Airwallex vs Swipey: Spend management comparison (2026)

Key Takeaways:

• Airwallex vs Swipey comes down to one core question: does your business run as a single Malaysian entity, or are you managing multiple entities, currencies, and cross-border suppliers?

• Swipey's Multi-Entity feature covers multiple entities under one login, but every entity must be registered with the Companies Commission of Malaysia (SSM). There's no path to managing an entity outside Malaysia.

• Airwallex gives you multi-currency Corporate Cards, Global Entity Management across countries, Bill Pay, and Purchase Orders in one platform, with no per-user platform fee.

Choosing between Airwallex vs Swipey depends on how your business operates today, and where it's heading next.

Both platforms help Malaysian businesses manage company spending, issue corporate cards and improve finance controls. But they take different approaches.

In this guide, we'll compare Airwallex and Swipey across the areas that matter most to finance teams, including multi-entity management, spend management, Bill Pay, purchase controls and pricing.

Airwallex vs Swipey at a glance

Both platforms cover company spend management, but differ in areas such as international payments, business accounts and purchasing workflows. Here's a side-by-side comparison of the key features:

This information is based on publicly available information accessed on 16 July 2026. Information reflects Airwallex's own research and has not been independently verified.

Airwallex does not charge monthly fees, sign up fees, and there’s no minimum balance required.

Airwallex vs Swipey: Multi-entity management

If your business operates more than one legal entity, this is the dimension that matters most. Both platforms offer some form of multi-entity support, but they solve different problems.

Here’s a quick overview:

This information is based on publicly available information accessed on 16 July 2026. Information reflects Airwallex's own research and has not been independently verified.

Swipey's multi-entity workspace

Swipey's Multi-Entity feature lets you manage multiple entities from a single login, with separate cards, budgets and administrators for each entity.

It's designed for businesses with structures such as franchises, multi-outlet retailers and holding companies with multiple subsidiaries. Each entity goes through its own eKYB verification, with compliance managed separately.

Swipey's states that companies applying for the platform must be registered with the Companies Commission of Malaysia (SSM).¹ Based on these published eligibility requirements, foreign-incorporated entities that are not registered with SSM would generally not be eligible.

Multi-entity access is available on the Growth and Plus plans.¹

Airwallex Global Entity Management

Airwallex Global Entity Management is built for businesses that operate across borders, not just across departments. You get one organisation-level login to view consolidated balances, transactions, and reports across every entity in your group, wherever each one is registered.

Approval policies apply centrally too. Set a spending threshold once, and it applies the same way across every entity, wherever it's based. A shared vendor directory means you enter a supplier's payment details once, not separately in every entity's account.

Corporate cards

Corporate cards are the product both platforms are best known for. The difference shows up once your team starts spending outside Malaysia.

Here’s a quick overview:

This information is based on publicly available information accessed on 16 July 2026. Information reflects Airwallex's own research and has not been independently verified.

Swipey's corporate cards

Swipey issues prepaid Visa cards, available as virtual and physical cards, that are funded from a pre-loaded Ringgit master account. You top up the master account and allocate funds to individual cards.

Card limits scale with your plan, and physical cards are only available on paid tiers.²

Swipey's official website describes the cards as Ringgit-denominated prepaid cards and does not advertise a multi-currency wallet or the ability to spend directly from held foreign currency balances.¹

The cards can be used wherever Visa is accepted, including overseas. Foreign transactions incur an International Service Assessment fee and network charge, with currency conversion using Visa's exchange rate.¹

Airwallex Corporate Cards

Airwallex Corporate Cards are multi-currency Visa debit cards that draw directly from your Airwallex Wallet balances. You can create unlimited virtual company and employee cards, and employee cards are also available as physical cards.

When you spend in a currency you already hold, there are no international transaction fees. If you don't hold the required currency, Airwallex converts funds from an available balance using competitive FX rates that save you up to 80% on FX fees as compared to traditional banks.

Bill Pay

Bill Pay covers how you pay your suppliers, not just your team's card spend. It matters even more once you're paying vendors in more than one country. Here's a quick overview:

This information is based on publicly available information accessed on 16 July 2026. Information reflects Airwallex's own research and has not been independently verified.

