Airwallex vs Wise virtual cards in 2025: FX fees, multi-currency wallets & mobile wallet support for Canadian startups

Canadian startups face a critical decision when choosing virtual card providers for international operations. With foreign exchange costs eating into margins and multi-currency complexity slowing growth, the wrong choice can cost thousands annually. Two platforms dominate the conversation: Airwallex, designed exclusively for businesses since 2015, and Wise, which evolved from consumer transfers to business accounts. (Airwallex vs. Wise: Compare fees, features and benefits)

This head-to-head analysis benchmarks both providers on the factors that matter most to Canadian founders: foreign transaction costs, CAD-USD wallet functionality, Apple Pay and Google Pay integration, ATM access, and granular card controls. Using real 2025 pricing data, we'll calculate potential savings for a typical $25,000 monthly SaaS and travel spend scenario.

The stakes are higher than ever. Airwallex's annual transaction volume hit $100 billion in August 2024, marking 73% year-over-year growth, while their revenue approaches $500 million annually. (2024 Mid-Year Mission Update) Meanwhile, Wise continues expanding its business offerings, creating a competitive landscape where the right choice can significantly impact your startup's financial efficiency.

Virtual card fundamentals for Canadian startups

Virtual cards eliminate the wait time and security risks of physical cards while offering superior spending controls. For Canadian startups operating globally, they solve three critical problems: instant card provisioning for remote teams, real-time expense tracking, and reduced foreign exchange costs.

Airwallex offers virtual Visa debit cards that can be created instantly and used for online and in-store purchases globally in multiple currencies with no transaction fees. (Virtual Card | Instant Virtual Visa Card in Canada - Airwallex CA) When the required currency balance isn't available, the virtual card auto-converts at Airwallex's exchange rates.

Both platforms target the same pain point: traditional banking's expensive foreign exchange spreads and limited multi-currency functionality. However, their approaches differ significantly in pricing structure, currency support, and business focus.

Foreign exchange fees: The hidden cost killer

Airwallex's FX advantage

Airwallex provides access to interbank foreign exchange rates, which typically offer the most competitive spreads available to businesses. (Airwallex vs. Wise: Compare fees, features and benefits) Their Transactional FX solution allows users to access these interbank rates and programmatically manage currency risk. (Overview | Airwallex Docs)

The platform's zero FX margin on card transactions when you hold the required currency balance represents a significant advantage for startups with predictable international spending patterns. This means a $25,000 monthly spend in USD using CAD funds could save hundreds in FX fees compared to traditional banking.

Wise's transparent pricing model

Wise built its reputation on transparent, low-cost international transfers and extends this philosophy to its business cards. The platform offers competitive exchange rates, though typically not at the interbank level that Airwallex provides for larger transactions.

For smaller transactions and startups just beginning international operations, Wise's straightforward fee structure can be easier to predict and budget for. However, as transaction volumes grow, the cumulative FX savings from Airwallex's interbank rates become more significant.

Multi-currency wallet depth comparison

Airwallex's comprehensive currency support

Airwallex offers global accounts held in 23 currencies, providing extensive coverage for international operations. (Airwallex vs. Wise: Compare fees, features and benefits) This depth allows Canadian startups to hold balances in major trading currencies, reducing conversion frequency and associated costs.

The platform's multi-currency accounts receive funds from domestic and international customer payments, which flow into the multi-currency wallet system. This integration between payment acceptance and currency management creates operational efficiency that's particularly valuable for SaaS companies with global customer bases.

Wise's focused approach

Wise offers multi-currency accounts to hold and convert funds, accepting payments in nine currencies with local bank details and facilitating transfers to 70+ countries. (Wise vs Airwallex: Compare on fees, features and benefits) While the currency count is lower than Airwallex, Wise covers the most commonly used business currencies effectively.

For startups primarily operating in major markets (USD, EUR, GBP), Wise's currency selection proves sufficient. However, companies expanding into emerging markets or dealing with less common currencies may find Airwallex's broader support more valuable.

Mobile wallet integration: Apple Pay and Google Pay support

Mobile wallet compatibility has become essential for modern business operations, especially for teams making frequent purchases or travel bookings. Both platforms recognize this need but implement support differently.

Airwallex virtual cards integrate with major mobile payment platforms, allowing team members to add cards to Apple Pay or Google Pay for contactless payments. This functionality proves particularly valuable for international travel, where contactless payments are increasingly preferred.

The integration extends beyond simple payment processing. Mobile wallet support enables secure, tokenized transactions that reduce fraud risk while maintaining the spending controls and real-time tracking that make virtual cards valuable for business use.

