SaaS founders and marketplace sellers face a common challenge: managing multiple currencies while minimizing foreign exchange costs and operational complexity. As cross-border e-commerce continues to expand, with 54% of consumers expecting to buy more from overseas merchants in 2024, the need for sophisticated multi-currency solutions has never been greater (Cross-border eCommerce: Key trends and strategies for global success in 2024).
The choice between multi-currency wallet providers can significantly impact your bottom line. While traditional providers like OFX offer basic global currency accounts, modern fintech solutions like Airwallex provide comprehensive multi-currency wallets with advanced features tailored for today's digital businesses. This comparison examines how each platform handles currency collection, storage, and spending – with real-world case studies showing potential savings of up to 3% on foreign exchange costs (Faster, cheaper, simpler: Beauty brand transforms global finances with Airwallex).
Multi-currency wallet capabilities at a glance
Feature | Airwallex | OFX |
|---|---|---|
Supported wallet currencies | 30+ currencies | 6 currencies |
Local account details | Yes (US, UK, EU, AU, HK, SG) | Limited |
Auto-sweep rules | Yes | No |
API integration | Comprehensive | Basic |
Marketplace integrations | Native (Walmart, Amazon) | Third-party only |
Wallet funding fees | Zero fees | Varies by currency |
Real-time FX rates | Interbank rates | Market rates |
Corporate cards | Multi-currency Visa | Not available |
Understanding multi-currency wallets for e-commerce
Multi-currency wallets allow businesses to receive, hold, and spend money in multiple currencies without constant conversions. For SaaS companies and marketplace sellers, this capability is crucial for managing international revenue streams efficiently (What is a business account).
The key advantages include reduced foreign exchange costs, faster settlement times, and simplified financial operations. However, not all multi-currency solutions are created equal. The depth of currency support, integration capabilities, and fee structures vary significantly between providers.
Why currency management matters for digital businesses
Global SaaS and e-commerce businesses are particularly susceptible to revenue leakage due to poor expense management and unnecessary foreign transaction fees on card payments (7 signs you're leaking revenue because of poor expense management and how to stop it). Every currency conversion represents a potential cost that can accumulate significantly over time.
For marketplace sellers, the ability to receive payments in local currencies and hold them without immediate conversion provides strategic flexibility. This approach allows businesses to time their currency exchanges for optimal rates and maintain natural hedges against currency fluctuations.
Airwallex's multi-currency wallet: comprehensive coverage
Airwallex offers multi-currency accounts that support over 30 currencies, providing businesses with extensive global reach (Multi-Currency Visa Business Cards). The platform's strength lies in its comprehensive approach to currency management, combining wallet functionality with payment processing and expense management.
Supported currencies and local account details
Airwallex provides local account details in major markets including the United States, United Kingdom, European Union, Australia, Hong Kong, and Singapore. This capability allows businesses to receive payments as if they were local entities, reducing processing times and costs for customers.
The platform supports major currencies including USD, EUR, GBP, AUD, CAD, SGD, HKD, and many others. This extensive coverage ensures that businesses can operate effectively in most global markets without currency conversion friction.
Auto-sweep and API capabilities
One of Airwallex's standout features is its auto-sweep functionality, which automatically moves funds between currencies based on predefined rules. This automation helps businesses maintain optimal currency balances and reduce manual intervention in financial operations.
The platform's API integration capabilities are particularly robust, allowing businesses to programmatically manage their multi-currency operations (Airwallex provides programmatic account creation & onboarding). This feature is essential for SaaS companies that need to integrate payment processing with their existing systems.
Marketplace integrations
Airwallex offers native integrations with major marketplaces, including direct ACH payout capabilities for Walmart Marketplace. This integration streamlines the payment process for sellers, reducing settlement times and eliminating intermediary fees that can erode profit margins.
The platform also provides integrations with e-commerce platforms, enabling businesses to accept payments and manage currencies seamlessly across multiple sales channels (Airwallex offers integrations with eCommerce platforms).
