Airwallex Expense Management Review

As UK business owners face growing economic uncertainty, many expanding internationally struggle to manage cross-border spending. The number may surprise you, but about 98% of businesses struggle due to a lack of robust spend control! ¹

Consequently, there are payment delays and higher risks of mistakes.

In such a climate, a streamlined business expense management system is more important than ever.

Tasks like tracking global payments, handling foreign currency, or ensuring clear oversight of company spending consume a lot of business time and money. Having the right tools in your corporate arsenal can make a big difference. This is where modern financial platforms like Airwallex come in.

This article reviews Airwallex for UK businesses in 2025. We cover how it streamlines international payments, cuts hidden fees, and aids with expense control.

We'll also touch on Wise Business, a smart and cost-effective way to manage international spending in 40+ currencies.

💡 Learn more about Wise Business

What is Airwallex Expense Management and How Does It Work?

Airwallex is a leading expense management software provider in the UK. It was designed to support businesses that operate across borders. Founded in 2015 in Melbourne, Australia, and backed by major investors like Tencent, the company has grown into a global fintech platform offering a full suite of financial tools.

It isn't a bank, but is fully licensed and regulated to provide electronic money and financial services in the UK and several other regions.

As a comprehensive financial operating system, Airwallex allows businesses to open multi-currency accounts, issue corporate cards, make international payments, and manage expenses.

Yes, all of it in one place!

Its multi-currency wallet enables companies to receive, hold, and spend funds in various currencies without unnecessary conversions. Features like these ease the business operations for those dealing with global suppliers or remote teams.

In 2025, Airwallex continues to evolve. It's adding features like mobile bulk transfer approvals and instant transfers via Airwallex Pay. If you're a business that's wondering whether Airwallex is for you or not, the table below can help you decide:

Airwallex Could Be Right for You If:	Airwallex May Not Suit You If:
You prefer a fully digital experience and want to manage your business finances anytime, anywhere.	You receive a large number of payments from others. Airwallex applies a 0.3% fee on incoming non-owner funds.
Your business operates internationally and needs local account details in key global markets.	You require in-person banking services or more comprehensive customer support options.
You're looking for lower fees and better exchange rates than traditional banks.	You find handling multiple currencies, wallets, and fee structures too complicated.
To streamline operations, you need advanced tools like API access, payment links, and software integration.	You rely on ATM withdrawals. This feature is not available with Airwallex.

Airwallex Expense Management Features

We've seen how Airwallex brings multiple features for its users. A few of those that stand out are:

Global Payments and Transfers

Airwallex makes it easy for businesses to pay contractors and suppliers in over 150 countries. It supports over 60 different currencies. Using local payment networks in over 120 countries helps ensure faster, lower-cost transfers than traditional banks.

For companies that want to add payout features to their own platforms, Airwallex also offers built-in solutions. These embedded tools let you add global payment functions directly into your product.

Multi-currency Business Accounts

You can easily create local bank accounts with local account numbers in currencies such as USD, GBP, EUR, AUD, and others. It's similar to having bank accounts in multiple countries, without the need to be there or deal with complex setup processes physically.

This allows you to receive payments like a local business. You can avoid unnecessary currency conversions and keep your funds in the currency they were earned.

Online Expense Management

Airwallex lets you create virtual cards for your business that can be used in different currencies. You can set up a separate card for each vendor or team member, set spending limits, and make payments directly from your foreign currency balance. You can also track and manage all expenses in real time from one place.

Like other online expense management tools, it keeps spending organized, but Airwallex is specifically designed to work well for businesses with international needs.

Competitive FX Rates

Airwallex gives you better exchange rates than most traditional banks, with a small markup of around 0.3% to 0.6%. This means you can save money when converting currencies for your business.

Software Integrations

Airwallex works with popular platforms like Shopify, WooCommerce, Xero, QuickBooks Online, and HubSpot. These integrations make it easier to manage international payments and save time by automatically matching transactions in your accounting software.

It's safe to state that Airwallex provides comprehensive features to meet the needs of businesses in the UK. The payment network has services that allow companies to reach a global scale with little hassle.

Read our complete Airwallex Account review.

Airwallex vs. Competitors: How Does It Compare?

Airwallex vs. Expensify: Key Differences

Both Airwallex and Expensify differ in their purposes. Airwallex is a global financial platform for cross-border payments and managing multi-currency accounts. On the other hand, Expensify is a dedicated expense management tool suitable for businesses of all sizes.