ATM access and cash withdrawal capabilities

While digital payments dominate business transactions, ATM access remains important for certain situations, particularly international travel and markets where cash is still prevalent.

Airwallex provides ATM access through their virtual and physical card programs, though specific withdrawal limits and fees vary by account type and region. The platform's multi-currency approach means you can withdraw local currency from balances held in that currency, potentially reducing conversion costs.

Wise offers similar ATM functionality with their business cards, including fee-free withdrawal allowances up to certain monthly limits. Beyond these limits, standard ATM fees apply, which can add up for teams with significant cash needs.

Per-card controls and expense management

Airwallex's granular control system

Airwallex offers comprehensive per-card controls that allow administrators to set spending limits, restrict merchant categories, and define approval workflows. These controls integrate with the platform's broader expense and reimbursement management system. (Airwallex vs. Wise: Compare fees, features and benefits)

The system supports real-time spending notifications, automatic receipt capture, and integration with popular accounting platforms. This level of control proves essential for startups scaling their teams while maintaining financial oversight.

Wise's streamlined approach

Wise provides essential card controls including spending limits, merchant restrictions, and transaction monitoring. While perhaps less granular than Airwallex's system, Wise's controls cover the fundamental needs of most startups without overwhelming administrators with complexity.

The platform's strength lies in its user-friendly interface that makes setting up and managing controls straightforward, even for non-financial team members who might need to manage cards for their departments.

Cost analysis: $25K monthly spend scenario

To illustrate the real-world impact of choosing between these platforms, let's analyze a typical Canadian startup scenario: $25,000 monthly spending split between SaaS subscriptions (60% in USD) and travel expenses (40% mixed currencies).

Monthly breakdown

• SaaS subscriptions: $15,000 USD

• Travel and miscellaneous: $10,000 (various currencies)

• Total annual spend: $300,000

Airwallex cost projection

With Airwallex's interbank FX rates and zero margin on funded currency balances, a startup could save significantly on foreign exchange costs. Assuming a 1.5% average FX spread savings compared to traditional banking, annual savings could reach $4,500.

Additional benefits include:

• No foreign transaction fees on virtual cards

• Reduced conversion frequency through multi-currency balances

• Lower overall cost of international operations

Wise cost projection

Wise's transparent fee structure and competitive (though not interbank) exchange rates would result in moderate FX costs. While higher than Airwallex's interbank rates, Wise often beats traditional banking by 1-2%.

Key considerations:

• Predictable fee structure aids budgeting

• Free digital card issuance reduces setup costs

• Suitable for startups with simpler international needs

Digital card issuance: Free vs paid models

Wise offers free digital card issuance, which can represent significant savings for startups needing multiple cards for team members. This approach reduces the barrier to entry and makes it easier to provide cards to all team members who need them.

Airwallex's pricing model focuses on the overall value proposition rather than free card issuance. While there may be costs associated with card setup, the platform's comprehensive feature set and superior FX rates often justify these expenses for businesses with substantial international spending.

Integration capabilities and accounting platform support

Both platforms recognize that virtual cards must integrate seamlessly with existing business systems to provide maximum value.

Airwallex offers accounting platform integrations that sync transaction data, categorize expenses, and streamline reconciliation processes. (Airwallex vs. Wise: Compare fees, features and benefits) These integrations prove particularly valuable for startups using platforms like QuickBooks, Xero, or NetSuite.

Wise provides similar integration capabilities, focusing on the most popular accounting platforms used by small and medium businesses. The platform's API allows for custom integrations when standard connectors don't meet specific needs.

Security and compliance considerations

Security remains paramount when choosing virtual card providers, especially for startups handling sensitive customer data or operating in regulated industries.

Airwallex, established in 2015 and exclusively designed for businesses, has built enterprise-grade security features from the ground up. (Airwallex vs. Wise: Compare fees, features and benefits) The platform's focus on business clients means security features are designed for corporate use cases rather than adapted from consumer products.

Wise, originally launched in 2011 as a consumer-focused service, has evolved its security infrastructure to support business needs. The platform's long track record and regulatory compliance across multiple jurisdictions provide confidence for businesses of all sizes.

Customer support and onboarding experience

Startup teams need responsive support when financial operations are at stake. Both platforms offer business-focused support, but with different approaches.

Airwallex provides dedicated business support with account managers for larger clients. The platform's business-only focus means support teams understand corporate needs and can provide relevant guidance for complex international operations.

Wise offers comprehensive support through multiple channels, with extensive self-service resources and responsive customer service. The platform's user-friendly design often reduces the need for support interactions, but help is available when needed.

