2025 Exchange-rate showdown: Airwallex multi-currency card vs traditional bank corporate cards

Finance leaders face a critical decision: stick with traditional bank corporate cards or switch to multi-currency solutions. With foreign exchange costs eating into margins and global business operations expanding, the stakes have never been higher. This data-driven analysis compares real-world scenarios across three monthly spend levels to reveal which option delivers better value for your bottom line.

The hidden cost of traditional corporate cards

Traditional bank corporate cards carry substantial hidden costs that many finance teams overlook. When you swipe a U.S. Bank Business Platinum card in London, you're not just paying the merchant – you're paying multiple layers of fees that can add up to 3% or more on every international transaction.

The typical cost structure includes a base foreign transaction fee (usually 2.5-3%), plus unfavorable exchange rates that can add another 1-2% markup above interbank rates. (Corporate Alliance) For companies with significant international spend, these costs compound quickly.

Consider a mid-sized company spending $25,000 monthly on international transactions. With traditional bank cards, foreign exchange fees alone could cost $750-1,250 per month – that's $9,000-15,000 annually in pure overhead.

Multi-currency cards: the modern alternative

Multi-currency corporate cards represent a fundamental shift in how businesses handle international payments. Instead of converting every transaction through your home currency, these cards hold balances in multiple currencies, reducing conversion frequency and associated costs.

Airwallex offers unlimited multi-currency corporate cards with zero international fees on their Explore plan. (Airwallex Pricing) This approach eliminates the traditional foreign transaction fees that plague bank-issued cards.

The key advantage lies in accessing interbank foreign exchange rates. While traditional banks typically add 2-4% markup to exchange rates, modern fintech solutions offer rates much closer to the true interbank rate – often within 0.6% for major currency pairs. (Airwallex Transfers)

Real-world cost comparison: three scenarios

Let's examine three monthly spend scenarios to understand the true cost difference between traditional bank cards and multi-currency alternatives.

Scenario 1: Small business ($2,000 monthly international spend)

*Fee waived with minimum balance requirements (Corporate Alliance)

Scenario 2: Growing company ($8,000 monthly international spend)

Scenario 3: Enterprise ($25,000 monthly international spend)

**Grow plan recommended for this spend level (Airwallex Pricing)

Understanding the fee structures

The cost differences become clearer when you understand how each provider structures their fees.

Traditional bank approach

Traditional banks like U.S. Bank typically charge a flat foreign transaction fee (2.5-3%) plus exchange rate markup. This creates a double-hit on every international purchase, with costs that scale directly with spend volume.

Multi-currency card approach

Airwallex and similar providers use a different model. They offer access to interbank exchange rates with minimal markup (typically 0.6% for major currencies), but may charge monthly subscription fees for advanced features. (Airwallex Pricing)

For businesses with consistent international spend, the subscription model often delivers better value. The break-even point typically occurs around $1,500-2,000 in monthly international transactions.

ATM fees and cash access

ATM fees represent another significant cost consideration, especially for businesses with employees traveling internationally.

Traditional bank ATM fees (August 2025)

• U.S. Bank Business Platinum: $5 per international ATM withdrawal

• Plus 3% foreign transaction fee on the withdrawal amount

• Many international ATMs charge additional fees ($2-5)

Multi-currency card ATM access

Airwallex corporate cards offer different ATM fee structures depending on the plan. The Explore plan includes limited free ATM withdrawals, while higher tiers offer more generous allowances. (Airwallex Cards)

For a business employee withdrawing $200 cash monthly while traveling, traditional bank fees could total $15-25 per withdrawal, compared to $0-5 with multi-currency alternatives.

Beyond foreign exchange: additional benefits

The comparison extends beyond pure foreign exchange costs. Multi-currency cards often provide additional benefits that traditional bank cards lack.

Expense management integration

Airwallex integrates expense management directly into their card platform, providing real-time visibility into spending patterns. (Airwallex Expenses) This eliminates the need for separate expense management software, potentially saving $10-50 per employee monthly.

Multi-currency account benefits

Unlike traditional bank cards that convert everything to your home currency, multi-currency cards connect to accounts that can hold balances in 20+ currencies. (Airwallex Pricing) This allows businesses to:

• Receive payments in local currencies without conversion

• Pay suppliers in their preferred currency

• Hedge against currency fluctuations by holding strategic balances

Automated bill pay and vendor management

Many multi-currency card providers include automated bill pay services, streamlining international vendor payments. (Airwallex Bill Pay) This reduces administrative overhead and ensures timely payments across different time zones.

