Airwallex vs Wise for business banking – Comparing features, fees, pros and cons

Last updated on 10 August 2023

In today’s rapidly evolving digital landscape, choosing the right banking solution for your business is crucial. Two prominent players in the business banking arena are Airwallex and Wise (formerly TransferWise). Both offer innovative financial services tailored to the needs of businesses, but they have distinct features, advantages, and drawbacks.

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In this article, we will compare Airwallex vs Wise, highlighting their pros, cons, key differences, costs, and other considerations, helping you make an informed decision for your business.

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Airwallex vs Wise

FeaturesAirwallexWise
Global ReachSupports over 130 currenciesExtensive global banking network
Multi-Currency AccountsYesYes
Integrations and APIsSeamless integration with accounting softwareIntegration with popular accounting platforms
Payment Collection ToolsComprehensive tools for collecting paymentsLimited business-focused payment collection tools
Withdrawal OptionsLimited withdrawal options to certain countriesWide range of withdrawal options
Competitive Exchange RatesYesYes
Borderless AccountsYesYes
Business Debit CardsYesNo
Funding OptionsIncludes access to business loansLimited funding options
Banking LicensesHolds banking licenses in multiple jurisdictions
Pricing StructureTiered pricing systemPercentage-based fee for conversions, nominal fee for transfers
Airwallex vs Wise features compared

Remember to consider these features in the context of your specific business requirements when making a decision.

Statistics

  1. Airwallex:
    • Airwallex has raised over $500 million in funding, valuing the company at more than $2.6 billion as of 2021.
    • Airwallex processes over $20 billion in annual transaction volume for its customers.
    • Airwallex serves more than 50,000 businesses globally, including high-growth startups and established enterprises.
  2. Wise:
    • Wise has over 10 million customers worldwide and processes over £5 billion in cross-border transactions per month.
    • Wise is trusted by over 150,000 businesses for their international payment needs.

These data points highlight the substantial market presence and scale of both Airwallex and Wise, showcasing their popularity and adoption among businesses globally.

Pros of Airwallex

  • Global reach: Airwallex enables businesses to transact globally with ease, supporting over 130 currencies and offering competitive foreign exchange rates. This feature is particularly advantageous for businesses engaged in international trade.
  • Multi-currency accounts: Airwallex allows you to hold and manage funds in multiple currencies, simplifying cross-border transactions and reducing currency conversion fees.
  • Integrations and APIs: Airwallex integrates seamlessly with popular accounting software and platforms, streamlining financial operations and enhancing efficiency.
  • Payment collection: Airwallex provides businesses with tools to collect payments from customers worldwide via various channels, including cards, bank transfers, and e-wallets.

Cons of Airwallex

  • Limited withdrawal options: Currently, Airwallex only offers withdrawal capabilities to bank accounts in certain countries. This limitation may inconvenience businesses requiring frequent transfers to specific regions.
  • Pricing complexity: The fee structure of Airwallex can be complex, with different pricing tiers and additional charges for certain services. It’s crucial to thoroughly understand the pricing model to avoid unexpected costs.

Pros of Wise

  • Competitive exchange rates: Wise offers transparent and low-cost currency conversion rates, allowing businesses to save on international transfers and transactions.
  • Simplified international payments: With Wise, you can make international payments in various currencies swiftly and securely, leveraging their extensive global banking network.
  • Borderless accounts: Wise provides borderless accounts, enabling businesses to hold and manage funds in multiple currencies, similar to Airwallex. It’s a convenient feature for businesses with international operations.
  • Easy integration: Wise integrates smoothly with popular accounting platforms, facilitating streamlined financial processes and bookkeeping.

Cons of Wise

  • Limited business services: While Wise offers solutions for businesses, its services are primarily focused on individual users. Some advanced business features, such as payment collection tools, are not as comprehensive as Airwallex.
  • Withdrawal speed: The transfer speed for withdrawing funds from Wise to bank accounts can be slower compared to Airwallex. This delay may not be ideal for businesses requiring immediate access to funds.

