Payoneer vs Airwallex: Compare fees, features and benefits in Australia

Key takeaways

• Transaction and withdrawal fees: Airwallex offers 0% transaction and withdrawal fees; Payoneer charges varying fees including up to 3% for currency conversion withdrawals

• Multi-currency accounts: Airwallex supports local account details in 60+ countries; Payoneer offers 10 currencies with local receiving accounts available in 9 countries

• Best for: Airwallex suits growing businesses with international operations; Payoneer caters to freelancers and marketplace sellers

If you run a growing business, you’ll need a payment platform that will allow you to open local accounts in several currencies, seamlessly accept payments from international customers, and send money across borders without excessive fees.

Both Payoneer and Airwallex offer these services, but which solution is right for your business? Read on to find out how Airwallex compares against Payoneer on price, features and benefits.

How does Payoneer work?

Payoneer is a payment platform designed for freelancers, online sellers, and small businesses that need to collect, hold, and send funds in multiple currencies. The platform enables businesses to receive payments from marketplaces like Amazon, Upwork, and Fiverr, making it popular among freelancers and ecommerce sellers.

Payoneer's transaction and FX fees are relatively competitive when receiving and paying funds between Payoneer accounts. However, fees increase significantly for bank transfers to external accounts or when accepting payments from customers using other payment methods. The platform offers prepaid debit cards and integrates with popular marketplaces, but charges withdrawal fees and higher currency conversion fees compared to specialised business banking solutions.

How does Airwallex work?

Airwallex is a multi-currency business account and payment solution allowing businesses to receive, hold and send funds in multiple currencies. The platform enables Australian businesses to open local accounts in 60+ currencies and transfer funds to 200+ countries.

Unlike Payoneer, there are no transaction or withdrawal fees when using Airwallex. Plus, Airwallex boasts highly competitive FX rates.

Compare Payoneer vs Airwallex

Payoneer fees explained

• Transaction fees: Payoneer offers free transactions between Payoneer accounts. For bank transfers to external accounts outside the Payoneer network, Payoneer charges 1% transaction fees (minimum $4 USD). Credit card payments incur a 3.99% fee (plus $0.49 in some countries).¹ 

• Withdrawal fees: Payoneer charges withdrawal fees that vary by currency and transaction volume. Same-currency local withdrawals have a flat fee of $1.50 for amounts under $50,000 monthly cumulative.¹

• FX & Transfer fees: Payoneer charges multiple fees depending on the transaction type¹:

  • Currency conversion fee: 0.5–3% above the mid-market rate

  • Fixed fee of 1% applies when receiving international funds using local currency accounts

  • Up to 3.5% currency conversion fee applies to transactions if the recipient isn't with Payoneer

  • Up to 3% fee when withdrawing in local currency from a Payoneer balance of a different currency

  • For cross-border payments: up to 1% of the transaction amount with a minimum fee of up to $4 USD

  • For same-country payments in USD, EUR, or GBP: flat fee of up to $4 USD/EUR/GBP per transaction

• Card fees: Payoneer charges an annual fee of $29.95 for their prepaid MasterCard debit cards and additional ATM withdrawal and balance enquiry fees.²

• Additional fees: Payoneer charges a 0.5% fee to move funds between currency balances, on top of the FX fee. If a users account is inactive for 12 months, they will be charged a $29.95 fee¹. There is also a $29.95 annual account fee.

Airwallex fees explained

• Transaction fees: Airwallex doesn’t charge transaction fees to the 120+ countries where we have access to local payment networks so you can collect, hold and send multiple currencies at no or low cost. 

• Withdrawal fees: None – meaning users can move funds from their Airwallex accounts to another bank account for free. 

• FX rate: Airwallex charges 0.5–1% above the interbank rate for currency exchange.

• Card fees: Airwallex Corporate 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 Payoneer and Airwallex

Multi-Currency Accounts

Airwallex allows users to open local accounts in 60+ currencies, whereas Payoneer offers 10 currencies. This gives Australian businesses more flexibility when managing international payments across different markets.

Domestic and SWIFT transfers

Airwallex enables businesses to send and receive payments to 200+ countries, with 120+ countries leveraging local payment rails, eliminating the need for expensive SWIFT transfers in most cases. Australian businesses benefit from local BSB and account numbers for AUD transactions, plus local account details in major currencies.

Payoneer supports bank transfers to 195 countries but charges transaction fees for transfers outside the Payoneer network. While Payoneer-to-Payoneer transfers are free, businesses paying suppliers or receiving payments from customers using other banks face transaction fees of 1% (minimum $4 USD).^11–31-3 business days depending on the destination country and currency.¹

Simple and low fee structure

Airwallex offers 0% transaction fees for local payments in 120+ countries, 0% withdrawal fees, and 0.5–1% FX rate above interbank. The Explore plan costs $29/month (or $0 if you deposit $5,000 per month or hold a minimum balance of $10,000).

Payoneer's fee structure varies by transaction type and volume. Withdrawals in the same currency cost $1.50 (USD/EUR/GBP) for amounts under $50,000 per month, or 0.5% for higher volumes. Cross-currency withdrawals cost up to 3%. Credit card payments incur a 3.99% fee (plus $0.49 in some countries). There's a $29.95 annual card fee and a $29.95 annual inactivity fee if the account receives less than $2,000.¹

Batch payments

Airwallex allows businesses to automate payments to up to 1,000 recipients simultaneously at no additional cost, ideal for international supplier payments, multi-country payroll, or bulk refunds. Payoneer supports batch payments to up to 1,000 recipients with fees varying based on transaction type and volume.³

Payment acceptance

Airwallex has more competitive rates than Payoneer for multi-currency payments. Both platforms integrate seamlessly with popular payment systems and eCommerce platforms. 

