Payhawk vs. Airwallex expense management: Corporate cards and FX compared

Key takeaways

• 71% of employees spend more than 30 minutes on a single expense report and 29% of organizations still process reports manually.¹

• Payhawk is a card-first spend management tool built around custom card rules and accounting sync, while Airwallex is a global financial platform with expense management layered on top of multi-currency financial infrastructure.²

• Airwallex is the ideal expense solution for global teams, with 0.5% FX markup, corporate cards in 60+ markets, and local payment networks in 120+ countries.

Finance teams managing employees or suppliers in multiple countries often struggle with piled-up receipts, outdated ledgers, and FX markups chipping into every transaction. Modern fintech platforms with solutions like corporate cards, expense management, and multi-currency accounts help eliminate these inefficiencies. 

This article compares these features and more for the Payhawk and Airwallex platforms to help you choose the expense management software that best fits your business. 

The bottom line: Payhawk vs Airwallex

The biggest difference between Payhawk and Airwallex comes down to what each platform is built on.

Payhawk is software-first, designed to give finance teams tight control over card spend. It blocks transactions according to your policies, automates receipt matching, and syncs with your ERP. If your priority is enforcing spend policies, Payhawk was built for that.

Airwallex is infrastructure-first. Its proprietary local payments network of licensed banking partners gives you access to local accounts in 21 countries and native multi-currency support, with expense management built on top of that foundation. If your goal is to cut costs moving money across borders, Airwallex solves that at the root.

Payhawk vs Airwallex at a glance

Here's how the two platforms compare on the metrics that tend to matter most.

Payhawk pricing and fees

Payhawk plans and costs

Payhawk uses custom subscription pricing for mid-market and enterprise customers. You can buy individual modules like Cards & Expenses or Bill Payments, or get everything in one bundle. Modules typically cost $299–$449/month, depending on your team size and which integrations you need.²

The fixed pricing is predictable for large operations. For earlier-stage companies, the entry cost is higher than most alternatives.

Payhawk credit limits and cashback

Cards come with up to 38 days interest-free, and Payhawk doesn't require personal guarantees. Depending on your location and underwriting, credit lines can reach $640,000, $540,000, or $1,000,000.

Cashback goes up to 1.5% on general spend, with enterprise accounts eligible for 3% on point-of-sale transactions. However, cashback is capped at your monthly subscription cost, so it functions more like a discount on your Payhawk bill than actual revenue.

Airwallex expense management pricing and fees

Airwallex plans and costs

Airwallex keeps upfront costs low. Its free Explore plan includes expense management, reimbursements, and unlimited multi-currency corporate cards with advanced spend controls.

The Grow tier costs $12 per monthly user plus a platform fee based on team size. For larger teams, the Accelerate tier has custom quote-based pricing, covering multi-entity structures, purchase orders, and dedicated account management.

How Airwallex charges for FX and international transactions

Currency conversion is where costs can really add up, such as when changing EUR to USD. Most business cards add a markup of up to 4%, which shows up as a small line item but compounds across every international transaction.

Airwallex charges 0.5% over the live interbank rate for major currencies and 1% for secondary currencies. Transactions route through local clearing networks in 120+ countries, so you can avoid the SWIFT network and its associated fees.

Airwallex business cards also offer 2% flat cashback on eligible spend like software and digital ads, with no category limits or spending caps.

Payhawk vs. Airwallex: Key features compared

Corporate cards

The cards reflect what each platform is optimizing for:

• Payhawk prioritizes compliance enforcement. You can set rules that automatically block a card if an employee submits a receipt late.

• Airwallex prioritizes FX efficiency. Cards pull from multi-currency wallets, so you spend directly from held balances and avoid the conversion fees that hit when card currency doesn't match merchant currency.

Expense management

Both platforms handle receipt capture digitally. Payhawk automatically uses OCR to pull receipt details in 60 languages. Airwallex expense management includes an Expense Policy Agent that uses natural language processing to build compliance workflows, flag duplicate submissions, track deadlines, and nudge employees for missing documentation. 

International payments and multi-currency accounts

Currency support is where the gap shows up most clearly. Payhawk relies on JP Morgan clearing rails for outbound transfers across 115 currencies, but its card program only supports six base billing currencies. Airwallex Business Account runs on local payment rails, so you can open accounts in 21 countries and transact with corporate cards in 90+ currencies at interbank rates.