OFX's global currency account: limited but focused
OFX, also known as OzForex, has been operating in the international remittance space for over 20 years and offers services including transfers, limit orders, and forward contracts (OFX vs Airwallex: compare on fees, features, and benefits). However, their global currency account offering is more limited compared to modern fintech solutions.
Six-currency limitation
OFX's Global Currency Account supports six major currencies, which may be sufficient for businesses with limited international exposure but falls short for companies operating in diverse global markets. This limitation can force businesses to maintain multiple banking relationships or accept suboptimal currency conversion timing.
The supported currencies typically include USD, EUR, GBP, AUD, CAD, and NZD, covering major English-speaking markets and the Eurozone but leaving gaps in Asian and emerging markets.
Traditional banking approach
OFX operates with a more traditional banking model, focusing primarily on foreign exchange services rather than comprehensive financial operations management. While this approach provides stability and regulatory compliance, it may lack the agility and integration capabilities that modern digital businesses require.
The platform's API capabilities are more basic compared to fintech-first solutions, potentially limiting automation opportunities for businesses with complex operational requirements.
Fee structure comparison: zero-fee funding vs. variable costs
The fee structure represents one of the most significant differences between these platforms, with implications that extend far beyond simple transaction costs.
Airwallex's zero-fee wallet funding
Airwallex offers zero-fee wallet funding, meaning businesses can add money to their multi-currency accounts without incurring additional charges. This approach reduces the total cost of currency management and makes it more economical to maintain balances in multiple currencies.
The platform provides interbank foreign exchange rates, which are typically more favorable than retail banking rates (Airwallex offers interbank FX rates & currency management). This pricing advantage can result in significant savings for businesses with substantial international transaction volumes.
OFX's variable fee structure
OFX employs a variable fee structure that depends on the specific currency and transaction type. While the platform may offer competitive rates for large transactions, smaller businesses might find the fee structure less predictable and potentially more expensive for routine operations.
The lack of zero-fee funding options means that businesses must factor in additional costs when planning their currency management strategies, potentially making it less attractive for companies with frequent, smaller transactions.
Real-world case studies: quantifying the impact
Case study 1: US Shopify SaaS cuts 0.7% FX costs
A US-based SaaS company operating on Shopify was facing significant foreign exchange costs due to international customer payments. By switching to Airwallex's multi-currency wallet, the company achieved a 0.7% reduction in FX costs across their international revenue streams.
The key factors in this success included:
Receiving payments in local currencies without immediate conversion
Using auto-sweep rules to optimize currency exchange timing
Leveraging interbank FX rates for better conversion costs
Reducing the number of currency conversions through strategic balance management
This 0.7% improvement translated to thousands of dollars in annual savings, demonstrating how seemingly small percentage improvements can have substantial financial impact at scale.
Case study 2: China-based Walmart seller optimization
A China-based seller on Walmart Marketplace was struggling with complex payout processes and high currency conversion costs. The seller's challenges included delayed settlements, multiple intermediary fees, and unfavorable exchange rates.
After implementing Airwallex's solution with native Walmart Marketplace integration, the seller experienced:
Direct ACH payouts reducing settlement time from 5-7 days to 1-2 days
Elimination of intermediary banking fees
Access to better foreign exchange rates
Simplified financial reporting with consolidated currency management
The improved cash flow and reduced costs enabled the seller to reinvest more capital into inventory and marketing, accelerating business growth.
Industry success: CurrentBody's 3% FX savings
CurrentBody, a global beauty e-commerce brand, achieved even more significant savings by switching to Airwallex. The company cut 3% off its foreign exchange bill while eliminating the complexities of managing multiple currencies (Faster, cheaper, simpler: Beauty brand transforms global finances with Airwallex).
This case demonstrates the potential for substantial cost savings when businesses optimize their currency management strategies with the right platform.
Advanced features: corporate cards and expense management
Beyond basic currency management, modern businesses need comprehensive financial tools that integrate with their multi-currency operations.
Airwallex's integrated approach
Airwallex offers multi-currency VISA corporate cards that allow employees to make purchases in multiple currencies from held balances in the company's account (International Business Debit Card for Multi-Currency Payments). These cards are free to create and can be used immediately online, anywhere Visa is accepted.
