Commonwealth Bank vs Airwallex: Business Accounts Compared

Key takeaways

• Airwallex is an all-in-one platform for managing company finances. We offer multi-currency business accounts, international payments, spend management tools, payment integrations, and more.

• Commonwealth Bank is a traditional bank that offers online and in-person business bank accounts, but charges steep fees for international transactions.

• Commonwealth Bank can be a good option for companies that want in-person banking and need only AUD payment support. But Airwallex is the better choice for businesses that want to take control of their spending, expand internationally, or earn yield on their cash.

Managing your business’ finances shouldn't be a headache – and with the right platform, it won’t be. You need an easy-to-use, affordable platform that handles payments, payroll, expense tracking, and everyday financial management.

National banks like Commonwealth Bank offer many of these services, but they often charge high fees or have limited global payout options. Commonwealth Bank mainly supports AUD payments and business customers who need cash withdrawals or in-person banking.

Airwallex, on the other hand, offers a scalable, feature-rich financial solution for businesses – without the hefty price tag. We provide multi-currency business accounts that support 21 currencies, low foreign exchange (FX) fees, and low-cost online payments.

In this guide, we compare Commonwealth Bank versus Airwallex on their business accounts’ fees, features, and more, so you can decide which is right for you.

How does Commonwealth Bank work?

Commonwealth Bank, also known as CommBank or CBA, is one of Australia’s ‘Big Four’ banks. It serves 17 million+ personal and business customers across Australia and overseas, with more than 700 branches nationwide. 

For Aussie businesses, CommBank works like a traditional bank, offering accounts and services to manage payments, expenses, and day-to-day finances. You can open business accounts (including a Business Transaction Account for daily banking and a Business Online Saver account for savings), accept payments, and access loans, credit cards, and other financing options.

How does Airwallex work? 

Founded in Australia in 2015, Airwallex is a global fintech – not a traditional bank – that helps businesses manage their international finances. We serve more than 150,000 business customers worldwide and support payment acceptance in 180+ countries.

Airwallex works as an all-in-one financial platform. We offer multi-currency business accounts that let you hold funds, transact, and earn returns in 23+ currencies. You can also access payment integrations, multi-currency corporate cards, bill pay features, and expense management tools – giving you more control over your global finances and helping you expand into new markets.

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’). 

Account fees: CommBank vs Airwallex

Here’s an overview of the bank charges you’ll pay with CommBank and Airwallex:

At CBA, whether you pay a monthly account fee depends on whether you bank exclusively online or plan to visit a physical bank branch. The in-branch plan costs A$10/month and includes five assisted transactions, cheques, and Quick Deposits per month.

With Airwallex, our ‘Explore’ bundle unlocks a digital business account, payment acceptance features, employee debit cards, and powerful accounting integrations. ‘Explore’ costs A$29/month, but that drops to A$0/month if you deposit at least A$5,000 per month or maintain a A$10,000 minimum balance.

CommBank Business Transaction Account vs Airwallex Business Account: An in-depth look

Now, let’s compare Commonwealth Bank and Airwallex’s business accounts on the features that matter most to companies.

Multi-currency business account capabilities and FX transfers 

CommBank’s Business Transaction Account is an AUD-only bank account. You can send and receive payments from abroad, but it costs 3.5% per transaction.

Airwallex, on the other hand, offers a multi-currency business account that lets you store and transact in 23 currencies, including AUD, NZD, USD, SGD, and EUR. You can avoid conversion fees for FX transfers and accept payments in the currencies that your customers prefer. When you need to convert money, Airwallex charges just 0.5% above the interbank exchange rate for major currencies.

Airwallex also supports local payment rails in 120+ countries, so payments are processed as if they were domestic transfers. This means international money transfers are much faster and cheaper with Airwallex than with CommBank.

Integrated business saver

Commonwealth Bank offers the free Business Online Saver account to earn interest on your money. But you’ll only earn 0.01% per annum (p.a.) for balances under A$50,000, and the maximum rate is just 0.65% p.a. for balances over A$1 million. You also have to open the Business Online Saver account separately from CommBank’s Business Transaction Account.

Airwallex provides a Yield account for free with every plan, including the ‘Explore’ bundle that gives you access to the Business Account. Yield offers returns of 3.32% p.a. on AUD and 3.65% p.a. on USD, no matter your account balance. You can also earn on all other currencies that Airwallex supports.

