Relay business banking vs Airwallex business account: comparison of fees, features, and pros

Key Takeaways

• B2B cross-border transaction values are projected to exceed $42.7 trillion by 2026.¹ This 25% growth is forcing SMEs to move away from traditional, fragmented banking systems toward digital-first multi-currency platforms.

• The primary operational tradeoff is "Internal Discipline versus External Velocity." Relay acts as a financial "GPS" for domestic budgeting, while Airwallex functions as a "Jet Engine" for businesses requiring local-level efficiency in 120+ countries.

• While Relay excels at structured USD-only budgeting, Airwallex eliminates the "banking tax" and wire fees that domestic-focused competitors like Mercury or Chase often impose on international scaling.

The Bottom Line about Relay vs Airwallex

Starting a business is hard enough without adding complicated banking to the mix. In 2026, a business account is more than a place to park cash; it is a financial operating system. When you compare business bank accounts, the decision typically hinges on where your customers and suppliers are located.

Relay has carved out a niche for domestic, US-based businesses that prioritize cash flow discipline. By leaning into the "Profit First" methodology, Relay transforms a bank account into a budgeting tool. It allows owners to partition funds into dozens of sub-accounts to ensure they are prepared for taxes, payroll, and owner draws.

Airwallex, conversely, is engineered for "external" expansion. It is a high-performance engine for businesses that treat the world as a single market. While traditional banks charge a hidden tax on every international transaction, through inflated exchange rates or flat wire fees, Airwallex bypasses these legacy systems. By providing local bank details in over 20 currencies, Airwallex allows an SME to operate like a local entity in London, Hong Kong, or Sydney from a single US dashboard.

Relay vs Airwallex Comparison: Features at a Glance

In 2026, "no monthly fees" is the baseline. However, the depth of features in these "free" tiers varies significantly.

How to Evaluate Relay vs Airwallex

Evaluating these platforms requires understanding how feature sets translate into daily operational efficiency.

Card rewards and controls

Managing team spend is a significant administrative burden. Both platforms offer robust card programs, but their utility depends on your geographic scope.

Relay allows for up to 50 debit cards, sufficient for most domestic teams. These cards feature granular controls, such as category-specific limits (e.g., "gas-only"). Reddit reviews frequently praise Relay’s clean interface for delegating spending power without losing oversight.

Airwallex offers a native multi-currency card program. Our cards allow employees to spend directly from held balances in EUR, GBP, or AUD, completely bypassing the FX conversion process. Furthermore, Airwallex provides a competitive 1.5% cashback on USD spend. A business spending $100,000 monthly on digital ads could capture $1,500 in rewards, turning a necessary expense into a revenue stream.

Multiple accounts and Profit First

Many entrepreneurs struggle with "bank balance accounting," where a single large balance creates a false sense of spending power.

Relay is the official banking partner for the Profit First methodology, which uses the formula:

Sales - Profit = Expenses

Relay facilitates this by offering up to 20 (or 50 on Scale) "true" checking accounts, each with unique routing and account numbers. Unlike "virtual envelopes," these sub-accounts appear as separate bank feeds in QuickBooks or Xero, allowing for automated reconciliation.

Airwallex also supports multiple Global Accounts, but they are organized by currency and geography. While you can use them for tax reserves, the primary benefit is holding funds in 20+ currencies without forced conversions back to USD.

Revenue access and integrations

In 2026, the speed of revenue access is a competitive differentiator. Delayed reconciliation leads to "data drift," where decisions are based on outdated information.

Relay’s integrations focus on the domestic back-office. By connecting with Gusto for payroll and Xero/QuickBooks, Relay ensures domestic payments are tracked with precision. Reddit users often call the automatic reconciliation for sub-accounts a "game changer."

Airwallex integrates with the front-end revenue engine. Our platform offers native plugins for Shopify, WooCommerce, and Magento, allowing you to use Airwallex as a payment gateway. "Like-for-like" settlement lets you receive Euros and keep them as Euros, saving high-volume eCommerce sellers tens of thousands in FX fees.

International Capability and Foreign Exchange

This is the area of the most profound difference between the platforms.

Multi-currency support

A standard Relay account is USD-denominated. If an international customer sends GBP, Relay converts it to USD at a rate that includes a markup. Airwallex allows you to hold and manage funds in 20+ different currencies natively.

International transfer fees

Relay charges $5 for international wires using a local network and $25 for SWIFT. Airwallex uses a proprietary network of local payment rails in 120+ countries, bypassing expensive correspondent banking. Approximately 94% of Airwallex transactions settle the same day.

Local bank details

Airwallex provides unique account numbers and routing details for the US, UK, EU, Australia, and Hong Kong. This builds trust and ensures payments arrive faster at a lower cost. Relay does not offer local bank details outside the US.

Fee structures and hidden costs

Both providers follow a "freemium" model with advanced features gated behind subscriptions.

Monthly maintenance or minimum balance fees

Relay’s paid tiers add speed to domestic workflows. The $90 "Scale" plan targets businesses with $1M+ revenue, offering 50 checking accounts and a 2.68% APY.

Airwallex’s $99 "Grow" plan focuses on operational precision. It includes multi-conditional approval workflows for bills, purchase order management, and NetSuite integrations.

