Easier than a business bank account
Find out how traditional banks’ features and fees compare to Airwallex’s.
While traditional banks like the “big four” New Zealand banks (ANZ, ASB, BNZ, and Westpac) offer reliable services, Airwallex provides all-in-one business accounts that let businesses do more – beyond traditional banking. Receive, hold, convert, and transfer multi-currency funds all on one platform.
3 reasons why businesses choose Airwallex over traditional banks
Manage multiple currencies in a single wallet
Businesses can create local bank details and receive funds from 21+ countries, no matter where they’re located, without having to establish a local entity or open multiple foreign bank accounts.
Transfer funds faster, at lower costs compared to most traditional banks
Send funds to 120+ countries using local payment rails, faster and more cost-efficiently than using SWIFT. With Airwallex, 95% of transfers settle within a few hours or the same day.
Do more on one platform
On top of multi-currency accounts and payment processing, Airwallex also offers FX and transfer solutions, expense management tools, corporate cards, and more.
Cut FX fees: Save more with like-for-like settlement
Save on payment processing fees and avoid costly currency conversions with like-for-like settlement. For example, a New Zealand business can transact in GBP and settle those funds directly into a local GBP account, without having to convert the funds to NZD and pay foreign exchange (FX) fees. This GBP balance can then be used to pay UK suppliers, further cutting FX fees.
With Airwallex, businesses can settle payments like-for-like in 14+ major currencies using its built-in multi-currency wallet, without any forced FX conversions. Most of the Big Four banks in New Zealand don't offer foreign currency accounts, so if you have a traditional business bank account you will need to rely on FX conversions.
No more bank queues, paperwork, or needless fees
Instantly tap into leading global coverage across currencies and markets, world class security, fast onboarding, award winning customer support, and integrations with other popular platforms like Xero, Amazon, and Shopify.
countries where you can collect funds like a local
countries from which you can accept payments
countries to which you can make transfers
93%
transfers arrive within the same day
Save on transaction and FX fees with Airwallex
Overall, Airwallex offers lower transaction and currency conversion fees than the big four New Zealand traditional banks.
Manage global finances with Airwallex
A single Airwallex Business Account gives businesses access to local bank details, allowing them to operate like a local business and accept payments in 20+ currencies.
Plus, businesses can go beyond what the big four traditional banks offer with Airwallex. Consolidate financial operations – from global treasury to payments, FX, transfers, and expense management – all on one platform.
What local businesses are saying about Airwallex
“Reports that you can get out of the portal are very tailored to what we would like… You can go fully customised with the expense coding. From an accounting perspective, you could put your entire P&L into Airwallex and the cardholders would code it… From an accounting perspective, life could not be easier.”
Mitch Halstead
Senior Financial Accountant, Rodd & Gunn
"Before Airwallex, we were making unnecessarily expensive conversions. Our margins have easily increased by 3% simply by switching to Airwallex.”
Jake McKeon
Coconut Bowls, Founder
"These small percentages here and there add up over time with a real bottom line impact. When I see the rates are good, I’ll convert my AUD into USD, knowing that I’ve saved money that I can re-invest into the business in the long-run."
Andy Worley
Co-Owner & Director, Sheet Society
“Because of Airwallex, we’re enjoying significant cost savings and a more streamlined management of funds between different currencies, which is essential for our travel agency.”
Simon Russell
Authentic Vacations, CEO
Frequently asked questions about traditional banks’ features and fees
How much do traditional banks charge businesses for FX in New Zealand?
Traditional banks typically charge various fees to New Zealand businesses for sending an international transfer. This can include sending and receiving fees, which can differ depending on whether this is handled online or in a branch. Businesses can also be charged correspondant bank fees, and fees for tracing, amending, or cancelling FX payments.
What alternative solutions to traditional banks are there?
There are several alternatives to traditional banks, including Stripe and PayPal. However, Airwallex stands out for its multi-currency support, competitive pricing, like-for-like settlement, and end-to-end solutions including payment acceptance, FX and transfers, and spend management tools.
What is like-for-like settlement?
Like-for-like settlement is a process that ensures that the currency a business receives in their account is the same as the currency in which the payment was made. This means that if a customer pays a business in, for example, US dollars (USD), the funds will be settled directly into their Airwallex account in USD, without currency conversion. This approach helps businesses avoid unnecessary foreign exchange fees and ensures that they receive the exact amount they are owed, making international transactions more transparent and efficient.
Who can open an Airwallex Business Account in New Zealand?
Most Australian businesses are eligible. You’ll need an active NZBN, a valid ID for all directors or beneficial owners, and basic registration documents.
How does an Airwallex Business Account help businesses save on transaction fees?
An Airwallex Business Account can be used to avoid unnecessary conversion fees and to save on everyday expenses. You can collect payments from your international customers in their preferred currency and then spend those proceeds later in the same currency (for example, to pay global suppliers and employees), thereby eliminating unnecessary conversion fees. You can also benefit from holding funds in a foreign currency until FX rates are favourable enough to convert these funds to your home currency.
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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].
This case study is provided for informational purposes only and should not be construed as an endorsement or guarantee of results. The experiences and outcomes described may not be representative of all clients or experiences. 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.
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.