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.  

The Airwallex Payment Gateway also has like-for-like settlement for 11 currencies. This means you can collect and hold payments in AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, THB, SGD and USD without converting them into SGD. You can then use the funds to pay out suppliers in that same currency.

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.

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.

1. https://www.revolut.com/business/

2. https://www.revolut.com/business/expenses/

3. https://www.revolut.com/business/accept-payments/

4. https://www.revolut.com/business/multi-currency-accounts/

5. https://www.revolut.com/business/invoices/

6. https://www.revolut.com/business/savings/

7. https://www.revolut.com/business/accept-payments-pricing/

8. https://www.revolut.com/business/business-account-plans/

9. https://help.revolut.com/business/help/receiving-payments/transfers-info/international-iban

10. https://www.revolut.com/business/cards/

11. https://www.revolut.com/business/partner-apps/

12. https://www.revolut.com/business/money-transfers/

13.  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.