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Airwallex vs Payoneer: Accounts & Pricing [2024 Comparison]

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Airwallex

Payoneer

Key Features

✔️ Local currency accounts in 13 locations, including Hong Kong, Singapore, and Australia

✔️ Integration with accounting software and marketplace platforms

✔️ Separate corporate and employee

cards

✔️ 100% online applicationWooCommerce.

Key Features

✔️ Multi-currency accounts for businesses supporting USD, EUR, GBP, AUD, HKD, and more

✔️ Free and instant transfers between Payoneer accounts

✔️ Payment automation with APIs

✔️ Virtual and physical debit cards with cashback rewards

Best For

SMEs and enterprises with global operations that require multi-currency accounts. 

Best For

Freelancers, ecommerce sellers, and businesses involved in international transactions.

Trustpilot rating

⭐⭐⭐ 3.8/5
Based on 1,035 reviews

Trustpilot rating

⭐⭐⭐⭐ 3.9/5
Based on 52,576 reviews

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Airwallex Overview

Airwallex is an Australian fintech payment platform founded in 2015. It offers global online payment services exclusively for businesses, including multi-currency accounts with local bank details. 

Airwallex was named one of the World’s Top Fintech Companies by CNBC-Statista in 2023 and has provided services to over 100,000 companies worldwide. 

  • Eligible countries: 52 countries and regions, including Australia, New Zealand, Hong Kong, Singapore, Canada, the UK, the US, and most European countries.
  • Eligible company type: Any type of business, including but not limited to sole proprietorship, partnership, and limited company.
  • Licences: Airwallex is licensed and regulated in the countries where it operates. It is registered as an Electronic Money Institution in Lithuania, allowing its operation in the EEA. 
  • Partner banks: DBS, JP Morgan, Standard Chartered, ANZ, and more.
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Payoneer Overview

Launched in 2005, Payoneer is a New York-based payment service provider offering cross-border payment solutions for global businesses of all sizes, including mass payouts and multi-currency accounts.

Payoneer is trusted by millions of customers worldwide and operates from 25 global offices. It won the Best International Multi-Currency Business Payments Solution at the SME Finance Award 2023. 

  • Eligible countries: Most countries in the world.
  • Eligible company type: All types of businesses. However, there may be restrictions in some locations. 
  • Licences: Payoneer operates under strict regulations and holds licenses in several jurisdictions. These include an E-money Institution licence in Ireland and the EEA, a Money Service Operator licence in Hong Kong, an Online Payment Gateway Service Provider (OPGSP) licence in India, and registration as a Money Services Business (MSB) in the US.
  • Partner banks: Multiple global banks, including Barclays, Citibank, DBS, and Deutsche Bank.

Business Account Features 

Airwallex

Payoneer

Supported Currencies

20+ currencies, including HKD, AUD, CAD, CHF, EUR, GBP, JPY, NZD, SGD, USD, DKK, CZK, HUF, MXN, NOK, PLN, RON, SEK, ZAR, CNY, IDR, and AED

10 currencies, including USD, JPY, AUD, EUR, HKD, SGD, CAD, GBP, AED, and NZD.

International Payments via SWIFT

✔️

✔️

Accounting Software Integration

✔️

FX Features

Spot and forward service with FX rate starting from 0.2%

Spot and forward service with FX rate starting from 0.2%

Primary Pros

  • Fast account opening time
  • Easy to track payments
  • Has an extensive payment network that allows users to transfer over 40 currencies to more than 250 countries
  • Products and services are available to businesses worldwide
  • Pay up to 200 payees at a time with batch payment
  • Send global payments in 70 currencies to bank accounts in over 190 countries

Primary Cons

  • Limited customer support channels
  • Currently does not provide FX services

Airwallex vs Payoneer Features Rating

Airwallex’s Features Rating is 4.7/5

Airwallex offers broad currency support, competitive FX features, and an extensive global payment network, making it beneficial and especially suitable for global businesses engaging in international transactions. 

Payoneer’s Features Rating is 4.2/5

Although Payoneer offers a comprehensive platform for international payments, its narrower currency support and lack of FX hedging services slightly impact its versatility for businesses looking for currency exchange solutions compared to Airwallex.

Business Account Fees

Airwallex

Payoneer

Account Opening 

Free

Free in most countries

Account Maintenance Fee

Free

USD 29.95 annual fee if you receive less than USD 2,000 (or equivalent) annually

Receive Local Payments

0.3% on each payment received

USD: Up to 1% Other currencies: Free

Send Local Payments

Free

Free between Payoneer accounts, or depends on currencies*

Receive International Payments (SWIFT)

0.3% on each payment received

Up to 1%

Send International Payments (SWIFT)

SGD 20 - 35

Up to 3%

*Payoneer’s pricing is quite complex. We recommend checking their fees page directly for accurate information. 