Payment processing

CBA offers an Electronic Funds Transfer at Point of Sale (EFTPOS) terminal and the CommWeb payment gateway so your business can accept payments. You can also connect to online payment gateways such as PowerBoard or BPOINT to accept payments through your website.

But these payment features aren’t included with CommBank’s Business Transaction Account. For the EFTPOS terminal, you’ll pay 1.1% per transaction, plus a monthly A$29.50 hardware fee. Pricing for CommWeb is by quote only.

CommWeb includes a software development kit and requires some coding to integrate it into your website. It supports Apple Pay and Google Pay wallets, but not PayPal, GrabPay, or other popular digital payment methods.

Airwallex is focused on digital-first international businesses (although a physical terminal is coming soon). Our ‘Explore’ bundle includes an online payment gateway, which you can use alongside your Business Account. Fees for our payment gateway start at 1.65% + A$0.30 for domestic transactions and just A$0.30 for local payment methods like WeChat Pay and GrabPay. 

Airwallex also makes it easy to accept payments your way: Embed our simple, low-code checkout element on your website, or use our hosted checkout page that we manage for you. Either way, customers get a smooth, localised checkout – in their own language and currency – and can pay in one click using saved details. Plus, our gateway supports all major credit and debit cards, as well as 160+ local payment methods.

Corporate cards

Commonwealth Bank offers a free Visa debit card for its Business Transaction Account. But you can’t order cards for your employees. Only signatories on your bank account qualify for a card.

Meanwhile, Airwallex offers physical and virtual Visa debit cards for you and your employees with the ‘Explore’ plan. You get two free physical cards and unlimited virtual cards. Additional physical cards are A$15 per month each. You can use the cards to spend cash in any currency held in your Business Account. 

Expense management

With a Business Transaction Account at Commonwealth Bank, you can monitor debit card transactions in your account dashboard or using a cash flow tracker in the CommBank app. You can also set daily withdrawal limits on your debit card.

Meanwhile, Airwallex gives you highly customisable controls to manage employee spending on Business Account-linked cards. You can add spending limits, set expiration dates for virtual cards, and share cards across team members. It’s also easy to track all employee transactions in a centralised dashboard. You can filter by employee, team, or spending type to get a full breakdown of what your business is spending on.

Integrations for bill pay, accounting, and more  

Commonwealth Bank offers integrations with popular accounting platforms, such as Xero, QuickBooks, MYOB, BGL, and Reckon. It also integrates with PowerBoard and BPOINT for online payment processing.

Airwallex supports a broader range of accounting integrations, including Xero, QuickBooks, NetSuite, Odoo, and Sage. Our platform also integrates with Shopify, WooCommerce, Magento, Amazon, and eBay for eCommerce. Plus, we provide an open banking application platform interface (API) that lets you develop custom integrations and payment flows.

On top of these integrations, Airwallex offers built-in bill pay tools, so you can settle your invoices and track payments easily.  

Commonwealth Bank or Airwallex: Which business account is right for you?

While Commonwealth Bank offers a workable solution for Aussie businesses that want to sell in Australia only, Airwallex is a feature-rich financial operations platform that can help your business scale globally.

Airwallex’s Business Account lets you transact seamlessly in 20+ currencies and 120+ countries, with zero account fees if you deposit at least A$5,000 per month or maintain a A$10,000 minimum balance. We also help you earn yield on your cash, accept payments from customers using 160+ local payment methods, and control employee spending with customisable corporate cards. 

In other words, Airwallex has everything you need to take control of your business’ finances and grow steadily.

Frequently asked quuestion

Is Airwallex licensed in Australia?

Yes, Airwallex is licensed in Australia by the Australian Securities and Investments Commission (ASIC). It holds two Australian Financial Services Licences: one for Airwallex Pty Ltd and another for Airwallex Capital Pty Ltd. Airwallex is also registered with the Australian Transactions Report & Analysis Centre (AUSTRAC).

Can I use both Airwallex and CommBank for my business?

Yes, you can use both Airwallex and CommBank for your business. But having two business accounts can create confusion and make it more challenging to manage your expenses. Based on our CommBank versus Airwallex comparison, you’ll probably find that Airwallex offers all the services your business needs.

What currencies does Airwallex support?

Airwallex lets you hold and transact in more than 20 currencies, including USD, AUD, CAD, SGD, NZD, HKD, JPY, EUR, GBP, CHF, NOK, DKK, SEK, PLN, and ILS.

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

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 (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.

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. *Target returns are net of fees as at [insert date] (AEDT) and indicate past 1-day annualised returns of the relevant underlying JPMorgan Liquidity Funds.