Wise vs Airwallex: Compare on fees, features and benefits

Key takeaways

• Wise Business focuses on simple, low-cost international transfers and basic multi-currency accounts, while Airwallex is designed as a broader financial operations platform that also includes global accounts, corporate cards, expense management, bill pay, and payment acceptance.

• Wise keeps pricing transparent but charges a S$99 setup fee, per‑transfer FX/transfer fees, and flat SWIFT fees, whereas Airwallex has no setup or monthly fees, uses interbank FX with a small markup, and offers free local transfers to 120+ countries. This means you can significantly reduce your transfer fees and foreign transaction fees with Airwallex.

• For Singapore businesses with regional or global ambitions, Airwallex offers more room to grow – from multi-currency accounts and corporate cards to integrated expense management, bill pay, and payment gateway.

For Singapore founders, finance leads, and operations teams comparing Wise and Airwallex, choosing the right setup makes it easier to control transfer fees, streamline cross-border workflows, and support your team. 

This guide breaks down how Wise Business and the Airwallex Business Account differ on features, coverage, pricing, and more. On top of that, we also show you why Airwallex’s all‑in‑one platform (which combines global accounts, FX & transfers, corporate cards, expense management, bill pay, and payment acceptance) is a better long-term partner for businesses with cross‑border growth in mind.

What is an Airwallex Business Account?  

The Airwallex Business Account is an all-in-one global business account provided by Airwallex, which is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore (MAS). Founded in 2015, Airwallex provides a single platform with everything you need to manage cross-border financial operations in one place.

Unlike Wise, Airwallex only serves business customers and also offers its own payment gateway, helping you save on conversion fees when you receive, hold, and pay in the same currency. As an end-to-end financial platform, Airwallex simplifies international payments and spend management by helping finance teams track, control, and approve global company and employee spend – whether on corporate cards, reimbursed to employees, or paid to suppliers. It also offers wide global coverage similar to Wise, along with local support teams to assist local businesses with any queries.

What is the Wise Business Account?

The Wise Business Account is a multi-currency business account that lets companies hold, convert, and move money internationally at low, transparent FX rates. Previously known as Transferwise, Wise launched in 2011 as a consumer-focused international money transfer service. Over the past 13 years, Wise expanded into business accounts and other financial services as well.   

Wise offers multi‑currency accounts that let businesses hold and convert funds at competitive mid‑market rates and accept payments in different currencies via local bank details. It also supports bank transfers to many countries, with additional payment options in key markets. Core features include multi‑currency accounts, fast and low‑cost international transfers (including batch payments), multi‑currency debit cards, and accounting software integrations. For more details, read our Wise business account review.

Airwallex vs Wise business account features compared 

Both Airwallex and Wise offer multi-currency business accounts designed to simplify cross-border payments, but they’re built for different needs. 

Airwallex focuses on being an end-to-end financial platform for businesses of all sizes, combining global accounts, FX, corporate cards, expense management, bill pay, and a payment gateway in one place. Wise, meanwhile, started as a consumer remittance service and has expanded into business accounts that prioritise low-cost FX, transparent pricing, and straightforward international transfers. 

The comparison below breaks down their key features, so you can decide which platform is a better fit for your business.

Note: The information in this table has been reviewed to be accurate as of 1 January 2026.

Wise vs Airwallex: in-depth business account features

Here is an in-depth look at how Wise Business and Airwallex compare on the core features that matter for Singapore businesses.

Multi-currency accounts

Wise Business lets you receive payments with local account details in 21 currencies and hold and convert 40+ currencies⁸ in your account, giving Singapore businesses solid coverage for invoicing and paying customers and suppliers globally.

Airwallex builds on this by providing local account details in 20+ currencies and a wallet that supports 70+ currencies, so you can hold, convert, and pay in 70+ currencies from a single wallet. With Airwallex, you can mirror domestic-style accounts across more markets, reduce unnecessary FX conversions, and manage a wider global footprint.

International transfers and payment acceptance

Wise supports international transfers to 70+ countries, using the mid-market rate plus a transparent variable fee. However, it offers only limited card acceptance via payment links, invoices, and QR codes, and does not provide a full payment gateway or native Shopify/WooCommerce plugins for on-site checkout.

Airwallex lets you send payouts to 200+ countries, with S$0 transfers via local payment rails to 120+ countries and flat S$20–35 fees for SWIFT transfers. On the collection side, it operates a full payment gateway that can accept payments in 130+ currencies via 160+ local methods, including native plugins for major eCommerce platforms like Shopify, WooCommerce, and Magento.

