Cross-border payments have always been a pain point for Indian businesses. Between high bank charges, poor exchange rates, and slow SWIFT transfers, sending and receiving international payments costs Indian companies lakhs of rupees every year. Airwallex promises to fix this with its global financial platform designed specifically for businesses that operate across borders.
In this review, we look at how Airwallex works for Indian businesses, what it costs, and whether it is worth switching from your current payment solution.
What Is Airwallex?
Airwallex is a global financial platform that helps businesses manage international payments, hold multiple currencies, and pay suppliers and employees worldwide. Founded in Melbourne, it now operates in over 150 countries and supports 60+ currencies. For Indian businesses dealing with international clients or suppliers, it offers a compelling alternative to traditional banking.
Key Features for Indian Businesses
Multi-Currency Accounts
Hold funds in USD, EUR, GBP, AUD, SGD, and more without converting to INR immediately. This is invaluable if you pay international suppliers — hold the currency until you need it instead of converting to INR and back.
Competitive Exchange Rates
Airwallex offers interbank exchange rates with a small transparent markup. Compared to Indian banks that typically add 2-4 percent to the exchange rate, the savings are substantial. On a USD 10,000 transaction, you could save INR 16,000-33,000 compared to a typical Indian bank.
Global Payment Collection
Get local bank account details in USD, EUR, GBP, and other currencies. Your international clients pay as if sending a domestic transfer, which is faster and cheaper for them too.
API Integration
For tech companies and SaaS businesses, the Airwallex API enables automated payment workflows, subscription billing in multiple currencies, and marketplace payouts.
Airwallex vs Wise vs PayPal for India
| Feature | Airwallex | Wise | PayPal |
|---|---|---|---|
| Target | Businesses | Individuals + SMBs | Everyone |
| FX Markup | 0.5-1% | 0.5-1.5% | 3-4% |
| INR Payout Speed | 1-2 days | 1-2 days | 3-5 days |
| Currencies | 60+ | 40+ | 25 |
| API Access | Yes (robust) | Yes (basic) | Yes |
| Monthly Fees | Free plan available | Free | Free |
Who Should Use Airwallex in India
- IT services companies billing international clients in USD/EUR
- Ecommerce businesses with international suppliers
- SaaS companies collecting payments from global customers
- Agencies paying international contractors and freelancers
- Import/export businesses dealing in multiple currencies
RBI Compliance
Any cross-border payment platform operating in India must comply with RBI guidelines. Airwallex works with authorized Indian banking partners to ensure compliance with FEMA regulations and Liberalised Remittance Scheme (LRS) limits. Always consult your CA for specific compliance requirements.
Setting Up Airwallex for Your Indian Business
- Sign up at airwallex.com with your business email
- Complete KYC with your company PAN, GST certificate, and director ID
- Verification typically takes 2-3 business days
- Once approved, create multi-currency accounts and start receiving payments
- Connect your Indian bank account for INR withdrawals
Pricing
Airwallex offers a free plan with pay-per-use pricing. There are no monthly fees for the basic account. You pay only for conversions (competitive FX rates) and transfers. For high-volume businesses, custom pricing is available with even better rates.
Frequently Asked Questions
Is Airwallex available for Indian businesses?
Yes. Airwallex operates in India and supports INR payouts to Indian bank accounts. Business registration and KYC are required.
Can individual freelancers use Airwallex in India?
Airwallex is designed for businesses. Individual freelancers are better served by Wise which supports personal accounts with similar multi-currency features.
How does Airwallex compare to bank wire transfers?
Airwallex is typically 60-80 percent cheaper than Indian bank international wire transfers when you factor in exchange rate markup and wire fees.
Is Airwallex safe and regulated?
Yes. Airwallex holds financial licenses in multiple jurisdictions and works with authorized banking partners in India for RBI compliance.
Related: Start a Shopify Store in India | Best Payment Gateways India | Wise India Review