5 best cross-border payment services and solutions in 2025

Key takeaways

• Cross-border payment solutions offer a simple, cost-effective way to move money between countries – often with lower fees than bank transfers.

• To choose the right cross-border payment service for your business, consider the currencies it supports, its foreign exchange (FX) fees, and additional features such as software integrations.

• Airwallex offers a cross-border payment service with multi-currency accounts, competitive rates for international payments, and extra tools to help businesses grow.

If you sell overseas or source from international suppliers, you need an efficient and cost-effective way to send or collect payments. Nearly half of businesses say it costs too much to process payments,¹ while three in 10 find cross-border transactions inefficient.² 

Cross-border payment solutions can help you manage transactions while protecting your bottom line from hefty fees. But which service should you use, and what features should you look out for?

How does a cross-border payment work?

A cross-border payment involves transferring funds from one region to another, typically through a bank or specialised payment service.

When you initiate a payment, the service converts your currency into the recipient’s currency using the current exchange rate. The funds are then sent through financial institutions or payment networks, which can take a few hours to several days, depending on the service and regions involved. Along the way, fees may be deducted by the payment service and any intermediary banks. 

Finally, the payment arrives in the local currency, which the recipient can access through their bank account.

What is a cross-border payment service?

A cross-border payment service is a financial service that lets businesses send and receive money across different countries and regions. They’re usually financial technology (fintech) providers that specialise in international payments, offering services such as multi-currency accounts, foreign currency conversion, and payment gateways.

Unlike traditional banks, which often have higher fees and longer processing times, specialised cross-border payment services can be faster and more cost-effective. That’s because they use technology to automate much of the manual work involved in international transfers. For these reasons, 40% of banks have reported losing at least 5% of their market share to fintechs.³

What cross-border methods are there?

Some of the most common cross-border payment methods include:

• Electronic fund transfers. An electronic fund transfer is any payment made electronically, rather than in cash. This is a broad category that some of the methods below fall into.

• Wire transfers. A wire transfer is one of the simplest cross-border methods. It directly transfers money from one bank account to another, even if the two accounts are in different regions. This is one of the fastest and most secure methods, but it can be expensive.

• Global ACH transfers. ACH stands for Automated Clearing House, a system banks use to move money between accounts, usually within the same country. An ACH transfer is primarily a method for sending money domestically within the US, but other countries have their own versions – e.g., BECS in Australia. Some companies offer “global ACH” services that connect banks across regions, so businesses can send money overseas. 

• Payment gateways. A payment gateway is a third-party service that processes payments between buyers and sellers. For cross-border payments, a gateway can accept money in multiple currencies and transfer it to the seller’s account. Some gateways also let customers hold funds in multi-currency accounts or move money between bank accounts.

• Payment acceptance. A payment acceptance link lets individuals or businesses accept payments through a secure online link. The person making the payment can use their local currency, and the recipient can withdraw the money in a different currency.

• Credit or debit card transactions. Businesses and individuals can use credit or debit cards for international payments. Because the card provider handles the transaction and sets the exchange rates and fees, costs can be higher than those for other methods.

• Cryptocurrency transactions. A cryptocurrency can be bought in one currency, transferred to someone else, and sold in exchange for a different currency. This way, money can move across borders without using a bank. But cryptocurrency values can change quickly, and fees vary between platforms.

Best cross-border payment solutions in 2025

Fintech has changed how Australian businesses send and receive money overseas. There are now more than 800 fintech companies nationwide, and 20% offer payment services.³ 

With so many players in the space, Aussie businesses are spoiled for choice when it comes to cross-border solutions. Let’s look at the best of the bunch in 2025.

• Wise Business: A cross-border payment platform that supports transactions in multiple currencies and provides local account details. It uses the mid-market exchange rate to keep conversion costs low, and charges competitive fees for conversions and payments.

• WorldFirst: A service for international payments with competitive rates for foreign currency conversion. It also lets businesses pay suppliers on 1688.com in China, as well as other international suppliers and online marketplaces. 

• Convera: A platform that supports cross-border payments through the Western Union financial network. It offers specialist features for financial and educational organisations, along with advanced FX tools to help businesses manage currency conversion risks.

