Airwallex vs. Neat (Rapyd) | Comparison for US Businesses

Airwallex and Neat (Rapyd) both give businesses access to modern financial solutions for cross-border transactions and multi-currency management. Airwallex operates on a larger scale and serves enterprises, while Neat is better for small businesses and digital-first ventures. The latter has now been acquired by Rapyd as part of their comprehensive fintech platforms.

Our Airwallex vs. Neat (Rapyd) comparison guide looks at the features, fees and use cases of both platforms. Let’s begin. We'll also discuss the Wise Business account. The global account that can help your company with all things cross-border.

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Airwallex vs. Neat (Rapyd): Quick Overview

Airwallex vs. Neat (Rapyd): Key Features

Both platforms position themselves as modern solutions for global businesses, but their features serve different types of users. To understand where each stands out, we compare their core features side by side.

Airwallex

Airwallex offers multiple features that simplify global financial management. Its global accounts let companies open local bank accounts in multiple currencies, which reduces the need for intermediary banks and cuts costs on international transfers.

Businesses can send money to more than 150 countries at interbank rates.¹ Batch payments make paying multiple vendors faster and more organized.

The platform’s borderless cards are available as virtual or physical cards for employees and company use. Airwallex also includes expense management, so administrators have real-time control over employee spending and the ability to categorize transactions for easy reporting.

For receiving payments, payment links and plugins let businesses accept funds from customers in their preferred method. Meanwhile, bill pay supports approving and reconciling invoices for domestic and international suppliers.

Airwallex has an intuitive app with multi-user access that helps teams manage accounts on the go. Customer support is also responsive with options to access region-specific help guides.

Neat (Rapyd)

Neat, now part of Rapyd, provides a financial platform for small and medium businesses. The acquisition by Rapyd expands its reach and integrates Neat’s services into a global payments network.²

Companies can incorporate in Hong Kong within minutes and open multi-currency business accounts online. The platform offers virtual and physical Visa cards for employees and company use. These cards have controls for spending limits and real-time monitoring.

Plus, the platform supports high-value payments in Hong Kong through FPS, CHATS and SWIFT. Users can manage receivables, payables and batch transactions in a single interface, while in-wallet credit lines provide quick working capital to eligible businesses. Bank transfers in more than 120 currencies are supported with local clearing.³

Rapyd integrates with accounting software and payment gateways to simplify bookkeeping and reconciliation. Multi-user access and an intuitive online dashboard make account management transparent. Customer support is accessible through documentation and chat.

Airwallex vs. Neat (Rapyd): Fees

The costs of using both platforms can vary depending on the services used, so it’s important to look at their fees first. Let’s compare.

Airwallex Fees

Airwallex offers three main pricing plans to suit businesses at different stages. The Explore plan is free and allows businesses to open multiple accounts. You can collect and hold money in more than 20 currencies with this account. Plus, it allows free batch transfers to more than 120 currencies, with interbank FX rates access.⁴

The Grow plan costs $99 per month and adds advanced features such as customizable multi-conditional approvals, rules-based automation for bills, purchase orders, vendor approval workflows and integrations with NetSuite and HRIS platforms.

For bigger businesses, the Accelerate plan is a better option. It offers custom pricing and includes dedicated account managers, onboarding assistance and custom API implementation.

Transaction fees differ based on the service. FX conversions cost 0.5% above interbank rates for major currencies and 1% for others.

Meanwhile, SWIFT transfers range from $15 to $25. Domestic card payments incur 2.8% + $0.30 and international cards 4.3% + $0.30. Local payment methods like GrabPay charge $0.30 plus method fees.

Neat (Rapyd) Fees

Rapyd uses an Interchange++ pricing model, which separates costs into three components: the interchange fee, scheme fee and acquirer fee. The interchange fee is a percentage of the transaction amount paid to the cardholder’s bank, ranging from 0.20% to 1.80%.⁵

Scheme fees are set by networks like Visa or Mastercard. They cover transaction processing, typically between 0.02% and 0.65% per transaction.

Rapyd’s acquirer fee is a small fixed fee per transaction that covers card acquiring and payment processing services. The exact amount varies depending on the processing volume and some other factors. Businesses can request a custom quote.

Airwallex vs. Neat (Rapyd): Pros and Cons

Airwallex

Neat (Rapyd)

Which is Best: Airwallex vs. Neat (Rapyd)?

The final choice will definitely depend on your specific needs. However, Airwallex is suitable if you need a suite of financial tools with multi-currency accounts and global payments. Opt for Neat if you need a user-friendly platform with unlimited free virtual cards and integrations with accounting software.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

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