Revolut vs Airwallex: Compare on fees, features and benefits
Singapore companies have a wealth of fintech partners to choose from. There are over 1,000 fintech firms in the country, and making the right choice is key to streamlining operations, reducing costs, and expanding globally.
In this article, we'll explore how the Airwallex Business Account and Revolut Business stack up against each other. Read on to understand their features, fees, and decide which one is right for your business.
What is Revolut?
Revolut is a UK-based financial technology company offering digital financial services to consumers and businesses. Its key consumer product is a multi-currency digital wallet that can hold 33 currencies and a debit card that can be used for travel. In the UK, Revolut’s business offerings include payment acceptance, currency exchange, business debit cards, and expense management.
In 2019, Revolut launched their consumer e-wallet and debit card in Singapore. Both products are widely used by travellers for their market-leading exchange rates and reduced foreign transaction fees. In this article, we will be focusing on Revolut Business and how companies can benefit from their payment solutions and multi-currency debit card. Note that this service isn’t available in Singapore yet; however, business owners can join the Revolut Business waitlist to get notified when it becomes available.
What is Airwallex?
Founded in 2015, Airwallex is an all-in-one financial platform built to simplify global business management and facilitate international expansion.
The core features within an Airwallex business account include:
Multi-currency accounts (known as Global Accounts)
Seamlessly collect, hold and transact balances in 23+ major currencies including GBP, USD, EUR, AUD, CAD, CNY and more. Each currency account is assigned unique account details for local and international payments.
Online payments: With the Airwallex Payment Gateway, you can accept payments from 180+ countries and 160+ local payment methods like Klarna, AliPay, and WeChat Pay. With eCommerce plugins, you can easily link Airwallex with Shopify and other eCommerce stores to accept payments from global customers in your chosen settlement currencies.
International transfers & FX conversions: Make fast, no transaction fee cross-border payments over 110+ local payment methods and bypass SWIFT. Customers can exchange and send money to 150+ countries at market-leading foreign exchange rates. 85 of which are same-day payouts, and 65 of which are instant payouts.
Borderless cards: With Airwallex, you can issue physical and virtual Borderless Visa Cards at no extra cost, and use it wherever Visa cards are accepted. You can spend from multi-currency balances held in your Airwallex account without converting funds into SGD.
Unlike traditional corporate cards, the Borderless Card doesn’t charge international transaction fees. You also get 1% unlimited cashback on domestic and international expenses, such as Facebook ad spending in USD or business travel.
Expense Management: Airwallex provides end-to-end tools for teams to track and control spend globally whether on cards or reimbursed for out-of-pocket expenses. Teams can capture receipts, submit expenses, and put through multi-layer approval flows to ensure company funds are spent appropriately. All data is seamlessly synced with accounting platforms like Xero, Quickbooks and Netsuite.
Software Integrations: Airwallex integrates seamlessly with accounting software like Xero and eCommerce platforms like WooCommerce. This lets you automate workflows across your business while streamlining accounting and sales data. Shopify stores can also integrate Airwallex with a convenient no-code plugin.
Bills and accounts payable: Airwallex centralises accounts payable workflows so finance teams can consolidate domestic and global supplier payments. Staff can upload or email invoices, extract all relevant data, send for approval, and pay domestic and international vendors within the Airwallex platform. Batch payments of up to 1,000 can be automated across currencies and countries through Airwallex.
Compare Revolut Business with Airwallex
Let's briefly compare Airwallex with Revolut Business. Note that while Revolut Business is not yet available in Singapore, their fees are publicly available on their website. We have also taken information from Revolut Business UK to get an idea of what services they might offer. The table below is for information purposes only and is subject to change when Revolut Business launches locally.
| Airwallex | Revolut Business |
---|---|---|
Monthly account fee | No | Rates vary from SGD 0 - 19.99 per month2 |
Multi-currency account | 23+ currencies with local account details | 25+ currencies3 |
0% domestic transfer fees | Yes | 5 free inbound and outbound domestic transfers per month
SGD 0.2 per additional transfer4 |
0% international transfer fees | Yes, when sending to 110+ countries using Airwallex’s local payment rails | SGD 8 per outbound international transfer5 |
Receiving payments | Global payment gateway, payment links, and eCommerce plugins | Information not yet available for Singapore |
Managing expenses | In-built tool. Virtual and physical cards with full controls. Seamless accounting sync. | Virtual and physical cards |
Bill Pay / Accounts Payable | Yes | Yes |
Business debit cards | Issue unlimited physical and virtual cards with 1% unlimited cashback | Up to 3 physical cards and 200 virtual cards per Authorised Person |
ATM withdrawals | None | Not available in Singapore. 2% fee on all withdrawals at ATMs outside of Singapore Limited to withdrawing up to £3000 per 24 hours (or the equivalent in SGD) |
Global payout coverage | 150+ countries | 100 countries6 |
FX rate (above the interbank rate) | 0.4% above interchange rates for 11 currencies
0.6% above interchange rates for all other currencies | 0.6% when you exceed SGD 1,500 per month, and additional 1% for exchanges made outside market hours |
Customer support | Singapore-based support team | In-app chat box and human agents - pay extra for phone support |
Integrations | Shopify, Woocommerce, Magento, Xero, Quickbooks, Netsuite, and more |
Sources: Revolut, Airwallex as of 20 April 2024
Revolut features and fees explained
Specifically designed for startups and small companies, Revolut for business offers current accounts tailored to basic financial needs.
