Stripe vs Airwallex: Which platform is best for your business?

Key takeaways

• Both Stripe and Airwallex have powerful payment offerings in New Zealand, but only Airwallex offers an all-in-one financial infrastructure that supports business growth on a global scale.

• Airwallex offers a wider range of local payment methods (LPMs), putting New Zealand businesses ahead in competitive global markets.

• When weighing the two providers, it’s important to consider your future business needs and which will best serve your organisation as it grows.

New Zealand (NZ) businesses are more global than ever. Whether you’re an eCommerce brand selling into Australia, a software-as-a-service (SaaS) platform billing customers in USD, or a services company paying contractors in Asia, you’re likely juggling multiple currencies, suppliers, customer payment methods, and financial tools. It’s a lot.

Traditionally, Kiwi companies have relied on payment providers like Stripe to accept online payments. But if you’re looking to scale globally, it’s worth broadening your horizon. A provider that goes beyond simple payment acceptance might be a better, more cost-effective solution.  

Where Stripe is a payments infrastructure provider, Airwallex is a global financial operating system. In this guide, we’ll dive deeper into the differences between Stripe and Airwallex New Zealand, so your business can make the best choice.

How does Airwallex work?

Airwallex is the all-in-one financial platform. It streamlines how you accept international and domestic payments, helps you control day-to-day financial operations, and manages multi-currency money flows.

With Airwallex New Zealand, you can accept payments in over 180 countries and 130 currencies. You can also easily open local accounts to avoid forced conversion charges. Airwallex enables payments through cards, digital wallets, Buy Now, Pay Later (BNPL) options, hosted checkout, links, and plugins for popular platforms like Shopify and WooCommerce. 

Airwallex users can also create virtual corporate cards, issue physical cards, set spending limits, and track expenses through accounting system integrations. Built with end-to-end encryption and more than 80 global licences, our platform provides security for your business finances while offering far more flexibility than traditional financial providers.

How does Stripe work?

Stripe is a global payments platform that’s particularly well-known for delivering a good developer experience, allowing engineers to easily integrate Stripe’s payments APIs into business workflows.

As an online payment gateway, it lets businesses accept card payments, digital wallets, bank transfers, and BNPL options in 135+ currencies. It also provides subscription billing, invoicing, and marketplace payout tools, making it popular with SaaS companies and platforms that need to manage regular payouts to staff and platform sellers, for instance. 

But Stripe doesn’t offer a multi-currency wallet. You’ll be forced to convert funds unless you have set up local accounts in the countries you operate. And it doesn’t natively offer corporate cards and expense management in New Zealand. 

In short, Stripe is a powerful payments engine, but it’s not a full financial operating system, and it can’t function as a unified global treasury solution, managing your cross-currency workflows.

How do Airwallex and Stripe’s features compare in New Zealand?

The table below illustrates how Stripe versus Airwallex New Zealand differ by feature.

In-depth: Airwallex vs Stripe features in New Zealand

We’ve broadly covered how Airwallex and Stripe support online payments in New Zealand. Now let’s explore their product features in depth.

Multi-currency accounts and like-for-like settlement

Airwallex New Zealand lets Kiwi businesses open multi-currency accounts instantly, using local banking details in major markets. This means you can benefit from like-for-like settlement. So, if a customer pays in US dollars, for example, the funds will settle in your local account in USD, without currency conversion. It’s your call whether you convert those funds to NZD or use them to make payments locally in USD.

The advantage is that you won’t suffer forced conversion fees or FX losses, and it gives you the flexibility to pay staff and suppliers internationally in their local currency.

Stripe NZ doesn’t offer global accounts or multi-currency wallets. Most Kiwi businesses will simply receive NZD after Stripe converts the funds, which means you’ll pay conversion fees and will have no control over your FX risk. If you want to receive foreign payouts in the local currency with Stripe, you’ll need to open a foreign bank account in that currency and enable Stripe’s multi-currency plan.

