Airwallex | Wise |
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 ✔️ Local account details in 9 currencies ✔️ Transfer and convert funds across more than 40 currencies. ✔️ Cashback on business account (EEA only) and card (UK only) ✔️ Integrate business APIs ✔️ "Jars" feature for fund allocation. |
Best For Global online businesses with minimal cash operations seeking cross-border payment solutions with integration into marketplace platforms. | Best For Freelancers, SMEs, and frequent business travellers seeking a cost-effective method to transfer money globally. |
Trustpilot rating ⭐⭐⭐ 3.8/5 | Trustpilot rating ⭐⭐⭐⭐ 4.2/5 |
📌 Have you used Airwallex or Wise? Share your thoughts in our brief survey and receive a reward for your participation!
Airwallex Overview
Airwallex, established in 2015, is a fintech payment platform based in Australia. The platform specialises in providing online payment services to businesses worldwide.
Backed by Tencent and recognised by CNBC-Statista as one of the World’s Top Fintech Companies in 2023, the company has served more than 100,000 businesses across the globe.
- Eligible countries: 52 countries and territories such as Australia, the UK, the US, Hong Kong, Singapore, the BVI, New Zealand, and more.
- Eligible company type: Most entity types are eligible.
- Licences: Airwallex operates with various licenses across the countries where it conducts business, including an Australian Financial Services license within Australia, an Electronic Money Institution license within the UK, a Money Service Operator license in Hong Kong, and a Major Payment Institution license in Singapore.
- Partner banks: JP Morgan, DBS, Standard Chartered, and more.
Wise Overview
Wise, previously known as TransferWise, is a fintech company established in 2011. Its main purpose is to offer international payment solutions to both individuals and businesses.
Currently, Wise has a vast network of over 10 million active personal and business users worldwide.
- Eligible countries: Most countries and regions are eligible.
- Eligible company type: Most entity types are eligible, including freelancers and companies.
- Licences: Wise is licensed and regulated in the countries of operation, registered as an Electronic Money Institution in the UK, a Payment Institution in Belgium and the EEA, a Money Service Operator in Hong Kong, a Major Payment Institution in Singapore, and more.
- Partner banks: Chase, Wells Fargo, and more.
Business Account Features
| Airwallex | Wise |
Local Account Details for Local Payments | 21+ currencies in 13 locations, with major ones including USD, GBP, AED, AUD, EUR, SGD, HKD, CNY, CAD, CHF, JPY and NZD | 9+ currencies, with major ones including USD, GBP, AUD, EUR, SGD, CAD, NZD, PLN and RON. |
Supported Currencies | Over 40 currencies, with major ones including USD, GBP, AUD, EUR, HKD, SGD, CAD, JPY, KRW, and more. | Over 40 currencies, with major ones including USD, GBP, AUD, EUR, HKD, SGD, CAD, CNY, CHF and more. |
International Payments via SWIFT | ✔️ | ✔️ |
Accounting Software Integration | ✔️ | ✔️ |
Connect to Major Ecommerce Marketplace in Minutes | ✔️ | ❌ Connectivity to marketplaces varies in capability, methods, and timing. |
Payment links | ✔️ | ✔️ |
Batch Payment | ✔️ Up to 1,000 payees | ✔️ Up to 1,000 payees |
Sub-categories for Fund Allocation | Over 40 currencies, with major ones including USD, GBP, AUD, EUR, HKD, SGD, CAD, JPY, KRW, and more. | ✔️ |
Investment | ❌ | ✔️ |
FX Features | Spot and forward | We cannot find information |
Primary Pros |
|
|
Primary Cons |
|
Airwallex VS Wise Features Rating
Airwallex’s Feature Rating Is 4.5/5
Airwallex offers local account details for local payments in 21+ currencies across 13 locations, providing more extensive coverage compared to Wise. Integration with major ecommerce marketplaces and robust FX features service further enhance its appeal.
Wise’s Feature Rating Is 4/5
While Wise provides local account details for local payments in 9+ currencies, covering major currencies like USD, GBP, AUD, and EUR, it is less extensive than Airwallex. The lack of clarity regarding FX features may also be a drawback.
Despite these limitations, Wise still offers valuable features for users seeking international payment solutions, including investment features and subcategories for specific projects or goals. When comparing these features to Airwallex's unique ones, however, the FX service may be more significant for cross-border businesses, hence the slightly different rating.
Business Account Fees
| Airwallex | Wise |
Account Opening | Free | Vary by locations
|
Account Monthly Fee | Free | Free |
Receive Local Payments | 0.3% on each payment received | Free |
Send Local Payments | Free | Starting from 0.43% |
Receive International Payments (SWIFT) | 0.3% on each payment received | 10 CAD for CAD SWIFT payments. We cannot find information for other currencies. |
Send International Payments (SWIFT) | SGD 20 - 35 | Varies depending on each bank's handling fees. |
FX Conversion Fee | Australia, the US, the UK, the EEA: 0.5% - 1% Singapore: 0.4% - 0.6% Hong Kong: 0.2% | Starting from 0.43% |
FX Rate | Not explicitly stated. Based on various factors, including market conditions and liquidity. | Based on mid-market rates |
Airwallex VS Wise Account Fee Rating
Airwallex’s Account Fee Rating is 4/5
Airwallex's Account fees could be considered competitive, featuring no account opening fees and no monthly charges. The range of potential fees for SWIFT payments may provide cost predictability, although further transparency regarding receiving international payments and FX rates could enhance user experience. The nominal charge for receiving local payments is another drawback.
