NAB 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 NAB, one of Australia’s ‘big four’ banks, and Airwallex, a leading Australian fintech platform for businesses.

What is NAB? 

The National Australia Bank, otherwise known as NAB, is one of the ‘big four’ banks of Australia. They serve consumers and businesses and offer a range of digital banking products to allow customers to easily track, send, and receive payments.

NAB operates in Australia, New Zealand, and Asia, and has over 7000 ATMs. NAB’s main offering to businesses is their NAB Business Everyday Account. 

What is Airwallex? 

Airwallex is an Aussie fintech, not a bank. Airwallex is an all-in-one financial platform designed to help businesses simplify financial operations and facilitate seamless international expansion. Airwallex offers competitive features to NAB, while going beyond with global features, including advanced cross-border payments capabilities, multi-currency accounts, and competitive foreign exchange rates.

The core features of our Business Account include; 

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

• Payment solutions built for global eCommerce, empowering users to accept over 180+ local and international payment methods

• Integrations with popular business accounting, eCommerce, and marketing platforms

• Yield, our high-rate business saver, which helps users grow both AUD and USD balances with competitive returns

Compare NAB with Airwallex

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

NAB Business Everyday Account fees explained

Account fees: The Business Everyday Account has two pricing options:¹ 

1. $0/month with no free ‘eligible transactions’; 

2. $10/month with 15 free ‘eligible transactions’

‘Eligible transactions’ refer to staff-assisted deposits or withdrawals, EBD, CDM, ECD, or cheque transactions.

Transaction fees: NAB offers free local electronic and NAB ATM transactions. For international transactions, there is a 3% charge on both single-currency and multi-currency transactions. 

Withdrawal fees: While there are no local withdrawal fees, high rates are charged on international withdrawals. 2% applies to withdrawals made in foreign currency, and $4 is charged when a withdrawal is made with an overseas ATM. ³

FX rate: For international transactions, NAB charges a markup in addition to their standard 3% fee. This markup varies based on currency and location. 

Additional fees: NAB charges $3 per transaction for the following methods: 

• Staff-assisted deposit, withdrawal, or cheque

• Express deposits or coin machine

• Cheques written 

• Cheques and items lodged with deposit via EBD or ECD 

Cheque items incur an additional $3 on top of the $3 fee per transaction. Mobile cheques, however, incur no fee if processed through the NAB app.

Card fees: The NAB Business Everyday Account offers a single Visa Business Debit Card for the account owner but does not include additional 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, including our next-generation Global Accounts, advanced 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 two cardholders, then come at a cost of $15 per month for each additional card holder. ‌Employee Cards allow 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 NAB and Airwallex

Global accounts: While local banks like NAB can't establish accounts for entities overseas, Airwallex can. 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. Airwallex offers free international transfers at a low markup of 0.5%-1% per transaction and allows like-for-like settlements in 14 currencies, meaning you can skip the currency conversion fees altogether. The NAB Business Everyday Account does not hold funds in other currencies, forcing higher fees of 3% on all international transactions. 

Cards: NAB’s Business Everyday Account comes with a singular card for the account holder and doesn't 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. NAB does not offer payment acceptance services. 

High-rate Saver: NAB’s Business Everyday Account does not offer any interest savings as it is purely used as a transacting account. For businesses to receive interest, an additional account is required. On the other hand, Airwallex’s Business Account comes with Yield – a high-rate saver that allows customers to earn competitive rates of return in AUD and USD without the hassle of opening another account.

Consider Airwallex for a complete financial operations solution

NAB’s Business Everyday Account and Airwallex’s Business Account offer ways to handle the 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.nab.com.au/business/business-bank-accounts/transaction-accounts/no-monthly-fee-business-account

2. https://www.nab.com.au/business/business-bank-accounts/transaction-accounts/low-fee-business-account

3. https://www.nab.com.au/important-information/business/banking-fees-charges 

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]].

This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (ACN 609 653 312, AFSL No. 487221), it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, available here. If you are a customer of Airwallex Capital Pty Ltd (ACN 661 618 819, AFSL No. 549026), it is important for you to read the PDS for Airwallex Yield, available at www.airwallex.com/au/terms and issued by K2 Asset Management Ltd (ABN 95 085 445 094, AFSL No. 244 393), a wholly-owned subsidiary of K2 Asset Management Holdings Ltd. All investments carry risk.