Corporate cards

Wise provides business debit cards linked to the Wise Business Account, so you can spend online and in‑store worldwide. FX is converted at the mid‑market rate plus Wise’s standard conversion fee whenever you don’t hold the transaction currency. In Singapore, Wise cardholders get two free ATM withdrawals per month up to S$350 in total; beyond that, Wise charges a fee of S$1.50 + 1.75% per withdrawal.

Airwallex issues virtual and physical multi‑currency Visa corporate cards that are free to create. These draw directly from your Airwallex wallet so you can spend from held balances in multiple currencies with 0% foreign transaction fees on card spend in Singapore.

Expense management and accounts payable

Wise supports batch payments of up to 1,000 recipients and lets you import bills from tools like Xero and QuickBooks to pay via Wise, but it does not offer multi-layer expense approvals or structured reimbursement workflows. Businesses that need deeper control over team spend usually pair Wise with separate expense-management software.

Airwallex combines cards with built-in expense management and Bill Pay, so employees can capture receipts, submit expenses, and route claims through configurable approval flows. This lets finance teams get real-time visibility over spend and reimburse staff or contractors globally from the same platform. You can also upload or email bills, auto-extract invoice data, approve them, and run multi-currency batch payments to domestic and overseas suppliers.

Interest on balances

Wise lets Singapore businesses earn interest on balances in currencies like SGD, GBP, EUR, and USD by opting into its interest‑earning funds. You pay an annual fee on invested amounts, and your net return depends on the performance of the underlying money‑market instruments, which can be a straightforward way to put idle multi‑currency balances to work.

Airwallex offers Airwallex Yield, which lets you move surplus SGD and USD directly from your wallet into institutional‑grade money market funds and earn tiered net returns with no lock‑in period or minimum balance. Because Yield is integrated into the same platform as your global accounts, transfers, and corporate cards, it gives growing businesses a flexible way to manage both day‑to‑day cash and excess liquidity in one place.

Accounting integrations and workflows

Wise integrates with Xero and QuickBooks, and can connect to Oracle NetSuite as a bank feed, so transactions flow into your ledger for reconciliation against invoices and bills. This covers the basics of sync and saves manual CSV uploads, but workflow automation largely lives in the accounting tool rather than Wise itself.

Airwallex offers deeper integrations with Xero, QuickBooks, and NetSuite, plus direct connections to major eCommerce platforms like Shopify and WooCommerce, so both payment and accounting data are centrally managed. You can map multiple entities and currencies to your chart of accounts, rely on richer transaction data, and combine this with multi-step approvals for transfers, bills, and expenses, backed by a broader API surface across accounts, FX, payouts, issuing, and payment acceptance.

Compare fees and charges: Airwallex vs Wise

Wise Business and Airwallex both help Singapore companies cut the cost of cross‑border banking, but they package fees very differently. The summary below compares their key charges across accounts, transfers, FX, cards, and yield/interest so you can see where each platform is more affordable for your use case.

The information in this table has been reviewed to be accurate as of 1 January 2026.

Wise vs Airwallex: Which is the better business account for your business?

Wise Business and Airwallex both help Singapore companies move and manage money across borders, but they take different approaches. Wise focuses on low-cost international transfers and a straightforward multi-currency account, which can suit freelancers and smaller teams with simpler needs. 

Airwallex, by contrast, gives businesses a broader financial operations platform from day one – combining multi-currency accounts, FX and transfers, corporate cards, expense management, bill pay, payment acceptance, and Yield. You can start with what you need now, and easily add more capabilities as your cross-border volumes, markets, and headcount grow.

3 reasons why businesses choose Airwallex Business Account over Wise

1. Built for global growth, not just basic transfers

Wise is optimised for low-cost international transfers and simple multi-currency accounts, which works well when you’re smaller and operating across a limited set of corridors. However, as you expand, you’re more likely to need local account details in more markets and wider payout coverage. Airwallex provides local account details in 20+ currencies and payouts to 200+ countries, using local payment rails in 120+ countries so cross-border payments feel closer to domestic transfers as you scale.

2. One platform for accounts, corporate cards, expenses, and payments

With Wise, businesses often have to bolt on separate tools for payment acceptance, expense management, and accounts payable once they move beyond basic transfers and batch payments.

Airwallex, however, combines multi-currency accounts, FX & Transfers, corporate cards, expense management, bill pay, and a full payment gateway in a single platform, so collections, payouts, and team spend all run through the same wallet and approval flows instead of multiple disconnected providers. This unified setup is what lets brands like Mighty Jaxx centralise global financial operations while they expand into new markets.

