Airwallex vs Wise: Compare fees, features, and benefits in the US

Key takeaways

• Sending a US$200 remittance still costs a global average of 6.3%, against a G20 target of 3% by 20230.¹ Business cross-border payments carry the same layered intermediary costs, and those costs come out of margin.

• Wise charges a one-time US$31 set-up fee for local account details in the United States (registering is free), then a fee that varies by currency, from 0.23% per transfer.² Wise has also paused issuing new cards to new US business customers.³

• Airwallex holds and spends funds in 20+ currencies with local account details, so cross border businesses avoid forced conversion. Wise also lets businesses hold and receive in multiple currencies, and its core strength is low-cost outbound transfers.

Both platforms started from opposite ends of the same problem. Wise built a cheaper way to send money and later added business accounts, while Airwallex built business financial infrastructure from the start. This comparison covers how Airwallex and Wise differ on multi currency accounts, cards, payment acceptance, treasury, and fit by industry.

Airwallex vs Wise at a glance

The bottom line about Airwallex vs Wise

The decision between Airwallex and Wise rests largely on how many currencies a business handles and how much of its financial operation needs to sit in one place.

Airwallex suits businesses that collect revenue in more than one currency and pay suppliers or contractors across several countries. The platform gives companies local account details in 20+ currencies, receiving funds from 70+ countries. A business can collect in euros and spend those euros without forced conversion. Dalstrong, a knife manufacturer, reported saving around US$40,000 a year in collections costs on its Amazon US sales after moving to Airwallex, and now pays European suppliers from euro revenue.⁷ Airwallex also issues corporate cards to US businesses, accepts customer payments online, and handles expenses and accounts payable alongside the accounts.

Wise serves businesses making outbound international transfers at the mid-market rate plus a variable fee. The platform offers multi-currency accounts and batch transfers. Wise has paused new cards for new US business customers and card acceptance for new business customers. It offers spending limits, payment approvals and receipt capture.

Note: Airwallex is a fintech company, not a bank. U.S. customer funds are held with FDIC insured partner banks, including Evolve Bank & Trust, and are eligible for FDIC pass-through insurance of up to $250,000 per qualified customer account and banking institution.

Airwallex vs Wise: Key feature comparison

Multi-currency management and local accounts

Airwallex and Wise take different approaches to holding currency. Airwallex is built around holding and spending in the currency a business earns. Wise lets businesses hold 40+ currencies and choose when to convert, though its core strength is converting and sending.

Airwallex multi-currency accounts let a business generate local bank details in 20+ currencies, receiving funds from 70+ countries. A company can give its United Kingdom customers a GBP account number and sort code. Those customers pay a local business. Funds land in the GBP balance without conversion or wire fees. That matters most for companies collecting revenue in more than one currency.

Wise provides local bank details for receiving in 22 currencies and supports bank transfers to over 70 countries.⁴ Wise charges a fee that varies by currency, from 0.23% on each transfer.² Airwallex charges no transfer fee on local rails to 120+ countries, with SWIFT transfers reaching 200+ countries at US$15 to US$25 per transfer.

Corporate cards

Corporate cards now function as spend control systems, not just payment instruments.

Airwallex Corporate Cards suit businesses spending across borders. The cards carry 0% foreign transaction fees and draw directly from multi-currency balances, so a company avoids foreign transaction fees on international spend. Employees spend straight from the multi currency balance. Every eligible purchase earns 2% cashback, which adds up for firms with heavy digital marketing spend on platforms such as Meta or Google. Cards issue in physical and virtual formats, are free to create, and work with Apple Pay and Google Pay.

Wise issues physical and digital cards in some international markets. Wise has paused new business cards for US customers who haven't had one before.³

Expense management and accounts payable

Airwallex Expense Management covers card spend and out-of-pocket reimbursements in one place. Employees capture receipts and submit expenses from the app. Finance teams route them through multi-layer approval flows, and data syncs to QuickBooks, Xero, and NetSuite.

Airwallex also applies AI inside the spend workflow rather than alongside it. The Expense Policy Agent reviews and enforces expense policy across entities, currencies, and languages, which cuts manual review at month-end.