Scalability and growth considerations

As Canadian startups grow, their financial needs become more complex. The choice between Airwallex and Wise should consider not just current needs but future requirements.

Airwallex's comprehensive platform grows with businesses, offering advanced features like payment acceptance in 35 countries, sophisticated FX risk management, and enterprise-grade reporting. (Release notes: Introducing Payment acceptance in the US and expanded local payment rails) This scalability makes it suitable for startups with ambitious international growth plans.

Wise excels for startups with straightforward international needs that value simplicity and transparent pricing. The platform's strength lies in making international finance accessible without overwhelming complexity.

Making the right choice for your startup

The decision between Airwallex and Wise depends on your startup's specific circumstances, growth trajectory, and international ambitions.

Choose Airwallex if:

• Your monthly international spending exceeds $10,000

• You need extensive multi-currency support (beyond major currencies)

• FX cost optimization is a priority

• You're planning rapid international expansion

• You need advanced expense management and controls

Choose Wise if:

• You're just starting international operations

• Simplicity and transparent pricing are priorities

• Your spending is primarily in major currencies

• Free card issuance is important for your budget

• You prefer a proven, user-friendly platform

The competitive landscape ahead

The virtual card market continues evolving rapidly, with both platforms investing heavily in new features and capabilities. Airwallex's recent expansion into payment acceptance and continued focus on business-exclusive features positions it well for serving growing startups. (Release notes: Introducing Payment acceptance in the US and expanded local payment rails)

Wise's evolution from a consumer transfer service to a comprehensive business platform demonstrates its commitment to serving business clients. The platform's transparent approach and user-friendly design continue attracting startups seeking straightforward international financial services.

For Canadian startups, the choice ultimately comes down to matching platform capabilities with business needs. Both Airwallex and Wise offer compelling solutions, but the right choice depends on your specific requirements for FX optimization, multi-currency support, and operational complexity.

The virtual card landscape will continue evolving, but choosing a platform that aligns with your growth trajectory and international ambitions will serve your startup well regardless of future market changes. Consider your current needs, projected growth, and the total cost of international operations when making this critical decision for your startup's financial infrastructure.

FAQ

What are the main differences between Airwallex and Wise virtual cards for Canadian startups?

Airwallex was designed exclusively for businesses since 2015, offering instant virtual Visa cards with no transaction fees and auto-conversion at competitive exchange rates. Wise, originally launched in 2011 as a consumer service, has expanded to business accounts with multi-currency support for 70+ countries. Airwallex focuses purely on business needs while Wise serves both consumer and business markets.

How do FX fees compare between Airwallex and Wise for international transactions?

Airwallex offers virtual cards with no transaction fees globally and auto-converts currencies at their competitive exchange rates when the required currency balance isn't available. Wise provides multi-currency accounts with the ability to hold and convert funds across multiple currencies. Both platforms aim to reduce traditional banking FX costs, but their fee structures differ based on transaction types and currency pairs.

Which platform offers better multi-currency wallet support for Canadian businesses?

Airwallex provides comprehensive multi-currency support with instant virtual cards that can be used globally across multiple currencies. Wise offers multi-currency accounts that can hold and convert funds, with local bank details in nine currencies and transfer capabilities to 70+ countries. Both platforms eliminate the need for multiple traditional bank accounts in different currencies.

What mobile wallet integration options are available with Airwallex and Wise virtual cards?

Airwallex virtual Visa cards can be used for both online and in-store purchases, suggesting compatibility with mobile wallet services that accept Visa. The cards work globally with instant creation capabilities. Wise business cards also support modern payment methods, though specific mobile wallet integrations may vary by region and card type.

How much can Canadian startups save by choosing the right virtual card provider?

For startups with significant international spending like $25K monthly, the choice between providers can result in thousands of dollars in annual savings. Airwallex's no transaction fee structure and competitive FX rates can significantly reduce costs compared to traditional banking. Wise's transparent fee structure and multi-currency capabilities also offer substantial savings over conventional business banking solutions.

What makes Airwallex different from Wise according to their official comparison?

According to Airwallex's official comparison, they were established in 2015 exclusively for businesses, providing a comprehensive platform for managing finances across borders. Wise launched in 2011 as a consumer-focused international money transfer service before expanding into business services. Airwallex has achieved significant growth with $100 billion in annual transaction volume and approaching $500 million in run rate revenue as of 2024.

Citations

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

2. https://www.airwallex.com/blog/2024-mid-year-mission-update

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

4. https://www.airwallex.com/ca/spend-management/cards/virtual-cards

5. https://www.airwallex.com/docs/transactional-fx__overview

6. https://www.airwallex.com/us/blog/release-notes-april-24