Top 5 Airwallex Alternatives in 2024 & Who Should Use Them

Having efficient and reliable payment processing is vital for businesses to succeed. This is why it is important to always compare options and find the best solution for your business.

Whether you’re searching for more cost-effective options, advanced functionalities, or support for more currencies, we have prepared a list of the top 5 alternatives to Airwallex in 2024 for you to choose from.

We will be looking at their key features and who they are best suited for so you can choose the best option.

🔍 Get insights into Airwallex with our Airwallex review.

Without further ado, let’s get started with our list.

1. Statrys

Hong Kong-based fintech company — Statrys provides financial solutions such as virtual business accounts, debit cards (both physical and virtual cards), and currency exchange to businesses incorporated in Hong Kong, Singapore, and the British Virgin Islands (BVI).

Statrys’ multi-currency accounts give users access to 11 different currencies, which are USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD.

Statrys allows users to send and receive local and SWIFT payments in supported currencies, making cross-border payments more affordable compared to traditional banks

💡 Note: Statrys operates as a Money Service Operator in Hong Kong and as a Small Payment Institution in the UK.

Key Services Offered by Statrys

Statrys Fees

Statrys Could Be Best For

✅ Businesses incorporated in Hong Kong, Singapore, and the BVI that are looking for a primary or secondary business account.

✅ Companies that often deal with multiple foreign currencies can streamline international transactions and benefit from more favourable pricing on foreign exchange rates.

✅Business owners who prefer fast and responsive human customer support and dedicated account managers to support them in case any questions or issues arise.

2. Currenxie

Currenxie is another Hong Kong-based financial services provider with a Money Service Operator license. Clients can integrate Currenxie accounts seamlessly into popular ecommerce platforms such as Amazon, Shopify, and Etsy and payment gateway providers like Stripe, Adyen, and Paypal to streamline payment processing and enhance the checkout experience.

Businesses can also open local currency accounts in 10 countries, enabling clients to get paid like a local. With Currenxie, clients can collect sales and pay suppliers without additional fees.

Therefore, many ecommerce businesses choose Currenxie as their payment solution.

💡 Note: Currenxie also operates under government bodies in Canada, South Africa, Australia, and the UK.

Key Services Offered by Currenxie

Currenxie Fees

Currenxie Could Be Best For

✅ Ecommerce businesses using platforms like Amazon, Shopify, PayPal, Stripe, and others will find Currenxie highly beneficial.

✅ Suitable for businesses planning to expand into markets like the US, UK, EU, Japan, Australia, Indonesia, or Mexico, due to its local account capabilities.

✅ Businesses with clients and suppliers in different regions can minimise costs with Currenxie services.

Read our comprehensive review of Currenxie to learn more about their products and fees.

3. ZA Bank

ZA Bank is the first virtual bank in Hong Kong, licensed by the Hong Kong Monetary Authority (HKMA). ZA Bank offers business accounts that support 3 currencies: HKD, CNY, and USD. In addition, clients can receive funds, make deposits, earn interest, and transfer in these 3 currencies 24/7.

💡 Note: As a member of Hong Kong's Deposit Protection Scheme (DPS), ZA Bank ensures that every client's deposits are protected up to a maximum of HKD 500,000.

Key Services Offered by ZA Bank

ZA Bank Fees

ZA Bank Could Be Best For

✅ As account opening fees are low, ZA Bank is an attractive option for local small businesses and new start-ups looking for cost-effective financial solutions in the initial stage.

✅ Companies incorporated in Hong Kong because this is the only jurisdiction that is eligible to open ZA Bank business accounts.

✅Suitable for businesses that need basic multi-currency operations (HKD, CNY, USD).

Check out our in-depth review of ZA Bank Business Account to learn more about their features and fees.

4. Wise

Wise is a popular UK-based payment platform that offers business accounts to businesses of all sizes. With Wise, businesses can receive payments like a local from over 30 countries and send funds to over 70 countries.

Furthermore, Wise offers business solutions such as batch payments, adjustable user-level permissions, automatic reconciliation with cloud-based accounting software, and APIs for automation.

Hence, businesses can streamline global payments and pay with competitive exchange fees and lower transaction costs.

💡 Note: Wise is regulated in countries/regions where it operates, including Australia, EU, Brazil, Canada, Hong Kong, India, Indonesia, Israel, Japan, Malaysia, New Zealand, the Philippines, Singapore, The UK, The US, and UAE.

Key Services Offered by Wise

Wise Fees

Wise Could Be Best For

✅ Businesses that deal with a wider range of foreign currencies for receiving, holding, and sending funds. With Wise, they can save a significant amount of time and money.

✅ Great choice for freelancers who travel frequently and digital nomads. The Wise debit card allows users to easily pay money abroad, offering low fees and competitive exchange rates.

✅ Business owners that need APIs to streamline their operations.

Discover key things to know before opening a Wise account.

5. Revolut

Revolut is one of the top UK-based neobanks, offering various banking services to businesses. Their services include the capability to receive and send local and international payments in multiple currencies, make foreign currency exchanges, and connect payment systems through APIs.

In addition, Revolut offers various business account plans for businesses of all sizes, ranging from freelancers to large-scale enterprises. With Revolut’s business accounts, clients can receive, hold, and exchange funds in multiple currencies without hidden fees.

💡 Note: Revolut holds a banking license for the EEA (European Economic Area), which was granted by the Bank of Lithuania, which means that EU client funds are protected under the deposit guarantee scheme.

Key Services Offered by Revolut

Revolut Fees

Revolut Could Be Best For

✅ Freelancers and remote workers can exchange and hold different currencies at competitive FX rates.

✅ Revolut is a licensed bank in the EEA, meaning European businesses can benefit from their business bank accounts with additional regulations.

✅ Businesses that seek to streamline their financial operations with APIs. 

Discover Revolut’s products and fees with our Revolut Business Account Review.

Final Note

By now, you may have a clearer picture of which payment service provider aligns best with your business needs. It is possible that you need more than one solution to fulfil all your requirements.

The key is to weigh out the benefits and drawbacks of each option based on your business priorities, ensuring that your choice not only meets your business priorities but also drives your business forward in the current market landscape.

Ultimately, leveraging multiple business accounts is a strategic approach to effectively manage your business finances.