Airwallex Bill Pay handles domestic and global supplier payments together. Staff upload or email invoices, the system extracts the data, and the invoice routes through approvals before the platform executes payment and reconciles it. Batch payments run up to 1,000 transactions across currencies and countries.

Wise lets businesses import and pay bills from QuickBooks and supports batch payments of up to 1,000 transactions, with permissions for multiple users. Wise supports payment approvals from one or two approvers, with optional amount thresholds. New card issuance is paused for new US business customers.

Online payment acceptance

Airwallex accepts customer payments on the same global infrastructure that holds and moves the funds. A business can collect card payments and 160+ local payment methods across 180+ countries, through no-code payment links, eCommerce plugins for Shopify, WooCommerce, and Magento, or a custom checkout built on the API. That matters for any company billing international customers directly.

Card acceptance is currently unavailable to new Wise Business customers. Wise offers payment links, invoices and local account details for receiving, but the platform is built around outgoing payments.

Yield products and treasury

Airwallex Yield offers up to 3.69% on USD balances, quoted as a 7-day annualized rate net of fees as of October 13, 2026.⁸ The highest rate requires an Accelerate subscription. There are no lock-up periods, and funds generally settle back to cash balances within one to two business hours. Balances sit in the JPMorgan U.S. Government Money Market Fund.

Wise offers an opt-in variable APY on USD balances (3.4% as of September 18, 2026), held with a program bank and eligible for pass-through FDIC insurance. The feature is not available in New York or Alaska.⁶ The two rates are not directly comparable: Airwallex quotes a 7-day annualized yield on a money market fund, while Wise quotes an APY on bank deposits.

Developer platform and APIs

Airwallex offers open API access covering payouts, FX, card issuing, account creation, and payment acceptance. Technical teams can automate these functions or embed them in their own systems.

Wise offers an API for automating payments, batch transfers and conversions.

Should Wise's US card pause change the decision?

Wise has paused issuing new cards to business customers in the United States.³ The pause affects new customers specifically, and Wise has not published a restart date.

For a business that only moves money out to suppliers, this changes little. For a business that also needs employee cards, it removes a function that otherwise would have sat in the same account. Finance teams planning to consolidate card spend and transfers in one platform should confirm current availability with Wise directly before committing. Airwallex issues physical and virtual Visa cards to US businesses today, with 0% foreign transaction fees and 2% cashback.

How to evaluate Airwallex vs Wise for a business

Finance leaders should start with last year's transaction data. The two figures that matter are the share of revenue collected in non-USD currencies and the volume of global vendor payouts. Companies with meaningful international collection benefit most from Airwallex, because holding the currency on receipt removes a conversion on the way in and again on the way out.

The second test is how much of the finance operation needs to sit together. A company that issues employee cards, routes expense approvals, pays supplier invoices, and accepts customer payments is running four workflows. Airwallex covers all four alongside the accounts. Splitting them across separate tools adds reconciliation work at month-end.

For eCommerce and marketplace models, Airwallex's local rails provide a structural advantage. Sellers receive payouts in the original currency and pay suppliers from that balance, which removes two conversions.

Is Airwallex or Wise better for different industries?

Global eCommerce and marketplace sellers

Airwallex fits this category well. eCommerce margins are thin, and forced conversion eats into them. Marketplaces commonly convert European payouts to USD before paying out, and that conversion carries a fee. A seller using an Airwallex EUR multi-currency account receives euros natively and can pay European suppliers or VAT from that balance. Airwallex also integrates directly with Shopify, WooCommerce, and Magento for storefront collection.

Software and SaaS companies

Airwallex supports both sides of a SaaS operation. Multi-Currency Accounts collect subscription revenue in the customer's local currency, and transfers over local rails pay international developers with no transfer fee. The API handles programmatic payouts, FX, and card issuing for companies embedding these functions in their own product. Wise covers the outbound developer payments on their own, at a variable fee per transfer.