• Revolut Business: An easy-to-use platform for sending and spending money in different currencies across various regions. It’s particularly useful for freelancers, gig workers, and micro businesses that make a limited number of international payments but still want access to cost-effective options and features like virtual cards.

• Airwallex: A comprehensive cross-border payment solution for businesses of all sizes. We offer multi-currency accounts with local account details and use an interbank exchange rate to minimise fees. Airwallex also connects with popular accounting and eCommerce platforms, and provides business cards, expense tools, and FX services – all in one place.

• OFX: A global money transfer and FX platform that supports businesses operating in multiple markets. It offers multi-currency accounts, international payment options, and corporate cards, along with tools to manage spending and payments. 

Compare the top cross-border payment solutions in 2025

Australia is home to over 800 fintech providers, 20% of which offer payment services³. Let’s look at the country’s top fintechs for businesses and the services they offer:

Wise Business

Wise has been serving consumers and businesses in Australia since 2016 and is now one of the most recognised names in the global payments industry. 

The Wise Business account supports local accounts in 22 currencies, so companies can receive payments through local bank details and send money to 231 countries. 

It uses the mid-market rate (the ‘true’ market rate before banks add fees or mark-ups) for currency exchange. But Wise still charges fees for sending or converting money; these vary between currencies but start at 0.63%. 

Business Account users can also give their team physical or digital Wise debit cards, which charge no FX fees. Other business-friendly features include batch payments (for paying multiple contacts at once) and integrations with tools like Xero, Intuit QuickBooks, and Zoho.

For some companies, Wise’s limits on transaction sizes could be a drawback. The maximum transaction amount varies by currency and payment method, but is A$5 million when sending money from a Wise account.⁹

Pros

• Quick, low-cost international transfers

• Clear expense control with physical and virtual debit cards

• Easy connections to accounting tools

Cons

• Transaction limits may not suit larger businesses

• No payment gateway

• Better for FX transactions than full cross-border payments

WorldFirst

WorldFirst is a UK-based fintech that helps small and medium enterprises (SMEs) handle international payments more easily. It joined Alibaba’s Ant Group in 2019 and has since rolled out solutions for sending money to China.¹⁰

WorldFirst account holders can receive money in more than 20 currencies, create local account details in 15+, and make payments to 100+ – all at competitive exchange rates. WorldFirst also offers services for managing currency risk, including firm orders and forward contracts, which help customers target their preferred exchange rates. 

The platform is especially useful for businesses selling or sourcing through global marketplaces. It partners with more than 130 leading platforms, including Amazon and Shopify, making it easy to accept payments from them. Businesses can also integrate their WorldFirst account with 1688.com, China’s largest wholesale marketplace, and send instant CNH payments to their suppliers – without needing a Chinese bank account. 

Companies that already work with 1688.com suppliers are likely to get the most out of WorldFirst’s services, especially when it comes to paying their suppliers quickly and getting favourable CNH rates.

But there are fees on instant payments to certain suppliers, so companies should check these before signing up.

Pros

• Instant payments to 1688.com suppliers

• Marketplace integrations with platforms like Amazon  and Shopify

• Access to firm orders, forward contracts, and spot contracts

Cons

• Variable fees for cross-border payments and currency conversions

• Specific fees for instant payments to certain suppliers

• No built-in payment gateway

Convera 

Convera, formerly Western Union Business Solutions, helps SMEs and large organisations send and receive money worldwide. It supports one-off and batch payments to 200 countries in 140 currencies.¹¹ Plus, Convera provides multi-currency holding balances that let Aussie businesses hold and manage funds in 60+ currencies. 

It also helps companies manage foreign exchange risk. They can access forward contracts to lock in rates for future payments or receivables, as well as FX options, which set a price for buying or selling a currency without requiring a commitment. (Convera’s FX specialists and risk management team are on hand to help businesses create currency strategies that fit their needs.)

Beyond that, Convera offers services for industries with more complex payment needs. Educational institutions, for example, can use tools designed for grants, student loans, and tuition, and link them directly to their existing systems.

One drawback is that Convera doesn’t offer debit cards for corporate teams, unlike most providers on this list.

