Macquarie Bank vs Airwallex: Which is better for your company in 2026?

Key takeaways

• Macquarie Bank's Business Transaction Account is AUD-only with limited international transfer capability, while Airwallex supports 20+ currencies and transfers to 200+ countries.

• When comparing Macquarie Bank and Airwallex, look at minimum balance requirements, the features available and whether your company needs them, the capabilities of the account, and which account will allow your company to grow.

• Airwallex offers an all-in-one financial platform with cards, FX, Yield, payment acceptance, and a multi-currency account; Macquarie does not offer cards with its business account but it does allow you to earn interest.

If you're comparing Macquarie Bank and Airwallex for your business, you're looking at two very different ways to handle financial operations. Macquarie is an Australian bank with years of history. Airwallex is a fintech platform built specifically for businesses that move money across borders, or plan to.

In this comparison, we'll walk through fees, features, multi-currency support, and the kind of business each platform suits best. So below, you'll find everything you need to make an informed decision.

What is Macquarie Bank?

Macquarie Bank, part of the Macquarie Group, is a well-established financial institution which traces its history back to 1969, and formally became a bank in 1985. It's one of Australia's largest banks by market capitalisation and offers a range of services, including consumer and business banking, loans, foreign exchange, and investment advisory.

For business customers, Macquarie Bank has several account options. The one we're comparing here is the Macquarie Bank Business Transaction Account, an online-only account built for day-to-day transactions. Now let's look at the other side of this comparison.

What is Airwallex?

Airwallex is an Australian fintech, not a bank. Founded in 2015, we've grown to serve over 150,000 businesses worldwide, processing more than US$266 billion annually. Our platform brings payments, FX, cards, and spend management together in one place, so you can operate globally without having to juggle multiple providers.

Our core features include:

• Multi-currency accounts to collect, hold, and pay in 20+ currencies, with the ability to accept payments from 70+ currencies

• Yield, our high-rate business saver which lets you earn returns in USD and AUD

• Fast and cost-effective cross-border payments to 200+ countries

• Expense Management with Corporate Cards and spend controls

• Integrations with popular business platforms like Xero, QuickBooks, and Shopify

Here's how the two compare on the features that matter most.

How Macquarie Bank and Airwallex compare

This table compares the features of Airwallex's Business Account and Macquarie Bank's Business Transaction Account.

Fees compared: Macquarie Bank vs Airwallex

Account fees

Macquarie Bank's Business Transaction Account has no monthly fees, so you get the basics for sending and receiving money and managing your business cash flow²

Airwallex account tiers start at A$0 for Explore when you deposit A$5,000 per month or hold a minimum balance of A$10,000, otherwise it’s A$29 per month. The Grow tier is A$99 per month. With all tiers, you get access to our Business Account, Payment Acceptance features, up to 10 Corporate Cards, and accounting integrations. If you’re looking for expense management or more cards, you will need the Grow tier or higher.

Transfer and transaction fees

Macquarie Bank does not allow you to receive foreign transfers into your account. When you send transfers internationally, some correspondent bank fees will apply and standard FX margins will apply.

For international payments with Airwallex, we charge 0.5–1% above the interbank rate which depends on the currency you send. When you receive foreign transfers, you can settle them like-for-like in your multi-currency account so you can avoid unnecessary conversion fees. 

Card fees

Macquarie Bank does not offer corporate cards with this account.

Airwallex Employee Cards are free for the first two cardholders, then cost A$15/month for each additional cardholder. You can also create virtual cards to spend in multiple currencies at home and abroad with 0% transaction fees. That means your team can make purchases overseas without racking up international transaction fees.

Fee snapshot: Macquarie Bank vs Airwallex

Features compared: Macquarie Bank vs Airwallex

Multi-currency accounts and global coverage

With your Airwallex Business Account, you can create local banking accounts in 21 countries and you can receive payments from 70+ countries. You can get paid by overseas clients in their local currency without conversion fees cutting into your margin.

Macquarie Bank's Business Transaction Account is limited to AUD. If you want to receive international payments, you'd need a third-party provider like Airwallex to convert foreign currency into AUD.

Payment acceptance

Airwallex offers Payment Acceptance tools, including Checkout, Payment Links, and no-code checkout solutions. Macquarie Bank doesn't offer payment acceptance through the account.

Expense Management and cards

Airwallex's 'Explore' bundle includes two free spend users and up to 50 Company Cards. So your team can manage business expenses directly, with everything built into Airwallex for easy tracking and reconciliation.

Macquarie Bank does not offer cards tied to this account.

Savings and returns

Macquarie allows you to earn returns on money you hold in your Business Transaction account.

With an Airwallex Business Account, all users get access to Yield, our high-rate business saver. Yield lets you earn competitive returns on both AUD and USD, with no lock-up period. 

Integrations

Airwallex integrates with Xero, QuickBooks, NetSuite, Shopify, and more, connecting your financial operations to the tools you already use. Macquarie Bank also integrates with leading accounting, business management and practice management software systems.

So which platform makes sense for your business? It comes down to how you operate.

Why Australian businesses choose Airwallex

Both platforms can handle day-to-day transactions for Australian businesses. But if you need multi-currency support, business cards, international transfers, or integrated Expense Management, Airwallex pulls ahead.

With Airwallex, you get free local transfers, competitive FX rates, Global Accounts in 20+ currencies, Corporate Cards with spend controls, and Yield for earning returns on idle funds. Put together, those features mean you can run more of your financial operations from one platform without needing separate tools for payments, FX, and expense tracking.

Frequently asked questions

Is Airwallex a safe alternative to a traditional bank?

Yes. Airwallex holds 60+ licences globally, including an Australian Financial Services Licence (AFSL No. 487221), and is PCI DSS Level 1 certified. We're not a bank, but we meet strict regulatory standards and your funds are protected with leading financial institutions.

Can I use Airwallex as my main business account?

Yes, many businesses use Airwallex as their primary financial platform for payments, FX, Expense Management, and card issuing. Over 200,000 businesses worldwide rely on Airwallex to manage their financial operations.

Does Macquarie Bank support international transfers?

Macquarie Bank allows you to send payments overseas, but it does not allow you to receive payments in foreign currency. 

How do Airwallex's FX rates compare to traditional banks?

Airwallex charges 0.5–1% above the interbank rate, which is lower than the typicalio]0p-= margins traditional banks add. Over 90% of our transfers go through local payment rails, which means faster settlement and lower costs.

Sources

1. https://www.macquarie.com.au/digital-banking/business-banking-deposits-terms-and-conditions.html#tab-panels-0-introduction 

2. https://www.macquarie.com.au/investing/cash-management-account.html 

3. https://www.macquarie.com.au/help/business/collecting-payments/overseas-payments/payments-from-overseas.html 

4. https://www.macquarie.com.au/business-banking/business-accounts/savings-account.html

Disclaimer: The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [email protected].

The Airwallex Yield Liquidity Fund (Yield) is issued by K2 Asset Management Limited (K2) (ABN 95 085 445 094, AFSL No 244393), a wholly owned subsidiary of K2 Asset Management Holdings Limited. This information doesn’t take into account your objectives, financial situation, or needs. Read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for Yield, available at www.airwallex.com.au/terms from Airwallex Capital Pty Ltd (ABN 37 609 653 312, AFSL No. 549026). All investments carry risk.