Airwallex vs Wise (ex. TransferWise) Business in Australia

Owning a business brings with it its own set of challenges. One of these challenges is finding the most appropriate business account that allows you to manage your business finances how you want and need.

This article will compare two business account providers on the market, Airwallex and Wise Business.

Table of contents
Who is Airwallex? Who is Wise ? Feature comparison Supported currencies Accepted transfer methods Sending money abroad What about safety? Fee comparison Exchange rates Pros and cons Online reviews Wise Business: Simplify international financial transactions

Discover the Wise Business account! 🚀

Who is Airwallex?

Airwallex is a multinational fintech company that was established in 2015 in Melbourne, Australia. Although an Australian based company, Airwallex now has offices across 26 countries and offers customers online multi-currency business account and API software solutions.

👆Read more: Guide on Airwallex business account in Australia: Fees, features & more

Who is Wise (ex TransferWise)?

Wise, formerly known as TransferWise, is a global fintech company founded in 2011 that provides online money transfer services, particularly targeted to international transfers. Wise also offers customers online personal and business multi-currency accounts.

Feature comparison: Airwallex vs Wise Business

When you’re a business owner, it’s always good to look for business accounts that offer features that align with your specific business needs. Airwallex and Wise both offer several of their own associated account features. Let's compare below.

Service	Airwallex1	Wise
Ability to sign up online	Yes	Yes
Domestic account details	Yes account details in 20+ currencies	Yes account details in 8+ currencies
Foreign Exchange (FX) services	Yes	Yes
Physical and/or virtual business cards	Virtual company cards2 and physical employee cards can be created	Both a physical card and virtual cards
Make online payments	Yes	Yes
API integrations, accounting software, online financial management	Yes Access and linking capability to Xero3 Other API and management options accessible through separate platform product	Included in both account access options API integrations include N26, Monzo, Xero, QuickBooks, Zoho Books, FreeAgent, Bonsai, Odoo + others (region dependent)
Mobile/Web App	Yes	Yes
Direct debits, recurring payments, batch payments	Yes	Yes
As seen on 2nd February 2026

Supported currencies

As these services both work with foreign currencies, we’ll now compare supported currencies that each company offers below.

Currency services	Airwallex8	Wise Business
Local currency account details (receive in local denominated currency)	AUD, EUR, USD, GBP, NZD, SGD, CAD,, HKD, DKK, IDR, ILS, MXN, PHP, PLN, AED	AUD, NZD, SGD, USD, CAD, EUR, GBP, HKD, HUF
Currencies supported to send and convert transfers in	200+ countries in 60+ currencies3	140+ countries and in 40+ currencies
Add and hold supported currencies	Add in 90+ currencies9 Hold funds in 25+ currencies	Add money in 21 currencies and hold money in 40+ currencies. See list here

As seen on 2nd February 2026

Accepted transfer methods

Now lets compare the different types of payment methods to receive and pay recipients with the Airwallex and Wise business accounts.

	Airwallex1	Wise
Pay in options	Generate unique payment links QR codes Embed links in invoices, SMS and emails Receive payments into global currency accounts in 20+ currencies Online payments from linking API payment methods to business websites	Bank transfer Generate unique payment links QR codes Accept credit and debit card payments Quick Pay PayID Send from Wise account in other currencies
Payout options	Card payments up to $10,000 USD6 Local and international bank transfers Free transfers to within Airwallex network	Local bank transfer Transfer between Wise accounts Direct debits Bulk payments Scheduled transfers Invoice payments

As seen on 2nd February 2026

Airwallex platform product allows business customers access to more pay in or pay out options.⁷

Sending money abroad

The ability to send money abroad is one of the key services offered by Airwallex and Wise. Here is how you set up an international transfer with each service.

Airwallex

To send money abroad with Airwallex, you must open an Airwallex account and be verified. You can create a new international transfer by following these steps.¹⁰

1. Log into your Airwallex account
2. Click on “New Transfer” in the top right hand corner of the transfer tab
3. Follow the prompts to complete your transfer

For Australian Airwallex account customers, this process may differ, so check with an Airwallex representative if you are having trouble setting up a transfer on your Australian account. .

Wise Business

Now we’ll go through the process of making an international transfer once you open a Wise business account and it is verified.

1. Log into your Wise Business account
2. Click on “Send Money” to set up your transfer
3. Follow the prompts to complete your business transfer

One of the main differences between Wise and Airwallex when it comes to sending money abroad is that with Wise, you can be a personal customer or a business customer to access international money transfer services.

What about safety?

Airwallex and Wise are not banks. However, this does not mean that having an account with either company means your money is less secure or safe. Let's see how these companies compare on safety for Australian businesses.

Airwallex

Airwallex is regulated globally by meeting the specific requirements set out by governing bodies for each country they hold legal entities in. In Australia, Airwallex meets the requirements set out by the Australia Securities and Investment Commission (ASIC) and holds a valid Australian financial service licence (AFSL licence number 487221). Airwallex is also registered with the Australian Transactions Report & Analysis Centre (AUSTRAC).¹³

Wise Business

Similarly, Wise is globally regulated and meets the specific requirements set out by each country Wise has operations. In Australia, Wise holds an Australian Financial Services licence (AFSL licence number 513764) and authorised as a Purchased Payment Facility (PPF) provider by the Australian Prudential Regulation Authority (APRA).

