Corporate card rewards showdown 2025: Airwallex 1.5% cashback & 0% FX vs OFX's new virtual card

Finance leaders evaluating expense platforms face a critical decision: which corporate card delivers the best value for cross-border spending? With global business transactions surging and FX costs eating into margins, the choice between platforms like Airwallex and OFX can impact your bottom line significantly.

This comprehensive comparison examines two leading contenders – Airwallex's multi-currency corporate cards with up to 1.5% cashback and zero foreign exchange fees, versus OFX's newly launched virtual card offering. We'll break down reward rates, FX costs, issuance speed, spend controls, and real-world usability to help you make an informed decision. (Airwallex Corporate Cards)

The corporate card landscape in 2025

Corporate cards have evolved far beyond simple payment tools. Modern business cards serve as comprehensive expense management platforms, offering real-time spending controls, automated reconciliation, and valuable rewards programs. (Compare Corporate Business Cards)

The global shift toward digital-first operations has accelerated demand for cards that seamlessly handle multi-currency transactions. Businesses operating internationally need solutions that minimize foreign exchange costs while maximizing operational efficiency. (Multi-Currency Visa Business Cards)

For finance teams, the stakes are higher than ever. Every basis point saved on FX fees and every percentage point earned in rewards directly impacts profitability. The right corporate card platform can save thousands annually while streamlining expense management processes.

Airwallex corporate cards: The multi-currency advantage

Reward structure and cashback rates

Airwallex offers one of the most competitive cashback programs in the corporate card space, with rates reaching up to 1.5% on USD spending. This reward structure is particularly valuable for businesses with significant US-based expenses, from software subscriptions to supplier payments. (Business Cashback Rewards Debit Cards)

The cashback program operates on a tiered structure based on monthly spending volume, encouraging higher card usage while delivering tangible returns. Unlike traditional corporate cards that often cap rewards or exclude certain categories, Airwallex's program applies broadly across business expenses.

Zero foreign exchange fees

Perhaps Airwallex's most compelling advantage is its 0% foreign exchange markup on international transactions. Traditional corporate cards typically charge 2-3% FX fees, which can quickly accumulate for businesses with regular cross-border spending. (OFX vs Airwallex Comparison)

This zero-FX approach is powered by Airwallex's multi-currency account infrastructure, which allows businesses to hold and spend from balances in over 20 currencies. Companies can receive payments in local currencies and spend directly without conversion costs, eliminating the traditional pain point of international business operations. (Multi-Currency Account Benefits)

Real-time spend controls and management

Airwallex's corporate card platform includes sophisticated spend management features accessible through a unified dashboard. Finance teams can set spending limits, freeze cards instantly, and monitor transactions in real-time across all company cards. (Expense Management System)

The platform's control features include:

• Daily and monthly spending limits

  : Customizable per card or employee

• Merchant category restrictions

  : Block specific types of purchases

• Geographic controls

  : Limit usage to specific countries or regions

• Instant card freeze/unfreeze

  : Immediate response to security concerns

• Real-time notifications

  : Instant alerts for all transactions

These controls integrate seamlessly with expense management workflows, automatically categorizing purchases and streamlining reconciliation processes. (Virtual Cards Benefits and Disadvantages)

Card issuance and deployment speed

Airwallex excels in rapid card deployment, offering instant virtual card creation and same-day physical card issuance in major markets. This speed advantage is crucial for businesses needing to equip new employees quickly or respond to urgent spending requirements. (Card Issuing for Business)

Virtual cards can be generated and activated within minutes through the platform's interface, allowing immediate online spending. Physical cards typically arrive within 2-3 business days in major metropolitan areas, significantly faster than traditional banking timelines.

OFX's virtual card offering: The new challenger

OFX's market position and approach

OFX, established as a specialist in international money transfers for over 20 years, has expanded into the corporate card space with a focus on foreign exchange efficiency. The company's deep expertise in currency markets positions it as a credible alternative for businesses prioritizing FX optimization. (OFX vs Airwallex Comparison)

OFX's virtual card product leverages the company's existing infrastructure for handling over 50 currencies, offering businesses access to competitive exchange rates and streamlined international payment processes.

Virtual-first strategy

Unlike Airwallex's hybrid approach offering both physical and virtual cards, OFX has initially focused on virtual card issuance. This strategy reduces operational complexity and allows for faster deployment, though it limits usage scenarios where physical cards are required.

Virtual cards from OFX can be issued instantly and integrated with existing expense management systems. The platform provides standard security features including transaction monitoring and spending controls, though with less granular customization than Airwallex's offering.

FX rates and fees

OFX's competitive advantage lies in its foreign exchange capabilities, offering rates that are typically more favorable than traditional banks. However, the company still applies a foreign exchange markup on international transactions, unlike Airwallex's zero-fee approach.