Pros

• Competitive FX conversion rates

• Industry-specific payment solutions

• Support for managing currency risk

Cons

• Limited Australian support 

• No debit cards for team or corporate spending

• No payment gateway

Revolut Business

Established in 2015, Revolut is a UK-based fintech offering digital financial services to consumers and businesses. Revolut Business is its company-focused solution that lets businesses exchange 30+ currencies and make payments to 150+ countries using local account details. 

Companies can also issue physical and virtual cards for their teams, track expenses in real time, and connect their accounts to accounting software like Intuit QuickBooks and Xero for straightforward bookkeeping. 

Revolut Business is well-suited to freelancers, contractors, and businesses with simple global payments and FX needs. But it’s less ideal for companies with more complex requirements. For example, it doesn’t yet offer FX risk management tools, such as forward contracts or options, in Australia.

Pros

• Access to many multi-currency accounts 

• Virtual and physical debit cards for team members

• Integrations with accounting and business tools

Cons

• Potentially higher fees once the free monthly allowance is used

• No FX risk management tools

• 2% fee on ATM withdrawals

Airwallex 

Airwallex is an Australian fintech founded in 2015 that provides global payments and money management solutions for businesses. 

Our Business Account brings everything together in one place – from receiving, holding, and paying in foreign currencies to making bill payments, issuing corporate cards, and managing FX risk. You can then open multi-currency accounts with local bank details in more than 20 currencies. 

We also support payments to 200+ countries in 130+ currencies. For currency conversions, we use an interbank exchange rate, calculated from live exchange rates from banking partners and market data sources. All fees are displayed on your dashboard, so you can easily see how much each conversion really costs.

Beyond that, eCommerce businesses can enjoy a like-for-like settlement in 14 foreign currencies. This means you’re not forced to convert currencies to AUD at every step in a cross-border transaction, which protects you from fluctuating exchange rates and unnecessary conversion fees. Plus, we provide a payment gateway that integrates with eCommerce platforms like Shopify and supports more than 160 local payment methods.

Airwallex’s innovations have earned us a place among FXC Intelligence’s top 100 cross-border payment companies of 2025.¹² Australian businesses like JobAdder have also seen real results, saving around A$50,000 a year by reducing credit card transaction commissions and avoiding double-conversion fees.

Overall, our platform is a great choice for businesses that need an all-in-one solution for cross-border payments and everyday financial operations.

Pros

• Fast, low-cost international transfers to 200+ countries

• Powerful payment gateway with like-for-like settlement in 14 currencies, plus other digital payments tools

• Built-in expense management, accounting integrations, and currency risk management tools

Cons 

• No physical branches – digital-only platform and service

• Frequent updates and optimisations may feel overwhelming

• No physical point of sale (POS) system yet (coming soon)

OFX

OFX provides a cross-border payment platform that lets customers send and receive money in 30+ currencies across 170+ countries. 

Businesses can also set up local bank details in five currencies. Plus, they can issue corporate cards to their whole team, letting them spend directly from their account balances with zero fees. There’s also a dedicated OFX Business app that gives businesses on-the-go access to their accounts. 

OFX combines these practical tools with more advanced features, including integrations with accounting software and automation for accounts payable processes. The downside is that these features are available only on the Full Suite Plus plan. OFX also offers fewer integrations overall than many other cross-border payment services.

Pros

• Corporate cards for teams

• Business App for easy account management

• Advanced features such as automation

Cons

• Limit on how many local bank details users can establish 

• Fewer integrations than some competitors

• No virtual cards

Top features to look for in a cross-border payment service

When choosing a cross-border payment service, it's essential to look for features that ensure efficiency, security, and relevance to your business’ needs. Here are six key features to consider:

• Cost-effective fees and competitive exchange rates. Minimise costs by selecting a provider that offers transparent fees and interbank exchange rates – the ‘real’ exchange rate for any currency conversion pair.

• Fast settlement times. Firms like Airwallex work with local payment networks to facilitate transactions and complete them within one business day. This helps maintain smooth cash flow and reduces the risk of payment delays.

• End-to-end transparency. Look for a service that lets you track transfers in real time and shows the exact amount your recipient will get. You should also see fees up front, so you can anticipate how much your transaction will cost.

• Security. The best payment specialists adhere to high international security standards, including PCI DSS, SOC1, and SOC2 compliance, as well as local regulatory requirements.

• Integrations with business software. Choose a payment provider that works with your existing accounting software or eCommerce platform. This streamlines manual processes and gives you greater operational efficiency.

