Airwallex vs Payoneer: compare on price, FX rate, and benefits

If you're running a growing business — whether an SME expanding into new markets or an enterprise scaling globally — you need a payment platform that allows you to open local accounts in multiple currencies, seamlessly accept payments from international customers, and send money across borders without excessive fees. Both Payoneer and Airwallex offer these services, but which solution is right for your business? Read on to find out how Airwallex compares to Payoneer on price, features, and benefits.

What is Payoneer? 

Payoneer is a payment platform that enables businesses to collect, hold, and pay out funds in multiple currencies. It also offers prepaid debit cards and integrates with popular marketplaces.

Payoneer’s transaction and FX fees are relatively cheap when receiving and paying funds from another Payoneer account. However, your fees are considerably higher for transactions to and from other accounts. 

The platform also offers several embedded finance and API features that allow larger businesses to integrate and offer financial services directly into their platforms. This includes tools like an embedded payment page, shopping cart plugins, and service APIs that enable customers to access financial services without leaving the platform. While Payoneer offers a range of payment options, its capability to accept card payments is more limited than other providers.

What is Airwallex? 

Airwallex is a unified payments and financial platform that offers a multi-currency business account, allowing businesses in the US and worldwide to receive, hold, and send funds in various currencies. Unlike Payoneer, there are no withdrawal or transaction fees when transferring funds using local rails, plus Airwallex offers highly competitive FX rates. Airwallex can also act as a payment gateway or payment service provider, enabling businesses to accept cards and local payment methods through their website or via payment links. Airwallex provides tools and software to enable companies to track and control company spend.  

Additionally, Airwallex provides embedded finance solutions for enterprises to integrate and monetize services like global payment acceptance, transfers, and foreign exchange directly into their platforms. With this product, you can offer financial services in-house — streamlining operations and improving customer experience.

Both providers enable businesses to open multiple foreign currency accounts, exchange currencies, and transfer and accept payments internationally.

Compare Payoneer vs Airwallex

Embedded finance capabilities

Payoneer fees explained

Transaction fees to get paid: Payoneer offers free transactions to and from other Payoneer accounts. For all other transactions, they charge up to 3.99% if accepting credit card payments. To accept PayPal, they charge an extra $0.49 on top of a 3.99% fee (in the US only). ACH bank debits have a 1% fee.³ Getting paid by customers who pay into Payoneer local receiving accounts is free.  

Withdrawal fees: Payoneer charges to withdraw funds to an external business bank account. You pay this fee in addition to the FX rate. Fees range from as little as $1.50 for local USD-to-USD withdrawals to as much as 3% for non-local currencies. 

FX & Transfer fees: To convert funds, Payoneer charges a 0.5% fee on the amount to be converted on top of their FX fee. Transfer fees go up to 3% of the transfer amount if the recipient doesn’t have a Payoneer account.  

Card fees: Your first Payoneer card has a $29.95 annual fee; additional cards are free. Transactions that require a currency conversion incur a 3.5% fee, and transactions where the merchant is different from the country where the card was issued incur a 1.8% fee. 

Airwallex fees explained

Transaction fees to get paid: Airwallex charges 2.8% + $0.30 to accept domestic cards, 4.3% + $0.30 to accept international cards, and additional fees apply for local payment methods. ‌Getting paid by customers who pay into Airwallex Global Accounts is free.  

Withdrawal fees: Airwallex charges no withdrawal fee — you can move funds from your Airwallex accounts to another bank account in the same currency for free. 

FX & Transfer fees: Airwallex charges 0.5% above interbank exchange rates for HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, and JPY, and 1% for all other currency exchanges when converting funds. Airwallex doesn’t charge US businesses transfer fees when sending payments to 120+ countries using local payment networks. This convenience allows you to collect, hold, and send multiple currencies at no or low cost. SWIFT fees apply for international transfers outside local networks, typically ranging from $15 to $25 per transaction.

Card fees: Airwallex Borderless Cards are always free for US businesses and there are no fees to spend abroad. Cards draw from your multi-currency balances to avoid FX fees. If users don’t have the necessary currency balance, Airwallex auto-converts available funds at market-leading FX rates. You can also earn up to 1.5% cashback.  

Compare additional features between Payoneer and Airwallex

Embedded finance: Airwallex offers a comprehensive Embedded Finance solution, allowing businesses to build a fully integrated global financial system directly into their platforms. Customers can be onboarded through your website using an embedded Know Your Customer (KYC) process, an API, or a redirect page. This flexibility allows your business to create new revenue streams by setting customized pricing and markups across different currencies. Payoneer provides more limited embedded finance capabilities, primarily focused on marketplaces needing mass payout solutions. To onboard, users are sent a link to Payoneer’s signup page, where they can then begin receiving payments. Alternatively, platforms can embed the Payoneer signup page into the payments area of their website. Payoneer also offers 24/7 support to assist users with the onboarding process.

Accounting software integration: Airwallex integrates with nine different programs, including Xero, NetSuite, Odoo, and Quickbooks. Payoneer integrates with three accounting programs: Xero, Quickbooks, and Zoho Books.

Choose Airwallex for your US business's end-to-end financial operations

Payoneer offers customers good value transfers and FX rates when sending and receiving money from another Payoneer account. However, transactions are more expensive when dealing with clients and suppliers who don’t use Payoneer. 

Airwallex offers competitive FX rates, zero transaction fees no matter where your business sends or receives money, and a range of additional benefits and integrations. Its embedded finance solutions also allow your business to integrate payments and other financial services directly into your platform to help you manage your business’s money efficiently and cost-effectively across borders. 

Sources

1. https://www.payoneer.com/multi-currency-account/ 

2. https://www.payoneer.com/about/pricing/ 

3. https://www.payoneer.com/commercial-card/ 

Disclaimer: We wrote this article in Q4 2024. The information was based on our own online research and we were 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 every six months. If you would like to request an update, feel free to contact us at [email protected].