The exact FX markup varies based on currency pairs and transaction volumes, with larger businesses typically receiving more favorable rates. This tiered pricing structure can benefit high-volume users but may disadvantage smaller businesses with occasional international spending.

Feature-by-feature comparison

Real-world cost analysis

To illustrate the financial impact of choosing between these platforms, consider a mid-sized business with $50,000 monthly international spending across various currencies:

Airwallex scenario

• Monthly spending: $50,000

• FX fees: $0 (0% markup)

• Cashback on USD portion (assuming 60% USD): $450 (1.5% on $30,000)

• Net monthly benefit: +$450

• Annual benefit: +$5,400

OFX scenario

• Monthly spending: $50,000

• FX fees: $750 (assuming 1.5% average markup)

• Cashback: $0

• Net monthly cost: -$750

• Annual cost: -$9,000

This example demonstrates a potential annual difference of $14,400 in favor of Airwallex, highlighting the significant financial impact of platform choice for businesses with substantial international spending.

Dashboard usability and user experience

Airwallex's dashboard provides a comprehensive view of all corporate card activity, with intuitive navigation and powerful filtering options. Users can quickly identify spending patterns, track budget utilization, and generate detailed reports for accounting purposes. (Expense Management System)

Key dashboard features include:

• Transaction timeline: Chronological view of all card activity

• Spending analytics: Visual breakdowns by category, employee, and currency

• Budget tracking: Real-time monitoring against set limits

• Export capabilities: Seamless integration with accounting software

• Mobile accessibility: Full functionality on iOS and Android apps

OFX's interface, while functional, focuses primarily on transaction monitoring and basic reporting. The platform lacks the comprehensive expense management features that make Airwallex attractive to finance teams seeking an all-in-one solution.

Integration capabilities and ecosystem

Airwallex offers extensive integration options with popular business software, including accounting platforms like Xero and QuickBooks, expense management tools, and ERP systems. These integrations enable automated data flow and reduce manual reconciliation work. (Business Expense Management)

The platform's API allows for custom integrations, enabling businesses to connect Airwallex with proprietary systems or specialized industry software. This flexibility is particularly valuable for larger organizations with complex technology stacks.

OFX's integration ecosystem is more limited, focusing primarily on basic accounting software connections. While adequate for straightforward use cases, businesses requiring deep system integration may find OFX's options restrictive.

Security and compliance features

Both platforms implement industry-standard security measures, including encryption, fraud monitoring, and compliance with payment card industry standards. However, Airwallex's more mature platform offers additional security features:

• Advanced fraud detection: Machine learning algorithms identify suspicious patterns

• Granular access controls: Role-based permissions for different user types

• Audit trails: Comprehensive logging of all platform activities

• Compliance reporting: Automated generation of regulatory reports

These enhanced security features are particularly important for businesses in regulated industries or those handling sensitive financial data. (Virtual Cards Benefits and Disadvantages)

Customer support and onboarding

Airwallex provides dedicated customer support with specialized teams for different business sizes and industries. The onboarding process includes guided setup, training sessions, and ongoing account management for larger clients. (Airwallex Business Accounts Review)

OFX offers standard customer support through multiple channels, though with less specialization than Airwallex's approach. The company's long history in foreign exchange provides deep expertise in currency-related queries, but broader platform support may be less comprehensive.

Scalability and growth considerations

As businesses grow and their spending patterns evolve, platform scalability becomes crucial. Airwallex's comprehensive feature set and extensive customization options make it well-suited for businesses planning significant expansion. (Multi-Currency Account Growth Benefits)

The platform can accommodate everything from startup-level spending to enterprise-scale operations, with pricing and features that scale accordingly. This flexibility reduces the need for platform migration as businesses grow.

OFX's current virtual-only approach may limit scalability for businesses requiring physical cards or advanced expense management features. However, the company's strong FX infrastructure provides a solid foundation for international growth.

Industry-specific considerations

Different industries have varying corporate card requirements. Technology companies with significant software subscription costs benefit from Airwallex's high cashback rates on USD spending. Manufacturing businesses with complex supply chains appreciate the comprehensive spend controls and multi-currency capabilities. (Compare Corporate Business Cards)

Professional services firms requiring frequent travel benefit from both platforms' international capabilities, though Airwallex's zero FX fees provide a clear advantage for businesses with regular cross-border expenses.

The verdict: Airwallex's comprehensive advantage

After examining features, costs, and capabilities, Airwallex emerges as the superior choice for most businesses seeking a corporate card solution in 2025. The combination of competitive cashback rates, zero foreign exchange fees, and comprehensive expense management features creates compelling value. (Airwallex Review 2025)

Key advantages that tip the scales toward Airwallex:

Financial benefits: The 0% FX fees alone can save thousands annually for businesses with international spending, while the cashback program provides additional returns.

