Payoneer vs Airwallex: Which is better for your business?

Key takeaways

• Airwallex lets businesses spend from held multi-currency balances globally and avoid forced conversion; Payoneer charges varying fees including up to 4% for currency conversion (depending on transaction type) and additional transaction fees for payments outside the Payoneer network.

• Airwallex supports local account details in 20+ countries and collecting funds in 70+ countries; Payoneer supports holding funds in 30+ currencies, with local receiving accounts available in 11 countries/regions.

• Airwallex offers lower total costs, more currency options, and deeper accounting integrations for businesses managing international payments.

If you're comparing payment platforms for your international operations, fees and currency coverage are probably the first things you're looking at. Both Payoneer and Airwallex let you open multi-currency accounts, accept payments from overseas customers, and send money across borders. But the costs and what you can do with each platform are quite different.

In this guide, we'll walk through how Airwallex and Payoneer compare on pricing, features, and practical benefits for Australian businesses. We'll look at the real cost of a US$1,000 transfer, which platform gives you more flexibility for multi-currency operations, and where each one makes the most sense.

How Payoneer and Airwallex work

Payoneer overview

Payoneer is a payment platform built for freelancers, online sellers, and small businesses that need to collect, hold, and send funds in multiple currencies. It lets businesses receive payments from marketplaces like Amazon, Upwork, and Fiverr, which is why it's popular with freelancers and eCommerce sellers.

Payoneer's transaction and FX fees are fairly competitive when you're receiving and sending funds between Payoneer accounts. But once you start making bank transfers to external accounts, or accepting payments from customers using other payment methods, the fees go up a lot. The platform offers debit cards and connects with popular marketplaces, but it also charges withdrawal fees and higher currency conversion fees than specialised business payment solutions. One limitation worth noting is that, whilst Payoneer now offers Payoneer Checkout, an online checkout solution for accepting credit card payments on websites available to Premium account holders, its payment acceptance capabilities are still more marketplace-focused than some competitors.

Airwallex overview

Airwallex is an all-in-one global platform that lets businesses receive, hold, and send funds in multiple currencies. Australian businesses can open local accounts in 20+ currencies and transfer funds to 200+ countries.

Airwallex has far fewer transaction and conversion fees than Payoneer. On top of that, Airwallex offers competitive FX rates at 0.5–1% above interbank rates. Airwallex also supports like-for-like settlement, which means you can receive and hold funds in the same currency without being forced to convert them.

So how do these platforms compare side by side? Here's a quick look.

Payoneer vs Airwallex at a glance

This table gives you the main points on fees, currencies, and key features. We'll get into the detail below.

How fees compare: Payoneer vs Airwallex

Fees are a big deciding factor when you're choosing a payment platform. Here's how the two compare.

Payoneer fees

• Transaction fees: Payoneer offers free transactions between Payoneer accounts. For bank transfers to external accounts outside the Payoneer network, Payoneer charges a transaction fee of between 1–4%. For those not using Payoneer and looking to pay a Payoneer customer, credit card payments incur a 3.99% fee.

• Withdrawal fees: Payoneer charges withdrawal fees that vary by currency and transaction volume. For Australian customers withdrawing to an AUD bank account from a non-AUD balance, fees typically range from 1–4% of the transaction amount.

• FX and transfer fees: Payoneer charges a fee of between 1–4% to withdraw funds from a balance held in a different currency. 

• Card fees: Payoneer charges an annual fee of US$29.95 for their Business Premium Debit Mastercard or Corporate Purchasing Mastercard (depending on eligibility) and additional ATM withdrawal and balance enquiry fees.²

• Additional fees: Payoneer charges a 0.5% fee to move funds between currency balances, on top of the FX fee. Payoneer charges an annual account fee of US$29.95 if you receive less than US$6,000 (or equivalent) in any consecutive 12-month period (threshold varies by country).¹

These cross-border fees can build up fast, especially if your business is transacting outside the Payoneer network.

Airwallex fees

• Transaction fees: When you spend from a held balance in your Airwallex account using your card, no fees apply. If you don’t have enough funds in the currency you’re spending, we can automatically convert from your home currency at the prevailing FX rate, plus a 1% auto-conversion fee. This optional feature applies to card transactions in 10 supported currencies when your home currency balance is enough to cover the full amount.

• Monthly fees: The Explore tier is available for A$0 if you deposit at least A$5k per month or hold a balance of A$10k, otherwise it’s A$29/month.

• Withdrawal fees: None. You can move funds from your Airwallex account to another bank account for free.

• FX rate: Airwallex charges 0.5–1% above the interbank rate for currency exchange.

• Card fees: Airwallex Corporate Cards are free for the first two cardholders, then cost $15 per month for each additional cardholder. Employee Cards let admins track, approve, and reconcile expenses online. You can create Airwallex virtual cards to spend in multiple currencies at home and abroad with 0% transaction fees. You can issue cards to 60+ markets.

How Payoneer and Airwallex compare on features

Multi-currency accounts

An Airwallex Global Account lets you operate like a global business locally. With one account, you can open local banking accounts in 20+ markets and receive payments from 70+ countries. Payoneer’s multi-currency account gives you local banking details in 11 countries and 30+ currencies total. For Australian businesses managing international payments across different markets, that gives Airwallex more flexibility.

Like-for-like settlement

Like-for-like settlement means you can receive funds in a currency and keep them in that currency without being forced to convert. Think of it like getting paid in euros and keeping euros in your pocket, instead of having to swap them into AUD at the airport exchange desk, where the rates are rarely in your favour.

