Airwallex Vs Wise Business: A side-by-side comparison [NZ Guide]

Kiwis trading across borders have grown tired of lousy exchange rates and sky-high international transfer fees. Affordable fintech alternatives, like Airwallex and Wise Business, offer better rates than the banks, saving global traders a tidy sum in the long run.

This post weighs up Airwallex vs. Wise Business. We’ll comb through the fine print to compare the feature-rich financial arsenal of Airwallex to the slick, user-friendly interface of Wise Business.

This article is provided for general information purposes and has been prepared without taking into account your objectives, financial situation, or needs.

What is Airwallex?

Airwallex¹ is a global payment and financial services platform designed for growing businesses. The brand operates in multiple countries worldwide, including New Zealand, and serves over 200,000 companies. Airwallex exclusively caters to businesses; it’s not possible to open a personal account.

With Airwallex, you can open a global business account, manage company spend, accept payments, and build high-level customisations through integrated APIs. All this occurs through a single, unified platform for a one-stop-shop-style fintech solution.

Airwallex has divided its diverse range of products into four categories.

• Business Account: Create local accounts to receive funds in 60+ currencies and make global transfers to 200+ countries using the interbank exchange rate. The business account includes multi-currency corporate cards and software integrations.
• Airwallex Spend: Use spend management tools to track expenses, reimburse employees, control corporate cards, and manage domestic and international bills.
• Airwallex Payments: Send payment links to customers worldwide and embed low-code checkout solutions into your website. Users can access plug-and-play integrations with Shopify, WooCommerce, and more.
• Platform APIs: Harness APIs to build and monetise global financial products. Acquire high-level control and improve efficiency for payments, accounts, transactional foreign exchange, and card issuing.

Airwallex primarily targets businesses with relatively complex financial needs seeking a comprehensive, all-in-one fintech solution.

What is Wise Business?

Formerly known as Wise, the brand has been specialising in low-cost international transfers since 2011.

The story began with two Estonian friends living in London, one paid in euros and the other in pounds. Both grew sick of paying lofty international transfer fees. Every month, they looked up the mid-market exchange rate and sent money to each other’s accounts by-passing the slow and expensive SWIFT transfers offered by the banks.

That’s how Wise still works today. The company maintains a bank account in every country where it operates. Money never actually crosses borders, which slashes prices and processing times. Wise has over 16 million personal users and 700,000 global business customers. The platform’s popularity stems from its user-friendly interface and transparent, low-cost international transfers.

Unlike Airwallex, Wise offers both personal and business accounts. We’ll focus on Wise Business for a like-for-like comparison.

For Kiwi businesses that prioritize straightforward, low-cost international money management, Wise Business offers a simple, user-friendly, yet transparent solution. Centered on providing the mid-market exchange rate for all conversions, Wise Business ensures there are no hidden markups on currency exchange. Businesses can get local account details in over 8+ major currencies (like NZD, AUD, USD, and EUR) for a small, one-time setup fee, allowing them to receive payments from overseas fee-free, just like a local company.

A fair, transparent pricing policy lets you know the exact cost of every transfer upfront.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 40 NZD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

Comparison: Airwallex vs Wise Business

Both brands help New Zealanders save money when trading abroad. They serve as more cost effective and faster mode of money transfers for businesses operating across borders.

Let’s compare some of the features available in Wise Business and Airwallex.

Fee comparison: Airwallex vs Wise

Airwallex offers three pricing tiers for businesses with varying needs, as well as a custom plan featuring APIs for larger enterprises. Wise Business has no tiers, but charges a one-off fee to receive money in local accounts.

Note that prices provided by Airwallex are exclusive of GST.

Finding the right solution for your business needs!

Selecting a financial solution for your business requires careful consideration of your specific needs. Both services provide an effective, low-cost alternative to traditional banking for international money transfers.

One option caters to businesses with more intricate financial requirements, offering advanced management features and customizable integrations. While these capabilities may come with a subscription fee, they can be valuable for high-volume operations. Conversely, another solution is favored for its straightforward interface and clear pricing, which can lead to significant long-term savings for businesses with simpler, more direct needs.

The choice between the two ultimately depends on whether your priority is powerful, customizable functionality or ease of use and cost efficiency. Before making a decision, it's essential for readers to conduct their own research to determine which solution best fits their unique business needs.