Airwallex only offers its services to business customers, giving them multi-currency accounts, the ability to send and receive money around the world fast and at a low cost, borderless debit cards to spend in multiple currencies, plus the option to use cross-border expense management and accounts payable tools within the account.
In detail: Airwallex versus the competition
Here’s how Airwallex compares to some of its major competitors.
Airwallex Versus Wise
Wise, formerly Transferwise, offers UK and EU business customers multi-currency accounts, virtual debit cards, batch international transfers, accounting software integrations and payment requests. It also has a range of services for non-business customers.
The key differences between Airwallex and Wise for business customers are:
- Airwallex has no account set up fee. Wise is £60.
- Airwallex’s multi-currency account has options for 23 currencies. Wise has nine.
- Airwallex has global payment coverage in 150+ countries. Wise has 70.
- Both accounts offer either same day or instant payments, depending on the country.
- Airwallex charges 0% fees for domestic transactions. Wise isn’t clear what it charges to send money domestically, though receiving local payments is free.
- Airwallex charges 0% international transaction fees when sending via a local payment network. Wise charges a fixed fee of £0.59 plus a variable fee depending on how much you are transferring, starting at 0.33%.
- Airwallex’s foreign exchange rate fee is between 0.5%-1% above interbank exchange rates. As with international transactions, Wise charges a fixed fee of £0.59 plus a variable fee depending on how much you are transferring, starting at 0.33%.
- Airwallex is a fully functioning payment gateway which allows businesses to collect customer online payments. Wise offers limited ability for businesses to accept payments via cards.
- Both Airwallex and Wise offer debit cards. They both also offer expense management.
- Wise business account holders can earn interest on their GBP, USD and EUR balances. Airwallex does not pay interest.
- Airwallex allows customers full bill paying and accounts payable functions. Wise offers basic versions of this via Quickbooks and Xero.
- Airwallex is integrated with Xero, Netsuite, Quickbooks and others. Wise is integrated with Quickbooks and Xero.
Airwallex Versus Revolut
Revolut is a global financial technology company with headquarters in the UK that has been offering banking services for retail customers and businesses since 2015. After a number of years of trying, in July 2024 it was finally authorised as a UK bank, subject to restrictions, an important step towards launching its bank to customers in the UK.
Fees to use a Revolut business account start at £0 per month, making them attractive to some of the smaller businesses like freelancers, gig workers and director-only limited companies, who it offers domestic payments, simple foreign exchange, and global payments to invoice UK and international clients.
The key differences between Airwallex and Revolut for business customers are:
- Revolut’s monthly account fees range from £0 for a very basic account to £79 per month (with custom pricing for larger businesses). Airwallex has no monthly account fee for all.
- Revolut has a multi-currency account with 25 currencies (with a single IBAN). For Airwallex it is 23.
- Revolut offers a limited number of no-fee local transfers, depending on the type of business account you have. After that, a £0.20 per transfer fee applies. Airwallex doesn’t charge domestic transaction fees.
- Revolut has a capped number of no-fee international transfers, depending on the type of business account you choose. Outside this allowance, a £5 fee applies per transfer. Airwallex doesn’t charge for international transactions when sending via a local payment network.
- Both Revolut and Airwallex allow online payments using, for example, payment links.
- Revolut and Airwallex both give business customers access to bill paying and accounts payable methods.
- Revolut pays business customers interest on their accounts ranging from 2.25% to 3.51%, depending on their plan. Airwallex does not pay interest.
- Revolut provides global payments to 100+ countries. For Airwallex it is 150+.
- Revolut charges a foreign exchange rate of 0.6% outside your plan allowances, plus an extra 1% for exchanges outside market hours. Airwallex charges 0.5%-1% above the interbank exchange rates.
- Revolut integrates Xero, Quickbooks, Sage, Zapier and Woo into your business account. For Airwallex it is Shopify, Woo, Magento, Xero, Quikcbooks, Netsuite and more.
Airwallex Versus Adyen
Adyen is a financial technology platform that allows businesses to accept e-commerce, mobile, and point-of-sale payments. It was founded in 2006 in the Netherlands, but it operates across Europe, North America, Latin America and Asia Pacific.
Businesses can use Adyen to accept card payments, digital wallets, and more on any channel, from web to in-app as well as subscription and pay by link. They can also manage in-person payments in a single platform, and see all payment data across stores and regions in one place, connecting to a wide range of pre-certified payment terminals and devices.
The key differences between Airwallex and Adyen for business customers are:
- Adyen uses two pricing methods; interchange++ and blended pricing.
Interchange++ charges a fixed processing fee (which seems to be pretty consistent at €0.11 or £0.11) plus the interchange rate (around 0.3-0.4% of the transaction amount in Europe and 2% in the US) and scheme fees for each transaction (fees charged between banks for processing credit and debit card payments). For example Adyen fees for a payment via Visa/Mastercard would be the interchange + €0.11 per transaction + 0.60% (charged by the bank doing the processing).
Blended pricing is an all inclusive fee per transaction, which is easier but can be more expensive. For example Adyen’s fees for payments via American Express would be 3.95% + €0.11 per transaction.
Airwallex uses a similar pricing model for payment by cards – 1.3% + £0.20 for UK/EU cards, 3.15% + £0.20 for international cards, and a flat 1% fee for other payment methods.
- Adyen supports 190+ transaction currencies and 40 settlement currencies. Airwallex 180+ transaction currencies, 23+ account currencies.
