Payoneer vs Airwallex: Compare features and fees
Find out how Payoneer’s features and fees compare to Airwallex’s.
Airwallex offers a wider global reach than Payoneer with 160+ local payment methods. Save more on currency conversion fees when settling funds like-for-like in 10+ currencies with Airwallex, compared to just five with Payoneer. Receive, hold, convert, and send funds all on one platform.
3 reasons why businesses choose Airwallex over Payoneer
Offer more local payment methods
Airwallex supports major card schemes and 160+ local payment methods globally, including digital wallets, bank transfers, and buy now, pay later (BNPL) options – more than the handful of mainstream options that Payoneer offers.
Get more payment integrations
Access flexible integration options for businesses of all sizes. Compared to Airwallex, Payoneer has limited integration options that are primarily for small- to medium-sized businesses.
Settle funds like-for-like in more currencies
Both Airwallex and Payoneer let businesses settle funds in the same currencies that customers pay in. However, Airwallex supports over 14+ currencies, compared to just five with Payoneer.
Cut FX fees: Save more with like-for-like settlement
Save on payment processing fees and avoid costly currency conversions with like-for-like settlement. For example, an Australian business can transact in GBP and settle those funds directly into a local GBP account, without having to convert the funds to AUD and pay foreign exchange (FX) fees. This GBP balance can then be used to pay UK suppliers, further cutting FX fees.
With Airwallex, businesses can settle payments like-for-like in 14+ major currencies using its built-in multi-currency wallet, without any forced FX conversions. In comparison, Payoneer supports settlement with no FX fees in only five currencies. Funds in unsupported currencies will be automatically converted and settled in the default Payoneer currency.
Offer more ways to pay and get more integration options with Airwallex
While Payoneer also supports global payment acceptance, Airwallex offers more depth, flexibility, and integration options.
Businesses can accept payments using 160+ local payment methods, including digital wallets, bank transfers, and BNPL options – more than Payoneer’s coverage.
Choose from a more extensive range of payment solutions with Airwallex – from no-code payment links to low-code eCommerce plugins, and fully customised API solutions.
Plus, access features that Payoneer doesn’t offer, like high-rate saver accounts that earn returns on idle AUD and USD funds.
Save on transaction fees and FX fees with Airwallex
Overall, Airwallex offers lower transaction fees and currency conversion fees.
What local businesses are saying about Airwallex
"Having reliable payment processing with Airwallex is something that, as we mature as a company and bring on more customers, we’ve got to make sure that we’re confident in. Being able to rely on Airwallex is something that’s going to be really important as we grow.”
Tony Hughes
Tour Amigo, CMO
“If you have staff, suppliers or customers overseas, then your business should be using Airwallex. It’s a fantastic product backed by a wonderful customer care team who will answer all your questions and ensure you get onboarded properly and know how to use the product.”
Dale Beaumont
Founder and CEO, Business Blueprint
"Before Airwallex, we were making unnecessarily expensive conversions. Our margins have easily increased by 3% simply by switching to Airwallex.”
Jake McKeon
Coconut Bowls, Founder
“Because of Airwallex, we’re enjoying significant cost savings and a more streamlined management of funds between different currencies, which is essential for our travel agency.”
Simon Russell
Authentic Vacations, CEO
Frequently asked questions about Payoneer features and fees
How much are Payoneer fees in Australia?
Payoneer typically charges a 2–3% fee for transactions to and from non-Payoneer accounts. Additional fees apply for foreign currency settlement and FX conversions. Airwallex offers a competitive alternative with transparent and often lower fees, especially for businesses dealing with multiple currencies and regions.
What alternative solutions to Payoneer are there?
There are several alternatives to Payoneer, including Stripe, Square, Wise, and PayPal. However, Airwallex stands out for its multi-currency support, competitive pricing, like-for-like settlement, and end-to-end solutions including payment acceptance, FX and transfers, and spend management tools.
What is like-for-like settlement?
Like-for-like settlement is a process that ensures that the currency a business receives in their account is the same as the currency in which the payment was made. This means that if a customer pays a business in, for example, US dollars (USD), the funds will be settled directly into their Airwallex account in USD, without currency conversion. This approach helps businesses avoid unnecessary foreign exchange fees and ensures that they receive the exact amount they are owed, making international transactions more transparent and efficient.
Who can open an Airwallex Business Account in Australia?
Most Australian businesses are eligible. You’ll need an active ABN, a valid ID for all directors or beneficial owners, and basic registration documents.
How does an Airwallex Business Account help businesses save on transaction fees?
An Airwallex Business Account can be used to avoid unnecessary conversion fees and to save on everyday expenses. You can collect payments from your international customers in their preferred currency and then spend those proceeds later in the same currency (for example, to pay global suppliers and employees), thereby eliminating unnecessary conversion fees. You can also benefit from holding funds in a foreign currency until FX rates are favourable enough to convert these funds to your home currency.