Airwallex vs Equalsmoney Comparison for UK Businesses

As a local or international business owner in the UK, you need a payment platform that handles multiple currencies without hefty fees. Fortunately, many financial providers offer better alternatives to old-school banking. So, which provider should you choose?

This article compares Equalsmoney vs Airwallex, two popular options for UK businesses. Plus, you’ll see how Wise Business is a straightforward and cost effective way to manage 40+ currencies with one account.

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Equalsmoney vs Airwallex - Comparison overview

Picking the right payment platform shouldn’t be a struggle. Equalsmoney and Airwallex both handle global payments, but their costs and features vary. Here’s a quick look to help you decide.

Equalsmoney reviews

Equalsmoney is good for UK businesses of all sizes looking to manage payments across borders. It started in 2005 as FairFX and as part of the London-based Equals Group Plc. The company has a Financial Conduct Authority (FCA) authorisation and is regulated for e-money.

They have a 4.4 rating from +300 reviews on Trustpilot. One of the prevailing themes is that customers like the brand for its simplicity and great customer support. Although there have been few complaints about an update they were carrying out. With one customer saying,

“They upgrade their system and have been down for over a week. No one answers their phone and nothing is happening.”⁵

Still, most agree that Equalsmoney delivers reliable service.

Equalsmoney key features

Here’s what you get if you choose Equalsmoney:

• Hold 38 currencies and avoid conversion fees when paying or receiving funds globally
• Make local and international transfers in various currencies with smooth processing
• Get physical or free virtual Mastercard prepaid cards with real-time tracking and custom limits, usable in 190 countries
• Set team access levels and share balances securely for efficient financial management
• Sync with Xero for quick reconciliation and reporting
• Create free virtual cards for secure online purchases and subscriptions
• Set multi-currency spending limits to stay on track
• Manage funds via a user-friendly app or online, with receipt uploads and transaction monitoring
• Earn up to 3.5% at select UK retailers
• Withdraw cash for £1.50 per transaction
• Use cards with Apple Pay for fast payments

Equalsmoney customer service

You can reach Equalsmoney support via email or in-app chat for quick account fixes. Alternatively, use the contact form on their website for assistance.

Trustpilot reviews commend Equalsmoney customer support speed, with users saying that their customer service resolves issues instantly. A few noted delayed responses especially during the platform upgrade. Overall, most agree their customer service is responsive, especially for card or transfer issues.

Equalsmoney fees

The table below is a breakdown of Equalsmoney plan and fees.

Additional fees include:

• Physical card issuance: £10 per card beyond free allocation
• Cash withdrawals: £1.50 per transaction, UK or abroad (some ATMs may add surcharges)
• Currency exchange: Free in major currencies; 1.5% fee for others
• Expedited UK card delivery: £20 per address
• Foreign exchange/same-currency payments: Based on transaction volume, contact for details

Equalsmoney’s transparent fees will fit your multi-currency needs, but regular cash withdrawals at £1.50 each can add up quickly.

Airwallex review

Airwallex is good for businesses managing multi-currency accounts, low-fee transfers, and integrations with tools like WooCommerce, Shopify and Xero. It was launched in 2015 in Melbourne, Australia, and now employs over 1,600 people across 23 global offices, including London. It is also regulated by the FCA.

On Trustpilot, Airwallex scores 3.4 stars from +1,600 reviews. Some customers praise its simple-to-use platform, while others grumble about delays. Note that ratings often change, so to get the full picture, check different review sources.

Airwallex key features

Here’s what you’ll get when you sign up for Airwallex:

• Create Airwallex accounts for 40+ countries
• Send payments to 150+ countries
• Handle domestic and international bills with ease
• Issue virtual cards
• Track expenses with limit controls and accounting sync
• Share links to collect payments globally via email or websites
• Receive funds through platforms like Amazon and Shopify
• Connect to Xero, QuickBooks, WooCommerce, and Core API

Airwallex customer service

You can reach Airwallex customer support via email or the online help centre’s ticket system. Reviews on Trustpilot show mixed feedback for their customer service. Some users mention quick email responses, but some note delays or lack of clarity when they have issues with their account.

Airwallex fees

Let’s look at the breakdown of Airwallex fees:

Additional fees include:

• UK Visa/Mastercard: 1.30% + £0.20 per transaction
• EEA Visa/Mastercard: 2.40% + £0.20 per transaction
• International cards: 3.15% + £0.20 per transaction
• Local payment methods: £0.20 + method-specific fee

Airwallex’s pricing suits businesses with global transactions, but if you’re a high-volume user, contact sales for custom plans.

Equalsmoney vs Airwallex fees - Head to head comparison

Let’s compare Equalsmoney and Airwallex fees to know which is more affordable.

Equalsmoney is better for small businesses. Their currency conversion is free for 21 major currencies, though you’ll need to ask about other fees. Airwallex is cheaper for frequent global transfers, with free ACH bank transfers and local withdrawals. Its batch payments, free for up to 1,000 transactions, save time for businesses with lots of invoices.

However, Airwallex’s card fees (up to 3.15% + £0.20) can hit e-commerce hard, and its £5/month per extra card adds up compared to Equalsmoney’s £10 one-off card fee. Also, Equalsmoney’s free Starter plan has no strings, while Airwallex’s Explore plan needs a £10,000 deposit to avoid the £19/month fee. Check their websites for the latest rates to stay on top of costs.

Alternative to Equalsmoney and Airwallex: Wise Business account

If you are looking for an alternative to Equalsmoney or Airwallex Wise Business account is the perfect option. It’s quick and easy to open online, and gives you a powerful platform for sending, receiving and managing your business finances in over 40+ currencies.

You can easily pay suppliers and employees all over the world, for low fees and the mid-market exchange rate. And best of all, you can get paid for your products or services quickly and easily, accepting payments in 8+ major currencies.

You can also link your Wise Business account with your favourite accounting tools, such as Xero or Quickbooks. This makes keeping track of your company’s finances a breeze.

Get started with Wise Business 🚀

FAQs - Equalsmoney vs Airwallex

Can I use Equalsmoney or Airwallex for personal accounts, or are they strictly for businesses?

Neither Equalsmoney nor Airwallex offers personal accounts. Both are designed exclusively for business use. Check their websites to confirm eligibility based on your business type.

How long does it take to process an application with Equalsmoney or Airwallex?

Application processing times vary. Equalsmoney typically approves applications within 24 hours⁸, depending on verification, which may require identity and business documents. Airwallex often takes 1 to 3 days⁹, with potential delays for complex businesses due to compliance checks. Contact their support for precise timelines.

Which platform offers the cheapest way to send frequent international payments?

Equalsmoney charges volume-based fees for some payments, while Airwallex’s FX rates range from 0.3 to 1% above mid-market. For a cost-effective alternative, try Wise Business. Wise offers the mid-market exchange rate with no markups and low, transparent fees for sending to 140+ countries.

Sources used in this article:

Sources last checked 12-May-2025