Airwallex Borderless Card in Australia. The fees and need-to-knows

Making purchases online or in-store globally can be challenging without a credit card. Borderless multi-currency cards are the answer.

There are many of these products on the market, and it’s not easy to know which one to choose.

We’re going to take a look at the Airwallex borderless multi-currency card and compare it to Wise’s offering.

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What is the Airwallex borderless multi-currency card?

The Airwallex borderless multi-currency card is a debit Visa card linked to the Airwallex account. It allows the holder to make payments in multiple foreign currencies from the linked account.

You or your employees can pay for goods and services in-store or online wherever Visa is accepted.¹

Who is this card for?

The Airwallex borderless multi-currency card is helpful for businesses with employees who work abroad and need to pay for goods or services. The card is linked to the Airwallex account, so you can only spend available funds. There is no credit facility.

What are the main features and benefits of this card?

If you have Australian-based employees who travel abroad for business and you need to control their spending, the Airwallex borderless multi-currency card may benefit you.

Here’s a summary of the benefits.

• Manage each card from a single dashboard
• Create a virtual card in minutes
• Freeze or cancel cards with one click
• Eliminate FX transfer fees by using available multi-currency funds
• Link to Xero with hourly syncs

The cons of using this card

Currently, the physical cards can only be issued in the following 4 countries. This isn’t ideal if you have employees based outside these countries.

• Australia
• USA
• UK
• Hong Kong

Another potential downside is that you cannot use the card for ATM withdrawals.²

The limits you get with this card

As the card is a debit card, it’s linked to available funds in the Airwallex account. The administrator can determine the individual currencies and maximum spend levels per card.¹

The product doesn’t offer a credit facility, so you can spend nothing more than what is in available funds.

Read more: Airwallex vs Wise Business in Australia

What are the supported currencies?

Direct billing is available in 10 major currencies, provided there is a balance in the relevant account. They are³:

Supported currencies
AUD — Australian Dollar	HKD — Hong Kong Dollar
CAD — Canadian Dollar	JPY — Japanese Yen
CHF — Swiss Franc	NZD — New Zealand Dollar
EUR — Euro	SGD — Singapore Dollar
GBP — British Pound	USD — US Dollar

There are numerous other currencies supported. They’re the same that you can find on the Visa-supported currencies list found here.

What are the fees for this card vs Wise card

One way to compare card benefits is with the fees that are charged. Here’s a breakdown of the different fees, all in Australian dollars.

	Airwallex Borderless Card⁴	Wise Card (pricing info here)*
Card order fee	Free	$6
Monthly maintenance fee	Corporate cards — free Employee cards — $14 per card per month	No monthly fees
Renewal fee once expired	Free	Free
Digital card available?	Yes	Yes
ATM fees for home and abroad withdrawals	Currently not available on this product	2 free withdrawals per month if the total amount is under $350. After that: $1.50 per transaction plus 1.75% of the amount Note that various ATM providers may charge their own fees
International payments fee % for spending 100 AUD in GBP⁵	Per transaction: Gateway fee $0.30 Foreign currency settlement fee 1.50% FX Conversion fee 2.00% Depending on the specific foreign currencies involved in a Transaction, only one of these would be charged at once.	0.44% to spend Convert 100 AUD spent in GBP

*As seen on 21 March 2023

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

The main difference between the two is that while Airwallex has no card creation fees, they do have a monthly charge. Wise has card creation fees but not monthly ones.

You can use Wise debit cards to withdraw cash from ATMs, but Airwallex ones can’t. As seen from the fees table, the Airwallex international transaction fees can add up.

What exchange rate is used by the Airwallex borderless card

Airwallex uses the interbank rate, which isn’t as transparent as any rate found on Google.

There are also markups.⁵

• The 10 currencies that can be direct billed — 0.50%
• All other currencies — 1.00%

How do you get an Airwallex borderless card?

The Airwallex borderless card is available to anyone with an Airwallex account.

Here are the steps²:

• Once logged in, navigate to the cards section
• Click ‘create card’ in the top right-hand corner
• Select employee card
• Select a user from the list and click ‘next’
• Choose ‘let employee complete’ so they can confirm their ID
• Enter a delivery address (physical only, no PO boxes)
• Set the spending limit for that employee
• Click ‘create card’

This action will create a virtual card number, expiry date and CVV. This is a temporary card only until the physical one is generated.

In the meantime, they’ll get an email asking them to confirm their ID. Once that process has been completed, Airwallex will produce a physical card.

They’re welcome to use the virtual card once they’re verified. Once they receive the physical card, they’ll need to update their saved virtual card details with the amended expiry date and CVV.

What are the eligibility requirements for getting this card?

As the cards are linked to the Airwallex borderless multi-currency account, the company’s verification process has already happened.

The eligibility for the card is dependent on the employee being able to confirm their ID via the link on the email they receive.²

As the administrator, it’s up to you whether or not employees can have a card.

How long does it take to get the card?

A virtual card can be created within 5 minutes; the card number is available and can be used immediately.

Airwallex doesn't state on its website how long it can take for the card to be dispatched. The time it can take to be delivered will depend on the standard local postal service delays, such as weather and national holidays.

How to load and use the card

The card doesn’t need to be loaded as it accesses available funds sitting in the multi-currency account.

What else do I need to know?

Knowing how much a foreign transfer will cost you isn’t immediately available. You’ll need to wait for the transaction to settle to know what exchange rate was used.

This uncertainty makes it difficult to make purchases based on favourable exchange rates.

Looking for a product with a transparent exchange rate may benefit you if this is a vital business concern.

Airwallex borderless card contact details

Call Airwallex in Australia between 9:00-18:00 AEST / AEDT on:

• Local: 13 32 99
• International: +61 13 32 99

Wise Business account and debit card

Wise offers a hassle-free, all-in-one business account. There are no monthly fees, hidden charges or high rates. Get paid, manage your cash flow, and even pay employees. Integrate with a number of APIs for seamless reporting.

You’ll also get access to local Australian account details, and account details for over 9 other major currencies.

The Wise business debit card can be used at ATMs, in-store, or online shopping via the Mastercard network. Additional cards can be made available for other team members as you choose, with one fixed card-creation fee per card and no monthly fees.

Find out how the Wise business account can save you money.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

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Sources:

1. Airwallex Multi-Currency Cards
2. Airwallex Borderless cards FAQs
3. Airwallex Multi-currency card supported currencies
4. Airwallex Pricing
5. Airwallex Australian fee schedule

Sources checked on: 21 March 2023