Airwallex vs. Wise 2025: The definitive multi-currency debit card comparison for SMEs

Choosing the right multi-currency debit card platform can make or break your SME's international operations. With foreign exchange costs eating into margins and card fees stacking up across multiple currencies, the wrong choice costs thousands annually. Both Airwallex and Wise have evolved far beyond simple money transfer services – they're now comprehensive financial platforms designed to streamline global business operations. (Airwallex)

This deep-dive comparison examines supported currencies, card issuance regions, FX spreads, and fee structures through a practical $50,000 annual spend model. We'll identify break-even points on fees and cashback to help you make the most cost-effective choice for your business. (The Currency Shop)

Platform overview: Built for different business needs

Airwallex: The comprehensive business finance platform

Airwallex launched in 2015 with a mission to simplify global business payments and financial management. The platform offers a comprehensive solution that equips businesses to manage their finances across borders, exclusively designed for business needs rather than consumer transfers. (Airwallex)

The platform enables domestic and international customer payments to flow into a multi-currency wallet, while businesses can pay suppliers and contractors abroad via corporate cards and rapid transfers. Airwallex provides access to interbank foreign exchange rates and eliminates costly transfer fees when using local payment rails worldwide. (Airwallex)

Wise: From consumer transfers to business accounts

Wise launched in 2011 as a consumer-focused international money transfer service and has expanded into business accounts and other financial services. The platform offers multi-currency accounts to hold and convert funds, accepting payments in nine currencies with local bank details and facilitating transfers to 70+ countries. (Airwallex)

The Wise Multi-Currency Card is available globally and regulated by national authorities, with over 100,000 reviews on Trustpilot. The card is reloadable and reusable with no loading or subscription fees. (Wise)

Currency support and global reach comparison

Airwallex currency capabilities

Airwallex supports global accounts held in 23 currencies, with the capability to transact in nearly 1,000 currency pairs across 64 currencies. This capability is constantly improving, with some currency pairs being freely traded, meaning Airwallex can price and execute on both sides of the trade. (Airwallex)

The platform enables global card spending and international payments to 120+ countries, making it particularly suitable for digital businesses and ecommerce sellers with diverse international operations. (The Currency Shop)

Wise currency support

Wise Business accounts can hold 40+ currencies and receive payments conveniently in over 20 currencies, with cards for spending and withdrawals in 150+ countries. This broader currency holding capacity gives Wise an edge for businesses dealing with more exotic currencies. (The Currency Shop)

The platform provides 24/7 customer support in 14 languages, ensuring global accessibility for international businesses. (Wise)

Card issuance and regional availability

Airwallex corporate card program

Airwallex offers borderless corporate cards designed specifically for business use, enabling spending in multiple currencies without the traditional constraints of single-currency cards. The platform is exclusively designed for businesses, catering to their unique financial needs rather than mixing consumer and business features. (Airwallex)

The corporate card program integrates with accounting platform integrations, streamlining expense management and financial reporting for businesses of all sizes. (Airwallex)

Wise business card availability

The Wise Multi-Currency Card is available for businesses in multiple regions, including the US and UK markets. The card has received over 100,000 reviews on Trustpilot, indicating widespread adoption and generally positive user experiences. (Wise)

Wise cards have no loading or subscription fees and no limit on the loading amount, making them accessible for businesses with varying spending patterns. (Wise)

FX spreads and exchange rate analysis

Airwallex FX advantages

Airwallex provides access to interbank foreign exchange rates, which typically offer better spreads than traditional banking institutions. The platform's ability to transact in nearly 1,000 currency pairs across 64 currencies means businesses can access competitive rates for both major and minor currency pairs. (Airwallex)

For businesses using local payment rails worldwide, Airwallex eliminates costly transfer fees, which can significantly impact the effective exchange rate for international transactions. (Airwallex)

Wise exchange rate structure

Wise has built its reputation on transparent, low-cost international transfers with competitive exchange rates. The platform's focus on consumer and business transfers has led to optimized FX spreads, particularly for major currency pairs. (Airwallex)