Airwallex supports like-for-like settlement in 20+ currencies, so you decide when to convert and you don't lose money at unfavourable rates. Payoneer forces conversion in many cases, and that can eat into your margins, especially if you're regularly receiving payments in multiple currencies.

Domestic and international transfers

Airwallex lets businesses send and receive payments to 200+ countries, with 120+ countries using local payment rails. In most cases, that removes the need for expensive SWIFT transfers. Australian businesses also get local BSB and account numbers for AUD transactions, plus local account details in major currencies.

Payoneer supports bank transfers to many countries, but it charges transaction fees for transfers outside the Payoneer network. Payoneer-to-Payoneer transfers are free. But if you're paying suppliers or receiving payments from customers who use other banks, you'll face transaction fees of 1–4%.¹ Transfer times usually range from one to three business days depending on the destination country and currency.

Batch payments

Airwallex's batch payments let businesses pay up to 1,000 recipients at the same time at no extra cost. That's useful for international supplier payments, multi-country payroll, or bulk refunds. Payoneer also supports batch payments to up to 1,000 recipients, with fees that vary based on transaction type and volume.³

Payment acceptance and integrations

Airwallex gives you access to 160+ local payment methods across 180+ countries, so it's easy to accept payments the way your customers want to pay. Payoneer's model is more marketplace-focused. It integrates well with platforms like Amazon, eBay, Upwork, and Fiverr, and it now offers Payoneer Checkout for accepting credit card payments directly on websites (available to Premium account holders), though its overall payment acceptance capabilities are still more limited than dedicated payment gateways.

For accounting, Airwallex integrates directly with Xero, NetSuite, and QuickBooks. That means transactions sync straight into your accounting software instead of you having to manually match marketplace payouts to invoices, which can save hours of reconciliation work every month. Payoneer offers accounting integrations with Xero and QuickBooks Online, so transactions, including card payments, can sync automatically.

Both platforms connect with major eCommerce platforms including Shopify and Amazon, though Airwallex offers more competitive rates for multi-currency payments.

Corporate Cards

Virtual and physical Corporate Cards come with the Explore plan, which costs A$29 a month (or A$0 if you meet the fee waiver requirements). Payoneer offers the Business Premium Debit Mastercard or Corporate Purchasing Mastercard (depending on eligibility) with an annual fee of US$29.95 and up to 3.5% FX fee for currency conversion.² Payoneer also charges extra cross-border, withdrawal, balance enquiry, and card replacement fees.

Customer support

Airwallex provides dedicated account managers for business customers, with support focused on Australian business needs. Payoneer offers customer support in 22+ languages, with live chat available 24/7 and phone support during business hours. Both offer email and phone support.

Why businesses choose Airwallex for global payments

Payoneer can offer good value transfers and payments when you're sending and receiving money with another Payoneer account. But once you're dealing with clients and suppliers who don't use Payoneer, costs can rise quickly.

Airwallex offers competitive FX rates and zero transaction fees no matter where you're sending or receiving money from, along with a range of extra benefits that can help you manage your business's money across borders more efficiently:

• No transaction fees for local payments in 120+ countries

• Lower FX fees (0.5–1% vs Payoneer's up to 4%)

• Like-for-like settlement in 20+ currencies with no forced conversions

• Fast transfers with 95% of international transfers settling same day

• Free batch payments to automate payments to multiple recipients

• More currency options to accept 70+ currencies vs Payoneer's 20+

• Better integrations with Australian accounting software like Xero

• No withdrawal fees when moving money to your bank account

• 0% international card fees for business expenses abroad

For Australian businesses comparing Payoneer alternatives for managing foreign currency operations, accepting international payments, or making regular bank transfers to global suppliers, Airwallex gives you a more cost-effective and feature-rich option.

Frequently asked questions 

Is Airwallex better than Payoneer for small businesses?

For most small businesses in Australia making international payments, Airwallex offers lower total costs. Airwallex charges 0% transaction fees, lower currency conversion fees (0.5–1% vs up to 3.5% on card FX and 1–4% for non-network transfers), and includes free batch payments. It also offers 70+ currencies compared to Payoneer's 30+, and integrates directly with Australian accounting software like Xero.

How do currency conversion fees compare?

Airwallex charges 0.5–1% above the interbank rate for currency conversion with no extra fees. Payoneer charges 1–4% transaction fees, depending on transaction type, and up to 3.5% when using their Payoneer card for foreign currency transactions.

What's the disadvantage of using Payoneer?

Payoneer's main drawbacks are its higher fees for transactions outside the Payoneer network and its more marketplace-focused payment acceptance model. The platform also offers fewer local receiving account options (available in 11 countries/regions vs Airwallex's 20+ currencies) and forces currency conversions in many cases, which can reduce your margins on international payments.

Can I use Payoneer in Australia?

Yes, Payoneer is available in Australia. Airwallex, which was founded in Melbourne, also serves Australian businesses and provides local BSB and account numbers for AUD transactions alongside local account details in 20+ countries.

Does Airwallex offer batch payments?

Yes, Airwallex offers free batch payments that let you automate payments to up to 1,000 recipients at the same time. That's ideal for paying international suppliers, managing multi-country payroll, or processing bulk refunds. Payoneer supports batch payments to up to 1,000 recipients too, but charges fees based on transaction type.³

Sources 

1. https://www.payoneer.com/about/pricing/ 

2. https://www.payoneer.com/commercial-card/ 

3. https://www.payoneer.com/send-bulk-payments/

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]]. This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.