Payment gateways and global acceptance

To accept payments online, you'll need a payment gateway and a payment processor. Traditionally, these two functions were fulfilled by separate providers. But Airwallex and Stripe are among a new generation of fintechs that have integrated the two into a single platform, simplifying the entire payment process.

​The difference between them comes down to the breadth of the two providers’ global offerings. Airwallex offers a broader range of local payment methods (160+) than Stripe (100+), which can be crucial for expanding into specific international markets, especially Asia, a key destination for New Zealand businesses.

FX, treasury, and global payouts

Foreign currency transactions can be opaque and costly, seriously impacting a company’s cash flow and margins. So, holding foreign currency in dedicated local accounts helps you manage risk and assets more efficiently.

Airwallex’s multi-currency account lets you accept payments from 70+ countries and convert currencies only when you choose, at near-interbank FX rates. There are no hidden fees. And, because Airwallex is a full financial management platform – not just a global payments processor – your treasury team can see all the business’ cash flows from its accounts, giving them real-time insight into your financial position through the one dashboard.

Stripe, on the other hand, will apply FX automatically unless you’re settling into a foreign bank account that you’ve set up yourself. And the FX spreads will vary, so you have no certainty about the amount coming into your business.

Where Airwallex serves all businesses, great and small, in multiple verticals, Stripe’s global payouts function (Stripe Connect) is mainly designed for platform-based business models. As a pure-play payments platform, Stripe doesn’t give your treasury team insight into cash flows across your business.

Cards and spend management

With Airwallex, you can instantly create Visa cards that let your staff make purchases in any currency you hold a balance for in your account. That means wherever they are, you won’t pay unnecessary FX conversion fees or foreign card transaction fees.

The cards feature built-in controls, and you can stay on top of all the purchases made on a company’s behalf in real time from a single dashboard.

So, if Jim is on an important mission in Macau, you know exactly how it’s going and what it’s costing you. And if he’s bought one too many Yuenyeungs and you don’t have the necessary currency balance, you can authorise Airwallex to auto-convert funds from your home currency so he can continue wooing the client and seal the deal.

Stripe doesn’t currently support card issuing in New Zealand, and businesses can’t use Stripe to issue corporate cards locally. So, you’re stuck with high currency conversion costs and fees.

Developer experience

Airwallex was designed to integrate easily into existing workflows. The founders wanted to remove the pain of manually stitching together data and processes across multiple platforms, so they designed a tech spec that can be used by businesses with no software engineers to those with an entire department of them.

There are multiple ways to get up and running, from no-code plugins and popular platforms and software such as Shopify and Xero, to payment links and low-code embeds, to powerful REST APIs for custom-built integrations. 

Among developers, Stripe holds the industry gold standard for documentation, software development kits (SDKs), and API design. Stripe also offers simple no-code or low-code installations, but it can become more complex if you need a custom solution.

How do Stripe vs Airwallex New Zealand compare on fees?

Airwallex uses a transparent, low-cost pricing structure designed for global businesses. There are no setup or monthly fees, global accounts are free to open on the Explore plan, and FX conversions are optional, so you only convert when it makes financial sense.

Transaction pricing is straightforward, FX margins are low, and international transfers are competitively priced, helping keep overall costs down. Our multi-currency corporate cards mean you avoid fees and currency conversions on staff spend abroad.

Stripe charges a higher percentage and a higher fixed fee per transaction, with substantially higher currency conversion costs. FX charges apply automatically unless multi-currency settlement is configured, and optional products like Billing or Connect can increase your total spend.

​As a result, New Zealand businesses that transact internationally often find that Airwallex delivers lower overall payment costs.

How Airwallex New Zealand can help you grow without barriers

There’s a lot to weigh up when choosing a payments partner that can help you grow your New Zealand business.

Both Airwallex and Stripe have considerable strengths. But where Airwallex stands out is in the cost-effective multi-currency options it offers, its broader global payment coverage, and its comprehensive suite of integrated financial solutions.

