Airwallex vs Ramp: Corporate cards & expense management compared

Key takeaways

• Airwallex has no minimum balance requirement while Ramp requires at least US$25,000 in a business bank account to qualify.

• Airwallex charges 0.5% above the interbank rate for major currency conversions. Ramp's US card converts foreign purchases at the Visa rate plus a markup of up to 3%.

• Airwallex offers multi-currency wallets, local collection from 70+ countries, free batch transfers to 120+ countries, and free domestic USD and CAD transfers. Both platforms offer free base tiers and cash back on eligible spend.

Airwallex and Ramp both offer corporate cards and expense management to different kinds of US businesses. Ramp limits its US program to registered companies holding at least US$25,000 in cash and centers on domestic spend. Airwallex combines spend management and corporate cards with multi-currency accounts, no minimum balance, and FX at just 0.5% above the interbank rate for major currencies.

Airwallex vs Ramp at a glance

Airwallex pricing and fees

Airwallex prices foreign exchange (FX) transparently with 0.5% above the interbank rate on major currencies and 1% on all others. This markup structure enables a business to calculate conversion costs before executing a transaction. Direct connections to local payment networks worldwide allow businesses to hold, collect, and send foreign currencies without paying FX fees at every step.

Airwallex plans and costs

The Airwallex Explore plan is free, with no monthly fee and no minimum balance.⁴ It includes local accounts in 20+ currencies, up to 10 Spend users, unlimited multi-currency cards with zero foreign transaction fees, and 2% cashback on local USD spend.

The Grow plan costs US$12 per active Spend user per month, plus a platform fee, and supports up to 250 Spend users. It adds advanced approval workflows, automatic card freezing for late receipt submissions, and native integrations with NetSuite and Dynamics 365. For larger organizations, the Accelerate tier is custom-priced and adds purchase order matching, multi-entity financial management, and custom Spend APIs.

Idle USD balances earn yield on every plan. Balances held in Airwallex Yield return 3.42% on Explore, 3.57% on Grow, and 3.69% on Accelerate, with no minimum balance and no lock-up period. This money stays liquid and the same balance is still available for card spend, supplier payments, and conversions while it earns yield.⁵

What Airwallex charges for FX and international transactions

Airwallex charges 0.5% above interbank for major currencies (USD to EUR, USD to GBP, AUD, SGD, HKD, CNY, CAD, CHF, NZD, and JPY), and 1% above the interbank rate for less traded currencies.

Airwallex connects directly to local clearing systems in most markets, which is how local transfers to 120+ countries end up being competitively priced. For corridors where SWIFT is the only option, the fee is a flat US$15 to US$25.

In practice, converting US$10,000 costs roughly US$50 in FX with Airwallex.  That represents the total fee for a local-rail transfer. SWIFT transactions add an extra US$15 to US$25 fee. The Airwallex pricing page lists current rates.

Ramp pricing and fees

Ramp offers its core card for free with no monthly platform fee at the base tier but still requires a minimum balance held in connected accounts. Ramp earns revenue primarily from card interchange and Ramp Plus subscriptions. The interchange fee is split between Visa and the merchant's bank, and Ramp takes a portion of the interchange fee, so unlimited virtual cards and basic expense tracking cost nothing upfront. Costs add up with Ramp in per-transaction fees on outgoing payments, especially with higher payment volume.

Ramp plans and costs

Ramp's Free tier costs US$0 per user per month. Outgoing bank payments carry per-transaction fees which are listed below. The standard ACH and standard check fees took effect on June 1, 2026, with a three-month grace period for active Bill Pay customers who paid at least one bill before May 1, 2026. Ramp's published Bill Pay schedule runs to eight line items in total.

Standard ACH payments cost US$0.59 per transaction, same-day ACH costs US$10.00, domestic wires cost US$15.00, and international SWIFT wires cost US$20.00. Ramp notes that SWIFT delivery can require up to five business days when routing through multiple intermediary banks.

Paying from a Ramp Checking Account waives standard ACH, standard check, same-day ACH, domestic wire, and SWIFT fees. Overnight check delivery and check attachment fees still apply. The Ramp Checking Account is a deposit account provided through First Internet Bank of Indiana, Member FDIC, and was previously called the Ramp Business Account. Businesses already banking on Ramp incur zero fees for most listed transactions.

Multi-conditional approval workflows, automated policy enforcement, and multi-entity reporting require Ramp Plus at US$15 per user per month plus a platform fee based on team size, with 20% off annual billing. Large enterprises can negotiate custom rates under the Ramp Enterprise tier.

