Airwallex VS Wise (Transferwise): Which is Better? | 2023 Review

Are you looking for secure ways to manage your business expenses and financial accounts? It is undoubtedly challenging. Yet by setting up a trustworthy business account, you can run your business smoothly and build your company reputation.

Therefore, most people need clarification when choosing Airwallex VS Wise business accounts. Both accounts have rules and regulations, so you must find the best one that suits your business needs. In this article, you’ll see a detailed review of Airwallex VS Transferwise with comprehensive features of both.

What is Transferwise?

With the widespread global acceptance of this business account in over 70 countries, a Wise business account is the cheapest way to send or receive foreign transactions. Unlike other business accounts, it offers cheap exchange rates, thus reducing your financial burden. The most attractive feature of Transferwise is it can be used for both business and individual use. 

TransferWise is one of the main Airwallex competitors in Australia, and compared to Airwallex, the wise business account has a large customer base and is MUCH more trusted for both Business and personal use. The reason lies in its 80% lower foreign exchange rate than other accounts and zero margins at the Interbank rate. Wise is the Top notch Virtual account for people and companies that are looking to transact in foreign currencies.

Pros 

• Perfect for both Business and Personal use
• Completely Free to Sign Up and use (except some minor transaction fees)
• You get a Debit Visa Card valid in All Countries Worldwide
• High Limits for withdrawals and payments
• You can create and instantly use Virtual Debit Cards
• Most Trusted Virtual Bank account in 2023

Cons

• Residents of some countries do not qualify for account opening
• Debit Card is only available in Green color

What is Airwallex?

Before we get deep into the working methodology of Airwallex, you should know what it is. Founded in 2015, Airwallex is a fin-tech startup that helps small and large businesses to operate their financial assets internationally. 

Airwallex is a virtual bank account for Businesses (therefore no personal accounts allowed here) that make a lot of international transactions in different currencies.

Airwallex has very similar features to Wise, however these are more limited considering that it’s a smaller less known company. The on-boarding process is slower and the interface less easy to use than Wise, however overall it’s a trustworthy account to use.

Pros 

• Quick and easy to use with all payments processing within 1-3 days
• Offers access to more currencies than Wise
• Provides free domestic Australian transfers
• Mobile app Compatible with both iOS and android 

Cons 

• Limited customer support
• A debit card is not available in all countries 
• Valid for Business use only
• Support SWIFT transfer only if you pay a $10 fee

Airwallex VS Transferwise. Which is Better?

There are different factors to consider when choosing between these two virtual bank accounts:

• Safety– whether your transactions are secure or not
• Online reviews– Whether the business account has feedback from previous users?
• Customer support– How many business hours will it take to approve your transactions? 
• Currency support– How many foreign currencies can it support? 
• Pay-in and pay-out methods 

At AustraliaReviews we use both Airwallex and Wise to receive and send payments to our partners and we have been satisfied with both of them, however, being an Australian based company we are oriented towards Wise due to their higher trustworthiness on the web and the capability of sending instant transfers in local currency (Australian Dollars).