The world has undergone impressive development with the advent of the digital age. Virtually all jobs and elements of the business sector use online as a tool 90% of the time. Therefore, it is predictable that the success of today’s businesses is leaning toward digital platforms. To achieve this success, your business must have all the positive points possible for the competitor. Among them are payment facilities and alternatives that allow you to market without borders. Thus comes AirWallex, a platform dedicated to offering an extremely fast international payment method.
This platform has the necessary tools to market products, receive payments and keep order over your transactions. All this with the benefit of local currencies, offering incredible ease of use to consumers worldwide.
With so many relevant features, you must know them in detail. For this reason, we have brought you a guide with which you will learn all about the operation, costs, and security of AirWallex.
What is AirWallex?
AirWallex is a platform dedicated to managing payments without borders. No matter where you are in the world. With AirWallex, you can make tax-reduced and extremely fast payments.
They offer their services in a wide variety of countries, so it is practically possible that you will not find your ideal option.
Among the alternatives available at Airwallex, you will find the Business Account and Platforms service. In the case of Business Accounts, these will allow you to have global accounts, low-cost transfers, high speed, and multiple currencies. In addition, they have the option to insert payment links to facilitate transactions.
This option is ideal for small and large companies, increasing their accessibility and order.
Definitely, the most striking option is that of global payments with foreign currency. This service saves you a great amount of money in taxes for international transactions. You will make payments as if you had a registered account in the selected location.
No currency exchange is necessary due to Airwallex’s support for currency exchange. It handles the platform’s own exchange rates, estimated using as a basis for the conversion of official institutions. Thus, they get a competitive rate able to give you simplicity and a low-interest service.
On the other hand, the Platforms service includes a wallet to receive payments from different parts of the world. This alternative is intended only to receive payments and works as a network of API accounts. It also features an aggregate function capable of automatic transactions to pay certain invoices.
NOTE: All the services included in the Airwallex options have a video tutorial as a guide to their functions.
In addition to the functions offered by Airwallex, the platform has a section composed of guides for the use of its service. Here you can analyze which payment methods are available on the platforms.
How does Airwallex work?
In order to use Airwallex, you must have an account on the platform. After entering the main page, you will complete this process by accessing the registration section.
Once you enter this section, a form will be displayed, which you will have to fill in with real and verifiable data. Among them, you will be asked for a series of data related to your company. If you do not have a company, you will not be able to use Airwallex. Finally, you must verify your account email and complete the activation to be able to use your Airwallex account. This way, you will be able to enable the sections present in the platform.
If you create a business account, you can deposit funds in different currencies to have the liquidity to transfer on the platform. This process does not require bank registration or anything similar. All the application is done from the platform and allows you to have an account to receive payments from your clients in their favorite currency. At this moment, they have a total of 44 different currencies.
You can also create links or QR codes from your Airwallex account. These are reusable and allow you to streamline the payment process for your customers. They enter the code and approve the payment, and your account receives a notification with the approved transaction.
You can even convert these same funds to other currencies from Airwallex at their exchange rates. This process is approved within seconds and is compatible with platforms such as Shopify, PayPal, or eBay.
On top of that, each of the transfers you make on Airwallex will have a fee between 0.4-1.0%.
On the other hand, you can even connect your Airwallex account with Xero. You can use this accounting software to manage your company’s funds. The Airwallex platform facilitates the process, so all you have to do is log in and locate Xero among the alternatives.
Additionally, the Airwallex service brings with it a service for issuing eCards. This will allow you to hold eCards in more than 170 currencies in just a few steps. At the same time, it is possible to issue the cards you need to settle the necessary accounts of your employees.
Meanwhile, the Platforms accounts section has the same registration system. However, it has other functions that are used differently.
Convertible minimums and maximums
Within Airwallex, there are several limits on the converted amounts that you cannot exceed. These depend on the currency you are converting on the platform. However, you can change these limits by contacting your Airwallex account manager.
In addition, the number of simultaneous conversions is also under certain limits. In the same way, you can determine if there is a possibility to make a change in this range by contacting your Airwallex manager.
