.png?ixlib=gatsbyFP&auto=compress%2Cformat&fit=max&rect=0%2C0%2C680%2C680&w=680&h=680)
Founded in 2015, Airwallex is a licensed payment service provider that offers cross-border payment solutions for modern businesses. These include virtual accounts, local and international payment capabilities, physical and virtual cards, and FX service – all-in-one platform.
Still, is Airwallex right for your business?
Having efficient and reliable payment processing is vital for businesses to succeed. This is why comparing options to find the best solution is essential. So, we prepared a list of the top 5 alternatives to Airwallex in 2024.
In this article, we will examine their key features and fees to ensure you pick the best option for your needs.
Without further ado, let’s take a look at Airwallex alternatives.
Airwallex Alternatives | Key Services | Best For |
 | Multi-currency business accounts, FX services, Corporate cards, Real-time payment tracking, and Dedicated account manager | SMEs that are incorporated in Hong Kong, Singapore, or the BVI |
 | Multi-currency business accounts, Local currency accounts, International payments, Debit cards, FX services | Businesses that prefer having local currency accounts. |
 | Multi-currency business account, Time Deposits, and Business Loans | Businesses that operate specifically in Hong Kong |
 | Hold, transfer, and convert 40+ currencies with great exchange rates, Debit cards, and APIs integrations | Freelancers and businesses with international clients |
 | Multi-currency business accounts, Local accounts, Mass payout services, Debit cards, FX services, and software integrations | Businesses based in Europe and the United Kingdom |
1. Statrys
Statrys is a financial service provider that provides financial solutions for businesses, including virtual business accounts, payment cards, and FX services to companies incorporated in Hong Kong, Singapore, and the British Virgin Islands (BVI).
Statrys’ multi-currency accounts enable users to easily manage funds in 11 major currencies: USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD.
Furthermore, Statrys allows users to send and receive local and SWIFT payments in supported currencies, making international transactions more affordable than traditional banks
Key Services Offered by Statrys
Statrys Key Services | Description |
Multi-currency Business Account | Virtual business account in Hong Kong that can hold, receive, and send payments in 11 different currencies. Make SWIFT payments to any country and request MT-103 documents. |
Local Payout | Save more from making international transfers with local payout in 12 currencies: USD, AUD, GBP, EUR, THB, INR, VND, TRY, IDR, PHP, SGD, and KRW. |
Virtual and physical Mastercard® that enable businesses to make purchases in-store and online and withdraw cash at ATMs in Hong Kong and abroad. | |
Provides an all-inclusive 100% online Hong Kong and Singapore company registration service. | |
Competitive rates that are close to mid-market rates can save you money in any transaction. The lowest FX fees in Hong Kong, and there are no conditions on transaction volume. | |
Offers freeInvoicing Software that allows anyone to create, manage, and send invoices efficiently. | |
Provides Xero integration that allows businesses to save time on bookkeeping and cash flow management. | |
Set up transfers for later approval based on user role capabilities and have complete control of payment processes. |
Statrys Fees
Type | Fees |
Account Opening Fee | Free |
Monthly Fee | Free (if 5 or more outgoing transfers are made in the month) |
HKD Payments within Hong Kong | Receive: Free Send: HKD 5 |
Local Payments in Other Currencies | HKD 25 - 50 |
SWIFT Payments | Receive: HKD 60 Send: HKD 85 |
Foreign Exchange Rate and Fee | FX rate: Based on real-time mid-market rates FX fee: as low as 0.15% |
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, benefit from favourable exchange rates, and manage currency risk effectively with advanced FX tools.
✅Business owners who prefer fast and responsive human customer support and dedicated account managers to support them in case any questions or issues arise.
Want to know more? See a detailed comparison of Statrys and Airwallex.
2. Currenxie
Currenxie is another Hong Kong-based financial services provider with a Money Service Operator license. Currenxie allows businesses to open local currency accounts in 11 countries, enabling them to get paid like a local.