What to know about Ramp’s US$25,000 cash minimum

Ramp asks for at least US$25,000 in cash across linked US business bank accounts to qualify at application. Ramp is also for US entities only. Registered corporations, LLCs, and limited partnerships qualify but sole proprietors and freelancers don’t qualify. Applicants also need a physical US business address; PO boxes, virtual offices, registered agent addresses and mail-forwarding addresses are excluded.¹

Ramp sets spending limits based on cash in linked accounts or revenue-based underwriting, using cash balances, industry data, and credit bureau reports. ² The limit adjusts alongside the business’s financial position. Ramp reviews spending limits at least annually, meaning a sustained decline in cash balances can result in a reduced limit.³

What each platform costs to run

While both baseline plans are free, Airwallex Grow costs US$12 per user per month and Ramp Plus costs US$15 per user per month. Both add a platform fee that grows with headcount. For a team of 25 users, opting for Ramp increases annual costs by several thousand dollars.

Currency conversion represents a major cost difference between the two providers. A business converting US$2 million annually for non-USD vendors and card spending pays 0.5% over the interbank rate on Airwallex, totaling roughly US$10,000. Conversely, spending on a USD Ramp card incurs a markup of up to 3% over the Visa rate, bringing the cost up to US$60,000.

Airwallex vs Ramp: Key features compared

Expense management

Airwallex Spend is an intelligent spend management platform built for multi-entity businesses operating globally, representing one of the best SaaS spend management software options. Its AI expense policy agent enforces company policies across entities, currencies, and languages. It freezes cards for overdue receipts and flags policy exceptions. Finance teams can configure multi-conditional rules and track corporate expenses across multiple international entities, making Airwallex an ideal fit for companies managing spend across several markets or currencies.

Ramp expense management is built around cutting domestic costs. Its AI scans recurring spend to surface unused software subscriptions, duplicate vendor charges, and savings opportunities.

Receipt capture

Airwallex automatically reads receipt data and matches submissions from email forwarding and bulk uploads on the free plan. It processes all receipt data instantly, including receipts captured via the Airwallex mobile app. Ramp allows employees to submit receipts through SMS, email, or Slack, matching merchant details and dates to transactions via AI. Automated tax capture and coding require the Ramp Plus plan.

Corporate cards

When businesses compare corporate business cards, foreign exchange rates create a clear distinction. Airwallex cards allow cardholders to pay directly from multi-currency balances. Holding EUR or GBP enables direct spending from those balances without triggering foreign currency conversions. When a specific foreign currency balance is unavailable, Airwallex converts funds at 0.5% above interbank for major currencies and 1% for all others. The cards charge no foreign transaction fees on international spend, and eligible local USD spend earns 2% cashback, subject to program terms.

Ramp issues virtual and physical Visa charge cards with cashback, though it does not publish a fixed rate. Its Rewards Terms state that points accumulate based on rates determined by Ramp. Foreign and non-USD purchases are excluded from rewards, yielding zero cashback on international spend. Transactions in foreign currencies on USD Ramp cards incur Visa's base rate plus a markup of up to 3%. Ramp also issues local-currency cards in 30+ countries on its Enterprise plan, avoiding conversion fees for local spending.

Global payments and multi-currency accounts

Airwallex operates as a full global payments platform, allowing businesses to open local accounts in 20+ currencies and collect like a local from 70+ countries. It gives a multi-market business the international coverage it needs: collect EUR, GBP, AUD and 20+ other currencies into local accounts, hold those balances, and pay suppliers from them. No conversion required at either end.

Ramp supports multi-currency spend, so businesses can issue cards, set limits and run spend programs in local currencies. What it does not offer is the receiving side. Ramp Checking balances post in USD; the account publishes SEPA IBAN and BIC details for euro funding and a USDC address, but both convert to USD on arrival.

Accounting, ERP, and API integrations

Airwallex connects to QuickBooks and Xero on the base plan and adds NetSuite and Dynamics 365 Business Central on the Grow plan. For larger teams, custom Spend APIs let engineers connect Airwallex payment rails directly to their own ERP systems. 

Ramp Free connects to QuickBooks Online and Xero. Connecting to NetSuite, Sage Intacct, Acumatica, and Dynamics 365 Business Central requires the Plus plan. Workday and Oracle Fusion Cloud integrations require the Enterprise plan. Ramp categorizes transactions in real time, reducing month-end reconciliation work.

