Airwallex VS Rapyd: Business Account Comparison [2024]

Airwallex is a leading global fintech platform established in Melbourne, Australia, in 2015. They offer businesses cross-border payments and financial services through a proprietary network and APIs.

With over 1,200 employees in 19 locations worldwide, they have served over 100,000 business customers globally. Airwallex is now focused on developing AI tools to help streamline the KYC process and enhance customer experience.

• Eligible countries: 52 countries and regions, including Hong Kong, the UK, Singapore, the US, Australia, and others.
• Eligible company type: Most business entity types are eligible. 
• Licences: The company holds various licenses, such as a Money Service Operator license in Hong Kong, a Major Payment Institution license in Singapore, and an Electronic Money Institution license in the UK, among others. 
• Partner banks: Standard Chartered, JP Morgan, Barclays and more. 

Established in 2015, Rapyd is a global payments platform specialising in payment API integration for various applications. Additionally, they offer virtual business accounts facilitating local and international payments across multiple regions.

Rapyd was recognised as the Best Cross-Border Merchant Solution in 2024 from the Merchant Payments Ecosystem (MPE).

The company, headquartered in London, UK, operates multiple offices worldwide, including in Dubai, San Francisco, Miami, Singapore, and more.

• Eligible countries: Vary based on products. For instance, Rapyd Collect, Rapyd Disburse, and Rapyd Issuing are available globally. However, the Rapyd Business Account (a bundle of Rapyd Collect, Rapyd Disburse, Rapyd Virtual Accounts, and Rapyd Card Issuing) is only available in Hong Kong (excluding Rapyd Card Acquiring) and the UK (excluding Rapyd Disburse). 
• Eligible company type: Any entities meeting risk conditions and operating permitted businesses in non-sanctioned countries. High-risk or prohibited industries may not be supported.
• Licences: Rapyd offers payment services through various legal entities, depending on the service and jurisdiction. It is licensed as follows:
• EU/EEA: Rapyd Europe hf., regulated by the Central Bank of Iceland.
• UK: Rapyd Payments Limited and CashDash UK Limited, regulated by the Financial Conduct Authority.
• Hong Kong: Neat Limited (licensed by the Customs and Excise Department and Companies Registry) and Neat Asia Limited (regulated by the Companies Registry).
• Singapore: Rapyd Holding Pte. Ltd., licensed by the Monetary Authority of Singapore.
• UAE: Rapyd Management Limited, regulated by the Dubai Financial Services Authority.

In other regions, Rapyd works with licensed Network Partners, and additional terms may apply depending on the jurisdiction.

Airwallex’s Feature Rating Is 4.5/5

Airwallex earns high marks for extensive integration with popular ecommerce platforms, marketplaces, and accounting software. Moreover, the forward and spot FX features provide significant advantages to international businesses. 

However, while they offer a solid range of supported currencies, they slightly lag behind Rapyd.

Rapyd’s Feature Rating Is 4/5

Rapyd surpasses Airwallex in currency support for both receiving and sending payments. Additionally, their focus on industry-specific solutions provides unique value.

However, Rapyd offers a narrower range of marketplaces and accounting software integrations than Airwallex. Additionally, the lack of extensive information about business account features and FX services poses a drawback.

Please note that the pricing in the table below is for reference purposes only and applies to Rapyd Business Account Hong Kong customers.

Rapyd recommends getting in touch with them directly for precise pricing details relating to business accounts in certain regions.

*The subscription fee of USD 99 per month covers a bundle of services, encompassing Rapyd Virtual Accounts, Rapyd Collect, Rapyd Disburse, and Rapyd Card Issuing. This package is commonly known as the "Rapyd Business Account". Please note that we cannot find information regarding Rapyd's virtual account fee as a stand-alone.

Airwallex’s Account Fee Rating is 4/5

Airwallex offers an attractive fee structure with no account opening fee, no monthly fee, and fee-free local payments. The fees for sending international payments are comparable to Rapyd's reference fees.

Although the variable fee for receiving local payments is affordable, it may be higher than Rapyd FPS, which is free, especially for businesses with high-volume transactions.

Rapyd’s Account Fee Rating is 3/5

Rapyd offers a notable benefit with its free FPS payment feature, which, although common among providers, is not universally offered.

However, the USD 99 monthly fee could be a significant overhead. While this fee includes a bundle of services, businesses must weigh whether it’s valuable for their operation in relation to the cost. The additional percentage charges for transfers involving currency conversion may also introduce layers of potentially unpredictable costs.

Compared to Airwallex, Rapyd's fee structure appears less transparent, as comprehensive pricing details are only available upon contacting sales. This lack of transparency limited our ability to fully assess the platform.

Rapyd offers pricing plans tailored to regions and card features. Please be aware that the pricing listed in the table below is for reference purposes and only applies to Rapyd Business Account customers in Hong Kong. 

*This fee-free card is offered explicitly to customers holding a Rapyd Business Account, a bundled service with card issuance included. In this case, there is no monthly fee for the card, but there is a monthly fee for the Rapyd Business Account, which is USD 99. 

The fee covers not only the card but also a virtual account, disbursement, and collection services. Please note that we cannot find information about card fees as a standalone product. You may need to reach out to Rapyd for that.

Airwallex’s Card Rating is 4.5/5

Airwallex offers two cards with multi-currency capability for enhanced management. They also provide transparency regarding card currency options and the flexibility to customise and negotiate spending limits.

However, the lack of ATM withdrawal capability limited its flexibility. Nevertheless, it may not have a significant impact on online-based businesses.

Rapyd’s Card Rating is 3.5/5

Rapyd's offering emphasises customisation, with both virtual and physical card options. Companies can design these cards to reflect their brand, setting specific limits and benefits for users. The option for ATM withdrawals also adds convenience. 

However, the lack of detailed information on the full scope of costs and features proved to be a challenge. Moreover, while access to the card service is free, it requires purchasing a bundle of services priced at USD 99 per month, which can be substantial.

Airwallex’s Customer Support Rating is 3/5

Airwallex provides basic support channels such as a help centre, contact form, and phone support. However, they lack live chat and direct email, which competitors commonly offer in the market. The support hours for phone calls are transparent but limited to business hours in specific regions. 

Because of these reasons, we rated Airwallex's customer support score slightly lower than Rapyd's.

Rapyd’s Customer Support Rating is 3.5/5

Rapyd also offers basic support channels, including a support portal, contact form, and phone support. Similar to Airwallex, Rapyd also does not offer live chat and email support, which are common support options in the industry.

The extended technical support call hours give it a slight advantage over Airwallex, though this service is available for UK and Ireland customers.

Please note that customer support experiences for both Airwallex and Rapyd vary according to reviews on Trustpilot. We advise looking at these reviews before making your final decision.

If you operate a business or are considering expanding to Asia, Statrys is a good alternative to Airwallex and Rapyd.

Founded in 2019, Statrys is a Money Service Operation in Hong Kong and offers payment services specifically designed for entrepreneurs and SMEs. These services include multi-currency business accounts, international payment solutions, payment cards, and FX services.

At Statrys, we prioritise personalised and efficient customer service. Our multilingual team is ready to assist you through multiple channels to ensure that your inquiries are addressed promptly. Our commitment is reflected in our excellent Trustpilot score of 4.7 out of 5.

Below is a summary of Statrys’ offerings: