Airwallex vs. Wise: Compare fees, features, and benefits in the US
Imagine you run an online business based in the US that caters to a global clientele. In this scenario, you’d need to be able to effortlessly collect payments in multiple currencies and rapidly execute cross-border fund transfers for all kinds of purposes, from supplier payments to staff salaries.
This is where Wise and Airwallex step in, offering to streamline your global financial operations. But how do they stack up against each other regarding cost and critical features? Let's delve deeper to find out.
What is Airwallex?
Established in 2015, Airwallex is on a mission to simplify global business payments and financial management. It offers a comprehensive platform that equips businesses to manage their finances across borders easily. In contrast to Wise, Airwallex is exclusively designed for businesses, catering to their unique financial needs.
With Airwallex, domestic and international customer payments flow into a multi-currency wallet. American businesses can then pay suppliers and contractors abroad via borderless cards and rapid transfers — no costly transfer fees are required if local payment rails are used worldwide. Airwallex provides access to interbank foreign exchange (FX) rates, minimizing cross-border friction. This unified financial flow saves time and money, freeing modern companies to focus on global growth.
Furthermore, Airwallex is a payment gateway that lets businesses accept cards and 160 local payment methods in 180+ countries via no-code payment links, eCommerce platform integrations such as Shopify, Magento, and WooCommerce, or a customizable checkout via API. Companies can accept payments from customers worldwide while avoiding unnecessary currency exchange fees.
For businesses, critical elements of Airwallex’s offering include:
Global accounts held in 23 currencies
Fast, low-cost international transfers
Borderless debit cards to spend in multiple currencies
Accounting platform integrations
What is Wise?
Previously known as Transferwise, Wise launched in 2011 as a consumer-focused international money transfer service. Over the past 13 years, it has expanded into business accounts and other financial services while maintaining a reputation for low-cost currency exchange and transfers.
Wise offers multi-currency accounts to hold and convert funds at competitive rates. It can accept payments in nine currencies with local bank details. The company facilitates bank transfers to over 70 countries, with additional payment options for vital markets.
For businesses, key features include:
Multi-currency accounts
Batch international transfers
Accounting software integrations
Payment requests
Compare Airwallex vs. Wise
| Airwallex | Wise |
|---|---|---|
Business account setup fee | Free | $31 USD1 |
Multi-currency accounts to receive funds | 23 currencies | 18 currencies2 |
Global payout coverage | 150+ countries | 70 countries3 |
Speed of payout | Some countries have same-day payout Some countries have instant payout | Some countries have same-day payout Some countries have instant payout |
0% domestic transaction fees | ✅ | ❌4 |
0% international transaction fees | Yes, when sending to 120+ countries using Airwallex local payment rails | No, charges a fixed amount, depending on the currency and payment method5 |
FX rate | Interbank rate plus a fixed margin | Mid-market rate plus a variable percentage fee1 |
Account management | ✅ | ❌ |
Online payment acceptance | ✅ | ❌ |
Debit cards | ✅ | ❌ |
Expense management | ✅ | ❌ |
Bill Pay / Accounts Payable | Yes, invoice upload, approval flows, payment execution, and accounting reconciliation | Basic, via integration with Quickbooks and Xero invoices |
Accounting integrations | Quickbooks, Xero, NetSuite, and more | Quickbooks, Xero, FreeAgent, and more6 |
Find out for yourself how Airwallex compares to Wise.
Airwallex fees explained
Airwallex helps centralize global financial workflows. Main fees include:
Account opening
Free business account, no monthly fees in most jurisdictions (except Australia)
International transfers & FX conversions
No transfer fees for the majority of currencies on local rails in 120+ countries
Flat fees apply for SWIFT transfers to 150+ countries
FX Rate: Interbank rate + 0.5% for USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY, And 1.0% for all other currencies
Card transactions
Free
Up to 1.5% cash back
No international transaction fees
Spend directly in 10+ currencies from your multi-currency wallet
For all other currencies, auto-converts from your domestic or designated currency for a small fee
All other currencies supported by Visa
Wise fees explained
For Wise business account holders, fees consist of:
Account opening
One-time fee to open an account ($31 USD).1 Differs by country.
