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 FX and payments platform operated by M-DAQ Global. It is designed for businesses that need to make and receive international payments, particularly across Asia.

With Wallex, businesses can hold 13 currencies¹ in a multi-currency wallet and make payments in 47 currencies² across 160+ countries³. The platform offers near mid-market FX rates and supports international payments, local collections and multi-currency balance management.

Wallex is primarily focused on FX, multi-currency management and cross-border payments, rather than the broader business-management features offered by some multi-currency platforms.

Information in this section is based on Wallex’s official website as of 28 Sep 2026.

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:

This information is based on publicly available information accessed on 28 Sep 2026. Information reflects Airwallex's own research and has not been independently verified.

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 aren't automatically converted to your local currency, so you can hold them in their original currency and convert them when you choose.

Airwallex Global Accounts work similarly, but support 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

Wallex says it offers “near mid-market rates,” but it does not disclose its specific FX markup.

In contrast, Airwallex charges a fixed markup of 0.4% to 0.6% above the interbank rate, letting you save 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 when funds arrive before the daily cutoff. With Airwallex, 93% of transfers arrive on the same day and 45% arrive immediately.

Fees and pricing

Airwallex publishes its fee structure on its website. With Wallex, businesses need to request a quote to find out what they will pay.⁴

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

• 94% of transfers go through local rails with $0 transfer fees

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

If you use Airwallex, it’s easy to estimate your costs before you commit to a transfer. For example, converting S$10,000 to USD and sending it to a US vendor via local rails would cost S$40 in FX fees, with no additional transfer fee.

Corporate cards and expense management

Wallex's current multi-currency wallet page says its business account is “powered with global payments, FX conversions, virtual accounts and cards.”¹ However, this is the only mention of cards we could find on the Wallex website.

There is no dedicated cards product page or further information explaining what type of cards are available, whether they are corporate or employee cards, or what spending and expense-management features they include.

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 currently publish information about a payment gateway, payment links, or eCommerce platform integrations on its website.

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 is designed around core cross-border payments, collections and FX. It can suit businesses that mainly need to send and receive international payments and manage a smaller number of currencies.

Airwallex also covers these core functions, and gives you corporate cards, online payments and expense management on top of it. Here’s what you get with Airwallex:

Wider coverage with multi-currency accounts and transfers

Wallex's Multi-Currency Wallet lets you hold up to 13 currencies, while Airwallex Global Accounts support 20+ currencies. Airwallex also supports transfers to 200+ countries and regions, compared with 160+ countries for Wallex.

Together, this gives you more options for collecting international payments, holding foreign currencies and paying suppliers or other recipients overseas.

Corporate cards with no foreign transaction fees

Wallex's current website mentions cards as part of its multi-currency wallet, but it does not have a relevant product page and does not provide any further details on the cards available.

Airwallex lets you issue multi-currency Visa corporate cards to your team and spend directly from held currency balances. There are no foreign transaction fees when spending from a balance in the same currency, and businesses can set spending controls and monitor transactions.

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 does not currently publish information about a comparable payment gateway on its website.

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, letting you save up to 80% on FX fees as compared to traditional banks.

Does Wallex offer corporate cards?

It’s unclear whether Wallex offers corporate cards. Its website mentions cards as part of its multi-currency wallet, but does not provide details on the type of cards available or whether they are designed for corporate or employee spending. There are also no dedicated corporate card product pages on its website.

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

4. wallex.asia/en-sg/pricing