Wise Business vs Airwallex 2025

Both Wise and Airwallex are digital first providers which offer multi-currency account and card services in Canada. However, they're quite different in focus. While Wise Accounts are available to both business and personal customers, Airwallex services are for businesses only. This means the right provider for you might simply depend on what services you're looking for.

In this guide we'll focus mainly on Wise Business services, to walk through where Wise Business and Airwallex are similar - and different - looking at accounts, cards, international transfers, and more. We'll also briefly touch on Wise personal customer features - to help you pick the right one for you, whether you need a business or personal account.

Summary: Wise is a digital provider which lets personal and business customers send money to 140+ countries with the mid-market rate and low, transparent fees. It also offers account and card services. Airwallex is available to business customers only, and offers holding accounts, cards, and ways to pay and get paid including local accounts details, and options for taking customer card payments.

Wise Business vs Airwallex: side by side

Let's kick off with a look at Wise vs Airwallex side by side:

*Details correct at time of research - 28th November 2024

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

So, to summarize:

• Wise offers international accounts for personal and business customers - Airwallex has international accounts for business customers only

• Wise has debit cards for personal and business customers - Airwallex has cards for business customers, but does not offer ATM withdrawals

• Wise supports more currencies for holding and exchange

• Airwallex uses an exchange rate which includes a markup of 0.5% or 1% depending on the currency - Wise currency exchange uses the mid-market rate with fees from 0.48

• Airwallex does not charge for many transfers although SWIFT payments have a fee - Wise transfer fees start from 0.48

• Wise offers local and SWIFT account details for receiving a selection of currencies - Airwallex business customers can receive 20 currencies with local details

• Both providers offer lots of business friendly extras, and are fully regulated

The important bits

How much a financial service provider will cost you, how safe they are and how to get help if there's ever an issue are all important considerations. Here's a comparison of Wise Business vs Airwallex on some important factors, which we'll explore in more detail later.

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

To summarize:

• Rates: Wise Business uses the mid-market rate with conversion from 0.48, whereas Airwallex applies a variable markup to the rates used of 0.5% or 1%

• Fees: Wise Business accounts have no monthly fees, with currency exchange and transfer from 0.48; Airwallex has no ongoing fees, with some free transfers and some SWIFT payments which have fees

• Speed: Wise Business transfers may arrive instantly, and 90% arrive in 24 hours, Airwallex transfers could take 3 days depending on the destination

• Service: Both providers have online and in-app service

• Safetly: Both providers are fully regulated and licensed

• Reviews: Wise has an Excellent rating on Trustpilot from 240,000+ reviews, Airwallex has a Great rating on Trustpilot from 1,000+ reviews

Pros and cons

Not sure about Wise Business vs Airwallex? Here's a run down of some important pros and cons to consider:

The verdict: Which is better, Wise Business or Airwallex?

Wise and Airwallex are both non-bank digital providers, and both offer a multi-currency account and card. However, they focus on different customer needs, which probably means one will suit you more than the other.

Wise is available for personal and business customers to hold, send, spend, receive and exchange foreign currencies. The Wise Business account is flexible and low cost, and can be handy for international business use when taking payments through invoices, marketplaces and PSPs, or for business spending. Accounts also come with debit and expense cards which can be used during business travel for spending and withdrawals.

Airwallex is a good pick particularly for online businesses who need to take payments from customers using debit or credit cards. Airwallex business accounts let you hold and exchange 23 currencies and come with ways to get paid by customers easily. They also offer some unique features such as banking as a service options and ways to integrate payments into web platforms. However, as Airwallex debit cards can't be used for cash withdrawals they're a bit more limited for business expenses during travel.

This guide can help you learn more about each and decide if either is the best option for you and your money.

About Wise and Airwallex

Wise was founded in the UK in 2011, and offers multi-currency payments, account services, and debit cards for both personal and business customers. Wise operates online and in app, with currency exchange offering the mid-market exchange rate with transparent fees and low overall costs.

Airwallex is another global business specializing in digital payments, but only offers services to business customers. Airwallex accounts can hold 23 currencies and there are easy ways to get paid by customers using local account details, and plugins and links for card transactions.

How do they work?

