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 | Primary Pros | Best For |
Statrys |
| SMEs incorporated in Hong Kong, Singapore, or the BVI looking for cost-effective digital payment solutions that support all major currencies. |
Currenxie |
| Ecommerce businesses expanding globally, seeking local currency management and ecommerce platform integration. |
ZA Bank |
| Businesses that operate specifically in Hong Kong and need basic banking services to support financial operations. |
Wise |
| Businesses and freelancers looking for a cost-effective, multi-currency solution. |
Revolut |
| Global businesses needing robust multi-currency management, particularly in Europe, with API-driven automation. |
Tip: Want to quickly find the best business account in Hong Kong for your business? Take this short 3 minute quiz today.
1
Statrys
Statrys is a multi-currency business account provider in Hong Kong. We offer payment solutions for modern businesses, including virtual business accounts, payment cards, and foreign exchange services, to companies incorporated in Hong Kong, Singapore, and the British Virgin Islands (BVI).
Statrys’ multi-currency accounts enable businesses to easily manage funds in 11 major currencies: USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD.
Furthermore, Statrys allows businesses to send and receive local and SWIFT payments in supported currencies, making international transactions more affordable than traditional banks.
Statrys Key Services | Description |
Multi-currency Business Account | Virtual business account in Hong Kong that can hold, receive, and send money in 11 different currencies. |
Send international transfers to any country via the SWIFT system with no transaction limits. MT-103 is available upon request at no additional cost. | |
Local Payout | Save more from making telegraphic transfers with local payouts 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 free Invoicing 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 |
Send Local Payments in Other Currencies | HKD 25 - 50 |
International Payments via SWIFT | 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% |
Tip: At Statrys, we guarantee to beat any FX rate by 10% to make sure you get the best rate for your business.
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 trade FX and want to get the lowest FX rates in the market.
✅ 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 see how Statrys compares? 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 8 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 Wallets | Can hold 15 currencies: USD, EUR, HKD, GBP, JPY, CAD, AUD, NZD, RMB (CNH), SGD, CHF, DKK, NOK, SEK, and IDR in one place. |
Local Currency Accounts | Opens local accounts with unique account details in the USA, UK, EU, Hong Kong, Australia, Singapore, Japan, Canada, and Indonesia. |
Debit Card | Virtual and physical Visa cards are available to account holders with Hong Kong companies. Compatible with Google Pay, the card offers 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. |
Note: Only one debit card is permitted per account.
Currenxie Fees
Type | Fees |
Account Opening Fee | Free |
Monthly Fee | Free |
Local Payments | Receive: USD 0.75 per transfer Send: USD 3 per transfer |
International Payments via SWIFT | 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, and Stripe looking to simplify international transactions and reduce costs.
✅ Businesses expanding globally or already operating in multiple markets. With local account details in multiple locations, they can collect payments like a local.
✅ Businesses with clients or suppliers in different regions looking for global payment solutions to minimise costs and keep more profits.
Interested?: Learn more 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 with ZA Bank are protected up to HKD 500,000.
Key Services Offered by ZA Bank
ZA Bank Key Services | Description |
Business Bank Account | You can hold, receive, send money, and earn interest in HKD, CNY, and USD. |
Transfer and Payment | Send and receive bank transfers within Hong Kong (via FPS and CHATS system) and abroad (via SWIFT). |
FX Services | Make spot trades in HKD, USD, and CNY without extra charges or handling fees. |
Business Loans | Provide 80% guarantee revolving or unsecured revolving loan services with no arrangement fee. |
Batch Payment and Payroll Services | Streamline payments with daily limits of HKD 10 million and HKD 50 million, respectively. |
ZA Bank Fees
Type | Fees |
Account Opening Fee | Via website: HKD 1,200 Via account manager: HKD 10,000 |
Company Search Fee (if applicable) | Opening account via website: HKD 200 Opening account via account manager: HKD 1,000 |
Monthly Fee | Waived |
Local Payments (via FAST) | Receive: Waived (non-merchant) Otherwise, 0.6% of the transferred amount Send: HKD 1 (below HKD 1 million) Otherwise, HKD 10. |
International Payments via SWIFT | 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.
Useful: Check out our in-depth review of ZA Bank Business Account to learn more about their features, fees and how to open ZA Bank business accounts.
4
Wise
Wise is a licensed and regulated payment platform that offers business accounts to businesses of all sizes to streamline financial operations. With Wise, businesses can receive payments like a local from over 30 countries and send funds to over 70 countries.
In addition, Wise offers business-friendly solutions such as batch payments, user-level permissions, and API integrations to automate your financial processes, making international transactions more efficient.
Key Services Offered by Wise
Wise Key Services | Description |
International Money Transfers | Make international payments at mid-market rates to 70+ countries. |
Multi-Currency Business Account | Hold money in over 40 currencies. Also, businesses can open 9 local currency accounts, including AUD, CAD, EUR, GBP, HUF, NZD, SGD, USD, and TRY. |
Debit Card | Access your business accounts with Wise debit cards to spend money abroad, make online purchases, and earn 0.5% from all eligible transactions, all with no foreign transaction fees. |
Batch Payments | Uploads a single CSV file to send 1,000 payouts at a time. |
FX Services | Offers currency exchange for 40+ currencies at competitive rates 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 | Depending on your business jurisdiction. For examples, UK companies: GBP 45 SGD companies: Free |
Monthly Fee | Free |
Local Payments | Receive: Free Send: From 0.33%, depending on the currency. |
International Payments via SWIFT | Receive: Free (except for CAD transactions; CAD 10) |
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 transact money in a wider range of foreign currencies. With Wise, they can save significant time and cost.
✅ Freelancers and digital nomads. The Wise debit card allows users to easily pay money abroad in multiple currencies with no foreign transaction fees.
✅ Businesses that looking for foreign currency accounts to receive money directly through local payment systems.
Helpful: Discover the differences between Wise and Airwallex and key things to know before opening a Wise account.
5
Revolut
Revolut is a UK-based neobank that offers various banking services tailored to businesses. These 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.
Revolut also offers business account plans suitable for all types of businesses, from sole traders to large enterprises. With Revolut’s business accounts, clients can receive, hold, and exchange funds in multiple currencies at rates cheaper than traditional banks.
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 | Hold money in 30 different currencies in one single account. |
Global Transfers | Make international transfers with a competitive exchange rate in 30 currencies. |
Corporate Cards | Offers virtual and physical Visa and Mastercard® to make purchases online or in-store and withdraw cash at ATMs around the world. |
Payment Collections | Collect sales through various payment methods, both online and in-person, including QR codes, payment links, POS, mobile payments and card payments. |
FX Services | Secure fixed and flexible date FX forward contracts up to 12 months in advance. Also, you can automate your trades with limit and stop orders. |
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, depending on the account plan. |
Local Payments | Receive: GBP 0.2 after exceeding tiered free allowance. Send: GBP 0.2 after exceeding the tiered free allowance. |
International Payments via SWIFT | 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 30 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 to streamline their payment processes and reduce manual tasks, as Revolute offers features such as API integrations and payment collection for both online and in-person payments.
Helpful: 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?
From our list, the best Airwallex alternatives are:
• Statrys
• Currenxie
• ZA Bank
• Wise
• Revolut
What is Airwallex?
Is Airwallex a bank?
Why should I consider alternatives to Airwallex?
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.