Swipey's Bill Payment

Swipey's Bill Payment lets you forward invoices by email, where AI-powered OCR extracts the invoice details for review. Once approved, Swipey batches payments and sends a payment confirmation to your vendor.³

The product also supports international bill payments. Swipey's website highlights "low FX rates" but does not publish the exchange rate, supported currencies, or country coverage. Cross-border bill payments incur a flat fee of RM5 per bill.¹

Airwallex Bill Pay

Airwallex Bill Pay supports invoice upload, AI-powered OCR, configurable approval workflows and domestic or international supplier payments from the same platform.

You can batch payments to suppliers across multiple countries and currencies, with transfers available to 200+ countries. Bills and payments sync automatically with Xero, QuickBooks or NetSuite, helping keep your accounting records up to date.

Purchase Orders

Airwallex includes a dedicated Purchase Orders module, while Swipey's official website does not currently show an equivalent purchase request or purchase order workflow.

This information is based on publicly available information accessed on 16 July 2026. Information reflects Airwallex's own research and has not been independently verified.

Swipey Purchase Orders

Swipey's official website highlights expense management, corporate cards, bill payments, financing, multi-entity workspaces and accounting integrations. At the time of writing, it does not describe a purchase request or purchase order workflow.

Airwallex Purchase Orders

Airwallex includes Purchase Orders as part of its spend management platform. Employees can submit purchase requests, which route automatically to the appropriate approvers based on rules you define.

Once approved, Airwallex generates a purchase order. Supplier invoices can then be matched to the purchase order using AI-powered OCR and line-item matching before being paid through Bill Pay. Transactions can also sync to Xero, QuickBooks or NetSuite.

Expense Management

Both Airwallex and Swipey offer expense management, but Airwallex includes additional automation such as AI-powered policy checks and automatic expense mapping across entities.

This information is based on publicly available information accessed on 16 July 2026. Information reflects Airwallex's own research and has not been independently verified.

Swipey's expense dashboard

Swipey includes the core features most businesses expect from an expense management tool:

• Employees can upload receipts through the mobile app, while Alfie AI extracts receipt details automatically.

• Finance teams can monitor card spend, set budgets and merchant controls, with accounting integrations for Xero, QuickBooks and Bukku available on the Plus plan.

• Receipt storage limits vary by subscription tier.²

Airwallex Expense Management

Airwallex Expense Management combines corporate cards, expense management, Bill Pay and Purchase Orders in the same platform, so every transaction stays connected from request through to payment.

It also includes an AI-powered Expense Policy Agent that checks every expense submission against your company's policy as soon as it's submitted. The agent flags out-of-policy claims, cites the relevant policy clause behind each decision, and routes exceptions for approval.

For businesses with multiple entities, expenses are automatically mapped to the correct subsidiary before syncing to Xero or QuickBooks. NetSuite integration is also available upon request.

Pricing

Swipey and Airwallex use different pricing models. Swipey charges per user, while Airwallex charges based on the services you use. As your team grows, that difference can have a bigger impact on total cost than the headline monthly price.

Swipey pricing

Swipey offers three plans:

This information is based on publicly available information accessed on 16 July 2026. Information reflects Airwallex's own research and has not been independently verified.

Swipey defines a user seat as anyone with platform access, including administrators, employees and bookkeepers.¹ This means your software cost generally increases as your organisation grows.

Airwallex pricing

Opening an Airwallex Business Account is free. There are no setup, monthly account or maintenance fees.

Businesses can access Global Accounts, corporate cards, expense management, Bill Pay, Purchase Orders and integrations with Xero and QuickBooks without paying a platform subscription.

Instead, Airwallex charges for specific services when you use them. For example:

• FX conversion: 0.4% to 0.6% above the interbank rate

• SWIFT transfers: RM30–RM90 per transfer

• Card payment processing: from 1.90% + RM0.50 for domestic cards

Because Airwallex doesn't charge per user, your software cost is driven by transaction volume rather than headcount.

