - usually within 3 days - and then you can transact

Documents needed to open a business account

You’ll need to provide some key documents to open your account - which will always include the following for the account owner and any representatives:

• Government-issued photo ID, such as passport, national ID or Driver's licence

• Proof of address, such as your NRIC, a utility bill or a letter from a bank

Beyond this, the documents required do vary a lot depending on the type of business you have. In Singapore you may be asked for any of the following - although only one or two of these documents are likely to apply to most entity types:

• Partnership Disclosure & Declaration Form

• Ownership Structure Chart

• Authorisation Letter Template

• Financial Institution Onboarding Questionnaire

• Live Streaming Questionnaire

• Online Marketplace Onboarding Questionnaire

• Source of Wealth Attestation

• ID of UBO (ultimate beneficial owners)

Verification Process

You’ll be prompted to complete the Airwallex verification process while you apply for your account. You’re guided through the steps through online prompts, so it should be easy enough to navigate. In most cases you can upload images of your key paperwork, and then Airwallex will take up to about 3 days to verify you. In some cases this process can take longer, based on the demand, and your own personal situation.

How to Use Airwallex for Business?

You can use Airwallex for the following key business activities:

Sending money overseas:

You can send money overseas with Airwallex using local payment methods and SWIFT:

1. In the Airwallex app or desktop site, find the Transfers tab and tap new Transfer

2. Enter your recipient details, or select from the list provided

3. Choose the account to pay from, and enter the amount

4. Decide on the type of transfer

5. Complete the fields to enter the reason for payment and other important information

Receiving international money transfers:

To receive a payment to Airwallex simply find the account details for the currency you want to receive, in the Airwallex app. You can then pass these details to the person sending you money, and they’ll be able to arrange a standard transfer to you in the currency of your choice.

Paying employees abroad, payroll

Use Airwallex to send payments to others, including batch payments which are perfect for managing payroll. Pay many people at once, with just one spreadsheet, to cut down admin time.

Business Account Users and Permissions

You can add other users to your account to make managing your business finances easier while still retaining control. Airwallex standard user roles and permissions include:

• The Owner - Main point of contact for the account and can carry out all critical actions within the account

• Account admin - Access to modify the account and carry out all actions

• Cardholder - Can access only employee cards that have been created specifically for them, as well as company cards where permission has been given

• Analyst - Can make transfers and conversions, and view the Wallet and create Global Accounts

• Developer - Granted access to developer resources and integrations

• View only - Can view transactional data but cannot make any changes

Airwallex Business Account Limits

Airwallex transfers have variable limits based on the currencies and the payment method. There’s not usually any limit to the amount of money you can hold in your account, or the amount you can receive to your Airwallex account.

How long does it take to make a transfer?

Airwallex transfers arrive in 0 - 3 days, depending on things like the destination country, and the recipient’s bank processing times.

Alternatives to Airwallex Business

Airwallex isn’t the right choice for every business. There are also some other great non-bank providers which offer business accounts to Singapore business owners, sole traders and entrepreneurs. Compare Airwallex with these services to see which works best for you:

• Wise Business: Hold and exchange 40+ currencies with no ongoing fees and the mid-market rate. Take payments with local and SWIFT details in 8+ currencies, and get virtual and physical cards for spending an ATM use

• Revolut Business: Manage 25+ currencies, and pick the account tier which most closely meets your transaction needs. Issue cards to team members and get some no fee transactions monthly

• OFX Global Currency Account: 7 supported currencies with easy ways to get paid, plus 24/7 phone support if you ever need it. Access currency risk management tools and send money with low or no fees to 150+ countries

If you’re thinking more of an alternative account from a Singapore bank you can also read about the OCBC Business Account here.

Conclusion

Airwallex accounts have no ongoing fees and some flexible international features which can suit businesses of all shapes and sizes, particularly businesses which trade entirely or partly online.

You can take customer payments with many different cards and local payment methods, and accounts can receive, hold and exchange 20+ currencies. There are plenty of easy ways to send money overseas, including bath transfer solutions - often with no additional transfer charge.

Compare the features offered by Airwallex, to see if an account might suit your needs, and to help you manage your business finance across different currencies hassle free.