Wise vs Airwallex vs Revolut: 2025 multi-currency business debit card shoot-out for US startups

Startup founders juggling international payments know the drill: traditional business banking hits you with 3-4% FX spreads, monthly maintenance fees, and weeks-long card delivery times. Multi-currency business debit cards promise a better way – instant issuance, competitive exchange rates, and expense management built for global operations.

The landscape shifted dramatically in 2025. Airwallex now offers 1.5% cashback and expanded to Canadian markets, Revolut introduced FX caps for predictable budgeting, and Wise paused new US card issuing while restructuring their American operations. (Airwallex)

We've benchmarked card issuance costs, FX spreads, ATM access, regional availability, and expense management features across all three providers using live 2025 data. This comparison cuts through marketing claims to help US startups choose the optimal multi-currency card for their growth stage.

The multi-currency card landscape at a glance

*Rates current as of August 2025

Why multi-currency cards matter for US startups

Global revenue streams demand financial infrastructure that moves at startup speed. Traditional corporate cards from Chase or Bank of America charge 2.7-3.2% on international transactions, turning a $10,000 software purchase into a $320 penalty for buying from a UK vendor.

Multi-currency cards flip this model. Instead of converting every transaction, you hold balances in multiple currencies and spend directly from EUR, GBP, or AUD accounts. The result: FX spreads drop to 0.4-0.6%, and your CFO stops wincing at monthly card statements.

Airwallex processed over $100 billion in annual transaction volume by August 2024, marking 73% year-over-year growth as more businesses adopt multi-currency infrastructure. (Airwallex) This momentum reflects a fundamental shift – startups now expect financial tools that match their global ambitions from day one.

Airwallex: the cashback champion

Airwallex positions itself as the all-in-one platform for global business money management, and their 2025 card offering backs up that claim. The standout feature: 1.5% cashback on all purchases, making it the only provider in this comparison that pays you to spend. (Airwallex)

Card features and availability

Airwallex Corporate Cards are free to create and activate immediately for online purchases across 23 supported currencies. The cards integrate with a real-time dashboard that tracks all purchases, sets spending limits, and generates expense reports automatically. (Airwallex)

The platform expanded to Canadian markets in 2025, giving North American startups broader regional coverage. This expansion comes as Airwallex approaches $500 million in annual run rate revenue, demonstrating the financial stability that enterprise customers demand. (Airwallex)

FX rates and fees

Airwallex offers interbank FX rates plus a 0.6% spread, positioning them competitively against traditional banks while maintaining transparency. There are no international transaction fees when spending from held currency balances, and the platform supports payments to over 120 countries. (The Currency Shop)

ATM withdrawals cost $2.50 per transaction, which sits in the middle range compared to competitors. The real value comes from avoiding ATM usage entirely – the card works seamlessly for online purchases, subscription payments, and vendor transactions that make up the bulk of startup spending.

Expense management integration

Beyond basic card functionality, Airwallex embeds expense management directly into the platform. Employees can submit receipts through mobile apps, managers approve expenses in real-time, and accounting teams export data to QuickBooks or Xero without manual reconciliation.

The platform also introduced Airwallex Pay in 2025, enabling instant transfers between the 150,000+ businesses in their network. This feature handles FX conversion automatically and verifies recipient accounts, streamlining B2B payments that traditionally require wire transfers. (Airwallex)

Best for: US startups prioritizing cashback and integrated expense management

Airwallex makes sense for startups that want to consolidate multiple financial tools into one platform. The 1.5% cashback effectively subsidizes international spending, while built-in expense management eliminates the need for separate tools like Expensify or Ramp.

Wise: the transparency leader (with US limitations)

Wise built their reputation on transparent, mid-market exchange rates and has maintained that positioning in their business card offering. However, US startups face a significant limitation – Wise paused new card issuing for American customers while restructuring their US operations.