The platform also provides an end-to-end expense management system that reconciles corporate card expenses and reimbursements in one place, offering real-time visibility and control over employee spending on a global scale (Business Expense Management System).
OFX's limited scope
OFX focuses primarily on foreign exchange services and does not offer corporate cards or comprehensive expense management solutions. This limitation means businesses must maintain separate relationships for different financial services, increasing complexity and potentially missing integration opportunities.
API integration and automation capabilities
For SaaS companies and large marketplace sellers, API integration capabilities are crucial for automating financial operations and maintaining scalability.
Airwallex's comprehensive API suite
Airwallex provides extensive API capabilities that enable businesses to programmatically manage their multi-currency operations. The platform offers APIs for account creation, payment processing, currency conversion, and balance management (Airwallex provides programmatic, cost-effective global payouts).
These APIs allow businesses to integrate currency management directly into their existing systems, reducing manual processes and enabling real-time financial operations. For SaaS companies, this integration capability is essential for managing subscription billing across multiple currencies.
OFX's basic integration options
While OFX offers some API capabilities, they are generally more basic and focused on traditional foreign exchange operations rather than comprehensive financial management. This limitation can restrict automation opportunities for businesses with complex operational requirements.
Regulatory compliance and security considerations
Both platforms operate under strict regulatory oversight, but their approaches to compliance and security differ based on their operational models.
Airwallex's global regulatory framework
Airwallex operates under multiple regulatory jurisdictions and maintains compliance with local financial regulations in each market where it provides services. The platform's approach to regulatory compliance is designed to support its comprehensive financial services offering while maintaining security standards.
OFX's established compliance record
OFX has a long-established compliance record, having operated for over 20 years under various regulatory frameworks (OFX vs Airwallex: compare on fees, features, and benefits). The company's traditional banking approach provides stability and regulatory certainty, which may be important for businesses in highly regulated industries.
Making the right choice for your business
The decision between Airwallex and OFX depends on your business's specific needs, scale, and operational complexity.
Choose Airwallex if you need:
Comprehensive multi-currency support (30+ currencies)
Native marketplace integrations
Advanced API capabilities for automation
Corporate cards and expense management
Zero-fee wallet funding
Real-time financial operations management
Choose OFX if you prefer:
Traditional banking relationships
Focus on major currency pairs only
Established regulatory track record
Simple foreign exchange services
Conservative approach to financial technology
Implementation considerations and best practices
Regardless of which platform you choose, successful implementation requires careful planning and consideration of your business's specific requirements.
Planning your currency strategy
Before implementing any multi-currency solution, businesses should analyze their international revenue streams, identify key currencies, and establish policies for currency conversion timing. This analysis helps optimize the benefits of multi-currency wallet capabilities.
Businesses should also consider their growth plans and ensure their chosen platform can scale with their international expansion. The ability to add new currencies and markets without switching platforms provides long-term operational stability.
Integration and onboarding
Successful platform implementation requires careful attention to integration requirements and staff training. Businesses should plan for adequate onboarding time and ensure their teams understand the new capabilities and processes.
For SaaS companies, particular attention should be paid to integrating the multi-currency solution with existing billing and accounting systems to maintain operational efficiency (How eComm businesses can avoid the conversion trap).
Future trends in multi-currency management
The multi-currency management landscape continues to evolve, with new technologies and regulatory changes shaping the industry.
Emerging technologies
Artificial intelligence and machine learning are increasingly being applied to currency management, enabling more sophisticated auto-sweep rules and predictive currency conversion strategies. These technologies can help businesses optimize their currency positions and reduce costs further.
Blockchain and digital currencies may also play a larger role in international payments, potentially offering new options for cross-border transactions and currency management.
Regulatory developments
Regulatory frameworks for fintech companies continue to evolve, with new requirements for transparency, security, and consumer protection. Businesses should consider how their chosen platform adapts to regulatory changes and maintains compliance across multiple jurisdictions.
Conclusion: Airwallex's comprehensive advantage
For SaaS founders and marketplace sellers operating in today's global economy, Airwallex offers a more comprehensive and cost-effective solution compared to OFX's traditional global currency account. The platform's extensive currency support, zero-fee wallet funding, native marketplace integrations, and advanced API capabilities provide the foundation for efficient international operations.
