Airwallex | Currenxie |
Key Features ✔️ Local account details in 13 locations ✔️ Transfer money in more than 40 currencies to over 150 countries. ✔️ Company cards for online purchases and employee cards for individual business expenses. ✔️ “Shopping Plugins” to connect with Amazon, eBay, and Shopify and more | Key Features ✔️ “Global account wallet” for Hong Kong multi-currency account ✔️ Account details in over 40 countries ✔️ Fixed fee for local and international payments ✔️ Unlimited 1% cash back on cards ✔️ Discounts with its partners, including Google Workspace, Office 365, Shopify, Hootsuite, and more. |
Best For Global online businesses with minimal cash operations seeking cross-border payment solutions with integration into marketplace platforms. | Best For International or online businesses seeking a cost-effective international money transfer solution, especially those based in Hong Kong or dealing with USD-HKD transactions |
Trustpilot rating ⭐⭐⭐ 3.6/5 | Trustpilot rating ⭐⭐⭐⭐ 4.5/5 |
Airwallex Overview
Airwallex, founded in Australia in 2015, is a fintech company that provides financial services to optimise global financial operations. These services include multi-currency virtual business accounts, payment cards, and business APIs.
Presently, Airwallex has offices in 19 locations globally. They have been acknowledged as one of CNBC-Statista's World’s Top Fintech Companies for 2023 and have catered to over 100,000 companies.
- Eligible countries: 52 countries and regions, including Hong Kong, Singapore, the UK, the US, Australia, New Zealand, and others.
- Eligible company type: Most types of entities are eligible.
- Licences: Airwallex has various licenses across the countries where it conducts business, including a Money Service Operator license in Hong Kong, a Major Payment Institution license in Singapore, an Electronic Money Institution license in the UK, and more.
- Partner banks: Multiple, including JP Morgan, Standard Chartered, DBS, and others.
Currenxie Overview
Currenxie was established in 2014 as a fintech company based in Hong Kong. The company specialises in offering a virtual business account, currency exchanges, and business cards.
To date, the company has successfully conducted business in over 40 countries, with a total worldwide transfer of over USD 8 billion.
- Eligible countries: The majority of countries are eligible to apply.
- Eligible company type: Most registered businesses can apply, provided they are not involved in activities listed on the Currenxie prohibited business natures.
- Licences: Money Service Operator in Hong Kong, Electronic Money Institution in the UK, Foreign Money Service Business in Canada, Financial Service Provider in South Africa, and registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC) in Australia.
- Partner banks: Currenxie states that they have a network of partner banks but do not disclose the names.
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Business Account Features
| Airwallex | Currenxie |
Supported Currencies | Over 40 currencies, including GBP, EUR, AUD, NZD, HKD, and SGD. | Over 25 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. |
Eligible Countries | 52 countries | Most countries worldwide, except high-risk or sanctioned regions |
Local Currency Account Details | Over 40 countries, including Hong Kong, Singapore, Australia, Canada, the UK, the US, The UAE, Denmark, Indonesia, Japan, New Zealand, Poland, and countries in the EU (SEPA area) | Over 40 countries, including Hong Kong, Singapore, Australia, Canada, the UK, the USA, Indonesia, Japan, and countries in Europe |
Support for Local payment | Receiving: USD, EUR, GBP, HKD, SGD, JPY, IDR, AUD, CAD, and MXN Sending: USD, EUR, GBP, HKD, IDR, AUD, CAD, MXN, INR, THB, VND, ZAR, and PHP | Receiving and sending: USD, EUR, GBP, HKD, SGD, AUD, CAD, CHF, CNH (CNY), DKK, JPY, NOK, NZD, and SEK |
International Payments via SWIFT | ✔️ | ✔️ |
Support for international payment | Receiving: USD, EUR, HKD, SGD, AUD, CAD, CHF, CNY, CZK, DKK, HUF, JPY, MXN, NOK, NZD, PLN, RON, SEK, and ZAR Sending: Over 40 currencies | Receiving and sending: USD, EUR, GBP, HKD, SGD, AUD, CAD, CHF, CNH (CNY), DKK, JPY, NOK, NZD, and SEK |
Accounting Software Integration | Xero, Sage, Quickbooks, Netsuite, etc. | Xero |
Connect to Ecommerce Platforms and Marketplace | Amazon, Shopify, eBay, Woocommerce, Magento, Lazada, Shopee, Shoplazza, Fnac | Amazon, Shopify, eBay, Etsy, JD.com, Rakuten, Zalando, Mercado Libre, and more |
Batch Payment | ✔️ | ✔️ |
FX Features | Spot and forward | Spot and forward |
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Primary Cons |
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Airwallex VS Currenxie Features Rating
Airwallex’s Feature Rating Is 4.5/5
Airwallex provides extensive support for local and international payments across over 40 countries. Its main advantage over Currenxie is its broader range of supported currencies for both sending and receiving payments, along with more comprehensive integration with accounting software.
However, it has a limited list of eligible countries and higher fees for international payments.
Currenxie’s Feature Rating Is 4/5
Currenxie offers unique features, including favourable rates for USD and HKD pairs and integration with ecommerce platforms catering to specific market segments.
Currenxie also supports over 40 countries and a decent range of currencies. However, its currency variety falls short compared to Airwallex.