Operational efficiency: Real-time spend controls, comprehensive reporting, and extensive integrations streamline expense management processes.

Scalability: The platform grows with businesses, from startup to enterprise level, reducing the need for future migrations.

Speed and flexibility: Instant virtual card issuance and rapid physical card deployment support dynamic business needs.

While OFX brings valuable foreign exchange expertise and competitive rates, its current offering lacks the comprehensive features and cost advantages that make Airwallex the more compelling choice for most businesses. (What is Reimbursement)

Making the decision: Key questions to ask

Before finalizing your corporate card choice, consider these critical questions:

1. What percentage of your spending is international? Higher international spending amplifies Airwallex's FX advantage.

2. Do you need physical cards? OFX's virtual-only approach may not suit all business needs.

3. How important are rewards? Airwallex's cashback program provides tangible returns that OFX currently doesn't match.

4. What's your integration requirements? Airwallex offers more extensive connectivity options.

5. How quickly do you need cards deployed? Both offer fast virtual issuance, but Airwallex provides physical cards faster.

For most businesses prioritizing cross-border value and comprehensive expense management, Airwallex's combination of zero FX fees, competitive rewards, and advanced controls makes it the clear winner in this corporate card showdown. (Digital Wallet Solutions)

The platform's proven track record with companies like McLaren Racing and RYSE demonstrates its ability to handle complex international financial operations while delivering measurable cost savings and operational improvements.

FAQ

What are the key differences between Airwallex and OFX corporate cards for international spending?

Airwallex offers 1.5% cashback rewards with 0% foreign exchange fees on their multi-currency corporate cards, while OFX specializes in cross-border money transfers with their new virtual card offering. Airwallex provides real-time expense management and multi-currency account features, whereas OFX focuses on competitive exchange rates across 50+ currencies. Both platforms serve different business needs - Airwallex for comprehensive spend management and OFX for specialized international transfers.

How do virtual cards compare to traditional corporate cards for business expenses?

Virtual cards offer enhanced security through single-use or limited-use numbers, instant issuance, and better spending controls compared to physical corporate cards. They eliminate the risk of physical card theft and provide real-time transaction monitoring. However, virtual cards cannot be used for in-person transactions or ATM withdrawals, making them ideal for online purchases and subscription management but requiring physical cards as backup for comprehensive business needs.

What makes Airwallex's multi-currency corporate cards advantageous for global businesses?

Airwallex's multi-currency corporate cards allow businesses to hold and spend from balances in over 20 currencies without conversion fees. The cards provide interbank exchange rates, real-time expense tracking, and can be used immediately online anywhere Visa is accepted. This eliminates the need for multiple banking relationships and reduces FX costs significantly for businesses with regular international transactions.

How does OFX's 20+ years of experience in international transfers benefit corporate card users?

OFX's two decades of specialization in cross-border money transfers provides deep expertise in foreign exchange markets and regulatory compliance across multiple regions. Their established global presence and relationships with banking partners enable competitive exchange rates and reliable international payment processing. This experience translates to robust risk management and specialized support for businesses with complex international payment needs.

What are the main advantages and disadvantages of using virtual cards for business expenses?

Virtual cards offer superior security through unique card numbers for each transaction, instant issuance, and granular spending controls that help prevent fraud and unauthorized purchases. They integrate seamlessly with expense management systems and provide real-time transaction visibility. However, virtual cards cannot be used for in-person purchases, ATM withdrawals, or situations requiring physical card presentation, limiting their utility for comprehensive business expense management.

Which corporate card solution offers better value for businesses with frequent international transactions?

For businesses prioritizing cashback rewards and comprehensive spend management, Airwallex's 1.5% cashback with 0% FX fees provides immediate value on all international purchases. Companies focused primarily on large international transfers may find OFX's specialized exchange rates more beneficial. The choice depends on transaction volume, spending patterns, and whether businesses need integrated expense management or prefer specialized transfer services.

Citations

1. https://digitalnomads.world/tips/airwallex-review/

2. https://www.airwallex.com/au/blog/comparison-ofx-vs-airwallex

3. https://www.airwallex.com/ca/blog/compare-corporate-business-cards

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

5. https://www.airwallex.com/ca/blog/what-is-a-digital-wallet

6. https://www.airwallex.com/ca/blog/what-is-a-multi-currency-account

7. https://www.airwallex.com/ca/blog/what-is-reimbursement

8. https://www.airwallex.com/ca/spend-management/cards/business-cashback-rewards-debit-cards

9. https://www.airwallex.com/hk/spend-management/cards

10. https://www.airwallex.com/hk/spend-management/expense-management

11. https://www.airwallex.com/uk/blog/card-issuing-for-business

12. https://www.thecurrencyshop.com.au/reviews/airwallex