To use Wise you will need to register an account with your normal ID document and a proof of address. Business customers may also need some business paperwork. Once you have an account you can hold and exchange currencies, receive payments with local and SWIFT account details, and send payments through the Wise network of local accounts around the world.

Airwallex only offers accounts to eligible business customers, and has a selection of great tools particularly for digital businesses receiving customer payments online. Use local account details to get paid through marketplaces and with invoices, or take customer card payments on your website. You can also use your account to send money to 150+ countries, in some cases with no Airwallex fee.

Wise Business vs Airwallex: fees

Comparing the fees for Wise vs Airwallex isn't always easy because the services they offer aren't exactly the same. Wise serves business and personal customers in Canada, while the Airwallex services are only for businesses.

This can also mean that pricing is different. Do compare both provider's full fee schedule looking at some of the most important features for your own needs - here's an overview of some important costs to consider:

*Correct at time of research - 28th November 2024

*Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks

Wise vs Airwallex: Which is cheaper? 

Sending a payment with a digital provider can often be cheaper than using a bank. However, the fees and exchange rates offered by different digital payment services do vary and so you'll want to compare a few based on your specific needs.

Here we've run a few example transfers to compare Wise and Airwallex on business payments, sending money from Canada to different countries, for deposit to a bank account:

*Information taken on 28th November 2024

As you can see here, there's not much difference between Airwallex and Wise Business, so it's well worth comparing the costs and delivery times for your payment if you're sending money.

Airwallex charges exchange fees of either 0.5% or 1% when sending money - both of the currencies above get the lower charge, but less common currencies can mean higher fees. Bear in mind also that Airwallex is only available for business payments - so if you're sending a personal transfer you may be better off with Wise.

Wise vs Airwallex: exchange rates

When you send money to someone abroad, Wise uses the mid-market exchange rate with a variable conversion fee which starts from 0.48. The Wise transfer fee is split out separately to the rate offered, for transparency, and to make it easier to compare your options.

Airwallex also splits out the fee they charge, which is either 0.5% or 1% depending on the currency. Major currencies including HKD, CNY, AUD, EUR, GBP, USD, SGD, CHF, NZD, and JPY have a fee of 0.5%, but this jumps to 1% for all other currencies.

Wise Business vs Airwallex: which is faster?

Wise international transfers can be instant, and 90% arrive in 24 hours. However, the delivery time does depend a lot on where you're sending money to, the transfer value and the currency.

Airwallex transfers take 0 to 3 business days in most cases. For both providers you get a delivery estimate when you initiate the transfer so you know what to expect.

Wise vs Airwallex - international transfer limits

Wise international transfer limits vary depending on the details of the payment. Usually you can send around 1 million GBP or the currency equivalent per transaction.

Airwallex limits can vary and are shown in the Airwallex app, split out by currency. Some payment types do not have a limit on the amount that can be sent.

Sending large amount transfers

Sending payments - even high value payments - is safe with both Wise Business and Airwallex.

Limits do apply for safety, and you may be asked to provide some additional documents if you're sending a large transfer overseas. This is to comply with the law in Canada and in the recipient country, and is one of the ways the provider helps keep customer accounts secure.

Wise Business high amount transfers

Wise Business has limits which vary depending on the currency - usually set at around 1 million GBP per payment or equivalent in other currencies (around 1.8 million CAD).

If you send upwards of 20,000 GBP (about 35,000 CAD) a month with Wise you also automatically qualify for a lower fee on your currency conversion. Variable fee discounts are applied to your account as follows - there's no need for you to take any action to get this discount, just transact as normal and it'll be reflected in the Wise payment pricing:

Airwallex high amount transfers

Airwallex has variable transfer limits which depend on the currency. In some cases there's no limit at all on the amount of money you can send. Airwallex does not advertise any specific pricing which is based on transfer value or volume - if you send high value transfers regularly it may be worth reaching out to Airwallex to ask if there are any volume discounts available.