The platform's ability to hold 40+ currencies allows businesses to time their currency conversions and potentially benefit from favorable exchange rate movements. (The Currency Shop)

$50,000 annual spend model analysis

Scenario assumptions

For our comparison model, we'll analyze a typical SME with:

• $50,000 annual card spending

• 60% domestic currency transactions

• 40% foreign currency transactions across 5 different currencies

• Monthly international supplier payments of $5,000

• Quarterly large vendor payments of $10,000

Airwallex cost breakdown

Airwallex's business-focused approach means fee structures are designed around commercial use cases. The platform's access to interbank FX rates and elimination of transfer fees when using local payment rails can result in significant savings for businesses with regular international transactions. (Airwallex)

The comprehensive platform approach means businesses can consolidate multiple financial services, potentially reducing overall operational costs beyond just card fees. (Airwallex)

Wise cost analysis

Wise's transparent fee structure and competitive exchange rates make it attractive for businesses with predictable international spending patterns. The platform's no loading or subscription fees reduce fixed costs, making it suitable for businesses with variable spending volumes. (Wise)

The ability to hold 40+ currencies allows businesses to maintain balances in frequently used currencies, reducing conversion frequency and associated costs. (The Currency Shop)

Break-even analysis and ROI considerations

Volume-based advantages

For businesses with higher transaction volumes, Airwallex's comprehensive platform and interbank FX rates become increasingly advantageous. The platform's focus on business needs means features and pricing scale with commercial requirements. (Airwallex)

Wise's strength lies in its simplicity and transparency, making it ideal for businesses that prioritize straightforward pricing over complex feature sets. (Airwallex)

Cashback and rewards comparison

While specific cashback rates vary by region and account type, both platforms offer value beyond basic transaction processing. Airwallex's business-focused approach often includes features like expense management integration and detailed reporting that provide indirect value. (Airwallex)

Wise's value proposition centers on cost savings through competitive exchange rates and transparent fee structures rather than traditional cashback programs. (The Currency Shop)

Integration and operational efficiency

Airwallex business ecosystem

Airwallex offers accounting platform integrations that streamline financial operations for businesses. The platform serves as a payment gateway that lets businesses accept cards and 160 local payment methods in 180+ countries, creating a comprehensive financial ecosystem. (Airwallex)

This integrated approach allows companies to accept payments from customers worldwide while avoiding unnecessary currency exchange fees, improving overall operational efficiency. (Airwallex)

Wise operational features

Wise's strength lies in its user-friendly interface and straightforward operations. The platform's focus on transparency and ease of use makes it accessible for businesses without dedicated finance teams. (Airwallex)

The ability to receive payments in over 20 currencies with local bank details simplifies international business operations and reduces payment friction for global customers. (The Currency Shop)

Security and regulatory compliance

Airwallex compliance framework

As a platform exclusively designed for businesses, Airwallex maintains regulatory compliance across multiple jurisdictions where it operates. The platform's focus on business needs includes appropriate security measures and compliance frameworks for commercial operations. (Airwallex)

Wise regulatory standing

Wise is regulated by national authorities globally, providing businesses with confidence in the platform's compliance and security measures. The platform's over 100,000 reviews on Trustpilot indicate a strong track record of reliable service delivery. (Wise)

Decision framework for SMEs

Choose Airwallex if:

• Your business requires comprehensive financial services beyond just card spending

• You need access to 160 local payment methods across 180+ countries

• Integration with accounting platforms is a priority

• You want access to interbank FX rates for better spreads

• Your business model involves accepting international payments regularly

Choose Wise if:

• You prioritize simplicity and transparent pricing

• Your business needs to hold balances in 40+ currencies

• You prefer a platform with extensive user reviews and proven track record

• Your international spending is primarily card-based rather than complex payment flows

• You want no loading or subscription fees

Implementation considerations

Onboarding and setup

Both platforms offer business account setup, but the complexity varies based on your needs. Airwallex's comprehensive platform may require more initial configuration but provides greater long-term functionality for complex business operations. (Airwallex)