In addition, Currenxie accounts can integrate with popular ecommerce platforms such as Amazon, Shopify, and Etsy, as well as payment gateway providers like Stripe, Adyen, and Paypal to streamline payment processing and checkout experience. Therefore, many ecommerce businesses choose Currenxie as their payment solution.
Key Services Offered by Currenxie
Currenxie Key Services | Description |
Multi-currency Business Account | Local and international payments (via SWIFT) can be made and received in 14 currencies through a single account number. |
Local Currency Accounts | Opens local accounts with unique account details in the US, the UK, EU, Hong Kong, Australia, Canada, Indonesia, India, Thailand, Vietnam and South Africa. |
Debit Card | Virtual and physical Visa cards are available for every account holder, compatible with Google Pay, and offer 1% cashback on eligible transactions. |
FX Services | Makes spot trades and orders forward contracts at the rates you prefer up to 1 year in advance. |
Xero Integration | Integrate your Currenxie account with Xero to manage your accounting. |
Currenxie Fees
Type | Fees |
Account Opening Fee | Free |
Monthly Fee | Free |
Local Payments | Receive: USD 0.75 per transfer Send: USD 3 per transfer |
SWIFT Payments | Receive: USD 8 per transfer Send: USD 8 per transfer |
Foreign Exchange Rate and Fee | FX rate: Based on mid-market exchange rates FX fee: 0.1% - 0.6% |
Currenxie Could Be Best For
✅ Ecommerce businesses using platforms like Amazon, Shopify, PayPal, Stripe, and others. They will find integration capability highly beneficial.
✅ Businesses looking to enter or already have reached the global market. With local account details, they can collect funds like a local.
✅ Businesses with clients and suppliers in different regions looking for global payment solutions to minimise costs and keep more profits.
Tip: Learn about their products and fees with our in-depth Currenxie review and how Currenxie and Airwallex compare in detail.
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 bank accounts that support 3 currencies: HKD, CNY, and USD. Clients can receive money, deposit funds, earn interest, and initiate bank transfers in these 3 currencies 24/7.
In addition, ZA Bank provides foreign exchange services, batch payments, payroll services, and business loans to support business growth
Note: As a member of the Deposit Protection Scheme (DPS), your deposits are protected up to HKD 500,000.
Key Services Offered by ZA Bank
ZA Bank Key Services | Description |
Multi-currency Business Bank Account | It can hold, receive, and send money in HKD, CNY, and USD. |
FX Services | Make spot trades in HKD, USD, and CNY without extra charges or handling fees. |
Business Loans | Provides 80% guarantee revolving or unsecured revolving loan services. |
Batch Payment and Payroll Services | With daily limits of HKD 10 million and HKD 50 million, respectively. |
ZA Bank Fees
Type | Fees |
Account Opening Fee | HKD 1,200 (Website) HKD 10,000 (With account manager) + company search fee |
Monthly Fee | Waived |
Local Payments | Receive: Waived (non-merchant) Otherwise, 0.6% of the transferred amount Send: HKD 1 (below HKD 1 million) Otherwise, HKD 10. |
SWIFT Payments | Receive: HKD 50 Send: HKD 100 |
Foreign Exchange Rate and Fee | FX rate: Not specified FX fee: No handling fee |
ZA Bank Could Be Best For
✅ Companies incorporated in Hong Kong because this is the only jurisdiction that is eligible to open ZA Bank business accounts.
✅ Small businesses in Hong Kong that need basic multi-currency operations (HKD, CNY, USD).
✅ Business owners who are comfortable with digital-only banking services, as there are no physical branches for in-person assistance.
Check out our in-depth review of ZA Bank Business Account to learn more about their features and fees.
4. Wise
Wise is a licensed and regulated 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.
