Airwallex Review 2026: Multi-Currency Business Account
Bottom line
Airwallex is one of the strongest pan-European multi-currency business accounts - serves Malta and Cyprus, low 0.5% FX and free local transfers, but an EMI (safeguarding, not DGS).
| Rating | 4.4 / 5 |
| Type | EMI – Authorised E-Money Institution (De Nederlandsche Bank, NL; some CEE via Bank of Lithuania) |
| Best for | Cross-border & multi-currency SMBs, e-commerce and agencies across Europe |
| Serves | ~All EEA incl. Germany, France, Spain, Italy, Ireland — Malta & Cyprus: yes |
| Deposit protection | Safeguarding only (no DGS — funds safeguarded per local rules, not insured to €100k) |
| Pricing from | €0/mo (free tier: yes — €19/mo waived with €10k deposit/balance) |
TL;DR: Airwallex is a pan-European multi-currency account built for businesses that buy, sell or operate across borders — including in Malta and Cyprus, where many rivals don’t reach. You get local EUR/SEPA details, 20+ currencies, free local transfers and a low 0.5% FX markup, though it’s an e-money institution, so deposits aren’t covered by a guarantee scheme.
Availability & countries
Airwallex offers business accounts across almost the entire EEA. Eligible markets include Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and Switzerland.
- Malta: yes. Cyprus: yes.
- Most EU businesses onboard to the Netherlands entity; several Central/Eastern European countries route to the Lithuania entity.
- Businesses with owners or directors in Russia or Belarus are not eligible.
Regulation & deposit protection
Airwallex is not a bank. Its European arm is an Authorised Electronic Money Institution regulated by De Nederlandsche Bank (DNB) in the Netherlands (with a Bank of Lithuania entity for parts of the EU).
- Customer funds are safeguarded in line with local e-money regulation.
- There is no deposit-guarantee scheme — the €100,000 bank-deposit protection does not apply (the optional Yield product is explicitly outside the Dutch DGS).
Pricing
Three plans, with the entry tier effectively free for most active businesses:
| Plan | Monthly | Local / SEPA transfers | FX markup | Cards included |
|---|---|---|---|---|
| Explore | €0 / €19 (waived with €10k deposit or balance) | Free to 120+ countries | 0.5% (major) / 1% (other) | 10 |
| Grow | €49 | Free | 0.5% / 1% | 50 |
| Accelerate | from €999 | Free | 0.5% / 1% | Unlimited |
SWIFT transfers run roughly €10–20 each. The first 5 spend users are free. If you also accept card payments, acquiring fees apply (EEA consumer cards 1.30% + €0.25; commercial/international 3.15% + €0.25; Amex 2.40% + €0.25).
Key features
- Global Accounts — local account details (including a EUR/SEPA local IBAN) to receive funds in 20+ currencies as if you were local.
- Multi-currency wallet — hold balances and spend FX-free directly from them.
- International payouts in 60+ currencies to 200+ countries, ~92% same-day.
- Expense cards — multi-currency company and employee cards with built-in expense management.
- Accounting & e-commerce integrations (e.g. Xero, Shopify, Amazon) plus invoicing, bill pay / accounts payable and batch payouts.
- Comprehensive developer API for embedded payments and automation.
Pros
- Available across almost all of the EEA — including Malta and Cyprus
- Genuine free tier (€19 fee easily waived)
- Free local and SEPA transfers
- Low 0.5% FX markup on major currencies
- 20+ currency Global Accounts with local EUR IBAN
- Strong expense cards, accounting integrations and API
Cons
- E-money institution, not a bank — no €100k deposit guarantee
- SWIFT transfers can be costly (€10–20)
- Higher plans and card-acquiring fees add up
- FX markup rises to 1% on minor currencies
- Onboarding and support quality can be variable per user reviews
Who it’s for
Airwallex suits cross-border and multi-currency European SMBs — e-commerce sellers, agencies, SaaS and import/export businesses — that collect and pay in several currencies and want low FX costs. It’s especially valuable for businesses in Malta and Cyprus, which are well covered here. It’s less compelling for a purely local, single-currency micro-business, or anyone who specifically needs an insured high-street bank account.
Verdict
For multi-currency, cross-border European businesses, Airwallex is one of the strongest accounts available — broad country coverage (Malta and Cyprus included), low FX and free local transfers, offset only by the lack of deposit insurance inherent to e-money accounts. 4.4 / 5.
Fees, plan names, regulatory entities and country availability change. Always confirm current pricing and eligibility on airwallex.com before opening an account.