International transfers & FX conversions
A fixed fee plus variable fees starting at 0.33%. Differs by currency and rails used — e.g., local, SWIFT.
Card transactions
Paused issuing new Wise cards to customers in the US.7
Wise vs. Airwallex: Comparing additional features
Beyond international payment capabilities, what else can these two platforms do?
Online payments
Wise offers limited support for businesses to receive payments via cards. It primarily focuses on facilitating outgoing payments rather than acting as a payment gateway for businesses accepting customer payments.
On the other hand, Airwallex is a fully functioning payment gateway that allows businesses to collect customer online payments. This includes card payments, 160+ local payment methods in 180+ countries, and collected via no-code payment links, through integrations with Shopify, WooCommerce, and Magento, or a customizable checkout via API.
Borderless cards
While Wise offers physical and digital cards in countries like Canada, this feature is not currently available to businesses in the United States.
On the other hand, Airwallex Borderless Cards can be spent directly in 10 currencies, drawing from held balances, or any currency supported by Visa. There’s the opportunity to earn up to 1.5% cash back, all while paying no international transaction fees. Company and employee cards are free to create and come with a built-in expense management tool to help businesses track, control, and approve spend. Airwallex Borderless Cards are both physical and virtual and support digital wallets like ApplePay and GooglePay.
Both Wise and Airwallex enable auto-conversion for a small fee if there are not enough funds in the wallet in the specified transaction currency.
Team expenses
Unlike Wise, which does not offer cards in the US market, Airwallex provides end-to-end Expense Management tools for teams to track and control spending globally whether on cards or reimbursed for out-of-pocket expenses. Teams can capture receipts, submit expenses, and put expenses through multi-layer approval flows to ensure company funds are spent appropriately. All data is seamlessly synced with accounting platforms like QuickBooks, Xero, and Netsuite.
Bills and accounts payable
Airwallex Bill Pay centralizes accounts payable workflows so finance teams can consolidate domestic and global supplier payments. Staff can upload or email bills and invoices, extract all relevant data, send through multi-layer approvals, and execute domestic and international payments while reconciling data with accounting platforms. Batch payments of up to 1,000 can be automated across currencies and countries through Airwallex.
With Wise, businesses can import bills from Quickbooks and Xero to pay in Wise. Batch payments of up to 1,000 can be automated, and multiple users can access with set permissions. Wise does not offer the same level of in-depth expense management tools, such as virtual card issuance, detailed approval workflows, and automated batch payments, that Airwallex provides for businesses needing comprehensive expense tracking and management solutions.
Developer platform and APIs
For developers and technical teams, Airwallex opens access to APIs to scale, customize, and automate payouts, FX, card issuing, and payment acceptance.
Wise provides limited developer options tailored to basic transfers and currency conversions.
Customer support
As a dedicated business solution, Airwallex also provides account management and onboarding assistance for eligible businesses.
Wise does not typically offer dedicated account managers for business accounts, focusing more on self-service options like help center FAQs and chat.
Final thoughts: Airwallex vs. Wise in the US
Which global financial platform is right for your US business? Wise offers solid rates for peer-to-peer consumers and micro businesses. On the other hand, Airwallex may be a more appropriate solution for growing, mid-market, and enterprise-scale companies managing complexity across borders.
With extensive capabilities for collections and payouts worldwide, zero hidden fees, top-tier FX rates, and integrated financial management tools, Airwallex is purposely built to be a growth engine for international business in the modern digital economy.
Discover our complete Business Account.
Sources:
For more information on Airwallex, visit Airwallex Business Account and Airwallex Pricing.
Disclaimer: We wrote this article in Q4 2024. The information was based on our own online research, and we were not able to manually test any competitor 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 every six months. If you would like to request an update, feel free to contact us at [email protected].
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