Business travel

Payhawk has a travel agent module that connects with TravelPerk and lets employees book trips, adjust itineraries, and apply spend limits. Airwallex Corporate Cards track travel expenses at the transaction layer. Because employees spend directly from multi-currency balances, foreign transaction charges on international flights and hotels are much lower.

Accounting and ERP integrations

Payhawk's Summer '26 release added direct integration with SAP S/4HANA Public Cloud for GL code and master data sync. Airwallex connects with NetSuite and Microsoft Business Central to automate month-end close, splitting gross amounts, fees, and currency gains automatically.

These mappings help reconcile balance sheets on the day of conversion, cutting manual work at month-end.

Where Airwallex goes further than Payhawk

Multi-currency wallets and zero FX fees

Airwallex multi-currency wallet goes beyond what most spend platforms offer on the international treasury side. You can collect payments in 130+ currencies, avoiding currency conversions for regional expenses.

For global eCommerce and marketplace businesses, Airwallex supports collections on platforms like Shopee and TikTok Shop, so international revenue flows into local accounts.

Global payouts and local payment rails

Airwallex routes payments through domestic systems to avoid SWIFT fees and intermediary delays, including ACH in the US, SEPA in Europe, and Faster Payments in the UK. International suppliers get paid at local rates, and global payroll doesn't come with a SWIFT surcharge.

Scalable pricing for growing teams

Most legacy spend tools price you out early. Airwallex's free Explore plan helps earlier-stage businesses transition out of manual accounting with unlimited corporate cards, expense management workflows, and integrations with Xero and QuickBooks. As you scale, you can add on multi-entity approval flows, advanced rules-based automation, and custom APIs without needing to switch platforms. 

Verdict: Should you choose Payhawk or Airwallex?

Choosing the best spend management software depends on your spend patterns, compliance rules, and accounting structure.

Payhawk makes sense if:

• Your team operates mainly in Europe or North America with limited currency complexity.

• You need granular, logic-based card rules to enforce compliance at scale.

• You're running SAP S/4HANA and need ledger syncing.

Airwallex makes sense if: 

• Your company transacts in multiple countries and currencies 

• Cutting FX costs and avoiding SWIFT fees would contribute to your bottom line.

• You need local accounts globally and want the option to reduce exchange rate volatility.

This Airwallex spend management review has more details on features and which industries benefit most from Airwallex.

Alternatives to Payhawk and Airwallex

Spendesk

Spendesk builds spend management for European marketing agencies and education providers, including corporate cards, budgets, and expense tracking. It offers custom quotes for each pricing plan.

Ramp

Ramp and Airwallex both bundle corporate cards, expense management, bill pay, travel, procurement, and accounting automation in one platform. However, Ramp is a charge card, so the full balance is due monthly with no option to carry debt, and you need to keep at least $25,000 in total across linked business accounts or your card risks being shut off. Sole proprietors and unincorporated associations aren't eligible.

Brex

Brex targets venture-backed startups and larger companies with products similar to Ramp, and underwrites based on corporate cash reserves. They require customers to have at least $1 million in annual revenue or venture-capital backing. In 2026, Capital One acquired Brex in a deal worth $5.15 billion and it is unclear how bank ownership will affect the product roadmap.³ 

Frequently asked questions about Payhawk vs. Airwallex

What is the difference between spend management and expense management?

The difference between spend and expense management is that spend management helps you manage all company spending on cards, bills, and purchase orders under one platform, while expense management is more focused on employee out-of-pocket costs and card reconciliations.

Is Airwallex a bank?

No, Airwallex is not a bank, it is a global financial technology company that holds local regulatory licenses in the regions where it operates, partnering with accredited banks to keep customer deposits safe.

Is Airwallex FDIC insured?

Balances held through Airwallex's US partner institutions are eligible for pass-through FDIC insurance up to $250,000.

Does Payhawk work in the US?

Yes, Payhawk offers corporate debit and credit card products to US businesses, and US accounts can run alongside UK and European accounts.

Do Payhawk or Airwallex offer corporate credit cards?

Payhawk offers both debit and credit cards, with credit limits up to $1,000,000 depending on underwriting. Airwallex offers debit cards linked to multi-currency wallets to prevent the need for currency conversions.

Can non-US businesses use Airwallex?

Yes, non-US businesses can use Airwallex, including those registered in Europe, North America, the Middle East, Africa, and Asia-Pacific.

Sources

1. https://navan.com/blog/ai-tools-financial-reconciliation-expense-reporting

2. https://payhawk.com/en-us/pricing-and-plans

3. https://www.capitalone.com/about/newsroom/capital-one-completes-acquisition-of-brex