Airwallex vs Wise – Key differences

  1. Banking licenses: Airwallex holds banking licenses in multiple jurisdictions, including the UK and Australia. This provides additional regulatory oversight and reassurance for businesses.
  2. Card solutions: Airwallex offers business debit cards, allowing companies to manage expenses and make payments conveniently. Wise does not currently provide this feature.
  3. Funding options: While both Airwallex and Wise offer funding solutions, Airwallex includes access to business loans, providing additional financial flexibility.

Airwallex vs Wise – Costs and pricing

Both Airwallex and Wise have transparent fee structures, but they differ in their pricing models.

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Airwallex employs a tiered pricing system, with costs varying based on transaction volumes and additional services.

Wise, on the other hand, charges a percentage-based fee for currency conversions and a nominal fee for international transfers.

Airwallex vs Wise – Other considerations

When selecting between Airwallex vs Wise for your business banking needs, it’s crucial to evaluate factors such as customer support, user experience, security measures, and additional features offered.

Conducting thorough research, considering your business requirements, and reading user reviews and testimonials can provide valuable insights into the overall experience of using Airwallex and Wise.

Furthermore, consider the scalability of the platforms and whether they can accommodate the future growth of your business. Evaluate the ease of onboarding and the availability of dedicated account managers or customer support teams to address any concerns or issues that may arise.

Lastly, take into account the specific needs of your business. If you primarily engage in international trade and require comprehensive payment collection tools, Airwallex may be the better option. However, if your focus is on streamlined international payments and competitive currency exchange rates, Wise could be the preferred choice.

Airwallex vs Wise – Verdict

In conclusion, both Airwallex and Wise offer valuable business banking solutions, each with its own strengths and weaknesses.

Assessing the pros, cons, key differences, costs, and other considerations will help you make an informed decision based on the unique requirements of your business.

Remember to thoroughly evaluate the features, pricing structures, customer support, and scalability of each platform to ensure that you select the banking solution that aligns with your business objectives and facilitates smooth financial operations.

Airwallex vs Wise – FAQ

Can I use Airwallex or Wise for personal banking?

Both Airwallex and Wise primarily focus on business banking solutions. However, Wise also offers personal banking services, allowing individuals to send and receive money internationally at competitive rates.

Are there any monthly fees for using Airwallex or Wise?

Both Airwallex and Wise have transparent fee structures. Airwallex charges monthly subscription fees based on usage and additional services, while Wise does not have monthly fees. It’s important to review their respective pricing models to understand the costs associated with specific transactions and services.

Can I integrate Airwallex or Wise with my existing accounting software?

Yes, both Airwallex and Wise offer integrations with popular accounting platforms, making it easier to streamline your financial processes and sync transaction data with your accounting software.

How secure are Airwallex and Wise for business transactions?

Airwallex and Wise prioritise the security of their platforms. They employ advanced encryption protocols, robust identity verification measures, and adhere to strict regulatory standards to safeguard your financial information and transactions.

Can I receive customer support from Airwallex or Wise?

Both Airwallex and Wise provide customer support to assist businesses with their inquiries and concerns. Airwallex offers dedicated account managers for certain plans, while Wise offers customer support via email and in-app chat.

Can I make international transfers with Airwallex and Wise?

Yes, both Airwallex and Wise allow businesses to make international transfers in various currencies. They provide competitive exchange rates and offer convenient solutions for cross-border payments.

Can I access my funds immediately with Airwallex and Wise?

Airwallex and Wise have different withdrawal options and processing times. Airwallex’s withdrawal options are limited to certain countries, which may impact the speed of accessing funds. Wise typically processes withdrawals within a few business days, but the exact timing may depend on the recipient’s bank and country.

Remember, it’s essential to review the specific features, terms, and conditions of Airwallex and Wise to ensure they align with your business’s needs before making a decision.

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Reviewed by , Managing Director

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