Wise Business vs Airwallex: 2024 Guide
Airwallex is a provider of global accounts and cards, with a specific focus on digital businesses and ecommerce sellers. Wise Business offers multi-currency business account and card services, as well as fast, low cost international transfers. Services are similar – but not exactly the same.
This guide walks through how they both work and how they compare, on card services and international transfers.
Summary: Airwallex accounts can hold and exchange 23 currencies, with global card spending and international payments to 120+ countries. Wise Business accounts can hold 40+ currencies, and receive payments conveniently in 23 currencies, with cards for spending and withdrawals in 150+ countries. You can send international payments with Wise Business to 160+ countries with low, transparent fees and the mid-market exchange rate.
Wise Business vs Airwallex: side by side
Let’s start with an overview of Airwallex Vs Wise Business side by side, looking at available features.
| Feature | Wise Business | Airwallex |
|---|---|---|
| Service availability | Online and in app – available in most countries globally | Online and in app – available in 60 countries |
| Multi-currency account | Hold and convert more than 40 currencies | Hold and convert 23 currencies |
| Debit card | Y – one off charge per card with no monthly fee | Y – monthly fees may apply. Cards can not be used in an ATM |
| Spend with debit card | Free to spend a currency you hold, conversion fee from 0.33% for other currencies | Free to spend a currency you hold, automatic conversion fee of 1% if you don’t hold the required currency |
| Local account details for receiving payment | Y – available in 23 currencies | Y – available in 23+ currencies |
| Send money to | More than 160 countries | More than 120 countries |
| Exchange rates | Mid-market rate | Exchange rates include a conversion fee of 0.5% – 1% |
| Expense management | Y | Y |
| Payment links and plugins | N | Y |
| Regulated | Y | Y |
So, to summarise:
- Airwallex is for business owners in 60 countries, Wise Business is available in app and online, in most countries globally
- Airwallex and Wise Business both have debit and expense cards for global spending in most countries around the world
- Wise Business supports more currencies for holding and exchange
- Airwallex uses a 1% conversion fee if you don’t hold the required currency when you spend overseas –
- Wise Business currency exchange uses the mid-market rate with fees from 0.33% –
- Airwallex international payments may be free if you can use a local transfer method – if not 10 AUD – 30 AUD fees apply
- Wise Business costs for international payments start at 0.33%
- Both providers have expense management tools, Airwallex also offers payment links and plugins,
- Wise Business does not
Wise Business vs Airwallex: the important bits
Next, a comparison of Airwallex Vs Wise Business on the key features which may help you decide which is right for you:
| Airwallex | Wise Business | |
|---|---|---|
| Rates | Airwallex exchange rate | Mid-market exchange rate |
| Fees | Exchange rates may include a 0.5% – 1% fee, depending on transaction type
No monthly charges
10 AUD – 30 AUD for SWIFT transfers
Transaction fees apply |
Free to spend currencies you hold with your Wise Business card
No monthly charges
Transaction fees apply – from 0.33% for currency exchange and international transfers |
| Speed | 85% same day | 60% instant, 90% same day |
| Service | Desktop browser and mobile app | Desktop browser and mobile app |
| Safety | Fully regulated and licensed | Fully regulated and licensed |
| Reviews (TrustPilot) | 3.6, Average, 1,100+ reviews | 4.3, Excellent, 226,000+ reviews |
To summarise:
- Rates: Airwallex sets its own exchange rates which may include a fee, Wise Business uses the mid-market rate
- Fees: Airwallex has no ongoing fees, with currency conversion costs of up to 1% and a 10 AUD – 30 AUD SWFT fee; Wise Business accounts have no monthly fees, with currency exchange and transfer from 0.33%;
- Speed: 85% of Airwallex transfers arrive in the same day; Wise Business transfers may arrive instantly, and 90% arrive in 24 hours
- Service: Both providers have online and in-app service
- Safetly: Both providers are fully regulated and licensed
- Reviews: Airwallex has an Average rating on Trustpilot from a low 1,100+ reviews; Wise Business has an Excellent rating on Trustpilot from 226,000+ reviews
Pros and cons
| Airwallex | Wise Business |
|---|---|
| ✅ Multi-currency accounts to hold 23 currencies
✅ Local receiving account details for 23 currencies ✅ Plugins and payment links to get paid through your website ✅ Payment and expense cards ✅ Integrations with popular software platforms |
✅Multi-currency accounts to hold 40+ currencies
✅ Payments to 160+ countries ✅ Local receiving account details for 19 currencies ✅ Payment cards for use in 150+ countries✅ Mid-market exchange rates |
| ❌Up to 1% foreign transaction and currency conversion fee
|
❌ Some service fees apply
|
The verdict: Which is better: Airwallex or Wise Business?