The table below compares the monthly platform fees for Swipey and Airwallex at different team sizes. Swipey charges per user, while Airwallex does not charge a monthly platform fee:

Illustrative example based on annual pricing and one user seat per employee. This comparison covers monthly platform fees only and excludes transaction-based charges such as FX conversion, international transfers, payment processing, or other usage-based fees.

Why Malaysian businesses choose Airwallex over Swipey

Swipey and Airwallex are both designed to help businesses manage company spend. Swipey focuses on corporate cards, expense tracking, bill payments and multi-entity workspaces, while Airwallex combines spend management with global accounts and international payment infrastructure.

Here’s what you get with Airwallex:

Global accounts and international payments in one platform

Airwallex combines multi-currency accounts, corporate cards, Bill Pay and payment acceptance in one platform. Businesses can hold funds in 20+ currencies, receive payments through local account details in multiple countries, and pay suppliers in 200+ countries.

Swipey provides multi-entity workspaces and international card usage, but its product focuses primarily on spend management rather than broader financial infrastructure.

Purchase orders and pre-spend controls

Airwallex includes Purchase Orders alongside expense management and Bill Pay. Employees can submit purchase requests, route them for approval, generate POs, and match invoices against approved purchases.

Swipey's official website does not currently describe an equivalent purchase request or purchase order workflow.

AI-powered expense policy checks

Airwallex includes an AI-powered Expense Policy Agent that reviews each expense submission against your company's policy, flags exceptions, and cites the relevant policy clause behind each decision.

Swipey's website does not currently describe an equivalent AI policy checking capability.

Pricing that scales differently

Swipey uses a per-user subscription model, where platform fees increase as more employees require access. Airwallex does not charge a monthly platform fee; instead, businesses pay for specific services such as FX conversion, transfers and payment processing.

Frequently asked questions (FAQs)

Is Swipey regulated in Malaysia?

Yes. Swipey operates through regulated partners in Malaysia. Its prepaid cards are issued through Fass Payment Solutions Sdn Bhd (Fasspay), an approved e-money issuer and Visa prepaid card provider. For overseas transfers, Swipey works with MoneyMatch, a licensed money services business. This structure supports Swipey's card issuance and cross-border payment services.

Are both Airwallex and Swipey regulated in Malaysia?

Both platforms operate within Malaysia's regulated financial services framework, but they use different models. Airwallex holds its own local licences, while Swipey provides certain services through licensed partners such as Fasspay and MoneyMatch. Neither approach is inherently less compliant. The difference is that Airwallex operates through its own regulatory permissions, while Swipey's model relies on partner institutions for specific financial services.

Does Swipey support multi-entity businesses outside Malaysia?

No. Swipey's Multi-Entity feature lets you manage multiple entities from one login, but every account holder must be registered with the Companies Commission of Malaysia. If you're expanding into Singapore, Indonesia, or another market, Swipey doesn't offer a way to bring that entity into the same account.

Can Swipey handle purchase orders?

No. Swipey's product range covers cards, an expense dashboard, multi-entity workspaces, bill payments, and financing, but there's no purchase order module anywhere in its lineup. If your finance team needs formal pre-approval before spend happens, Airwallex offers a dedicated Purchase Orders feature that matches invoices to approved POs automatically.

How much does Swipey cost for a 200-person team?

On Swipey's Growth plan (RM29 per user per month, billed annually), a 200-person team costs roughly RM5,800 per month; on the Plus plan (RM39 per user per month), it's about RM7,800 per month.¹ Because Swipey charges per user seat (including non-cardholder roles like bookkeepers), your bill rises directly with headcount.¹ These figures use Swipey's standard annual pricing, before any first-year promotional discount.

Does Swipey support international bill payments?

Swipey's Bill Payment feature can process cross-border payments, charging a flat fee of RM5 per bill.¹ Swipey's own product page also lists "low FX rates" as a feature for international

payments, though it doesn't state a specific rate or the number of currencies supported.³ If exact FX pricing matters for your decision, it's worth confirming directly with Swipey before you commit.

Sources:

1.  https://swipey.co/product-disclosure/

2.  https://swipey.co/pricing/

3.  https://swipey.co/bill-payment/