Wise’s Account Fee Rating is 3.5/5
While Wise imposes a modest account opening fee, receiving free local payment is a notable advantage for business users. However, the variable fee structure starting from a percentage may introduce uncertainty regarding transaction costs. Furthermore, the presentation of fee information is slightly less comprehensive than that of Airwallex.
🔍 Tip: Explore our detailed guide to learn the essentials about opening a Wise business account and key things to know about opening an Airwallex account.
Card Features and Fees
| Airwallex | Wise |
Business Card Type | Company card: Virtual Visa debit card Employee card: Physical and virtual Visa debit card | Physical and virtual business debit cards issued on either Visa or Mastercard |
Supported Regions for Card | Australia, the UK, the US, the EEA, Hong Kong and Singapore | Australia, the UK, the EEA, Brazil, Canada, Japan, Malaysia, New Zealand, Singapore and Switzerland |
Card Base Currency | Multiple, including USD, AUD, HKD, SGD, EUR, GBP, CAD, NZD, JPY and CHF | Multiple, corresponding to the currency of your local currency account. |
Transaction Limit for Cards | USD 50,000 or equivalent (timeframe not specified). Daily and monthly limits are customisable in the app | GBP 10,000 or equivalent per transfer The monthly limits apply depending on the registered countries. For instance
Limits are adjustable in the app |
ATM Withdrawal | ❌ | ✔️ |
ATM Withdrawal Fee | Not applicable | 2 free withdrawals per calendar month, then
|
Card Fees | Company card: Free Employee card: Monthly fees vary by location. For instance
| One-time fees vary by location, for instance
|
Using the card to collect payment | Depending on location and customer’s card type, for instances
| Depending on the customer’s card type
No additional fees for Visa and MasterCard card schemes or interchange fees. |
Primary Pros |
|
|
Primary Cons |
|
|
*Wise has temporarily paused issuing cards to the US. If you're in the US and wish to obtain a Wise card, you may be placed on a waitlist.
Airwallex VS Wise Card Rating
Airwallex’s Card Rating is 3.5/5
Airwallex offers two distinct cards: the company card for overall company expenses and the employee card for individual business-related expenses. This segmentation streamlines management.
The cards work across multiple regions, but the number is less extensive compared to Wise. Additionally, payment collection fees can be relatively high, and the lack of ATM withdrawal support may pose a drawback based on business requirements.
Wise’s Card Rating is 4/5
Wise provides physical and virtual business debit cards that are supported in various regions. The minimal one-time fees and lack of monthly fees make it an attractive option. Additionally, the fees for collecting payments are more cost-efective compared to Airwallex. The inclusion of ATM withdrawal support is also beneficial for business travellers who may need cash on hand.
While Wise supports more regions than Airwallex, its current inability to issue cards in the US can be a drawback, considering the market size of the region.
Customer Support
| Airwallex | Wise |
Communication Channels | Help centre, contact form, phone | Help centre, contact form, phone, email |
Working Hours | For phone call The US and Canada: 8:00-18:00 PDT / PST China: 9:00-18:00 CST | We cannot find information |
Airwallex VS Wise Customer Support Rating
Airwallex’s Customer Support Rating is 3/5
While Airwallex provides slightly fewer communication channels, detailed information is available for both existing and potential customers.
Wise’s Customer Support Rating is 3/5
Wise’s variety in communication channels is slightly higher than Airwallex, with the inclusion of email support. However, contact details are only available for existing customers, not potential ones.
Airwallex and Wise Alternatives: Statrys
If you're a freelancer or SME registered and incorporated in Hong Kong, Singapore, or the BVI, and you deal with international clients, Statrys can be another valuable option for your business.
Statrys provides focused services for seamless global payment solutions, including multi-currency business accounts, payment cards with expense management, accounting and marketplace integration, FX services, and company incorporation services in Hong Kong and Singapore. Additionally, you can rely on dedicated customer support from a multi-lingual team.
Statrys Key Services
🔍 Tip: For more details, explore our comparison of Airwallex vs Statrys and Wise vs Statrys.
FAQs
Is Airwallex comparable to Wise?
Yes, Airwallex and Wise both offer business accounts with features tailored to cross-border business needs. They both offer some similar features, such as multicurrency capability, business debit cards, a 0% fee for foreign transactions (though both have conversion fees applied.), and so on.
However, they differ in details; for example, Airwallex advertises a more streamlined process for marketplace integration but lacks access to ATMs. Wise is more well-known to be a convenient choice for frequent business travellers.
Which is better, Wise or Airwallex?
How are the business cards from Airwallex and Wise different?
Can I manage multiple currencies within my Airwallex or Wise business account?
Disclaimer
Statrys competes directly with Airwallex and Wise in the payment industry, but we are committed to providing an unbiased and thorough review to help you make an informed choice.
