E-Commerce Technology

Airwallex Review – Australia’s best business bank account alternative

Airwallex is a business account designed to make online payments easy. It allows businesses to collect in local currencies – this is perfect for businesses looking to expand into new markets across the world.

I run an eCommerce business, and we were starting to receive great interest from the US and Europe. At the time, however, we were still collecting in AUD, which was off-putting for customers wanting to spend in their own currency.

We then came across Airwallex, whose global account features makes it the perfect choice for businesses looking to expand overseas. We were able to quickly open foreign currency accounts in international markets, which was amazing as we had previously thought we would have to open separate bank accounts in multiple countries – a real headache for businesses looking to keep up with a sharp rise in sales across the globe.

What’s more, as Airwallex doesn’t contain any monthly fees or unnecessary conversion fees (we pay just 0.3% to convert USD to AUD), we were able to invest more in other business aspects like advertising and growing staff.

In order to keep up with our global expansion, we decided to hire a small US team. Hosting a US team can be quite difficult for Australian businesses when it comes to issuing payment cards and managing expenditure.

However, Airwallex’s virtual cards eliminate the problem altogether, as they allow us to easily issue them to our team as well as manage their spending limits. We had heard that other businesses often struggled to keep up with their expenditure, especially when dealing with international banks. 

Having all the information right there in one place makes it such a simple, streamlined aspect of our business. We know exactly what supplies and technology our team is buying and when they have bought it, which is important as you don’t want to let something like business expenditure go over your head.

Airwallex’s virtual cards also cut out international transaction fees and conversion rates – a huge deal for Australian businesses who have a high tech subscription spend in USD.

 

We are really happy with the way Airwallex’s virtual accounts consolidate our finances – Airwallex is linked to Xero, and this also makes it so easy to do all our bookkeeping, as payments are made through the system and connected to our Xero account. 

We used to spend hours entering payment data for both customers and suppliers, but Airwallex syncs to our Xero account every hour – all we have to do is refer to the information when we need it – it’s that easy.

In the digital era, you really want your banking to be done easily and online, and signing up with Airwallex was one of the easiest processes we have undertaken. We were able to quickly sign up online without having to visit any banks.

Furthermore, we were able to provide all documentation online, which made the process really quick and easy. This was great as at that time we were experiencing such rapid growth that we simply couldn’t afford to wait for something like an overseas bank to approve our accounts.

The whole process was so much easier than we expected would take place creating multiple overseas accounts in separate countries – it wasn’t long before we were approved and able to begin creating virtual cards for our overseas employees. 

My team and I are truly thrilled with the way in which Airwallex simplified international payments – they have helped take our little Aussie store to the global market and we highly recommend them for that.

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This article contains factual information about Airwallex’s ability to provide certain financial products and services and its contact information. All reviews and opinions expressed in this post are based on my personal view. I may receive a commission and other benefits for referring you to Airwallex, at no extra cost to you.

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