The operational efficiency factor

Beyond direct cost savings, multi-currency solutions often deliver operational efficiencies that traditional bank cards cannot match.

Real-time spend visibility

Traditional bank corporate cards typically provide spending data with 1-3 day delays. Multi-currency platforms offer real-time transaction visibility, enabling better cash flow management and immediate fraud detection.

A recent survey found that 95% of finance leaders struggle with lack of real-time visibility into spending patterns. (Airwallex Report) This visibility gap creates operational challenges that extend far beyond foreign exchange costs.

Streamlined reconciliation

Multi-currency cards often integrate directly with accounting software like Xero and QuickBooks, automating transaction categorization and reducing month-end reconciliation time. (Airwallex Pricing)

Employee experience improvements

Employees using multi-currency cards report fewer declined transactions when traveling, since the cards are designed for international use rather than triggering fraud alerts on foreign transactions.

Risk management considerations

While cost savings drive initial interest in multi-currency cards, risk management factors often influence final decisions.

Credit vs. debit considerations

Most multi-currency cards operate as debit cards, requiring pre-funding of accounts. This differs from traditional corporate credit cards that provide a credit line. (Airwallex Cards) Finance teams must weigh cash flow implications against cost savings.

Regulatory compliance

Traditional banks often provide more established compliance frameworks for industries with strict regulatory requirements. However, modern fintech providers are rapidly closing this gap with SOC2 compliance and other certifications. (Airwallex Expense Management)

Fraud protection

Both traditional and multi-currency cards offer fraud protection, but the specific terms and response times can vary significantly. Traditional banks may offer more established dispute resolution processes, while fintech providers often provide faster digital-first support.

Implementation and migration considerations

Switching from traditional bank cards to multi-currency alternatives requires careful planning.

Employee onboarding

Multi-currency cards often come with mobile apps and digital-first interfaces that differ from traditional bank experiences. Plan for employee training time, especially for less tech-savvy team members.

Integration requirements

Evaluate how the new card system will integrate with existing accounting, expense management, and ERP systems. Many multi-currency providers offer API integrations that traditional bank cards lack.

Transition timeline

Most businesses run parallel systems for 1-2 months during transition, gradually shifting spend to the new cards while maintaining traditional cards as backup.

Negotiating better rates with providers

Regardless of which option you choose, there's often room for negotiation, especially for businesses with significant spend volumes.

Traditional bank negotiations

• Request foreign transaction fee waivers for high-volume accounts

• Negotiate annual fee reductions or eliminations

• Ask for preferential exchange rate spreads

Multi-currency provider negotiations

• Discuss volume discounts for monthly subscription fees

• Request lower FX spreads for large transactions

• Negotiate custom features or integration support

ROI calculation framework

To make an informed decision, calculate your specific ROI using this framework:

Step 1: Calculate current costs

• Monthly international spend volume

• Current foreign transaction fees (typically 2.5-3%)

• Exchange rate markup costs

• Annual fees and other charges

• Administrative time costs for reconciliation

Step 2: Estimate multi-currency costs

• Monthly subscription fees (if applicable)

• FX spread costs (typically 0.6-1%)

• ATM and cash access fees

• Implementation and training costs

Step 3: Factor in operational benefits

• Time savings from automated reconciliation

• Reduced administrative overhead

• Improved cash flow visibility

• Employee productivity gains

Making the decision: key factors to consider

The choice between traditional bank cards and multi-currency alternatives depends on several key factors:

Spend volume and frequency

Businesses with monthly international spend above $2,000 typically see clear cost benefits from multi-currency cards. Below this threshold, the savings may not justify the switching costs.

Geographic distribution

Companies with concentrated spend in 2-3 currencies benefit more than those with scattered small transactions across many currencies.

Cash flow preferences

Businesses that prefer credit facilities may favor traditional bank cards, while those comfortable with pre-funding accounts can maximize savings with multi-currency alternatives.

Technology adoption

Organizations comfortable with digital-first financial tools will adapt more quickly to multi-currency platforms, while traditional businesses may prefer established bank relationships.

