Commonwealth Bank vs Airwallex: compare on fees, features and benefits

An easy-to-use and cost effective way to handle your business’ finances can make a huge difference to your day-to-day operations. At the heart of your financial activity, you’ll need a business account that’s flexible and can match your ambitions. The right choice may be a traditional bank, but they’re not the only option to consider.

Let's compare the main business account offering from Commonwealth Bank, one of Australia’s ‘Big 4’, and Airwallex, a leading Australian fintech platform for businesses.

What is Commonwealth Bank? 

One of Australia’s ‘big four’ banks, Commonwealth Bank provides 17 million individuals and businesses with financial services. Otherwise known as CommBank, the institution offers customers with personal and business banking, loans, international payment services and insurance-related services. 

Commonwealth Bank has the largest brand network in Australia with over 700 branches and international offices. Its main offering for businesses is the CommBank Business Transaction Account.¹

What is Airwallex? 

Airwallex is an Aussie fintech, not a bank. Founded in 2015, Airwallex is an all-in-one financial platform to simplify global business management and facilitate seamless international expansion.

Our core features include:

• Multi-currency accounts to collect, hold and transact balances in 23+ major currencies and accept payments from 130+ currencies

• Fast and cost-effective cross border payments 

• End-to-end tools for expense management

• Integrations with popular business platforms

• Yield, our high-rate business saver  

Compare Commonwealth Bank with Airwallex

The below table compares the features of CommBank’s Business Transaction Account and Airwallex’s Business Account (available on our starter bundle, ‘Explore’). 

CommBank Business Transaction Account fees explained

Account fees: CommBank offers a zero monthly fee account for businesses that bank primarily online or $10/month for those who bank regularly in-branch. 

Transaction fees: The Commbank Business Transaction Account has no fees for local transfers. 

Withdrawal fees: There are no fees for ATM cash withdrawals in Australia, but internationally they charge $2 per transaction. CommBank charges $5 per cheque or assisted transaction and $10 per QuickCash deposit.³ 

FX rate: For international transactions, Commbank charges 3.5% of the total transaction.⁴

Card fees: The Commbank Business Transaction account does not include employee cards. 

Airwallex Explore Business Account fees explained 

Account fees: Airwallex’s ’Explore’ bundle is offered at $29 /month or $0 if you deposit $5k per month or hold a minimum balance of $10k. With this bundle users access our dynamic Business Account, our Payment Acceptance features, up to 10 corporate cards and helpful integrations.

Transaction fees: Airwallex doesn’t charge transaction fees to the 110+ countries where we have access to local payment networks so you can collect, hold and send multiple currencies at no or low cost. 

FX rate: Airwallex only charges 0.5 - 1% above the interbank rate for currency exchange.

Card fees: Airwallex Employee Cards are free for the first 2 cardholders, then come at a cost of $15 per month for each additional card holder.  Employee Cards allows admins to easily track, approve and reconcile expenses online. 

Users can create Airwallex virtual cards to spend in multiple currencies at home and abroad with 0% transaction fees.

Compare additional features between Commonwealth Bank and Airwallex

Global accounts: Airwallex uniquely offers multi-currency accounts in 23 countries, allowing users to receive and send money seamlessly in 130+ different currencies with no hidden fees. CommBank’s Business Transaction Account does not have this feature and charges 3.5% on international transfers. 

Cards: CommBank’s Business Transaction Account does not offer employee cards. Airwallex allows business owners to empower their employees with physical or virtual cards to spend on company related expenses. Airwallex’s Business Account offers the first two cards for free, with additional cards charged at $15/month. These cards have built-in expense management tools so that users can easily consolidate and track budgets and spending. 

Payment gateway: Airwallex’s Business Account offers extensive payment acceptance capabilities, including custom payment links and no code checkout solutions. Commonwealth Bank does not offer payment acceptance services. 

High-rate Saver: Commonwealth Bank’s Transaction Account does not offer an interest savings account along with it. For businesses to receive interest, an additional account is required. On the other hand, Airwallex’s Business Account offers Yield - a high-rate saver that allows customers to earn rates of return without the hassle of opening another account.

Consider Airwallex for a complete financial operations solution

Commonwealth Bank’s Business Transaction Account and Airwallex’s Business Account offer ways to handle transfer of funds from businesses to suppliers and customers. Airwallex may have the edge when it comes to providing an end-to-end financial solution that caters to businesses looking to simplify and expand their operations.

As a solution for growing businesses, Airwallex goes beyond traditional bank offerings. Distinctively, Airwallex provides multicurrency accounts and the ability to transfer or receive from 130+ currencies, employee cards with built-in expense management and integrations to Xero and Quickbooks. 

Airwallex’s ‘Explore’ bundle also offers a high-rate saver called Yield to allow businesses’ idle funds to grow for them. Airwallex’s payment acceptance tools offer low to high touch customisations and plugins for online payments.

Airwallex can help your business accelerate growth by saving you time with one simplified, yet advanced financial solution.

Sources 

1. https://www.commbank.com.au/business/bank-accounts.html

2. https://www.commbank.com.au/business/bank-accounts/business-transaction-account.html

3. https://www.commbank.com.au/business/bank-accounts/business-transaction-account/rates-and-fees.html

4. https://www.commbank.com.au/business/international/international-payments/foreign-currency-accounts.html 

Disclaimer: The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]].

The Airwallex Yield Liquidity Fund (Yield) is issued by K2 Asset Management Limited (K2) (ABN 95 085 445 094, AFSL No 244393), a wholly owned subsidiary of K2 Asset Management Holdings Limited. This information doesn’t take into account your objectives, financial situation, or needs. Read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for Yield, available at www.airwallex.com.au/terms from Airwallex Capital Pty Ltd (ABN 37 609 653 312, AFSL No. 549026). All investments carry risk.