Wallex vs Airwallex: Compare fees & features (2026)

Key Takeaways:

• Wallex is a focused cross-border payments and foreign exchange (FX) platform for businesses that primarily need to send money and hold multiple currencies across Asia.

• Both Wallex and Airwallex offer competitive FX rates, but they differ significantly on features such as corporate cards, payment acceptance, and software integrations.

• Airwallex goes beyond payments to offer a broader financial platform, including multi-currency accounts, Corporate Cards, Expense Management, and a payment gateway, all with no monthly fee on the Explore plan.

If you are comparing Wallex vs Airwallex, you are likely looking for a smarter way to manage cross-border payments, reduce FX costs, or replace an expensive bank transfer process.

Both platforms serve Singapore businesses and offer multi-currency accounts and international transfers at rates far below what most banks charge.

This guide breaks down the key differences, including fees, currency coverage, transfer speed, and additional features, so you can decide which platform fits your business better.

What is Wallex?

Wallex is a cross-border foreign exchange (FX) and payments platform operated by M-DAQ Global. It is built for businesses that need to send and receive money internationally — particularly across Asia — at rates below what most banks offer.

With Wallex, you can hold 13 currencies¹ in a multi-currency wallet and send payments in 47 currencies² to business partners overseas. The platform uses near mid-market FX rates² and charges no monthly subscription fee; you pay only when you transact.²

Wallex does not offer corporate or employee cards for managing business expenses, a payment gateway, or integrations with accounting software such as Xero or QuickBooks. It is focused on core FX and payment functions.

What is Airwallex?

Airwallex is a financial platform for global businesses. It covers cross-border payments, multi-currency accounts, corporate cards, expense management, and online payment acceptance, with no monthly fee on the free Explore plan.

For Singapore businesses, Airwallex lets you open Global Accounts in 20+ currencies with local account details, make international transfers to 200+ countries, and accept payments from customers online through 160+ local payment methods.

You can also issue corporate cards, track expenses, and connect directly to Shopify, Xero, QuickBooks, and other tools your team already uses.

Airwallex is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore (MAS).

Wallex vs Airwallex: At a Glance

The table below covers the key differences between Wallex and Airwallex for Singapore businesses:

The information in this table has been reviewed to be accurate as of 3 June 2026.

Note: Wallex says its payment network helps businesses "bypass middlemen and avoid unnecessary fees"², but does not specify whether this involves local payment rails or whether transfers are free on eligible routes.

Multi-currency accounts

Wallex lets you hold 13 currencies¹ in a single multi-currency wallet. Incoming funds stay in their original currency until you choose to convert, which helps you avoid double conversion costs.¹

Airwallex Global Accounts work similarly, but cover 20+ currencies with local account details. When a customer pays you in one of these 20+ currencies , the money lands in the matching account of that currency without any forced conversion. You hold it, spend it, or convert it on your own terms.

FX rates and international transfers

Both platforms offer FX rates well below what most banks charge.

Wallex uses near mid-market FX rates² with volume-based discounts, so the more you transact, the lower your cost per trade.⁴ Airwallex charges a fixed markup of 0.4% to 0.6% above interbank, saving you up to 80% on FX fees as compared to traditional banks.

For transfer speed, Wallex offers instant processing for SGD, IDR, and HKD, and same-day delivery for 20+ currencies, provided funds arrive before the daily cutoff.² For Airwallex, 93% of transfers settle on the same day, and 45% settle immediately.

For batch payments, Wallex supports up to 200² recipients per upload. Airwallex supports up to 1,000.

Fees and pricing

Airwallex publishes its fee structure on its website. With Wallex, you need to contact their sales team before you know what you will pay.

Airwallex's Explore plan has no monthly fee. Transaction fees apply, and are published transparently on its website:

• FX conversions are charged at 0.4% to 0.6% above interbank rates

• Local transfers to 120+ countries have no transfer fees

• SWIFT transfers to 200+ countries cost S$20–35 per transfer

That makes costs easy to calculate before you commit. For example, converting S$10,000 to USD and sending it to a US vendor via local rails costs S$40 — a 0.4% FX markup with no transfer fee on top.

Wallex operates on a pay-as-you-go model with no monthly minimums.⁴ You need to submit a request through their website to get a quote, and that can make it hard to gauge how much you’ll pay when using Wallex.

Corporate cards and expense management

Wallex does not offer corporate or employee cards.¹

Airwallex corporate cards are free to issue, and they carry 0% international transaction fees when you’re spending from held balances.