Business Account Fees
| Airwallex | Currenxie |
Account Opening | Free | Free |
Account Monthly Fee | Free | Free |
Receive Local Payments | 0.3% on each payment received | USD 0.75 per transfer |
Send Local Payments | Free | USD 3.00 per transfer |
Receive International Payments (SWIFT) | 0.3% on each payment received | USD 8.00 per transfer |
Send International Payments (SWIFT) | Based on currencies, such as HKD 120 - 200 SGD 20 - 35 USD 15 - 25 GBP 10 - 20 | USD 8.00 per transfer |
FX Conversion Fee | Hong Kong: 0.2% the US, the UK, the EEA, and Australia: 0.5% - 1% Singapore: 0.4% - 0.6% | Between USD and HKD: 0.10% Other currencies: 0.40% - 0.60% |
FX Rate | Depending on market liquidity and conditions | Mid-market exchange rate |
Airwallex VS Currenxie Account Fee Rating
Airwallex’s Account Fee Rating is 3.8/5
Airwallex offers competitive fees compared to traditional banks in general. Its standout advantages include free sending of local payments and lower costs for receiving local payments compared to Currenxie. However, the 0.3% charge on each incoming payment might be less favourable for businesses receiving larger amounts as the costs could scale up.
The variable fees for sending international payments may also be a drawback for businesses seeking predictability and transparency.
Currenxie’s Account Fee Rating is 4/5
Currenxie fees are also competitive compared to traditional banks. The fixed fees provide clarity and simplicity, which can be valuable for businesses operating on thin margins or prioritising straightforward cost management over potentially lower but variable costs in different regions.
However, the fee for local payments, whether sending or receiving, is higher than Airwallex. The fee could also be considered substantial for smaller amounts.
🔍 Tip: Explore the key things to know about opening an Airwallex account.
Card Features and Fees
| Airwallex | Currenxie |
Business Card Type | Company card: Virtual Visa debit card Employee card: Physical and virtual Visa debit card | Physical and virtual Visa business card |
Eligibility for Card | The UK, the US, the EEA, Hong Kong, Singapore and Australia, | Any registered Hong Kong company |
Card Base Currency | USD, AUD, HKD, SGD, EUR, GBP, CAD, NZD, JPY and CHF | HKD |
Spending Limit | USD 50,000 or equivalent (timeframe not specified). Daily and monthly limits can be customised within the app. You can also contact an account manager to discuss negotiating higher limits. | Determined by the HKD balance in the account. Limits are customisable within the app. |
ATM Withdrawal | ❌ | ✔️ |
ATM Withdrawal Fee | Not applicable | Local: 2% or a minimum of HKD 30 International: 2% or a minimum of HKD 50 |
Card Fees | Company card: Free Employee card: Monthly fees vary by location. For instance:
| Free Only delivery fee applicable for physical cards:
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Airwallex VS Currenxie Card Rating
Airwallex’s Card Rating is 4/5
Airwallex provides a versatile card solution with two types of cards supporting a wide range of currencies and regions. While some regions have subscription fees, they are relatively minimal. However, compared to Currenxie's free card offering, this can be seen as a disadvantage.
The lack of ATM withdrawal capability can be another limitation. However, the impact of this limitation varies depending on the business model. For instance, businesses operating solely digitally may not be significantly affected.
Currenxie’s Card Rating is 3/5
The Currenxie card's appeal lies in its free issuance, lack of subscription fees, attractive cashback, and partnership discounts. Additionally, the option for ATM withdrawals sets it apart from Airwallex.
However, the restriction to just one card per account and geographic and currency limitations compared to Airwallex make it significantly less versatile for businesses with broader international needs.
Customer Support
| Airwallex | Currenixe |
Communication Channels | Help centre, contact form, phone | Help centre, contact form* |
Working Hours | The US and Canada (phone call) 8:00-18:00 PDT / PST China (phone call): 9:00-18:00 CST | We cannot find information |
*Currenxie states on the website that the Global Account holder can benefit from personal client support. However, we were unable to locate detailed information regarding the specific services offered.
Airwallex VS Currenxie Customer Support Rating
Airwallex’s Customer Support Rating is 3.5/5
While Airwallex offers structured support through a help centre, contact form, and phone calls with specified working hours, its support channels may appear limited compared to the broader market, where live chat and email options are typically provided.
However, its website seems to provide more comprehensive information than Currenxie, hence the slightly higher rating.
Currenxie’s Customer Support Rating is 3/5
Currenxie's support channels appear to be less extensive than Airwallex. Similar to Airwallex, there is an absence of broader communication methods like live chat or email.
While Currenxie's personal client support for Global Account holders is promising, the lack of detailed public information about their support channels prevents us from making a conclusive assessment.
Airwallex and Currenxie Alternatives: Statrys
Is your business registered in or planning to expand into Hong Kong, Singapore, or the BVI? Statrys can be another international payment solution.
Based in Hong Kong, Statrys is a financial service provider offering multi-currency business accounts, local and international payment solutions, payment cards, foreign exchange services, and dedicated customer support.
Statrys' Key Services
🔍 Tip: For a more in-depth comparison, check out our comparison of Airwallex vs Statrys and Currenxie vs Statrys
FAQs
Who can apply for an Airwallex business account?
Airwallex can onboard companies incorporated in their list of 52 countries, including major markets like the UK, the US, Australia, and parts of Asia and Europe. Most business entity types are eligible to apply.
Who can apply for a Currenxie business account?
Which is better, Airwallex or Currenxie?
What are the main limitations of Airwallex and Currenxie?
What’s the difference between Airwallex Currenxie business cards?
Disclaimer
Statrys competes directly with Airwallex and Currenxie in the payment industry, but we are committed to providing an unbiased and thorough review to help you make an informed choice.