Why Airwallex might be a better choice than Stripe

Airwallex beats Stripe in the following ways:

• Like-for-like settlement. New Zealand businesses with global customers, overseas suppliers, or foreign operations will be able to save with Airwallex’s like-for-like settlement. Avoiding forced conversion fees keeps more of your funds in your business account and allowing you to invest it towards your growth. Like-for-like settlement is not currently available with Stripe.

• Hold funds in multi-currency accounts: For New Zealand businesses operating in multiple markets, the ability to transact natively in those currencies can be a game-changer. It saves them unnecessary FX conversion fees and foreign transaction costs and, combined with Airwallex financial management tools, can significantly improve efficiency while boosting growth. With Stripe, businesses first need to set up foreign-currency bank accounts to access the same FX benefit, and even then, there’s no single dashboard view of those accounts.

• More local payment methods in more countries: You can use more than 160 local payment methods with Airwallex, whereas Stripe offers just over 100. Airwallex also offers more than 20 local payment methods in Asia that aren’t available with Stripe.

• Corporate cards and expense tools: If you have a global workforce and multiple expense streams, Airwallex is a clear winner. It allows you to issue Visa cards to employees so they can pay in local currency. Expenditure can be tracked in real time through the Airwallex dashboard. Stripe doesn’t issue corporate cards in New Zealand, and it’s not a financial management system.

• Integrated financial operations: Airwallex is more than a payments processor. It allows you to accept and make payments in more than 160 countries, handles smart FX conversions, offers multi-currency business accounts, and issues corporate cards with built-in expense management. And all of that is visible on one platform.

• FX at near-interbank rates: Airwallex FX rates are among the most competitive in the market and typically 1.5% to 3% lower than those charged by Stripe. But you don’t need to convert foreign currency at all – or at least, not until it suits you. You can take advantage of Airwallex’s multi-currency accounts and hold FX until you need it.

If you want to grow expeditiously and have better control over your financial operations, Airwallex is your global payments pick. It will lower cross-border fees, streamline payments, give you real-time insight into every cent you collect and spend, and support you at every step of your international journey.

Stripe vs Airwallex: Frequently asked questions

I’m using Stripe. Can Airwallex replace it?

Often, yes, especially for businesses with international operations. One advantage of switching to Airwallex is that Stripe can only settle in multiple currencies if you provide a bank account in each currency. With Airwallex, you can set up multi-currency wallets for free, cutting your FX and fees burden and giving you full insight into your financial flows. Some companies will use both providers – for example, Stripe in-person POS, plus Airwallex settlement and FX.

Is Stripe or Airwallex better for NZ businesses selling overseas?

Airwallex has a broader global offer, thanks to its multi-currency accounts, FX control, like-for-like settlement, and global payouts. It also has significantly more local payment options, with 160+ compared to Stripe’s 100+. For New Zealand businesses trading with Asia, it’s worth remembering that Airwallex offers 20 additional local payment methods than Stripe does in that region.

Which is cheaper overall, Airwallez or Stripe?

For domestic payments, the prices are similar. But for international payments, Airwallex is usually significantly cheaper due to FX savings and like-for-like settlement. If you focus on overseas markets, Airwallex could save you money on transaction fees and overall operating costs.

Who offers the best local support when I need it?

With Airwallex, businesses don't need to be enterprise-scale to get tailored support from someone in New Zealand, which can make a world of difference for small- and medium-sized businesses. Stripe offers ticketing support to its customers. Airwallex provides hands-on onboarding and local account managers. This service is included at no extra cost for eligible customers, whereas Stripe charges thousands annually.

Sources

1. https://stripe.com/nz/pricing 

2. https://stripe.com/resources/more/online-payment-options-for-small-businesses-in-new-zealand

The information in this article is based on our own online research. Airwallex was not able to manually test each 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 annually. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (New Zealand) Limited is registered with the New Zealand Financial Service Provider Register (FSP No. 1001602) to provide a range of financial services in New Zealand.