Airwallex and Wise Business are both good choices for low cost international business spending and payments – which is best probably comes down to your personal preferences and how you transact.
Airwallex accounts can receive, hold and exchange 23 currencies. You may need to pay a fee for employee cards, on a per employee per month basis – cards can not be used in an ATM, as they’re intended for digital use only. Airwallex could be a good bet though, if you have an ecommerce site and want no code payment plugins and links.
Wise Business accounts support 40+ currencies for holding and exchange and can receive payments with local account details in 23 currencies. There are no ongoing card fees, and your debit and expense cards can be used in ATMs when you need cash. Wise Business is a good all rounder for day to day business finance management across borders.
About Airwallex and Wise Business
Airwallex: Airwallex was founded in Australia in 2015, and aims to offer frictionless business services, particularly for digital and ecommerce companies. Products include multi-currency accounts and cards, FX and transfers, as well as plugins and payment links for digital businesses getting paid online.
Wise Business: Wise Business offers low cost cross border transfers, multi-currency account services, debit cards and more to freelancers and business owners in Australia and many other countries. Wise was originally founded in the UK in 2011, and offers fully digital services online and in app, with transparent fees and low overall costs.
How do they work?
Both Airwallex and Wise Business offer multi-currency accounts which can be used to receive local payments with your own account details in 23+ currencies. Use these details to get paid by customers and clients, PSPs and marketplaces – Airwallex also offers plugins and payment links for no code online payments. Once you hold a balance in your account you’ll be able to use it to pay others, withdraw to a bank, or spend with a linked card.
However, while the services the two providers offer are quite similar, they’re not the same – features and fees do vary, as we will explore in this guide.
Airwallex Vs Wise Business fees
Airwallex and Wise Business have quite different fees for some services – which is best for you will depend on how you’re likely to transact. Here are some key fees to consider:
| Service | Airwallex fee | Wise Business fee |
|---|---|---|
| Ongoing fees | No fee | 22 AUD fee to open a Wise Business account, no ongoing fees |
| Card fee | No fee for company cards; 14 AUD per employee per month for employee cards | 6 AUD |
| Spend currencies you hold | No fee | No fee |
| Spend currencies you don’t hold | 1% automatic conversion fee applies | From 0.33% |
| ATM fee | Cards can not be used at an ATM | 2 withdrawals to the value of 350 AUD/month free, then 1.5 AUD + 1.75% |
| Overseas transfers | No fee for transfers using local details
10 AUD – 30 AUD for SWIFT transfers |
From 0.33% |
| Receive payments with local account details | Details for 23 currencies | Details for 23 currencies |
| <center><a href=”#” class=”button”>Discover Airwallex</a></center>
|
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|
*information correct at time of research – 17th July 2024
Airwallex Vs Wise Business: which is cheaper?
If you need to send a payment overseas, using a specialist service like Airwallex or Wise Business may work out cheaper than using a bank. Fees tend to be more straightforward, too.
Both Airwallex and Wise offer international transfers which use their own local payment networks. This can mean payments are cheap or even free. In both cases a few fees may apply depending on how you transact, so do compare your options, looking at currency conversion costs as well as transfer charges.
Airwallex Vs Wise Business exchange rates
With both Airwallex and Wise Business, if you have the currency you need in your account there’s no fee to spend.
With Airwallex if you don’t have the currency you need in your account – or if you don’t have enough of that balance to cover the costs of your transaction, there’s a 1% automatic conversion fee to pay. This fee may be higher than you would pay to convert currencies in your account.
With Wise Business, when you use your card to spend in a foreign currency, and you don’t have enough balance, you’ll get the mid-market exchange rate with a low conversion fee from 0.33%. This fee is the same as you would get from Wise if you converted currencies in your account.
Airwallex Vs Wise Business: which is faster?
Airwallex states that 85% of transfers arrive on the day they’re sent.
Over 60% of Wise Business payments are instant, and 90% arrive on the same day.
Bear in mind that factors like the destination country, and the recipient’s bank processing times can impact the exact delivery time with either provider.
Airwallex Vs Wise Business: international transfer limits
Airwallex has variable limits which may change depending on the country you’re sending to, the transfer method and similar factors. Wise Business limits are usually around 1 million GBP or the equivalent. In both cases, you’ll see any relevant limits when you create a transfer, so you can check your options easily.
Airwallex Vs Wise Business: Payment methods
Before you can spend, you need to add money to your provider account:
With Airwallex you can add money with the following options:
- Bank transfer
- Direct debit
With Wise Business you can add money with the following options:
- Bank transfer
- PayID
- Debit or credit card
Both providers also offer local account details you can use to get paid by customers, clients, PSPs and marketplaces.
