- Market leading FX interbank rates
- Pay in 60+ currencies & 200+ countries
- 20+ Local currency accounts
- Virtual and physical cards
- Fast opening
- No hard credit check
- Accounting features
About Airwallex
Airwallex is focused entirely on business customer accounts, specialising in moving money across borders. Their range of business accounts is offered alongside other key features such as corporate cards, expense management, payment and billing solutions. The advanced tech and industry based solutions, packaged with Airwallex’s international capabilities is an attractive option for some businesses. Airwallex is authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI), meaning it can hold and move your money. However, it does not directly lend and funds are protected differently to banks.
Airwallex at a glance
| Provider type | Electronic Money Institution (EMI) authorised by the Financial Conduct Authority (FCA). |
|---|---|
| Could be great for | Any business, start ups or established businesses that need to regularly transact internationally. Industries such as software & tech, ecommerce & retail, travel, wholesale, trade, marketplaces, and fintechs are common sectors to operate in multiple currencies. |
| Currencies | Open local currency accounts in 60+ countries and make international transfers to 150+ countries at interbank rates. |
| Account opening (from a fully complete application) | Airwallex business accounts are fast to open, usually one to three days, and do not perform a full hard credit check.. |
| Deposit protection | Safeguarding – see our guide for more information. |
| Free account available? (free from monthly subscription fees) | Yes, Airwallex offers its Explore account for free, as long as you deposit a minimum of £10k per month. They also offer accounts called Grow and Accelerate, which cater to different business sizes and transaction volumes. Explore can be free of a monthly charge, whilst Accelerate’s plan currently costs £999 per month. |
| Sample costs (costs shown are part of a wider charging structure. Always check up to date information before proceeding) | UK bank transfers are free and currency conversion is charged at the interbank rate plus 0.5%.. |
Suitability
Is Airwallex good for business banking?
This depends on what you’re looking for in a business account, but Airwallex specialises in international transactions, so if you trade internationally and want to hold, receive and send money in multiple currencies, this could save your business money and bring you flexible ways to do business.
What Airwallex does well
Airwallex offers a multi-currency setup. Overseas customers can pay and receive funds like a local, creating faster, simpler, and cheaper transactions, which is why it features in our international business bank accounts and multi-currency business bank accounts comparisons. Currency conversion uses the interbank rate, the wholesale rate banks use between themselves, plus a small markup
The account also connects to accounting tools like Xero, QuickBooks and NetSuite, and it comes with corporate cards and built-in expense management. Opening an account is quick, with most businesses set up within one to three days and no hard credit check to apply. Everything runs through an app and browser, and the free Explore tier means it supports businesses looking for a free business bank account.
Who Airwallex could suit
Airwallex tends to suit businesses moving money across borders. That includes importers and exporters, e-commerce and marketplace sellers, agencies with overseas clients and finance teams that want proper expense management alongside international payments. It works well for early-stage startups expanding into new markets and for larger corporate finance teams that need several cardholders and tighter spend controls.
What Airwallex doesn’t do
If your business operates primarily the UK only or regularly handles cash, other accounts on our small business bank accounts comparison might be a better choice for your business.
Airwallex doesn’t offer cash deposit services, including via third party partnerships such as the post office. Cash would need to be deposited via another route and transferred into your Airwallex account. Even if your business does have some international transactions, weigh the volume against what else you need your business account to do. Airwallex specialises in global payments, but it may not meet your needs in other areas, so make sure you evaluate what you need overall.
Airwallex does not offer lending products and their business accounts are not designed to hold savings. Therefore you should arrange for surplus funds to be transferred to options with better terms, and depending on the amount, strategically to ensure it’s fully protected.
Compare business accounts from Airwallex
You can weigh up Airwallex against banks and EMIs on our best business bank accounts comparison. If you already bank elsewhere and want to move across, our switcher business bank accounts page walks you through how switching works.
4 Products Compared
Airwallex Explore Business Account- Monthly Fee:Free*
- Bank Transfers:Free
- Overdraft:No
- Account Access:App & Online
- Open local currency accounts in 60+ countries
- Make international transfers to 150+ countries at interbank rates
- Deposit £10,000 p/month or hold £10,000 to be free, if not £19 p/month
- An e-money product with no branch access
- Open local currency accounts in 60+ countries
- Make international transfers to 150+ countries at interbank rates
- Deposit £10,000 p/month or hold £10,000 to be free, if not £19 p/month
- An e-money product with no branch access
- Open multiple accounts per entity. Collect and hold in 20+ currencies
- Expense management for cards and reimbursements
- Free local transfers to 120+ countries and domestic transfers. Access to interbank FX rates and batch transfers
- Multi-currency and employee cards with zero international fees
- Includes 5 free employee card users and up to 10 company cards
- Online card and local payment method acceptance globally
- Bank feeds sync with Xero. ApprovalMax, WorkflowMax by BlueRock Integrations
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
Airwallex Grow Business Account-
Monthly Fee:£49*
-
Bank Transfers:Free
-
Overdraft:No
-
Account Access:App & Online
- Open local currency accounts in 60+ countries
- Make international transfers to 150+ countries at interbank rates
- An e-money product with no branch access
- Open local currency accounts in 60+ countries
- Make international transfers to 150+ countries at interbank rates
- An e-money product with no branch access
- 5 free active spend users per month and up to 50 free company cards
- Track cards and reimbursements with Expense Management
- Manage domestic and international bills with Bill Pay
- Automated receipt and bill data extraction and customisable, multi-layer spend approvals
- Xero expenses and bills integration
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
Airwallex Accelerate Business Account-
Monthly Fee:£999
-
Bank Transfers:Free
-
Overdraft:No
-
Account Access:App & Online
- Open local currency accounts in 60+ countries
- Make international transfers to 150+ countries at interbank rates
- An e-money product with no branch access
- Open local currency accounts in 60+ countries
- Make international transfers to 150+ countries at interbank rates
- An e-money product with no branch access
- Consolidated Finances across global entities
- Single sign-on (coming soon)
- Netsuite integration including expenses and bills sync
- HRIS platform integrations (coming soon)
- Dedicated account manager and onboarding support
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
Airwallex Custom Business Account-
Monthly Fee:Custom
-
Bank Transfers:Free
-
Overdraft:No
-
Account Access:App & Online
- Open local currency accounts in 60+ countries
- Make international transfers to 150+ countries at interbank rates
- An e-money product with no branch access
- Open local currency accounts in 60+ countries
- Make international transfers to 150+ countries at interbank rates
- An e-money product with no branch access
- High-volume businesses
- Custom API implementations
- Embedded finance integrations to launch your own financial products
- Dedicated account management support
- You must be at least 18 years old
- Be a sole trader, partner in a partnership, or company
- Your business is registered in the UK. More markets are available with different Airwallex entities. Details can be found on the Airwallex website.