Account verification system
To use your Airwallex account, it is necessary to complete the verification process. This consists of an email sent to the address you entered during your registration on the platform. Once you complete this step, you must fill out a series of forms provided by the verification system.
You must have a registered business in one of the countries found within its list of operations. Some of the alternatives are not supported by the Airwallex system, so your verification may not be possible. Once you have completed the form, you must upload it to the platform to wait for confirmation.
How much does Airwallex cost?
There are various points to consider regarding the price of the Airwallex service. However, you have to keep in mind that the costs should be consulted directly with their sales team.
Accounts created with Airwallex have no commissions within the United States. The same applies to global accounts in more than 11 different currencies. Therefore, there is no need to pay any pre-set amount when transferring.
In turn, the FX margin only has an interest rate between 0.4% and 1.0% on the interbank. This amount varies primarily based on the currency in which you are making the transfer. You can also use the tax-free platform to execute domestic and international transfers.
Even all employee, international, or company card services are included free of charge in the account.
Customer service
They have an extremely comprehensive FAQ section. It contains all the information you might need during your Airwallex journey. In addition, they have a series of functional guides to help you understand how to use the service from the very first moment.
On the other hand, you can communicate with the help center at any time by going to the support contact section. In this section, you will only have to fill out a form and wait for a response from Airwallex.
Finally, they have a live chat that you can use in case of a particular problem. Its use starts with a bot generated by the platform. However, a human employee will review the form submitted within this chat.
Is it safe to use Airwallex?
One of the strongest points of the entire platform is its security. They use an SSL encryption system that allows you always to keep your confidence. In addition, transactions are protected by an RSA protocol.
They also have a two-way authentication system that certifies your identity when using the account. The protocol consists of accessing your Airwallex account by inserting your username and password. Once this step is completed, the user must authenticate his identity via SMS or a mobile authenticator.
The authentication system can be removed if you wish. All you have to do is access the security section of your account and locate the two-way authentication protocol. However, this is not recommended by the Airwallex team.
Legality
Airwallex is a company registered and licensed by the jurisdiction of the United States. It has the necessary legal backing to operate in the country’s different states. In addition, they present all the particular clauses for each state broken down in the Licensing section on the home page.
This certifies that Airwallex is a legal platform and its operation maintains legal backing. There is no reason to suppose that the platform exercises illicit actions.
In addition, they take care of your privacy at all times, so the registration of information is limited. They only use the data provided by the user, which will not be shared with other entities at any time.
Trust
It is a platform highly accepted by users, showing that it transmits confidence during its use. No user has ever complained about suspicious data handling. Thus, Airwallex is a platform that can be trusted.
The authentication system is very efficient and has kept customers safe on more than one occasion. Many of its users state that this is an extremely useful and secure feature.
Pros
- High security
- Extremely simple to use
- Variety of tools
- More than 44 currencies
- Low commissions
Cons
- Requires a registered business
Complaints and opinions
There are no complaints related to the security of Airwallex. In this section, its users are more than satisfied and state that few platforms can transmit this confidence.
Despite this, a few customers have complaints about the customer service system. This section does not manage to solve certain cases. Among them, their users regularly complain about the lack of a system for receiving direct debits. This function is not available on the platform and is highly requested by its clientele.
On the other hand, there are also some complaints regarding the type of business accepted on Airwallex. While they initially seem to accept many alternatives, common options such as advertising companies are not present in certain cases. If you own a company that works with Google Ads, your platform may not be accepted.
Thus, it becomes immediately discarded by a large part of your audience.
At the end
This is one of the best banking alternatives for businesses. Both large and small businesses can use it, and its results are always satisfactory. The more than 44 currencies available make this an option capable of conferring sufficient access to any user.
On the other hand, Airwallex combines a conversion system with multi-account payments in a single platform. This system is extremely simple and allows you to obtain other currencies in just a few seconds. All this is accompanied by one of the market’s lowest exchange and interest rates.
Thus, Airwallex is a highly recommended service and can be used by anyone.
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