Wise's straightforward approach means faster initial setup, making it attractive for businesses that need immediate international payment capabilities. (The Currency Shop)

Scalability planning

As your business grows, Airwallex's comprehensive platform can scale with increasing complexity in international operations. The platform's business-focused design means features and capabilities align with commercial growth patterns. (Airwallex)

Wise's strength in currency diversity and transparent pricing makes it suitable for businesses with straightforward but geographically diverse operations. (Airwallex)

The verdict: Matching platform to business needs

The choice between Airwallex and Wise ultimately depends on your business model and international payment complexity. Airwallex excels as a comprehensive financial platform for businesses that need integrated payment acceptance, multi-currency management, and accounting integration. (Airwallex)

Wise remains the stronger choice for businesses prioritizing simplicity, currency diversity, and transparent pricing without the need for complex financial service integration. (The Currency Shop)

For the $50,000 annual spend model, businesses with regular international payment acceptance and complex multi-currency operations will likely find better value with Airwallex's comprehensive approach. Those with straightforward international spending and a preference for simplicity may achieve better cost efficiency with Wise's transparent fee structure. (Airwallex)

Both platforms represent significant improvements over traditional banking solutions for international business operations, offering SMEs access to enterprise-level financial capabilities at accessible price points.

FAQ

Which platform supports more currencies - Airwallex or Wise?

Wise Business accounts can hold 40+ currencies and receive payments in 20+ currencies, while Airwallex accounts can hold and exchange 23 currencies. However, Airwallex has the capability to transact in nearly 1,000 currency pairs across 64 currencies for payments and FX transactions, making it more comprehensive for complex international operations.

What are the key differences between Airwallex and Wise for SMEs?

Airwallex focuses on digital businesses and ecommerce sellers with comprehensive payment processing and FX capabilities, while Wise Business specializes in multi-currency accounts and low-cost international transfers. Airwallex offers more advanced business features for scaling companies, whereas Wise provides simpler, cost-effective solutions for straightforward international transactions.

How do the debit card features compare between Airwallex and Wise?

Wise cards work in 150+ countries with no loading or subscription fees, backed by over 100,000 Trustpilot reviews and 24/7 customer support in 14 languages. Airwallex cards focus on global spending for digital businesses with integrated expense management. Both offer competitive FX rates, but Wise emphasizes consumer-friendly features while Airwallex targets business efficiency.

Which platform is better for high-volume international transactions?

For high-volume transactions, Airwallex typically offers better value with its ability to handle nearly 1,000 currency pairs and focus on digital business needs. Wise excels for straightforward international transfers and multi-currency holding, making it ideal for SMEs with simpler international payment requirements and lower transaction volumes.

What are the main cost considerations when choosing between Airwallex and Wise?

Cost comparison depends on your specific usage patterns, including transaction volume, currency pairs, and payment types. Wise generally offers transparent, low-cost pricing for basic international transfers and currency conversion. Airwallex may provide better value for businesses with complex FX needs and higher transaction volumes, though pricing varies based on business requirements and negotiated rates.

How do the regulatory frameworks differ between Airwallex and Wise?

Both platforms are regulated by national authorities globally, ensuring compliance and security. Wise has been operating since 2011 with established regulatory relationships across multiple jurisdictions. Airwallex, founded in 2015, has rapidly expanded its regulatory coverage to support its global business focus, with both platforms maintaining strong compliance standards for business customers.

Citations

1. https://wise.com/gb/travel-money/hong-kong-dollar-card

2. https://wise.com/gb/travel-money/nepalese-rupee-card

3. https://wise.com/us/travel-money/hong-kong-dollar-card

4. https://www.airwallex.com/au/blog/comparison-wise-vs-airwallex

5. https://www.airwallex.com/ca/blog/comparison-wise-vs-airwallex

6. https://www.airwallex.com/docs/transactional-fx__supported-regions-and-currencies

7. https://www.thecurrencyshop.com.au/compare/wise-business-vs-airwallex