• Local and regional customer support. Find out where the payment provider’s customer support team is based. You’ll want one that’s based in Australia so they have local market knowledge, as well as regional support to help if your payments get stuck between countries. 

What questions should you ask before onboarding a cross-border payment provider?

Before onboarding a payment service provider, be sure you fully understand the costs, services, and support you’ll receive. Here are the questions that you should ask:

• What fees do you charge for sending and receiving payments? Not all providers are transparent about their fees. Request a copy of their fee structure so you can anticipate the total cost of each transaction.

• What is your exchange rate markup? Many providers offer interbank rates but charge a small exchange rate markup on top of this. Check their markups for the currencies you use the most. This shows you how competitive they will be.

• Do you use local payment rails for international transfers? Services that use local payment rails, like ACH in the US, result in cheaper, faster, and more successful payments (unlike SWIFT). 

• What kind of customer support do you offer? Accessible and reliable customer support is critical for a smooth onboarding process for you and your team. Some payment services offer dedicated account managers to select businesses.

• What security measures do you have in place? A good payment provider should ensure your customers' transactions are secure and encrypted, making it difficult for malicious actors to intercept payment information.

Why choose Airwallex as a cross-border payment provider?

Airwallex is a great choice for businesses that need a payment solution for overseas customers, suppliers, and teams at an affordable rate. You can create 20+ local currency accounts to accept payments like a local business. Sending international payments to 120+ countries is free when you use local methods, and you only pay a flat rate for SWIFT payments. 

Our most accessible plan is ‘Explore,’ which unlocks our Business Accounts and Payments features. This high-value bundle is only A$29/month, or A$0/month if your business meets a modest fee waiver. Our solutions also scale with your business, offering a full range of products designed to meet evolving needs. 

With extensive global payment capabilities, zero hidden fees, transparent FX rates, and financial management tools, Airwallex is a growth engine for Australian businesses.

Frequently asked questions about cross-border payment providers

What is cross-border payment software?

Cross-border payment software lets businesses manage transactions across different countries. It supports multiple currencies, languages, and regulatory compliance requirements. This software helps businesses streamline their global operations efficiently and securely.

What important factors should I choose when selecting a cross-border payment solution?

Here are some important factors to consider when selecting a cross-border payment solution:

• Fees and exchange rates. Look for a provider with a transparent fee schedule and competitive exchange rates to minimise foreign transaction fees.

• Transaction speed. Choose a solution that offers fast processing times to ensure timely payments and improve cash flow management.

• Security and compliance. Ensure the provider has robust security measures and complies with the Management Advisory Services (MAS) and international regulations to protect your financial data and maintain legal standards.

How much does it cost to onboard a cross-border payment solution?

The cost depends on the provider. Airwallex Business Accounts start at $29/month or $0/month if users meet a modest fee waiver.

How safe are cross-border payment services?

Cross-border payment services are usually safe. In Australia, services like Airwallex are licensed by the Australian Securities and Investments Commission (ASIC) and hold an Australian Financial Services Licence (AFSL). Funds are deposited and withdrawn in accordance with the Reserve Bank of Australia (RBA) standards.

Sources & references

1. https://www.statista.com/statistics/1386603/payments-issues-from-clients-according-to-providers/  

2. https://www.statista.com/topics/11647/cross-border-payments/#topicOverview 

3. https://thefinancialbrand.com/news/payments-trends/fintech-is-disrupting-cross-border-payments-how-should-banks-respond-174954/ 

4. https://wise.com/help/articles/2897238/which-currencies-can-i-add-keep-and-receive-in-my-wise-account 

5. https://www.worldfirst.com/au/for-online-sellers/ 

6. https://convera.com/en-au/platform/multi-currency-holding-balance/

7. https://www.revolut.com/en-AU/business/multi-currency-accounts/ 

8. https://www.ofx.com/en-au/business/multi-currency-account/ 

9. https://wise.com/help/articles/2932154/guide-to-aud-transfers 

10. https://www.worldfirst.com/au/marketplaces/ 

11. https://convera.com/en-au/solutions/global-payments/manage-currency-risk/ 

12. https://www.fxcintel.com/research/reports/the-top-100-cross-border-payment-companies  

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