Airwallex alternatives in Canada (2023)

Airwallex is a digital payments and transfers platform that allows businesses to move funds quickly, securely and cost-effectively. With bank integration features, customers can send payments in 12 popular global currencies¹.

Airwallex recently launched global payments in Canada² and it has quickly become a popular choice for Canadian businesses. However, their mark up rates might mean that other options could be better for you. In this article, we’ll look at some of Canada’s most popular Airwallex alternatives including Wise

Table of Contents
Payoneer Wise (formerly Transferwise) Stripe PayPal Square

Payoneer

Payoneer is a digital payments platform designed for businesses that need to pay and receive money from customers in multiple currencies. It allows you to send and receive payments between Payoneer accounts for free³, no matter the currency.

What makes Payoneer unique is its low fees and fast transfers. Payments are made quickly, with no hidden charges or extra transaction fees. Payoneer also provides a secure system that protects your data, making it easy for you to manage your payments.

Payoneer is missing some features that Airwallex offers, such as the ability to send multiple currencies at once and a more advanced analytics dashboard. Additionally, Payoneer does not have integration with banks in Canada.

Key features	Key considerations
Fees starting at 1%	No bank integration in Canada
Withdraw Earnings via ATM	No analytics dashboard

Wise (formerly Transferwise)

Wise (formerly Transferwise) is a leading international money transfer company, offering customers the unique option of making batch payments to up to 1,000 people. Wise offers a borderless multi-currency account that allows users to utilize 40 currencies simultaneously compared to Airwallex’s 20 currencies. This makes it easier for businesses to manage their finances in different countries without needing multiple bank accounts.

Wise does not offer an integrated payments solution for Canadian businesses like Airwallex, but it does allow users to send money quickly and securely around the world with minimal fees. Additionally, there are no hidden charges or exchange rate markups which can be a big advantage for those who need to send money regularly.

Key features	Key considerations
Batch Payments for up to 1000 people.	Inability to send multiple currencies at once
No Fees Over 2%
Free API integration
Easy Quickbooks integration - Save time on manual admin!

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

Stripe

Stripe is an online payment processing platform that allows businesses to accept payments from customers in multiple currencies. It has a unique range of features, including its analytics dashboard, which provides detailed insights into customer transactions and spending habits.

Stripe also offers a mobile app for both iOS and Android devices, allowing you to manage your payments on the go. Additionally, Stripe has integration with banks in Canada so you can make quick transfers without leaving the platform.

However, Stripe does not offer the same level of security as other transaction platforms. It also cannot send multiple currencies at once, which can be a disadvantage for businesses with international customers.

Key features	Key considerations
450+ platforms & extensions	Most operations require additional fees⁴
Mobile App	Inability to send multiple currencies at once

PayPal

PayPal is one of the most well-known payment services in the world. It allows you to send and receive payments from customers quickly and securely.

PayPal is popular because of its wide acceptance among merchants and consumers worldwide, as well as its integration with banks in Canada. You can also pay for goods or services with your credit card through PayPal, which makes it a great option for businesses that need to accept payments from customers across different countries.

However, PayPal does not have some of the features Airwallex offers, such as bank integration and multiple currency transfers at once. Additionally, fees can be higher than Airwallex, especially for international payments - international micropayments require 6% plus a fixed fee⁵.

Key features	Key considerations
Wide acceptance among merchants & consumers	3-4% Markup Rate⁵
Ability to pay with a credit card	Cannot hold currencies other than the local currency
	High fees charged⁵

Square

Square is an all-in-one payment platform that allows businesses to accept payments and manage their finances. It enables you to take payments from customers in multiple currencies, including Canadian dollars.

Square is known for its ease of use. The platform also features advanced analytics tools that allow you to track your transactions and understand your customer base better. Additionally, Square has a mobile app for Android or iOS devices so you can keep track of your money on the go.

Square does not have the same level of bank integration as Airwallex – it only offers basic bank transfers in Canada. Additionally, it does not offer the same advanced analytics dashboard as Airwallex.

Key features	Key considerations
Options for multiple price points⁶	Limited bank integration in canada
Accepts Google Pay, Apple Pay, Afterpay, and Square Pay	No advanced analytics dashboard
Mobile App available	Limited features in free version⁶

In conclusion

Canada has several alternatives to Airwallex that can provide solutions for payments and transfers. Overall, there are plenty of options available for making payments and transfers in Canada that can provide solutions tailored to your specific needs. Choosing the right one depends on your requirements and circumstances.

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Sources:

1. Airwallex Pricing
2. Airwallex update - Canada
3. Payoneer Fees
4. Stripe - Pricing
5. PayPal Business - Fees
6. Square - Pricing

Sources checked on: 26.07.2023