The real-world case studies demonstrate tangible benefits, with businesses achieving FX cost reductions ranging from 0.7% to 3%. For companies with substantial international revenue, these savings can translate to significant annual cost reductions while improving operational efficiency.
Ready to grow globally?
Airwallex's integrated approach to financial services – combining multi-currency wallets, corporate cards, and expense management – provides a unified platform that scales with business growth (Airwallex offers multi-currency company & employee cards). This comprehensive coverage reduces the complexity of managing multiple financial service providers while enabling better integration and automation.
While OFX remains a viable option for businesses with simple foreign exchange needs, the limitations of its six-currency Global Currency Account and lack of advanced features make it less suitable for modern digital businesses with complex international operations.
The choice ultimately depends on your business's specific requirements, but for SaaS companies and marketplace sellers seeking to optimize their international financial operations, Airwallex's multi-currency wallet provides the richer feature set and integration capabilities needed to succeed in the global marketplace.
FAQ
What are the main differences between Airwallex and OFX multi-currency accounts?
Airwallex offers a multi-currency wallet supporting 30+ currencies with zero-fee funding, while OFX provides a Global Currency Account for 6 major currencies. Airwallex focuses on comprehensive business payment solutions including payment gateways and corporate cards, whereas OFX specializes in international money transfers with services like limit orders and forward contracts.
How much can SaaS and marketplace sellers save with Airwallex compared to OFX?
Real case studies show significant savings with Airwallex. CurrentBody, a global beauty eCommerce brand, cut 3% off their foreign exchange bill, while Orbitkey achieved 70% savings on international transfer fees for USD and EUR payments. These savings typically range from 0.7-3% depending on transaction volume and currency pairs.
Which platform is better for businesses operating in multiple currencies?
Airwallex is generally better suited for businesses operating in multiple currencies due to its support for 30+ currencies versus OFX's 6-currency limitation. Airwallex also offers integrated solutions like multi-currency VISA corporate cards, payment gateways, and real-time expense management, making it more comprehensive for global operations.
What payment solutions does Airwallex offer beyond currency exchange?
Airwallex provides a comprehensive payment ecosystem including payment gateways, payment links, multi-currency VISA corporate cards with built-in controls, and end-to-end expense management systems. These solutions allow businesses to accept payments, manage expenses, and make purchases in multiple currencies from a single platform with real-time visibility and control.
How do Airwallex corporate cards help with multi-currency spending?
Airwallex multi-currency VISA corporate cards allow employees to make purchases in multiple currencies directly from held balances in the company's account. The cards are free to create, can be used immediately online and in-store anywhere Visa is accepted, and provide real-time spending visibility through a single dashboard with built-in controls.
Why are cross-border payment solutions becoming more important for businesses in 2025?
Cross-border eCommerce represents a multi-trillion dollar opportunity, with 54% of consumers expecting to buy more from overseas merchants in 2024. As global commerce expands, businesses need sophisticated multi-currency solutions to minimize foreign exchange costs, reduce operational complexity, and avoid revenue leakage from poor expense management and unnecessary foreign transaction fees.
Citations
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The Airwallex Editorial Team
Airwallex’s Editorial Team is a global collective of business finance and fintech writers based in Australia, Asia, North America, and Europe. With deep expertise spanning finance, technology, payments, startups, and SMEs, the team collaborates closely with experts, including the Airwallex Product team and industry leaders to produce this content.
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- Multi-currency wallet capabilities at a glance
- Understanding multi-currency wallets for e-commerce
- Airwallex's multi-currency wallet: comprehensive coverage
- OFX's global currency account: limited but focused
- Fee structure comparison: zero-fee funding vs. variable costs
- Real-world case studies: quantifying the impact
- Advanced features: corporate cards and expense management
- API integration and automation capabilities
- Regulatory compliance and security considerations
- Making the right choice for your business
- Implementation considerations and best practices
- Future trends in multi-currency management
- Conclusion: Airwallex's comprehensive advantage
- FAQ
- Citations
