Airwallex vs Wise: Which works best for your business in Canada?

Both Airwallex® and Wise are handy tools for Canadian business owners who regularly conduct business overseas. You can use your global business account to pay international invoices or sync with useful accounting software.

So, which money transfer provider is best for your business? We take a look at everything you need to know about Airwallex vs Wise, including key features, fees and exchange rates. Let’s dive in!

Pricing comparison – fees and FX markup

It’s free to open an Airwallex Explore account for your business in Canada. However, you’ll pay 99 CAD per month to access additional platform features. You’ll also pay up to 1% to convert your money into different currencies.¹

At Wise, you can open an account for free. Send and receive money in Canadian dollars or order a Wise card for international spending.

To get local account details or set up direct debits, you’ll pay a one-time 55 CAD fee. It costs just 0.48% to send foreign transfers from your multi-currency account.^*

So, how do Airwallex vs Wise compare for transfer fees, monthly charges and exchange rate markups? Let’s take a closer look.

Transfer and FX fees

Transaction speeds and reliability

Airwallex transfers can take up to 1 business day, but this may depend on the type of transaction or when you send your transfer.²

Most Wise transfers will reach your recipient within minutes.** However, currency conversion can take up to 2 days to complete.

Multi‑currency accounts and supported features

A flexible, low-fee multi-currency account is a must if you run a global business. You can pay international suppliers, accept invoices from abroad or spend overseas.

Airwallex doesn’t charge a fee to open a multi-currency business account. You can hold over 20 currencies¹ and avoid conversion fees by spending in local currency.³

However, you’ll pay a 0.5% markup on the interbank rate to exchange major currencies in your account, or 1% for other currencies. You’ll also pay some payment processing fees.¹

Wise Business is a multi-currency account for global businesses. You can hold over 40 currencies in your account to send and receive money in Canada or overseas.

You can also order a free Wise card to spend abroad in over 150 countries, all at the ‘fair’ standard mid-market exchange rate. No markups or hidden fees!

Account features comparison

UX, support and developer tools

Your Airwallex account includes a range of advanced features for businesses:

• Integrate your account with software like Xero or QuickBooks
• Easy reimbursements to employees in over 200 countries
• Automatic and customizable bill payments¹

However, the features you can access may depend on your Airwallex account plan. If you have an Airwallex Explore account, for example, you can’t get bill remittance advice.¹

You can also access advanced tools and API integrations via your Wise account:

• Sync to software like Sage®, QuickBooks, Xero, FreeAgent and NetSuite
• Send global batch payments to up to 1000 people at once
• Manage and customize your team management systems

All Wise Business customers get access to the same features, fees and customer support. You can manage your business spending or send money abroad from your multi-currency account.

Ideal use cases

There’s a time and a place for everything! The right money transfer platform for you will depend on the size of your business and what you need from your account.

Let’s take a look at the ideal use cases for Airwallex vs Wise, including international capabilities and money management tools.

When Airwallex makes sense

Airwallex may be a good fit if you need advanced features like reimbursements, automated receipt data and expense management.¹

If you’re a large corporation in need of dedicated support, you may want to open a paid Airwallex Accelerate account. You can access your own Airwallex account manager, who can help you oversee your money in multiple global locations.¹

When Wise is a better fit

Wise is a better fit if you need quick, flexible multi-currency solutions for your business. If you regularly send money abroad, you’ll want to avoid hefty exchange rate charges and foreign transaction fees.

Wise always uses the mid-market exchange rate. This is the standard rate for currency exchange – and it can help you save on all international transfers.

Wise automatically reduces fees for transactions over 35,000 CAD. You can even order a free Wise card for you and your employees to spend in over 150 countries.

Shared limitations and regulatory notes

Both Wise and Airwallex require Know Your Customer or KYC processes. This is a verification process that requires financial platforms to hold certain information about their customers.

If you want to open an Airwallex business account, you’ll need a few key documents:

• Certificate of Formation or Incorporation
• shareholding structure
• supporting business documents
• photo ID
• residential address⁴

To verify your Wise Business account, you’ll need to share information about your business, such as documentation that proves who owns your company.

You may also need to go through additional verification before you can send or receive a large amount of money.

Although these regulatory processes can slow down the opening of your account, verification is an important step in securing your funds.

Summary comparison

Airwallex and Wise offer helpful tools for businesses in Canada. You can use your Airwallex account to access advanced treasury features⁵ and streamline your global expense management.¹

However, Airwallex charges up to 1% to exchange currencies and higher SWIFT costs for transfers overseas. This means Wise may be a better choice for global businesses.

You can use your Wise account to create invoices, send batch payments or even withdraw earnings from platforms like Amazon®.

To explore your business spending options, check out Wise Business.