Airwallex vs Payoneer Fees Rating

Airwallex’s Fees Rating is 4.7/5

Airwallex is a cost-effective solution for businesses of all sizes, with free account opening and maintenance fees. However, the 0.3% charge on each deposit received could add up over time.

Payoneer’s Fees Rating is 4.4/5 

Payoneer offers a transparent and straightforward fee structure. However, its annual fee for lower-volume accounts and potential charges for some payment types may affect its overall cost-effectiveness. 

Card Features and Fees

Airwallex

Payoneer

Business Card Type

Company card: Virtual Visa debit card

Employee card: Physical and virtual Visa debit card

Physical and virtual Mastercard® pre-paid cards

Card Base Currency

Multiple currencies, including HKD, SGD, AUD, GBP, and USD

USD, EUR, GBP, or CAD

Payment Limit

USD 50,000 or equivalent (adjustable).

Daily limit of USD / EUR / GBP 5,000

ATM Withdrawal 

✔️

ATM Withdrawal Fee

Not applicable

Up to 1.8% + ATM fee

Card Fees

Free

USD 29.95 annual fee for the first card

Primary Pros

  • Separate company and employee cards for convenient management
  • Multi-currency cards compatible with Apple Pay and Google Pay
  • 1.5% cash rebates on card spending in USD
  • 4 card currency options include USD, EUR, GBP, and CAD.
  • Compatible with Apple Pay, Google Wallet, and Samsung Pay
  • Can earn cashback from eligible business transactions

Primary Cons 

  • Does not support ATM cash withdrawal
  • Higher currency conversion markups compared to its competitors
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Airwallex vs Payoneer Card Features and Fees Rating

Airwallex’s Card Features and Fees Rating is 4.3/5

Airwallex’s multi-currency card features benefit global businesses with international operations, allowing users to pay in various currencies with adjustable payment limits, free card issuance, and a rewards programme. However, the lack of ATM access is a drawback compared to Payoneer.

Payoneer’s Card Features and Fees Rating is 3.9/5

While Payoneer supports fewer currencies than Airwalles and charges an annual fee for the first card, it maintains strong usability for international transactions. Its digital wallet compatibility and ATM access cater for a wider user base, but the higher currency conversion and ATM fees make it slightly less competitive than Airwallex.

Customer Support

Airwallex

Payoneer

Personalised Customer Services

Communication Channels

Help centre, contact form, phone

Live chat, email, phone, contact form

Working Hours

The US and Canada: 8:00 - 18:00 PDT / PST

China: 9:00 - 18:00 CST

(We could not find customer support hours in Singapore)

Chat working hours: Monday-Friday: 01:00 AM - 7:00 PM EST

Airwallex vs Payoneer Customer Support Rating

Airwallex’s Customer Support Rating is 3/5

Airwallex offers online-only assistance through a support request form and local phone support in limited locations. The limited communication channels may not fully satisfy all customers’ needs, especially in urgent cases.

Payoneer’s Customer Support Rating is 4.8/5

Payoneer offers multiple contact methods for personalised assistance, including local phone support and live chat with specialists. This is a practical approach to meet the needs of its global customer base, ensuring accessible and personalised support. 

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Alternative in Hong Kong: Statrys

Whether you are a freelancer with customers in other countries or a company with global operations, choosing the right business account is crucial for ensuring seamless cross-border transactions.

If your business is registered and incorporated in Hong Kong, Singapore, or the BVI, or if you are planning to expand to this region, consider Statrys

Statrys is an award-winning platform for seamless global payment solutions, including multi-currency business accounts that support 11 currencies: USD, HKD, CNY, AUD, EUR, GBP, SGD, JPY, CHF, NZD, and CAD. Additionally, Statrys offers company incorporation services in Hong Kong and Singapore, along with dedicated customer support from a multi-lingual team.

Statrys Services

A summary of Statrys' services
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FAQs

Is Airwallex better than Payoneer?

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Both Airwallex and Payoneer offer distinct features suited to different business needs. While Airwallex offers more competitive FX rates and affordable account fees, Payoneer provides a broader network of global payment partners and options for cash withdrawal.

What are the key differences between Airwallex and Payoneer?

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Is Payoneer or Airwallex better for small businesses?

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Disclaimer

More info

Statrys competes directly with Airwallex and Payoneer in the payment industry, but we are committed to providing an unbiased and thorough review. We're committed to providing an unbiased, thorough review to help you make an informed choice.

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