You can set individual spending limits per card, track expenses in real time, and sync transactions directly with Xero or QuickBooks.

Airwallex Expense Management also supports employee reimbursements: staff submit receipts via mobile, and finance can approve and reimburse in their local currency in minutes, cutting out the lengthy back-and-forth.

Payment acceptance

Wallex does not offer a payment gateway, payment links, or integrations with eCommerce platforms.

Airwallex Payments lets you accept online payments through Shopify, WooCommerce, and other major platforms. Payment links give you a no-code option: you can share a link via email, invoice, or messaging app and get paid via credit card or 160+ local payment methods including GrabPay.

Wallex vs Airwallex: Which should you choose?

Wallex works well if your main need is sending money abroad and holding a small number of currencies. For businesses whose cross-border activity is limited to paying a handful of suppliers in Asia, it does the job.

But most Singapore businesses need more than that. You’re not just paying suppliers — you are also managing team expenses, accepting online payments, and keeping your books in order across multiple currencies. That’s where Airwallex comes in:

Multi-currency accounts with local details in 20+ countries

Wallex's Multi-Currency Wallet lets you hold up to 13 currencies. With Airwallex Global Accounts, you can hold and receive funds in 20+ currencies using local account details. This gives you more flexibility to collect payments from international customers and manage foreign currency without unnecessary conversions.

Send money to 200+ countries

Both Wallex and Airwallex support international transfers, but Airwallex offers broader global coverage. Airwallex lets you send funds to 200+ countries and regions, while Wallex supports transfers to 160+ countries.

Corporate cards with no foreign transaction fees

Wallex does not offer corporate or employee cards. Airwallex does. You can issue multi-currency Visa corporate cards to your team and let employees spend directly from held currency balances. There are no foreign transaction fees, and you get real-time visibility of every purchase.

Accept online payments from customers in 180+ countries

If you sell to customers outside Singapore, Airwallex's payment gateway lets you accept payments via 160+ local payment methods across 180+ countries, including Alipay, GrabPay, and all major cards. Wallex has no equivalent product.

One platform, less admin

Wallex focuses on cross-border payments, collections and FX. Airwallex does these things, and also offers online payment acceptance, corporate cards and expense management in the same platform. This means you can manage more of your financial operations from one account instead of using separate providers for payments, employee spending and expense workflows.

Frequently Asked Questions (FAQs)

Are Wallex and Airwallex the same company?

No, despite the similar names, Wallex and Airwallex are entirely separate companies with different ownership, founding teams, and product focus. Wallex is built around cross-border FX and payments, primarily for businesses operating across Asia. Airwallex is a broader financial platform covering payments, multi-currency accounts, corporate cards, and payment acceptance.

What is the main difference between Wallex and Airwallex?

When comparing Wallex vs Airwallex, the core difference is scope. Wallex focuses on FX conversions, international transfers, and multi-currency wallets. Airwallex covers those same functions and adds corporate cards, expense management, and a payment gateway for accepting payments from customers online.

Does Wallex charge a monthly fee?

No. Wallex charges no monthly subscription fee and no minimum monthly commitment.⁴ Per-transaction fees apply when you send payments or convert currencies, but the exact rates are not published — you need to contact Wallex directly to get a quote.

How do the FX rates compare between Wallex and Airwallex?

Both platforms offer rates significantly below what most banks charge. Wallex offers near mid-market FX rates, though exact spreads are not published.² Airwallex charges 0.4% above the interbank rate for major currencies and 0.6% for others, and lists these rates publicly on its pricing page.

Does Wallex offer corporate cards?

No. Wallex does not offer corporate or employee cards for managing business expenses.¹ If issuing cards to your team is a requirement, use Airwallex instead.

Can I use Wallex or Airwallex instead of a business bank account?

Both platforms can handle cross-border payments, FX conversions, and multi-currency accounts — which covers much of what businesses need a bank for when dealing internationally. Neither is a licensed bank, so they do not offer services like business loans or fixed deposits. For businesses whose primary need is sending and receiving international payments at competitive rates, either platform can handle the core of that work.

Sources:

1. wallex.asia/en-sg/business-solutions/multi-currency-wallets

2. wallex.asia/en-sg/business-solutions/global-payments 

3. wallex.asia/en-sg/business-solutions/collect-payments

4. wallex.asia/en-sg/pricing

5. https://help.wallex.asia/route-to-payment