The math of ROI: APY vs Operational Savings

For Relay Scale, use this formula to find the break-even point:

Average Savings Balance \times (Plan APY - Starter APY) = Extra Interest

A business holding $75,000 in savings would earn enough extra interest to make the Scale plan effectively free. However, for international operations, the "operational savings" of Airwallex often outweigh interest. Saving 2% on FX markups across $50,000 in international spend saves $1,000, more than most banking subscriptions.

Safety and Support

Digital security and reliable support are non-negotiable in the fintech world.

FDIC insured

Neither Relay nor Airwallex is a chartered bank. Relay provides banking through Thread Bank (Member FDIC), offering up to $3 million in pass-through insurance. Airwallex secures funds through partner banks and holds over 70 licenses globally.

Human support and the "Reddit Perspective"

Relay offers 24/7 email support and weekday phone support. Some Reddit reviews mention that Relay support can feel "disconnected" during payment holds because they act as a middleman for Thread Bank.

Airwallex relies on bot-led support for base-tier users, which can be a point of friction. However, for businesses on Grow or Accelerate plans, dedicated account managers significantly improve the experience.

Should I get Relay vs Airwallex?

The decision depends on the specific pain points your business needs to solve.

Is Relay or Airwallex better for freelancers?

For domestic freelancers focused on US clients, Relay is often the better starting point. Its no-fee structure and tax-splitting tools keep you organized. For those seeking the best LLC business accounts, Relay offers high-quality domestic visibility.

However, for "digital nomads" or those with clients in Europe or Canada, Airwallex is the clear winner. We allow you to receive payments in local currencies, protecting your margins from the 1.5% to 3% "foreign transaction tax" common with solo-preneur neobanks.

Is Relay or Airwallex better for eCommerce businesses?

eCommerce is a game of margins. If you sell on Shopify and source inventory overseas, Relay’s lack of multi-currency support makes it a poor fit.

Airwallex is built for this ecosystem. By integrating with your store and providing local bank details, we allow you to "stack" revenue in its native currency and pay suppliers directly. If you’re ready to scale, check out our eCommerce banking guide to see how to protect your margins from day one.

Is Relay or Airwallex better for software and technology businesses?

Tech companies are often global from day one. Paying for a server in Germany or a developer in India requires international fluidity. Airwallex's ability to issue unlimited multi-currency cards with 1.5% cashback is a major draw for companies with high ad spend.

Is Relay or Airwallex better for professional service businesses?

For agencies with global teams, you need the "local rails" provided by Airwallex. Paying a contractor in Brazil via SWIFT often results in intermediary banks taking a "slice" of the payment. Airwallex ensures they receive the exact amount you sent, arriving in hours.

Strategies for using Relay

If Relay fits your business, focus on organizational discipline:

• Implement the "Five Core Accounts": Set up Profit, Owner’s Comp, Tax, Operating Expenses, and Income accounts immediately.

• Establish an "Allocation Rhythm": Perform your internal transfers on the 10th and 25th of every month to ensure your tax and profit buckets are always funded.

• Use the "Small Plates" to Control Spend: If the "Marketing" sub-account is empty, you're forced to be more innovative rather than dipping into your tax reserves.

Strategies for using Airwallex

If you choose an Airwallex business account, focus on margin protection:

• Collect like a local: Open a local Global Account for every currency where you have a significant volume of sales to avoid unnecessary conversions.

• Capture the "Digital Ad Cashback": Route all online marketing spend through Airwallex cards. A 1.5% cashback on a $50,000 monthly ad budget results in $9,000 in annual "found money."

• Utilize the "Local Payout Network": Whenever possible, pay international vendors via local rails rather than SWIFT. It is faster, cheaper, and improves supplier relationships.

Additional options beyond Relay vs Airwallex

• Mercury: A primary competitor for venture-backed startups with a polished UI, though it lacks Airwallex’s deep global infrastructure.

• Chase Business Complete Banking: The benchmark for traditional, branch-based banking, ideal for those who still handle physical cash.

• Bluevine: A strong choice for purely domestic businesses wanting to maximize interest earnings on checking balances.

Frequently asked questions about Relay vs Airwallex

Is Relay a legitimate bank?

Relay is a financial technology company, not a bank. Banking services are provided by Thread Bank (Member FDIC). While you are learning about which business bank account to open, ensuring your funds are protected by a partner bank is critical.

Is Relay a business bank account?

Yes, Relay is a dedicated business banking platform designed for SMEs and entrepreneurs.

Is Relay Bank good for small businesses?

It is exceptionally good for businesses following the Profit First method and needing domestic budgeting automation.

Is Airwallex a public company?

No, Airwallex is a private company with a valuation of $6.2 billion as of mid-2025.

Can Airwallex replace my US business bank?

For most digital businesses, Airwallex can handle 100% of operational needs, including domestic ACH and international wires. However, we do not offer physical branches or traditional business loans.

Is Relay better for 'Profit First' than Airwallex?

Relay is the only platform that is a certified Profit First partner with "auto-transfer rules" designed for the system. While you can implement Profit First on Airwallex manually, Relay’s automation makes it superior for those committed to that system.

Sources

1. https://www.juniperresearch.com/press/b2b-cross-border-payment-transaction-values/