Key Services Offered by Wise
Wise Key Services | Description |
International Money Transfers | Make international payments at mid-market rates to 70+ countries. |
Business Account | Receive, hold, convert, and make payments in 40+ currencies. Also, users can open 10 local currency accounts, including GBP, EUR, USD, AUD, NZD, SGD, RON, CAD, HUF, and TRY. |
Debit Card | Access to the multi-currency account with Wise debit cards to spend money abroad, make online purchases, and earn 0.5% from all eligible transactions. |
Batch Payments | Uploads a single CSV file to send 1,000 payouts at a time. |
FX Services | Offers low-cost currency exchange services to convert funds between currencies at the rate based on the mid-market rate. |
Wise APIs | Integrates Wise account into different platforms or applications, such as Shopify and Quickbooks. |
Wise Fees
Type | Fees |
Account Opening Fee | GBP 45 |
Monthly Fee | Free |
Local Payments | Receive: Free Send: From 0.43%, depending on the currency. |
SWIFT Payments | Receive: Free, or CAD 10 for CAD payments Send: From 0.43%, depending on the currency. |
Foreign Exchange Rate and Fee | FX rate: Based on mid-market rates FX fee: From 0.43% |
Wise Could Be Best For
✅ Businesses that often deal with a wider range of foreign currencies for receiving, holding, and sending funds. With Wise, they can save significant time and money.
✅ Freelancers who travel frequently and digital nomads. The Wise debit card allows users to easily pay money abroad in multiple currencies directly from their account balance.
✅Businesses that looking for foreign currency accounts in GBP, EUR, USD, AUD, NZD, SGD, RON, CAD, HUF, and TRY to receive money via local payment methods.
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 business account plans for businesses of all sizes, from sole traders to large 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 means that EU client funds are protected up to EUR 100,000.
Key Services Offered by Revolut
Revolut Key Services | Description |
Multi-currency Business Account | An account that supports 26 currencies: GBP, EUR, USD, ZAR, TRY, SAR, SGD, SEK, RON, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, BGN, QAR, THB, and AED. |
Local Accounts | Collects and sends payments in GBP, EUR, and USD like a local. |
Corporate Cards | Offers virtual and physical Visa and Mastercard® to make purchases online or in-store and withdraw cash at ATMs around the world. |
Global Transfers | Make international transfers with a competitive exchange rate in 25+ currencies. |
FX Services | Secure fixed and flexible date FX forward contracts for GBP, USD, or EUR up to 12 months in advance. |
Financial Insights | Gains actionable insights into your expense management, analyses trends, and receives customised financial advice. |
APIs | Integrate Revolut with different platforms and applications such as payment gateways, POS, and accounting software. |
Revolut Fees
Type | Fees |
Account Opening Fee | Free |
Monthly Fee | From GBP 0 - GBP 79 |
Local Payments | Receive: GBP 0.2 after exceeding tiered free allowance. Send: GBP 0.2 after exceeding the tiered free allowance. |
SWIFT Payments | Receive: Free Send: GBP 5 after exceeding the tiered free allowance. |
Foreign Exchange Rate and Fee | FX rate: Based on interbank rates |
Revolut Could Be Best For
✅ Global businesses seeking solutions to manage funds in 26 currencies and make international payments with competitive exchange rates.
✅Businesses in Europe because they can benefit from business banking services with additional protection from the deposit scheme.
✅ Businesses that need APIs to streamline their financial operations.
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. You might need more than one solution to meet all your requirements.
Weigh the benefits and drawbacks of each option based on your business priorities to ensure your choice drives your business forward.
FAQs
What are the best alternatives to Airwallex?
• Statrys
• Currenxie
• ZA Bank
• Wise
• Revolut
What is Airwallex?
Is Airwallex a bank?
What services does Airwallex offer?
Disclaimer
Statrys competes directly with Airwallex in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.
.png?ixlib=gatsbyFP&auto=compress%2Cformat&fit=max&rect=0%2C2%2C680%2C680&w=680&h=680)
.png?ixlib=gatsbyFP&auto=compress%2Cformat&fit=max&rect=0%2C0%2C680%2C680&w=680&h=680)
.png?ixlib=gatsbyFP&auto=compress%2Cformat&fit=max&rect=0%2C0%2C680%2C680&w=680&h=680)