- Adyen charges 0.9% on top of exchange rates for major foreign currency settlements and 1.8% for exotic currencies. Airwallex lets businesses access interbank FX rates + 0.5% to convert between 11 major currencies, collects and holds funds in 23 currencies at no extra cost, and allows no-fee global transfers to 180+ countries via local payment rails.
- Adyen supports in-person point of sale transactions. Airwallex doesn’t.
- Adyen offers business loans. Airwallex doesn’t.
- Adyen offers customers physical and virtual cards. So does Airwallex.
Airwallex Versus Stripe
Stripe is a payment processing platform that allows businesses to accept payments from customers online, in-person, or through their app. Stripe supports a variety of payment methods, including credit cards and debit cards, and offers a range of features to help businesses manage their payments.
Stripe is used by many businesses, including Amazon, Shopify, Salesforce, and Google. Stripe accounts are free to create, and users only need an email address and password to access them.
The key differences between Airwallex and Stripe for business customers are:
- Stripe charges UK business customers 1.5% + £0.20 for standard UK cards and 2.5% + £0.20 for EU cards. Airwallex charges 1.3% + £0.20 for UK/EU cards, 3.15% + £0.20 for international cards, and a flat 1% fee for other payment methods.
- Stripe charges a 2% FX fee – in addition to transaction fees – to convert foreign currencies to your domestic currency. Airwallex doesn’t charge currency conversion fees with like-for-like settlement, and to convert currencies Airwallex charges 0.5% – 1%.
- Stripe is free to sign up. So is Airwallex.
- Stripe offers access to an online gateway (a network through which your customers transfer funds to you) so you can get paid globally in 135+ currencies and dozens of payment methods. For Airwallex it is 150+.
- Stripe allows businesses to maintain balances in multiple currencies and pay out in the currency that works for them. So does Airwallex.
- Stripe offers virtual and physical cards in 20 countries, but international cards and currency conversion incur additional fees. Airwallex issues fully borderless virtual and physical debit cards.
- Stripe allows point of sale payments. Airwallex doesn’t.
- Both Stripe and Airwallex offer invoicing.
- Stripe doesn’t offer expense management. Airwallex does.
Airwallex Versus PayPal
PayPal for Business is a payment solution that helps businesses accept and process payments online and in person. Accounts are designed to be easy to manage and use, even for businesses that are just getting started.
PayPal’s business plan also offers financial services, such as PayPal Working Capital cash advances and PayPal Business Debit Mastercard.
The key differences between Airwallex and PayPal for business customers are:
- PayPal is free to sign up. So is Airwallex.
- PayPal offers a multi-currency account for 25+ currencies. Airwallex offers this for 23+ currencies.
- PayPal payouts take 3-5 business days and can be up to 21 days. Airwallex payouts are the same day in 85 countries and instant in 65.
- PayPal charges 1.20% + £0.30 for card funded transactions and 2.90% + £0.30 for others on domestic transactions. Airwallex charges 0% on domestic transaction fees.
- Paypal charges 1.29% + a fixed fee depending on origin for international transactions. Airwallex charges 0% international transaction fees for 110+ countries.
- PayPal’s foreign exchange rate is 3%. Airwallex’s foreign exchange rate is 0.5% – 1%.
- PayPal offers business debit cards funded by PayPal balance only. Airwallex offers business debit cards without restrictions (and the first five for employees are free).
- PayPal allows businesses to send and keep tabs on invoices. So does Airwallex.
- PayPal doesn’t offer ways to manage business expenses. Airwallex does.
- PayPal allows point of sale payments. Airwallex doesn’t.
- Both PayPal and Airwallex offer integrated accounting options.
Airwallex Versus GoCardless
GoCardless is a bank payment company based in the UK that allows businesses to collect payments directly from customers’ bank accounts, mainly using Direct Debits. Businesses can automate their payment collection process, including subscriptions, instalments, and invoicing, and GoCardless can collect payments from over 30 countries.
GoCardless can help businesses deduce admin, improve cash flow, save time, and run their business more efficiently.
The key differences between Airwallex and GoCardless for business customers are:
- GoCardless uses a tiered subscription model that starts at Standard for recurring payments and mandates (£0 per month with transaction fees starting at 1% + £/€ 0.20 capped at £4/€4) then Plus that offers a bit more support (£50 per month and transaction fees at 0.5% + £/€ 0.20) and Pro that offers even more support and custom pricing for transactions (£200 per month). Airwallex doesn’t charge a monthly subscription fee and doesn’t charge domestic transaction fees.
- GoCardless charges a 2% + £/€ 0.20 fee on top of subscription costs for collecting international payments outside the UK and Eurozone. Airwallex doesn’t charge fees for cross-border payments using local payment methods, for major currencies it charges the interbank rate + 0.5%, and all other currencies at the interbank rate + 1%.
- GoCardless doesn’t offer borderless debit cards. Airwallex does.
- GoCardless doesn’t offer business expense management. Airwallex does.
- GoCardless offers one-off account-to-account payments via its Instant Bank Pay for which it charges 0.95% + £/€0.20 per transaction (or 0.45% + £/€0.20 for Plus and Pro plans). Airwallex doesn’t charge extra for account-to-account payments.
- GoCardless doesn’t offer accounting tool integration. Airwallex does.
Laura Miller has been a financial journalist for more than 10 years, and was on staff at the Telegraph before going freelance in 2019. Her experience includes hosting podcasts and panels, and she writes for the Times and Sunday Times, Daily Mail, Mail on Sunday and the Sun, as well as trade titles. She now lives by the sea in Aberystwyth, west Wales.
You can contact Laura at laura@goodmoneyguide.com