Revolut uses an incremental subscription-based model for its business accounts comprised of three tiers:
Free
Premium SGD 9.99 per month
Metal SGD 19.99 per month
Core capabilities include:
Multi-currency accounts
Open currency accounts in 25+ currencies to store money in like GBP, EUR, USD and AUD. It is worth noting that Revolut offers a multi-currency IBAN rather than local account details. It means that all incoming payments must be sent through wire transfers, and are subject to cross-border fees and delays.
Debit cards
Provide teams with payment cards to spend account funds up to defined monthly limits based on the pricing plan.
Accounting sync
Sync Revolut transaction descriptors into leading platforms like Xero, QuickBooks and Zoho to eliminate manual data entry.
While base features are usually available for free, limitations apply per month on complementary transactions, cross-border transfer amounts, withdrawal sums and currency – negating the initial zero cost.
Once usage allowances are exceeded, further fees incurred span:
Currency exchanges
Overseas transfers
Cash withdrawals outside Singapore
Accepting client invoice payments
Airwallex features and fees explained
Enabling smooth international expansion and multi-region operations, key aspects of Airwallex for business encompass tools for:
Multi-currency accounts
Create accounts with local bank details in 23+ widely-traded currencies like EUR, GBP, USD, AUD, HKD and more.
Getting paid online
Accept customer multi-currency payments including cards and 160+ local payment methods in 180+ countries via no-code payment links, through integrations with Shopify, WooCommerce and Magento, or a customisable checkout via API.
Paying worldwide & FX conversion
Make large volume batch transfers to staff, contractors and overseas vendors in150+ countries. Pay zero transaction fees when sending via 110+ countries using Airwallex’s local payment rails: pay out to 85 countries same-day, and pay out to 65 countries instantly. For major currencies, including USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY, Airwallex charges 0.4% above the interbank rate, and for all other currencies they charge 0.6%.
Revolut vs Airwallex additional features compared
Issuing virtual cards
Airwallex lets you issue an unlimited number of virtual Borderless Cards for free, while Revolut has a limit of 200 virtual cards per authorised person at a time.
Expense management
Both platforms allow businesses to issue cards, set limits, and report on team expenditure. Revolut and Airwallex also integrate with leading accounting software like Xero and Quickbooks.
Support
All Airwallex customers receive customer support and hands-on account managers can be assigned to eligible Airwallex customers for personalised assistance navigating the global finance intricacies enterprises face daily. Revolut offers in-app chatbots during business hours with some limited human escalation.
Global growth
Beyond basic multi-currency transactions, Revolut supplies a narrow set of expansionary financial services tailored to global markets. Airwallex offers specialised solutions around revenue stream management, optimised global fund flows, multi-entity account grouping and centralised reporting.
Regulation
Both Airwallex and Revolut are regulated by the Monetary Authority of Singapore (MAS) and licensed in Singapore as a Major Payment Institution. Customers' deposited funds are safeguarded according to MAS regulations.
Final thoughts
Revolut provides personal accounts in Singapore, but has not yet launched its business services in the country. If you need a way to manage your firm’s financial operations and international payments, there are other alternatives to Revolut.
Airwallex is engineered specifically for ambitious businesses who need a better way to handle cross-border payments. Our Global Accounts let you operate like you have local currency accounts in several countries, so you can receive, hold, and spend funds without multiple conversions. We also offer fast, cost-effective FX and Transfers using local payment rails. This minimises the complexities, fees, and delays often associated with traditional wire transfers.
Airwallex also integrates seamlessly with eCommerce platforms such as Shopify and WooCommerce, allowing you to quickly launch a frictionless checkout experience. Once set up, you can accept customer payments in multiple currencies directly into your Global Accounts.
Build your global business with Airwallex today - open a free account now.
Sources
For more information on Airwallex, visit Airwallex Business Account and Airwallex pricing.
https://www.revolut.com/business/
https://www.revolut.com/business/expenses/
https://www.revolut.com/business/accept-payments/
https://www.revolut.com/business/multi-currency-accounts/
https://www.revolut.com/business/invoices/
https://www.revolut.com/business/savings/
https://www.revolut.com/business/accept-payments-pricing/
https://www.revolut.com/business/business-account-plans/
https://help.revolut.com/business/help/receiving-payments/transfers-info/international-iban
https://www.revolut.com/business/cards/
https://www.revolut.com/business/partner-apps/
https://www.revolut.com/business/money-transfers/
https://www.revolut.com/en-SG/legal/business-free-fees/
***Note: This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations/warranties/guarantees regarding content accuracy, completeness, or currency.
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Shermaine spearheads the development and execution of content strategy for businesses in Singapore and the SEA region at Airwallex. Leveraging her extensive experience in eCommerce, digital payment solutions, business banking, and the cross-border industry, she provides invaluable insights that guide businesses through the complexities of global commerce. Specialising in crafting relevant and engaging content that resonates with business owners, her work is designed to drive growth and innovation within the fintech and business economy space.
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