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Airwallex
airwallex.com · Global Accounts · scored Apr 2026Airwallex holds local accounts in 60+ countries, no FSCS cover
Best forE-commerce and SaaS businesses collecting payments across many countries
Multi-currency business account holding 20+ currencies with local bank details in more than 60 countries.
The thing people get wrong
Airwallex is a bank, so deposits are government-insured
It is an Electronic Money Institution, and UK/EU funds lack FSCS protection
Source: noda.live
Upside
- FX markup as low as 0.5%
- Local bank details in 60+ countries
- Hold balances in 20+ currencies
Catch
- No FSCS deposit protection in UK/EU
- Slow KYC can delay account access
- No phone-based customer support
Editor's takeAirwallex lets businesses hold and manage more than 20 currencies with local bank details in over 60 countries, avoiding forced conversions. The base account plan can run free of charge if a business deposits $5,000 monthly or keeps a $10,000 balance. Funds are not covered by the UK's FSCS because Airwallex operates as an Electronic Money Institution rather than a bank.
Is Airwallex a licensed bank?
No. Airwallex operates as an Electronic Money Institution, so customer funds are not protected by the UK's Financial Services Compensation Scheme, according to a review by Noda.
How much does an Airwallex account cost?
The base plan can be free of monthly fees if a business deposits $5,000 per month or maintains a $10,000 balance, according to XFlowPay's review of the pricing.
The evidence: 6 criteria, 2 penalties (−0.11 points)
Score adjustments−0.11 points in total