Corporate Cards

Virtual and physical corporate visa debit cards are available on Airwallex’s most accessible pricing tier, “Explore”, which costs $29 a month (or $0 if users meet the fee waiver requirements). Payoneer offers a prepaid MasterCard debit card with an annual fee of $29.95 and 3.5% FX fee for currency conversion. Payoneer has additional cross-border, withdrawal, balance enquiry and card replacement fees.¹

Accounting integrations

Airwallex integrates directly with Xero, NetSuite, and QuickBooks, making reconciliation automatic and streamlining bookkeeping for Australian businesses. Payoneer has limited direct accounting integrations and is primarily focused on marketplace integrations like Amazon and eBay, often requiring manual reconciliation.

Customer Support

Airwallex provides dedicated account managers for business customers with support focused on Australian business needs. Payoneer offers 24/7 customer support in 17 languages, which may be preferable for freelancers needing round-the-clock assistance. Both provide email and phone support.

Why you should Airwallex for your business' financial operations

Payoneer offers its customers good value transfers and FX rates when sending and receiving money from another Payoneer account. But when dealing with clients and suppliers who don’t use Payoneer, things can get expensive quickly. 

Airwallex offers competitive FX rates and zero transaction fees no matter where you're sending or receiving money from, along with a range of additional benefits that can help you manage your business’ money efficiently across borders:

• No transaction fees for local payments in 120+ countries

• Lower FX fees (0.5–1% vs Payoneer's up to 3%)

• Like-for-like settlement in 14+ currencies with no forced conversions

• Fast transfers with 95% of international transfers settling same day

• Free batch payments to automate payments to multiple recipients

• More currency options to accept 60+ currencies vs Payoneer’s 10

• Better integrations with Australian accounting software like Xero

• No withdrawal fees when moving money to your bank account

• 0% international card fees for business expenses abroad

For Australian businesses managing foreign currency operations, accepting international payments, or making regular bank transfers to global suppliers, Airwallex provides a more cost-effective and feature-rich solution than Payoneer.

Payoneer vs Airwallex: Frequently asked questions

Is Airwallex better than Payoneer for small businesses?

Airwallex is generally better for small businesses in Australia that regularly accept payments internationally or make bank transfers to overseas suppliers. Airwallex offers 0% transaction fees, lower currency conversion fees (0.5–1% vs 0.5–3%), and free batch payments. Payoneer may be more suitable for freelancers working exclusively through marketplaces like Upwork or Amazon.

What are the main differences between Airwallex vs Payoneer?

The key differences are: Airwallex charges no transaction fees or withdrawal fees, while Payoneer charges 1% transaction fees (minimum USD$4) for most transfers. Airwallex offers lower FX fees (0.5–1%) compared to Payoneer (0.5–3%). Airwallex provides local account details in 60+ countries and supports 60+ currencies vs Payoneer's 10 currencies and 9 regions, and includes free batch payments and better accounting software integrations.

Can I accept payments in multiple currencies with both platforms?

Yes, both Airwallex and Payoneer allow businesses to accept payments in multiple currencies. Airwallex provides local account details in over 60 countries and supports 60+ currencies, while Payoneer offers 10 currencies with local receiving accounts in 9 regions. Airwallex doesn't charge transaction fees for accepting payments through local payment networks, making it more cost-effective for businesses receiving customer payments internationally. 

How do currency conversion fees compare?

Airwallex charges 0.5–1% above the interbank rate for currency conversion with no additional fees. Payoneer charges 0.5–3% above the mid-market rate, and up to 3.5% when using their prepaid card for foreign currency transactions.

Does Airwallex offer batch payments?

Yes, Airwallex offers free batch payments allowing you to automate payments to up to 1,000 recipients simultaneously. This is ideal for paying international suppliers, managing multi-country payroll, or processing bulk refunds. Payoneer supports batch payments to up to 200 recipients but charges 1% per transaction, so fees accumulate quickly.

Which platform has better customer support?

Airwallex provides dedicated account managers for business customers with support focused on Australian business needs. Payoneer offers 24/7 customer support in 17 languages, which may be preferable for freelancers needing round-the-clock assistance. Both provide email and phone support.

Can I integrate with Xero or other accounting software?

Yes, Airwallex integrates directly with Xero, NetSuite, and QuickBooks, making reconciliation automatic and streamlining bookkeeping for Australian businesses. Payoneer has limited direct accounting integrations and is primarily focused on marketplace integrations, often requiring manual reconciliation.

What are the FX fees for international bank transfers?

Airwallex charges 0.5–1% above the interbank rate with 0% transaction fees when using local payment networks in 120+ countries. Payoneer charges 0.5–3% above the mid-market rate plus 1% transaction fees (minimum USD$4) for transfers outside the Payoneer network. For regular international bank transfers, Airwallex typically offers lower total costs.

Is there a business account option for Australian companies?

Yes, both platforms offer multi-currency business accounts suitable for Australian companies. Airwallex provides local Australian BSB and account numbers for AUD, along with local account details in 60 countries and supports 60+ currencies. Payoneer offers 10 currencies with local receiving accounts in 9 regions. Airwallex is generally more cost-effective for Australian businesses due to zero transaction fees and lower FX fees.

Sources:

1. https://www.payoneer.com/about/pricing/

2. https://www.payoneer.com/commercial-card/

3. https://www.payoneer.com/send-bulk-payments/

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.