Card features and global reach

For existing customers, Wise Business cards support 40+ currencies with local bank details in over 20 countries. This broad currency support makes Wise attractive for startups with truly global operations – you can receive payments in AUD, send transfers to suppliers in EUR, and pay contractors in GBP without multiple banking relationships. (The Currency Shop)

Wise launched in 2011 as a consumer-focused money transfer service and expanded into business accounts over 13 years of operation. This longevity provides stability, but also means their platform sometimes feels less modern compared to newer fintech competitors. (Airwallex)

FX rates and fee structure

Wise uses the mid-market exchange rate plus a 0.43% spread, making them the most competitive on FX costs in this comparison. ATM withdrawals cost $1.75 per transaction, and there are no monthly maintenance fees for business accounts.

The transparency extends to their fee calculator – you can see exactly what any transaction will cost before initiating it. This predictability helps startups budget international expenses accurately, especially important for companies with tight cash flow management.

US availability challenges

The major limitation for US startups: Wise suspended new business card applications in the American market as of 2025. Existing customers can continue using their cards, but new startups cannot access Wise's services. This pause stems from regulatory compliance updates and operational restructuring in the US market.

For startups already using Wise, the platform remains functional and competitive. But founders evaluating options today need to look elsewhere, making this comparison somewhat academic for new US customers.

Best for: existing customers with global payment needs

Wise works best for startups that already have accounts and need the broadest possible currency support. The transparent fee structure and mid-market rates provide excellent value, but US availability issues limit new customer acquisition.

Revolut: the feature-rich challenger

Revolut brings consumer fintech innovation to business banking, offering FX caps, spending analytics, and integration with popular business tools. However, their US presence remains limited to a beta program with restricted availability.

Card features and spending controls

Revolut Business cards include sophisticated spending controls – set limits by merchant category, geographic region, or time period. The mobile app provides real-time notifications and spending analytics that help teams track expenses without manual reporting.

The standout 2025 feature: FX caps that let you lock in exchange rates for future spending. If you know you'll spend €50,000 on European contractors over the next quarter, you can cap your EUR/USD rate today and eliminate currency risk. This feature appeals to startups with predictable international expenses.

FX rates and cashback structure

Revolut offers interbank rates plus a 0.5% spread, competitive with other providers in this comparison. ATM withdrawals cost $5.00 per transaction – the highest in this group – encouraging digital-first spending patterns.

Cashback reaches up to 1% depending on spending volume and account tier. While lower than Airwallex's flat 1.5%, Revolut's tiered structure can work well for high-volume spenders who qualify for premium benefits.

US market limitations

Revolut's US business banking remains in limited beta, with new applications subject to waitlists and geographic restrictions. The company focuses primarily on European markets, where they offer full-featured business accounts and lending products.

This limited availability makes Revolut difficult to recommend for most US startups, despite attractive features. The beta program suggests future expansion, but timeline and scope remain unclear.

Best for: European operations with US expansion plans

Revolut works best for startups with significant European business that need US market access as a secondary feature. The FX caps and spending analytics provide sophisticated treasury management, but limited US availability restricts practical adoption.

Decision matrix: choosing your optimal provider

For cash-conscious startups prioritizing rewards

Choose Airwallex if you want to earn 1.5% cashback on all spending while accessing comprehensive expense management tools. The integrated platform eliminates multiple vendor relationships and provides immediate value through cashback rewards.

For transparency-focused teams with existing relationships

Stick with Wise if you already have an account and prioritize the lowest possible FX spreads. The mid-market rates and transparent fee structure provide excellent value, but new US customers cannot access these benefits.

For sophisticated treasury management needs

Consider Revolut if you can access their beta program and need advanced features like FX caps and detailed spending analytics. The limited US availability makes this option viable only for specific use cases.

For most US startups in 2025

Airwallex emerges as the practical choice for new US customers. The combination of competitive rates, 1.5% cashback, integrated expense management, and full US availability addresses the core needs of growing startups. (Airwallex)

Implementation considerations

Account setup and verification

Airwallex typically completes business account verification within 1-2 business days, requiring standard documentation like articles of incorporation and beneficial ownership information. Cards activate immediately for online use, with physical cards arriving within 5-7 business days.

Wise's verification process takes 2-3 business days when available, but the US pause means new applications aren't accepted. Revolut's beta program includes extended verification periods and may require additional documentation.