 | The Financial Services Compensation Scheme (FSCS) protects up to £120,000 of eligible deposits per person or company, per firm, which is authorised and regulated by the Financial Conduct Authority (FCA). The limit is the total of all deposits held with one firm. For more information visit www.fscs.org.uk. |
Branch AccessCash DepositsNo Hard Credit CheckFast OpeningGlobal Currency AccountsAccounting | BRANCH ACCESS Account provider maintains a nationwide branch access for face to face customer banking and/or relationship management. CASH DEPOSITS Facilities to deposit cash in either a branch, Post Office, Paypoint or other locations into the account. Limits and charges may apply. NO HARD CREDIT CHECK A soft credit check for ID & Fraud purposes is carried out for account only applications. If you apply for a credit product such as an overdraft with the business account, a hard credit check will be initiated. FAST OPENING Accounts opening in 3 days or less in most circumstances. Excludes application timescales or applications simultaneously applying for credit facilities such as overdraft. GLOBAL CURRENCY ACCOUNTS Currency accounts with local (domestic) bank details for the EU (SEPA) and at least one international country e.g. USA (ACH) to transact as a local business. This feature can also be termed ‘local rails’. This differentiates them from providers offering local account details for the EU (SEPA) only and currency accounts or ‘pots’ that transact only via SWIFT. ACCOUNTING The provider offers accounting features either through their own platform or via integration with third-party software like Xero, QuickBooks or Sage. Please note that third-party integrations usually require a separate subscription fee. |
 | Exclusive to KnowYourBusiness. Valid only via applications linked from this website. Offer fulfilled by the account provider. |
| Important | Our comparison is ordered by the commercial arrangements with some, or all, of the providers featured. Our service is free and commercial arrangements have no effect on the products you may select. To find out more about our independence, regulatory authorisation and how we earn money, visit the ‘About’ page on our website. |
Regulation and account protection
The regulation and fund protection a business account receives depends on whether the provider operates as an Electronic Money Institution (EMI) or a Bank. Both are regulated by the Financial Conduct Authority (FCA), here is an overview of the key differences.
Electronic Money Institution (EMI)
Focused on transaction and payment management. The limited product range and online only service can translate to lower running costs, faster applications and niche, specialist features.
Protection
Safeguarding: Your money is ring-fenced in segregated accounts with tier-1 banks or backed by insurance.
Lending
No (cannot directly offer lending products, but some do via 3rd parties)
Good to know
- Some EMI’s offer products outside of their regulated status, via partnerships
- Most EMI’s only require soft searches for fraud and identity validation purposes
- Cannot legally call themselves a ‘bank’
- Cash deposits will be handled through partnerships, such as the Post Office or you will only be able to transfer funds in, from another account.
Bank
A provider regulated as a full bank will be able to offer a wide range of additional products and services. Including lending and cash deposits. Applications go through broader checks.
Protection
Financial Services Compensation Scheme (FSCS): Eligible deposits up to £120,000 per business, per banking licence
Lending
Yes (eg. loans, overdrafts, credit cards)
Good to know
- Some newer banks do not have branches but can offer faster application processes than ‘traditional’ banks.
- A business account can be a gateway to products required for business growth
Important info: Our brand overviews are our independent guides, not financial advice or recommendations. Product details are changed frequently by the provider, so always check directly before applying. Conduct your own research to ensure a product suits your specific business. We may earn commission if you open an account via our links. Compare this provider against others using our business accounts comparison.
Frequently asked questions
Is Airwallex safe?
Yes, within limits. Airwallex is FCA-authorised (firm reference number 900876) and safeguards customer money at partner banks, separate from its own funds. It also meets security standards including PCI DSS, SOC 1 and SOC 2. Your money is safeguarded rather than FSCS-protected, so it helps to understand that difference before you move a large balance across.
Is Airwallex a bank?
No, Airwallex is an Electronic Money I Institution (EMI) rather than a bank. It can hold and move your money and issue cards, though it does not lend.
Does Airwallex work for UK Businesses?
Yes, Airwallex (UK) Limited is authorised by the FCA and serves UK businesses, with local UK account details and free UK bank transfers.
Is Airwallex FSCS protected?
No, it protects funds via safeguarding, not FSCS – see our guide above for more information.
