Heritage bank business credit card. The limits, fees and need-to-knows
If you’re on the hunt for a suitable business credit card in Australia, there are several offerings available. A mutual or ‘customer-owned’ bank, Heritage...
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.
💸 Looking for a stress-free international business account to pay abroad like a local? With multiple debit cards, AUD and foreign currency account details? |
---|
Discover the Wise
Business account
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
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.
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.
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.
Another potential downside is that you cannot use the card for ATM withdrawals.²
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 |
---|
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.
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
| 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.
Airwallex uses the interbank rate, which isn’t as transparent as any rate found on Google.
There are also markups.⁵
The Airwallex borderless card is available to anyone with an Airwallex account.
Here are the steps²:
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.
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.
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.
The card doesn’t need to be loaded as it accesses available funds sitting in the multi-currency account.
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.
Call Airwallex in Australia between 9:00-18:00 AEST / AEDT on:
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.
Register for a Wise business account
in minutes 🚀
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
---|
Sources:
Sources checked on: 21 March 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
If you’re on the hunt for a suitable business credit card in Australia, there are several offerings available. A mutual or ‘customer-owned’ bank, Heritage...
If you’re a business owner in Victoria seeking a low-rate business credit card solution, Bank of Melbourne (BOM) may be worth considering. Existing...
If you run a business that deals with international trade, you know the importance of finding a service provider that makes international payments and foreign...
If you’re the owner of a business or run the finances of one, you might be considering business debit cards. These cards are usually connected to the...
As a business continues to grow, sorting out its financial and banking aspects becomes important. Setting up a business account is a crucial step that can...
Whether you have your own business already, or are looking to start one, there might be a time where you may need to seek out overseas suppliers to fulfil...