Airwallex vs Wise (US) - 2024 - Complete Overview

Airwallex and Wise Business offer international business accounts that could help you achieve new heights in your business endeavors. So, which option should you go for? In this article, we'll discuss the key features and fees that will help you make your decision.

Looking to hold funds, as well as send and receive global payments?

Try Wise Business >>

Wise Trustpilot Score: Great (200,000+ reviews)¹⁰
No minimum balance requirement and no monthly fees
Free account registration - send money with the mid-market rate

Airwallex vs Wise - Business Account Overview

When it comes to business, Airwallex and Wise both have an international account as the core of their offerings. With Wise, you can hold 40+ currencies, send, and get local account details in global currencies (GBP, EUR, USD, AUD, CAD, JPY, and more) in those same currencies.²

With Airwallex, you can open local currency accounts in 22 currencies, including CAD, AUD, EUR, USD, and GBP.¹ These accounts mean your business can receive, send, and spend funds like a local in specific currencies.

Both platforms also allow you to:

• Make batch payments to recipients in diverse countries, currencies, and transfer methods.
• Connect your account to popular accounting software to simplify bookkeeping processes.
• Issue debit cards for yourself and your employees with no foreign transaction fees.
• Pay invoices in one place and track expenses.
• Accept payments through payment links.

Getting paid from multiple platforms:

After purchasing account details (one-time payment of 31 USD), Wise Business customers can use their account details to receive payments from numerous ecommerce platforms and websites, such as Amazon, Etsy, Ebay, etc.

There are differences, however. Airwallex will soon let you accept payments from a wide range of local and popular payment methods, including Visa, Mastercard, Apple Pay, WeChat Pay, Alipay, iDEAL, Klarna, and more. It can also connect with your ecommerce platform so you can settle sales in the same currency in many cases.³

Looking to hold funds, as well as send and receive global payments?

Try Wise Business >>

Airwallex vs Wise - Costs and Exchange Rate

Both Airwallex and Wise Business have a hold in the industry of international business accounts. Let's take a look at which one might be better for you.

Feature/Fee	Wise Business	Airwallex
Trustpilot Rating	200,000+ reviews - 4.3 Excellent	1,000+ reviews - 3.9 - Great
Hold Currencies	Free (+40 currencies)	Free (22 currencies)
Send Money	Free for same currency when sending money to a Wise account. Otherwise, a fee will apply depending on the currency and route of transfer. If it’s cross-currency, then FX conversion charges will apply	Free for same currency, though additional charges may apply. If it’s cross-currency, then FX conversion charges will apply.
FX Conversion	From 0.39% for cross-currency conversion, varying by currency.	0.5% above interbank exchange rates for HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY. 1.0% above interbank exchanges rates for all other currencies.
Receive Money	Free after a one-time 31 USD fee to receive in GBP, USD, EUR, CAD, AUD, JPY, and more (non-wire), Wire payments: Flat fee of 4.14 USD	Direct debit funds into and out of your foreign currency accounts are free. Local Payment Methods: 0.30 USD + Payment Method Fee
Get Paid by Card	Domestic consumer cards: 1%, International consumer cards: 2.9%, All business cards: 2.9%¹¹	Domestic cards: 2.80% + 0.30 USD, International Cards: 4.30% + 0.30 USD
Debit Cards	5 USD (one-time fee)	Free and earn 1.5% cash back
Expense Management	Free	Free
Bill Pay Feature	Free	Free
Accounting Integrations	Free	Free
Interest Feature	Yes⁹	Yes¹⁰

See how much you could pay with Wise Business

Airwallex vs Wise - Additional Features

Other than fees and overall user-friendliness, there are two other main features that will shape your experience. How quickly are transactions processed and received or sent? How easy is the platform to navigate and use? How secure is your money, and how reliable is the service? Let’s find out how each platform fares in these contexts.

Speed

Both Airwallex and Wise can process transfers much faster than traditional providers.

On many routes, Wise can send money as a same-day transfer, within one day, or even instantly – even when the recipient doesn’t have a Wise account.^9,10

You can send funds from your Airwallex Wallet to other Airwallex accounts instantly and send fast payouts to 90+ countries and regions in as little as one business day.⁷ For regular transfers, they typically arrive within 3 to 5 business days, depending on factors like the recipient bank’s location and the payment method.⁸

Convenience

Wise’s convenience lies in its simplicity, with fast, cheap transfers and a simple fee structure. You know exactly what you’re paying and when it’ll go through, and you don’t have to worry about hidden fees. Wise also has great international transfer features like rate notifications, which let you transfer money when the mid-market rate is at its best.¹¹

Airwallex and Wise both have intuitive dashboards that give you an overview of your account and activity on mobile and desktop. Airwallex has a more complex feature set than Wise to some degree, focusing solely on business transactions and dealings. It brings a convenient solution to business users with an ecommerce presence, being able to integrate directly with their existing site.

Manage international payments and multi-currency cash flow with Wise Business

Wise serves 300k business every quarter in markets all over the world. A Wise account offers the chance to send and receive international payments in multiple currencies.

Whether an instance one-time payment or batch payment, Wise offers competitive rates to customers with the mid-market exchange rate.

• Wise Batch Payments come with account - no need to pay extra for these key features
• Multi-level permissions and alerts gives you complete control over your account
• Link your accounts with top accounting systems: QuickBooks, Wave, Sage, and Xero
• US businesses get local account details in global currencies to receive funds after paying a one-time fee

Looking to hold funds, as well as send and receive global payments?

Try Wise Business >>

Wise Trustpilot Score: Great (200,000+ reviews)¹⁰
No minimum balance requirement and no monthly fees

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Sources

1 - Airwallex - Global Accounts
3 - Airwallex - Payment Links Plugins
6 - Airwallex - Pricing
7 - Airwallex - API Payouts
8 - Airwallex - How long should it take for recipients to receive funds