Where Airwallex goes further than Ramp

Multi-currency wallets and local bank details

Airwallex Multi-Currency Accounts provide local currency bank details in the business's name, complete with local bank codes and account numbers. Businesses set up these accounts instantly online through Airwallex. Organizations gain local account details across 70+ countries—including routing numbers, IBANs, and sort codes—allowing them to receive payments like a local business without establishing foreign entities. Ramp funds card statements, bills, and reimbursements from a Ramp Checking Account or a linked external bank account, keeping all funds in a US dollar deposit account.

Global payouts across 200+ countries

Airwallex runs on local clearing networks in over 120 countries instead of sending everything through SWIFT chains. 92% of funds arrive the same day. For businesses that pay international contractors or suppliers regularly, the speed and cost savings add up. 

With Ramp, SWIFT payments in USD cost US$20 per transfer. Payments in the vendor's local currency use a separate rail priced with Ramp's own FX rate. Stablecoin payouts are free, and every wire is free when funded from a Ramp Checking Account.

API-first payment infrastructure for tech teams

Both platforms publish developer APIs, differing primarily in core capabilities. Airwallex’s Platform APIs allow businesses to open multi-currency accounts programmatically, convert at interbank rates, execute global payouts, and issue cards in 40+ countries. This provides foundational financial infrastructure for platforms rather than just a spend management layer.

Ramp's API issues virtual cards, onboards users, and pays bills, with an embedded iframe meaning card details render without touching the business's servers, and a partner program for building integrations for other businesses.

Why businesses choose Airwallex

US businesses paying international suppliers, accepting payments in multiple currencies, or managing spend across global teams choose Airwallex. It offers a practical option for startups and companies who want yield on their cash balances and 2% cashback on their spend. Airwallex has no minimum balance and accepts businesses registered in any of its supported regions. Businesses can open an Airwallex Business Account to get started.

Frequently asked questions about Airwallex vs Ramp

What is the difference between expense management and spend management?

Expense management applies after employees spend money and submit claims or receipts. Spend management sets proactive rules and issues corporate cards upfront, blocking out-of-policy purchases before they occur. In practice, spend management prevents overspending in real time rather than reviewing expenses after the fact.

Can non-US residents open an Airwallex business account?

Yes, as long as the business is registered in one of Airwallex’s supported regions. Onboarding is fully online; the business submits corporate documents and identification through the platform. For international founders looking for one of the best online business bank accounts without needing a US entity, it’s one of the more accessible options out there.

Can Canadian or European businesses use Ramp?

Canadian and UK businesses can apply, but businesses elsewhere in Europe cannot apply directly. Ramp operates a dedicated Canadian application process requiring no US entity, open to incorporated businesses across eight provinces with at least CA$25,000 across connected bank accounts. Quebec, Saskatchewan, the territories, and sole proprietors are excluded. Ramp launched in the UK in September 2026 but publishes no application path for EU businesses, making Airwallex the more accessible option across the rest of Europe.

Is the Airwallex corporate card a credit card or a charge card?

The Airwallex corporate card isn’t a credit card or a charge card. It's a debit card that spends from balances the business already holds in its Airwallex account. There's no billing cycle to pay off, no interest, and no revolving debt. Cardholders can spend from USD, EUR, GBP, and other currency balances with no foreign transaction fees, and eligible spend earns 2% cashback.

Does Airwallex require a personal credit check?

No, Airwallex doesn't require a personal credit check or a personal guarantee for its corporate cards. The cards spend from the business's own Airwallex balance instead of a credit line, meaning there's no credit limit to underwrite or review each year. Spending power grows as the business adds funds.

Is Ramp a credit card or a charge card?

Ramp is a charge card. The full balance is due at the end of each billing cycle, meaning the business can’t carry a balance forward or pay interest. That keeps the company out of revolving debt, but it also means the business needs enough cash in its connected account to cover monthly spending. For companies with uneven cash flow, this is a real limit.

Does Ramp require a personal credit check?

No, Ramp states there are no personal credit checks and no personal guarantee. It sets the limit from cash in the business’s linked accounts or through revenue-based underwriting, and reviews it at least once a year.

Sources

1. https://support.ramp.com/applying-and-signing-up-for-ramp-us-based

2. https://support.ramp.com/ramp-business-limits-business-limit-increases

3. https://support.ramp.com/routine-credit-account-review-overview

4. https://www.airwallex.com/en-us/pricing

5. Indicative rate is based on the 7-day annualized historical rate of the underlying funds as of September 28, 2026, net of fees. Airwallex Yield brokerage services are offered through Airwallex Capital US LLC, a registered broker-dealer and member of FINRA/SIPC. Past performance does not guarantee future returns. Returns are generated via investments in AAA-rated money market funds. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.