The table below gives a more detailed comparison between the two:

Feature	Airwallex	Expensify
Focus Area	Cross-border payments, multi-currency accounts, and virtual cards	Receipt scanning, reimbursement, and spend approval workflows
Business Expense Management	Offers real-time spend tracking, budgeting, and multi-currency support	Strong in expense reporting, approvals, and receipt automation
Cards	Virtual and physical cards with spending controls in multiple currencies	Smart corporate cards with expense tracking features
Global Payments	Send/receive funds in 60+ currencies across 150+ countries	Limited to U.S. and select international reimbursements
Integrations	API access, plus integrations with Xero, QuickBooks, and ERP tools	Integrates with accounting tools, travel platforms, and HR systems

If your main priority is handling international payments and managing finances across currencies, Airwallex is a solid option. But if you're looking for tools to track expenses, generate reports, and manage reimbursements, Expensify may be more suitable.

Airwallex vs. Xero: Which Is More Suitable for UK Businesses?

Again, each of these platforms serves a different business purpose. Airwallex focuses on global payments and multi-currency accounts, while Xero is a leading accounting software.

Feature	Airwallex	Xero
Target Audience	Businesses with international operations	Small to medium-sized businesses
Multi-Currency Support	Yes, with real-time FX and global accounts	Yes, for accounting and reporting
Accounting Features	Basic integration with accounting tools	Full suite: invoicing, payroll, tax, bank reconciliation
Expense Management	Yes, with virtual cards and spend controls	Yes, with expense tracking add-ons
Integrations	Shopify, WooCommerce, Xero, QuickBooks, and more	Airwallex, PayPal, Stripe, banks, and many apps
Regulatory Coverage	FCA-authorised for electronic money services	Compliant with UK accounting standards

Many UK businesses use Airwallex and Xero together. Airwallex handles international payments and expenses, and Xero handles accounting and financial reporting. Together, they offer a streamlined solution for managing global payments and local accounting.

Is Airwallex Cost-Effective for UK Businesses?

Yes, for many UK businesses, especially those with international operations, Airwallex can be a cost-effective solution.

Here's why:

• It offers low FX markups: Airwallex offers competitive foreign exchange rates, typically with a markup of 0.5% to 1%², which is lower than traditional banks.
• No monthly account fees: There are no setup or monthly maintenance fees for basic use. This helps businesses save on recurring costs.
• Local payment capabilities: Businesses can open local currency accounts in over a dozen markets. It helps to avoid costly FX conversions when receiving payments.
• Free or low-cost transfers: Many local transfers are free, while international transfers are competitively priced.
• Virtual cards and expense controls: Businesses can issue virtual cards to employees and manage spending in real time. This avoids overspending and helps track expenses better.

For UK businesses dealing with cross-border payments or needing flexible business expense management, Airwallex offers strong value. But for purely domestic operations, it may provide more tools than needed.

Read our complete Airwallex Pricing review here.

Is Airwallex Safe for UK Businesses?

Airwallex isn't exactly the same as a traditional bank, but it's a safe and reliable platform for managing your business finances. It's fully regulated in the UK by the FCA, and your funds are safeguarded according to local regulatory standards.

Besides this, Airwallex has solid security measures in place, like real-time fraud monitoring, encrypted payments, and 3D Secure, to protect your account and data.

If your business is comparing financial tools, reviewing Airwallex's expense management pricing can clarify the potential costs and determine if they align with your company's requirements.

FAQs - Airwallex Expense Management Review (UK 2025)

What does Airwallex help with?

Airwallex helps businesses send and receive money across countries, change currencies, and manage their money in different places - all in one platform.

Is Airwallex a UK bank?

No, Airwallex isn't a bank. It's licensed as an Electronic Money Institution (EMI) by the UK's Financial Conduct Authority (FCA) and the Dutch National Bank in the Netherlands.

Does Airwallex Expense Management have any fees?

Yes, using Airwallex comes with certain costs, such as fees for card transactions, sending money internationally, and other related services.

Wise Business expense cards: international expenses made easy

If your business operates internationally and your employees are regularly spending time abroad for work, Wise Business expense cards could be the ideal solution.

These contactless international debit cards work for spending and cash withdrawals in 150+ countries worldwide, with no foreign transaction fees or subscription fees.

Whenever someone spends or withdraws cash overseas, the currency is converted at the mid-market exchange rate, with just a small conversion fee to pay.

There’s also 0.5% cashback paid on all eligible spending.

Once you have a Wise Business account, you can order unlimited expense cards for just a one-off fee of £3 a card. You can add employees to your account, with controlled access - and you get full control over spending their limits.

What’s more, it’s easy to integrate Wise with your accounting tools, and your accountant can view team spending for smarter collaboration.

Get started with Wise Business 🚀

Sources used in this article:

1. UK finance leaders reveal friction in global spend and expense management holds their business back
2. Airwallex UK pricing

Sources last checked on 08-May-2025