Airwallex Vs Wise Business: card
Both Airwallex and Wise Business offer debit and employee expense cards for local and international spending. Here’s a quick overview of the features:
| Airwallex | Wise Business Card | |
|---|---|---|
| Fee to get card | No fee for standard virtual company card
14 AUD per employee per month for employee card |
6 AUD, no ongoing fee |
| Digital card | Available as standard – apply for a physical employee card if you need one | Available |
| Hold and spend a foreign currency | Available | Available |
| Instant conversion to spend a currency you don’t hold | Available – 1% fee | Available – fee from 0.33% |
| ATM fee | ATM withdrawals are not available | Up to 2 free withdrawals a month before fees |
Airwallex Vs Wise Business: Where can you use them?
Use your Airwallex card anywhere the network is accepted. You can also use your Wise Business card in 150+ countries globally.
Ease of use
- Creating an account: Create your account online or in-app with both Airwallex and Wise Business
- Making a transfer: Airwallex and Wise Business both let you add money by bank transfer or using your local account details. Wise Business also allows customers to pay with a card or wallet such as Apple Pay.
- Ways to send money: Send payments to your recipient’s bank account directly with both Airwallex and Wise Business
- Languages: Airwallex online services are in English and Chinese, Wise Business offers 15 languages, plus multi-lingual support services
- Minimum & maximum amounts: Airwallex and Wise Business sending limits can vary by destination country, and funding method, among other factors
Supported currencies
Airwallex supporters holding and exchange in 23 currencies. You can send money to 120+ countries, and accept customer payments from 180 countries.
Wise Business supports 40+ currencies for holding and exchange, Wise Business cards can be used in 150+ countries, and Wise Business lets you send payments to over 160 countries.
Safety
Both Airwallex and Wise Business are safe and fully regulated for the services they offer.
Airwallex Australia holds an Australian Financial Services License, while
Wise Business is overseen ASIC and AUSTRAC in Australia
As global businesses both are overseen by a selection of bodies in other countries where they offer services, such as the FCA in the UK.
Airwallex Vs Wise Business customer service
Airwallex has digital support which allows you to click the topic you have a question about, leave a message and get a call back. Log into your account to connect with customer services based on your specific issue.
With Wise Business the easiest option is to open an in-app chat, or email the team, with service available in a selection of languages, 24/7.
Conclusion: Comparing Airwallex and Wise Business
Airwallex and Wise Business are both good choices if you’re a business owner managing your money across currencies – but the way they work and the exact services available aren’t the same.
Airwallex accounts can receive and hold 23 currencies, and come with linked cards which are intended for digital payments rather than ATM withdrawals. One great Airwallex feature is that you can get no code plugins to take payments from customers online – making this a good choice if you have an ecommerce business and want to receive money in multiple currencies.
Wise Business accounts can hold 40+ currencies and receive foreign currency payments with local account details in 23 currencies. Wise Business could be a good choice for flexible day to day management of your business finance, with no ongoing charges and debit cards which can be used for payments and withdrawals.
FAQ – Wise business vs Airwalles
What is the difference between Airwallex and Wise Business ?
Airwallex and Wise Business offer services to businesses in Australia and beyond. Airwallex accounts support 23+ currencies, with conversion fees of 0.5% to 1%. Wise Business accounts can hold 40+ currencies and use the mid-market rate with fees from 0.33% for currency conversion when sending payments. Compare both to see which suits your specific needs.
Which is better: Airwallex or Wise Business ?
Neither Airwallex nor Wise Business are better as such – it depends on what you need. Wise Business has more currencies than Airwallex, and offers employee cards with no ongoing fees, which can be used in an ATM. Airwallex on the other hand has its own multi-currency features, with no opening fee and plugins and payment links to accept customer transactions.
Compare both using this guide to see which is best for you.
Is Airwallex or Wise Business cheaper?
One big area of fee difference is card spending. It’s free to spend a currency you hold with both Airwallex and Wise Business but Airwallex will charge 1% if you don’t have the right currency in your account, while Wise fees are from 0.33%. There’s also an ongoing per employee fee for some Airwallex cards. Ultimately, though, which is cheaper depends on how you choose to transact.
Is Airwallex or Wise Business faster?
Airwallex states that 85% of payments arrive on the same day they’re sent. 60% of Wise Business payments are instant, 90% arrive on the same day.
How many currencies do Airwallex and Wise Business support?
Airwallex supports holding a balance in 23 currencies and can send payments to 120+ countries. Wise Business supports 40+ currencies, and lets you send payments to over 160 countries.