3. Operational efficiency and savings at scale

Wise’s pricing is transparent, but fees on higher transfer volumes, SWIFT collections, and card usage can add up as cross-border activity grows. Airwallex helps larger teams claw back more margin through interbank FX with small markups, S$0 local transfers to 120+ countries, and Yield to earn on idle SGD and USD balances, all supported by deeper accounting integrations and automation. 

Airwallex: The global financial platform built to scale with your business

In today’s world, almost every Singapore business has some degree of international exposure – whether that’s paying overseas suppliers and SaaS tools, hiring remote teams, or selling to customers abroad. This makes Airwallex the natural choice for your primary business account. 

Instead of starting with a basic transfer tool and having to go through a disruptive migration later, use Airwallex’s all‑in‑one Business Account. This lets you open local accounts online, move money via low‑cost local rails, and accept payments in 130+ currencies from day one. You consolidate collections, payouts, and team spend with fewer providers, fewer hidden fees, and far less manual work for your finance team – freeing up more time and headroom to focus on what actually drives growth.

Frequently asked questions (FAQs)

What is the difference between Wise and Airwallex’s fees? 

Wise Business in Singapore uses the mid‑market FX rate with a separate conversion fee that starts from around 0.26%, plus a one‑time S$99 setup fee and flat charges for incoming SWIFT payments in multiple currencies.

Airwallex does not charge any account opening or monthly fee on its Explore plan, uses interbank FX with a small markup (typically 0.4–0.6%), offers S$0 transfers via local rails to 120+ countries, and only charges a flat S$20–35 for SWIFT transfers. 

Which is better, Wise or Airwallex?

For Singapore businesses with regional or global growth plans, Airwallex is the better choice. Wise is strong for basic, low-cost international transfers, but Airwallex combines competitive FX and transfers with a full financial operations platform – multi‑currency accounts, corporate cards, expense management, bill pay, and payment acceptance – designed to scale as your business grows.

Can I have both an Airwallex and Wise business account?

Yes, you can open both an Airwallex and Wise business account. However, unless you’re operating as a freelancer, Airwallex is more suitable as your primary account because it offers a broader set of tools and more room to grow – without switching providers later on. 

Is Airwallex safe? 

Yes, Airwallex is safe to use. Airwallex uses bank‑grade security, including encryption, strict access controls, and compliance with international standards like PCI DSS and SOC reports, to protect your data and transactions. Client funds are safeguarded with leading global financial institutions in line with regulatory requirements, rather than being lent out like a traditional bank.

Is Airwallex licensed in Singapore? 

Yes, Airwallex (Singapore) Pte. Ltd. is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution under the Payment Services Act, and is authorised for services such as domestic and cross‑border money transfer, merchant acquisition, and e‑money issuance. Its affiliate Airwallex Capital (Singapore) Pte. Ltd. also holds a Capital Markets Services Licence from MAS for its Yield offering. 

Is Wise safe?

Yes. Wise uses strong security controls, including multi‑factor authentication, 24/7 fraud monitoring, and encryption, to protect customer accounts and cross‑border payments. Customer funds are held in safeguarded accounts with regulated institutions, rather than being lent out, which further protects balances in line with regulatory rules.

Is Wise licensed in Singapore?

Yes. Wise Asia‑Pacific Pte. Ltd. is regulated in Singapore as a Major Payment Institution by MAS under the Payment Services Act, and also holds a Capital Markets Services Licence under the Securities and Futures Act. This means its payment and investment‑related services for Singapore customers operate under local regulatory oversight.

Sources: 

1. https://wise.com/sg/pricing/business

2. https://wise.com/sg/business/invoices

3. https://wise.com/sg/send-money/

4. https://wise.com/help/articles/2897238/which-currencies-can-i-add-keep-and-receive-in-my-wise-account?origin=related-article-3MObHiWysjT2DzDNHTupa4

5. https://wise.com/help/articles/3EsxRDF4uNpQncdgH480os/fees-for-receiving-money-by-swift

6. https://www.airwallex.com/sg/terms/fee-schedule

7. https://wise.com/sg/card/

8. https://wise.com/sg/business/receive-money

9. https://wise.com/sg/pricing/business/card-fees?sourceAmount=1000&sourceCurrency=SGD&targetCurrency=USD&track=false

10. https://wise.com/sg/blog/airwallex-vs-wise

 This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.