Integration with existing tools

All three providers offer accounting software integrations, but depth varies significantly. Airwallex provides native connections to QuickBooks, Xero, and NetSuite with real-time transaction sync. Wise offers basic export functionality, while Revolut focuses on API-based integrations for larger customers.

Consider your existing financial stack when evaluating options. Startups using modern accounting software benefit from deeper integrations that eliminate manual data entry and reconciliation work.

Scaling considerations

As your startup grows, multi-currency card needs evolve. Early-stage companies prioritize low fees and simple setup. Growth-stage startups need sophisticated expense management, multiple card types, and integration with ERP systems.

Airwallex's platform architecture supports this evolution – you can start with basic cards and add features like automated accounts payable, programmatic card issuance, and treasury management as needs develop. (Airwallex)

The 2025 verdict

The multi-currency business card market consolidated around three clear use cases in 2025. Airwallex dominates the US startup segment with competitive rates, meaningful cashback, and integrated expense management. Wise remains the transparency leader for existing customers but cannot serve new US businesses. Revolut offers sophisticated features for European-focused companies with limited US needs.

For most US startups evaluating options today, Airwallex provides the best combination of features, availability, and value. The 1.5% cashback alone can generate thousands in annual rewards for growing companies, while the integrated platform eliminates the complexity of managing multiple financial vendors.

The broader trend points toward consolidation – startups increasingly prefer platforms that combine banking, cards, expense management, and international payments rather than stitching together point solutions. Airwallex's $100 billion transaction volume and approaching $500 million revenue run rate demonstrate market validation of this integrated approach. (Airwallex)

As international commerce continues growing, multi-currency cards will become standard infrastructure for any startup with global ambitions. The providers that combine competitive economics with comprehensive features will capture the largest share of this expanding market.

Choose based on your specific needs, but for most US startups in 2025, Airwallex offers the clearest path to efficient international spending and expense management. The platform's continued innovation – like the recent Airwallex Pay launch – suggests ongoing feature development that will support your company's growth trajectory. (Airwallex)

FAQ

Which multi-currency business debit card offers the best cashback rewards for US startups in 2025?

Airwallex currently offers the highest cashback rate at 1.5% on corporate card purchases, with no international transaction fees. This makes it particularly attractive for startups with significant international spending, as the cashback can help offset other business expenses while maintaining competitive FX rates.

How do FX spreads compare between Wise, Airwallex, and Revolut for business transactions?

Traditional business banking typically charges 3-4% FX spreads, while these fintech providers offer significantly better rates. Wise is known for using mid-market exchange rates with transparent fees, while Airwallex focuses on competitive rates for business customers. The exact spreads can vary by currency pair and transaction volume.

What are the key differences between Airwallex and Wise for US business accounts?

Airwallex was founded in 2015 specifically for seamless global business money management, offering an all-in-one platform with 23 supported currencies and payments to 120+ countries. Wise, launched in 2011 as a consumer service, expanded to business accounts and supports 40+ currencies with local bank details in 9 currencies and transfers to 70+ countries.

How quickly can US startups get their multi-currency business debit cards issued?

Multi-currency business debit cards promise instant issuance compared to traditional banking's weeks-long delivery times. Airwallex Corporate Cards are free to create and can be used immediately online for purchases in multiple currencies, making them ideal for startups needing quick access to international payment capabilities.

What expense management features do these multi-currency cards offer for growing startups?

These providers offer expense management built for global operations, with real-time monitoring capabilities. Airwallex provides built-in controls allowing users to monitor all purchases from a single dashboard in real-time, while employees can make purchases in multiple currencies from held balances in the account.

How has Airwallex's growth in 2024 impacted their service reliability for US businesses?

Airwallex hit significant milestones in 2024, reaching US$100 billion in annual transaction volume (73% growth YoY) and approaching US$500 million in annual run rate revenue. The company turned cash flow positive at the end of 2023, indicating strong financial stability and service reliability for growing US startups.

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/compare-corporate-business-cards

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

5. https://www.airwallex.com/docs/payments__global__airwallex-pay

6. https://www.airwallex.com/eu/blog/april-release-notes-2025

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

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

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

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