Scaling service firms and agencies

Airwallex suits agencies with a distributed workforce. An agency can send free batch transfers to 120+ countries over local rails, covering contractors in the Philippines, designers in the UK, and developers in Poland. SWIFT transfers reach 200+ countries and cost US$15 to US$25 per transfer. Agencies can reimburse remote employees in local currency from balances already held in that currency, and route those reimbursements through the same approval flows as card spend.

Frequently asked questions about Airwallex vs Wise

Is Airwallex a bank?

No, Airwallex is a fintech company, not a bank. Airwallex US, LLC is licensed as a money transmitter and partners with regulated banks for certain services. U.S. customer funds are held with FDIC-insured partner banks, including Evolve Bank & Trust, and are eligible for FDIC pass through insurance of up to $250,000 per qualified customer account and banking institution.

Is Wise a bank?

No, Wise is a financial technology company rather than a bank. Wise US Inc. is a money services business registered with FinCEN and licensed in most states. In other states, its program is sponsored by Community Federal Savings Bank.

Does Wise charge a fee to open a business account?

Yes, Wise charges a one-time set-up fee of US$31 for US account details; registering is free. Airwallex charges no setup fee, no monthly maintenance fee, and no minimum balance.

Can a US business get a Wise card in 2026?

Not as a new customer. Wise has paused new business cards in the US, though existing cardholders keep theirs. Airwallex issues physical and virtual Visa cards to US businesses with 0% foreign transaction fees and 2% cashback.

Can a business open an account with an EIN only?

Both platforms allow account opening with an Employer Identification Number (EIN). Owners must also provide personal identification to satisfy KYC requirements.

Is Airwallex or Wise easier to open?

Both platforms use digital onboarding. Timelines vary by entity type and documentation, so businesses should confirm current turnaround with each provider.

Is Airwallex better than Wise for international businesses?

Airwallex fits businesses with significant international collection and payout needs. Airwallex provides local bank details in 20+ currencies and free batch transfers to 120+ countries over local rails, which avoids SWIFT intermediary costs on those corridors.

How do Airwallex and Wise compare on foreign exchange fees?

Airwallex charges 0.5% above the interbank rate for major currencies and 1.0% for all others, published upfront. Wise charges the mid-market rate plus a variable percentage fee that differs by currency and payment rail.

How many currencies can each platform receive in?

Airwallex provides local account details in 20+ currencies and receives funds from 70+ countries. Wise lists 22 currencies for receiving.

Is Airwallex or Wise better for eCommerce businesses?

Airwallex supports eCommerce well. Multi-Currency Accounts collect funds from platforms such as Amazon and Shopify in 20+ currencies, which avoids forced conversion.

Do Airwallex or Wise offer returns on idle cash balances?

Airwallex Yield offers up to 3.69% on USD, quoted as a 7-day annualized rate net of fees. Returns are not guaranteed, and money in the fund is not FDIC-insured. Wise offers an opt-in variable APY on USD balances (3.4% as of September 18, 2026), not available in New York or Alaska.

Are there hidden costs for international wire transfers?

International wires can pass through intermediary banks, and each one may deduct a fee. Airwallex routes most transfers over local rails, and batch transfers to 120+ countries are free. SWIFT transfers cost US$15 to US$25. Wise charges a fee that varies by currency, from 0.23% on each transfer.

Which platform is better for managing employee reimbursements?

Airwallex reimburses remote employees in local currency from balances held in that currency, and its Expense Policy Agent enforces policy across entities, currencies, and languages. Wise handles reimbursement as an outbound transfer, with optional payment approvals.

Sources

1. https://www.swift.com/payments/g20-goals-enhancing-cross-border-payments 2. https://wise.com/us/pricing/business

3. https://wise.com/help/articles/6za75AGrPB4T9RfZhKa0zR/temporarily-pausing-issuing-new cards-in-the-us

4. https://wise.com/us/business/receive-money

5. https://wise.com/us/business/card

6. https://wise.com/us/business/interest

7. https://www.airwallex.com/en-us/business-account/borderless-cash

8. https://www.airwallex.com/en-us/business-account/yield

Disclaimer: We updated this article in Q4 2024. The information was based on our own online research, and we were not able to manually test any competitor 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 every six months. If you would like to request an update, feel free to contact us at [email protected].