Fee comparison: Airwallex vs Wise Business

It is important to know and understand the fees associated with having and managing your business account with any given provider. Let’s compare the fees of an Airwallex Business vs Wise Business account below as an Australian customer.

Fees* in AUD	Airwallex Business3	Wise Business
Sign up fee	Free	Two options: Free account option for sending money or one time $65 AUD set up fee to get local account details
Account maintenance fee	None	None
Domestic transfer fee	Free	Flat fee of $0.57 AUD
International transfer fees	Free using Airwallex payment network or $10 to $30 AUD using SWIFT network	From 0.63% for sending Fixed fees for receiving. Find out here)
Foreign currency exchange rate fees	0.5% or 1% above the interbank rate (currency dependent)	Mid-market rate
Card management fees	Virtual Company card: Free 2 free cards per month ; Physical Employee cards: $15 AUD per month, per additional cardholder	First card on account is Free. $6 AUD per additional cardholder thereafter (No monthly subscription)
ATM fees	Physical employee cards do not currently work in ATMS5	Free for two withdrawals collectively up to $350 AUD per month each card 1.75% + $1.50 AUD per withdrawal over the $350 per month limit
Accounts fees for holding large amounts	Undisclosed	Annual fee of 1.6% once account surpasses threshold of $23,000 AUD (limit varies by currency held) and is charged on the amount over the limit.
As seen on 2nd February 2026

Exchange rates used by Airwallex and Wise Business

If you need to make payments in other currencies, another type of fee can come from a margin or commission included in FX rate conversions. Let’s look more closely at how Airwallex and Wise compare here.

Airwallex3	Wise
Interbank rate with a margin of 0.5% to 1% depending on currency being converted. Keep an eye on this margin as it adds up based on how much you send.	No margin, FX rate based on the mid-market rate like the one you see on Google.

As seen on 2nd February 2026

Pros and cons: Wise Business vs Airwallex

Knowing the pros and cons of using these services will also influence whether it's suitable for your Australian business. We’ll do this now.

Airwallex

Pros

• Easy to set up with quick account verification turnaround times of 1-3 business days¹¹
• Free transfers within the Airwallex payment network and low $10 to $30 AUD fee for SWIFT transfers
• Mobile App and Web app supported on IOS and Android

Cons

• Physical cards cannot be used in ATMS for cash withdrawal (Only available to Beta customers)⁵
• Online payment methods from connected websites incur an extra set of fees for payouts between 1.5% - 7.9%¹²
• Currency conversion margin fees based on currency being sent from 0.5% -1%³

Wise Business

Pros

• No margins or commissions taken on currency conversions, and upfront pricing on transfers
• Physical cards available for use in ATMS worldwide
• Can use Wise as a personal or business customer to make international transfers
• API integrations included in both business account level options

Cons

• Fees associated with holding amounts over $23,000 AUD
• Cannot pay-in or pay-out with physical cash, meaning transfers are purely electronic based
• Verification to open a Wise business account can take 4-7 business days

Online reviews for Airwallex and Wise

Online reviews are important to gauge the experience other people have had with companies or services. Here are the current Airwallex and Wise Trustpilot ratings for existing and past customers.

Airwallex reviews14	Wise reviews15
AU Trustpilot rating: 4.1./5 from 381 reviews	Trustpilot rating: Excellent 4.3 out of 5 stars from +230,000 reviews
As seen on 2nd February 2026

As you can see, Wise has a higher average rating, with significantly more reviews. One reason for this will be from Wise being in operation for longer. Nonetheless, both ratings are derived from their global customer base.

Wrapping up

After this review, Airwallex is a great service for business customers in Australia looking for an alternative business account option with better rates for currency conversion, free to low costs international bank transfers than business accounts offered through traditional banks.

Wise is a comparable service but with more options to pay international transfers and more supported currencies to hold and convert funds at the real exchange rates with low fees shown upfront. Wise also offers account options for personal use, and the ability for non-account holders to send international transfers.

So there you go, with the details and numbers presented to you, the choice is yours to make. Both companies offer solid features and services and based on your needs, the choice shouldn’t be that difficult to make.

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Wise Business: Simplify international financial transactions

Expanding a business internationally often introduces complexities with foreign exchange and multiple account management.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD
• Earn potential returns** on your everyday money through Wise Interest

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.
**Capital at risk, growth not guaranteed. Interest is the name of a custody and nominee service provided by Wise Australia Investments Pty Ltd in partnership with Franklin Templeton.

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Sources:

1. Airwallex Business account features
2. Airwallex business cards
3. Airwallex FX transfer rates
4. Airwallex cards
5. Airwallex ATM eligibility
6. Airwallex card payment limits
7. Airwallex platform option
8. Airwallex global accounts
9. Airwallex payment links and currencies
10. Airwallex send money abroad
11. Airwallex account verification time
12. Airwallex online payment methods fees
13. Airwallex Australia regulated
14. Airwallex Trustpilot Rating
15. Wise Trustpilot Rating

Sources checked on: 02 February 2026