Wise Business vs Airwallex: Payment methods

If you're sending a Wise transfer or adding money to your balance you can pay by:

• EFT

• Interac

• wire transfer

• debit/credit card

• Online bill payment

Because Airwallex caters only to business customers, the payment methods are set to allow customers to buy goods and services easily, and include:

• EFT

• Interac

• Online bill payment

• Swift

• Card payments

• Local payment methods which vary by country

Wise Business vs Airwallex card

Both Wise and Airwallex offer physical and digital card options. Wise cards are optimized for international use which means you can spend foreign currencies you have in your account for free. Airwallex's card is for spending only - while it can be used in person and online, you can't make cash withdrawals at an ATM. Here's a quick comparison:

Wise Business vs Airwallex card: Where can you use them?

The Wise card is usually issued as either a Visa or Mastercard, which are both commonly available internationally. Airwallex offers Visa cards which can be used for spending in person and online wherever the network is available - ATM use is not possible.

Wise vs Airwallex: business or personal use

As we've seen, Airwallex is only available for business customers. However, Wise serves both business and personal customers. Wise products are pretty similar for both individual and business uses, although business account holders can get some extras like batch payments and API access.

Ease of use

• Creating an account: Create your account online or in-app with both Airwallex and Wise

• Ways to send money: Send payments to your recipient's bank account directly with both Airwallex and Wise; Wise also supports payments to some mobile money wallets depending on destination country

• Languages: Wise offers 15 languages, plus multi-lingual support services, Airwallex offers services select languages and has phone support for customers in Canada

• Minimum & maximum amounts: Wise and Airwallex sending limits can vary by destination country, and based on your account type

Supported currencies

Wise Business accounts can hold 40+ currencies and come with local and SWIFT account details to get paid in foreign currencies. Wise payments can be made to 140+ counties.

Airwallex lets you send transfers to over 120 countries, and accept payments from 180+ countries. You can get local account details for 20 currencies and hold 23 currencies in your account.

Are they regulated in Canada?

Wise Canada is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and has a MSB licence with Revenu Québec.

Airwallex Canada International Payments Ltd  is registered as a Money Service Business at the federal level with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) in Canada.

Wise vs Airwallex: customer service

Wise customer service is primarily delivered through in-app chat, which is available in a selection of languages, 24/7. You'll be connected to an agent to get advice, and can be passed contact details or phone numbers if you need to speak to a specific department about your query.

Airwallex has online forms which allow you to give some details about your question and then receive a call back from a team member. There's also local phone support in Canada.

Conclusion: Comparing Wise Business and Airwallex in Canada

Both Wise and Airwallex are solid choices, but they may not both suit your needs. If you need a business account either might work - but for personal use, Wise is the better option.

Overall, Wise Business is more flexible with a greater range of 40+ supported currencies, and debit cards which have ATM functionality. However Airwallex has features which Wise does not offer, including ways to take customer online card payments, and does support a good range of 20+ currencies for holding and exchange. Wise may suit businesses needing more currencies and where business travel is important, while Airwallex could be a better pick for businesses trading online in major currencies only.

Use this guide to weigh up your choices, including the features, fees, exchange rates and transfer services, to help decide which provider might be right for you.

Airwallex vs Wise for Business FAQ s

What is the difference between Wise and Airwallex?

Wise is a digital provider which lets personal and business customers send money to 140+ countries with the mid-market rate and low, transparent fees. It also offers account and card services. Airwallex is available to business customers only, and offers ways to pay and get paid including taking customer card payments.

Which is better, Wise Business or Airwallex?

Neither Wise or Airwallex is better - but some services do vary. Wise supports personal and business customers and has more currencies available for holding and exchange. Airwallex is for businesses only, but comes with ways to take online ecommerce card payments. Compare both before you decide if either fits your needs.

Is Wise Business or Airwallex cheaper?

Whether Wise or Airwallex is cheaper depends on your payment. In our comparison, Airwallex was slightly cheaper for some payments, while Wise was slightly cheaper for others. However, fees vary by payment route, and Airwallex can have higher fees for converting less common currencies.

Is Wise or Airwallex faster?

Wise international transfers can be instant, and 90% arrive in 24 hours.

Airwallex transfers take 0 to 3 business days in most cases. For both providers you get a delivery estimate when you initiate the transfer so you know what to expect.

How many currencies do Wise Business and Airwallex support? 

Wise Business accounts can hold 40+ currencies and Wise payments can be made in 40+ currencies to 140+ counties. Airwallex lets you send transfers to over 120 countries, and hold 23 currencies in your account.