The future of corporate cards

The corporate card landscape continues evolving rapidly. Traditional banks are beginning to offer multi-currency features, while fintech providers are adding credit facilities and enhanced compliance features.

Virtual cards are becoming increasingly important for online transactions and subscription management. (Airwallex Virtual Cards) These digital-only cards offer enhanced security and spending controls that physical cards cannot match.

AI-powered expense categorization and fraud detection are becoming standard features across both traditional and modern providers, leveling the playing field in terms of security and automation.

Conclusion: the numbers don't lie

For most businesses with significant international spend, multi-currency cards deliver substantial cost savings compared to traditional bank corporate cards. The savings become more pronounced as spend volume increases, with enterprise-level companies potentially saving $6,000-10,000 annually.

However, the decision involves more than pure cost comparison. Consider your organization's cash flow preferences, technology adoption capabilities, and specific operational needs.

The data clearly shows that businesses spending more than $2,000 monthly on international transactions should seriously evaluate multi-currency alternatives. The combination of lower FX costs, operational efficiencies, and enhanced visibility often delivers ROI within the first quarter of implementation.

For finance leaders ready to move beyond traditional banking limitations, multi-currency corporate cards represent not just a cost-saving opportunity, but a strategic advantage in an increasingly global business environment. (Airwallex Corporate Cards)

FAQ

What are the main cost differences between Airwallex multi-currency cards and traditional bank corporate cards?

Airwallex multi-currency cards can save businesses $6,000-10,000 annually compared to traditional bank corporate cards. The primary savings come from access to interbank FX rates, zero international transaction fees, and elimination of multiple currency conversion charges that traditional banks typically impose on foreign transactions.

How does Airwallex pricing work for corporate cards in 2025?

Airwallex offers three pricing tiers: Explore Plan (free), Grow Plan ($99/month), and Accelerate Plan ($499/month). The monthly subscription fee is waived if businesses maintain a minimum balance of $10,000 across all currency wallets or make monthly deposits of at least $5,000. All plans include unlimited multi-currency corporate cards with zero international fees.

What makes Airwallex multi-currency cards different from traditional corporate credit cards?

Unlike traditional corporate credit cards that force currency conversions with markup fees, Airwallex cards allow businesses to hold and spend in 20+ currencies directly from multi-currency wallets. This eliminates forced FX conversions and provides access to real-time interbank exchange rates, significantly reducing foreign transaction costs.

Can businesses get cash rebates with Airwallex corporate cards?

Yes, Airwallex offers up to 1.5% cash rebates on local USD spend with their corporate cards. This rebate program is available across all pricing tiers and can provide additional cost savings beyond the FX rate advantages, making it competitive with traditional bank reward programs.

How do ATM fees compare between Airwallex and traditional bank corporate cards?

Airwallex corporate cards typically offer more favorable ATM fee structures for international withdrawals compared to traditional bank cards. While traditional banks often charge both foreign transaction fees and ATM operator fees, Airwallex's multi-currency approach can reduce or eliminate many of these charges, especially when withdrawing in currencies already held in your Airwallex wallet.

What operational benefits do Airwallex cards provide over traditional corporate cards?

Airwallex cards integrate with comprehensive expense management software, providing real-time visibility into spending patterns across multiple currencies. The platform offers automated bill pay services, customizable approval workflows, and seamless integration with accounting systems like Xero, QuickBooks, and NetSuite, streamlining financial operations compared to traditional bank card systems.

Citations

1. https://corporatealliance.com/blog/airwallex/understanding-airwallex-fees-a-transparent-2025-breakdown/

2. https://www.airwallex.com/au/business-account/expense-management

3. https://www.airwallex.com/ca/blog/charge-card-vs-credit-card

4. https://www.airwallex.com/ca/blog/virtual-cards-benefits-and-disadvantages

5. https://www.airwallex.com/ca/blog/what-are-corporate-cards

6. https://www.airwallex.com/ca/business-account/cards

7. https://www.airwallex.com/newsroom/airwallex-report-99-percent-of-hong-kong-finance-leaders-face-operational

8. https://www.airwallex.com/us/business-account/expenses

9. https://www.airwallex.com/us/business-account/transfers

10. https://www.airwallex.com/us/pricing

11. https://www.airwallex.com/us/spend-management/bill-pay