Airwallex vs Wise Business: Which Multi-Currency Account is Best for Singapore Businesses?

Running a Singapore business that deals with international payments means hitting that familiar wall: traditional banks charging ridiculous fees for what should be simple transactions. The good news? There are better options now.

Both Airwallex and Wise Business have emerged as solid alternatives, and crucially, they're both licensed as Major Payment Institutions by the Monetary Authority of Singapore (MAS).

But which one makes sense for your business?

In this article, we’ll compare the two platforms and discover what are the different problems they solve. Let’s get started, shall we?

Table of contents
Airwallex vs Wise Business: A quick overview Airwallex vs Wise Business: Features and fees Getting paid (locally and internationally) Currency conversion and foreign exchange rates Airwallex vs Wise Business: What are their standout features? Wise vs Airwallex: which platform fits your business?

Airwallex vs Wise Business: A quick overview

Here’s a side-by-side comparison of what each platform offers in terms of features, benefits, and pricing.

	Airwallex¹	Wise Business⁴
Account opening fee	Free	Free (+ S$99 one-time for full features)
Monthly account fee	None	None
Minimum balance required	None	None
Multi-currency account with local bank details	20+ currencies	8+ currencies
Receive payments fee	Information not available*	Free after a one-time 99SGD fee to receive AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY, and USD (non-Swift / non-wire) Receiving USD wire and Swift payments: Flat fee of 6.11 USD Receiving Swift payments in other currencies: Flat fee varies by currency
Send money fee	No transfer fee when local rails available; otherwise flat S$20-S$35 per transfer	Fees as low as 0.26%
Foreign exchange conversion	Major currencies: Interbank rate + 0.4% markup Other currencies: Interbank rate + 0.6% markup Custom rates for volume deals available under Custom Plan	Always get the mid-market rate with no markup. A separate small, transparent conversion fee from 0.26% applies (varies by currency). Volume discounts above S$30,000/month
Debit card	5 physical/virtual cards free; additional cards S$5/month per user	First card on the account is free, additional physical cards S$4 each; up to 3 virtual cards included
ATM withdrawals	Not supported³	Up to and including S$350/month: 2 free withdrawals/month; S$1.5 fee/withdrawal thereafter More than S$350/month: 2 or fewer withdrawals at 1.75% of the amount over S$350; 3 or more withdrawals at S$1.5 + 1.75% of the amount over S$350
Accepting card payments	Full payment gateway support (cards, PayNow, wallets); Domestic cards: 3.3% + S$0.50 International cards: 3.6% + S$0.50	Payment links/invoices/QR codes; Domestic cards: 3.2% + S$0.50 International cards: 3.6% + S$0.50 Business cards: 3.6% + S$0.5
Accounting software integrations	Supported	Supported

*Airwallex sources do not mention their rates for receiving payments. We cover this in greater detail below.
Details correct at time of writing — 7 Aug 2025

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Airwallex vs Wise Business: Features and fees

Let’s take a closer look at each platform’s features so you can get a better sense of which one suits your business needs.

Account opening and local currency support

📌If you’re just getting started, good news: both Wise Business and Airwallex let you open a business account without any monthly fees or minimum. balance requirements.

• With Wise, it's free to register an account and there’s a one-time fee of SGD99 to unlock your full suite of features including local account details. Think of it as paying upfront for long-term convenience — once it’s done, you’re all set to receive like a local in 8+ currencies.
• Airwallex, on the other hand, skips the upfront cost. You get local account details in 20+ currencies (including extras like CNY and AED), which is super helpful if you’re working with clients or platforms in China or the UAE.

Bottom-line: If your clients are primarily based in major markets such as the US, Europe, or Australia, Wise has you covered. However, if you’re trading with China or the Middle East, Airwallex may offer an edge.

Getting paid (locally and internationally)

📌If you get paid in different currencies from clients, platforms, or marketplaces, take note:

• With Wise, once you pay the one-time fee of 99SGD it’s free to receive domestic payments (non-SWIFT/non-wire) in major currencies. There’s a flat fee of 6.11 USD for receiving USD SWIFT payments, 2.16 GBP for receiving GBP SWIFT payments, 2.39 EUR for receiving EUR SWIFT payments, and a flat fee that varies for receiving SWIFT payments in an additional 20 currencies⁵.
• As mentioned earlier, Airwallex does not state its fees for receiving payments on its pricing page¹. However, independent sources report a 0.3% fee on all incoming funds from accounts not owned by the Airwallex account holder, including both local SGD transfers and international SWIFT payments⁸. Because these are percentage-based fees, they could add up quickly if you're bringing in a high volume of payments.

Bottom-line: You’ll likely save more with Wise if you receive SGD regularly or work with overseas clients through platforms like Etsy, Amazon, or Upwork. Plus, you’ll enjoy the certainty of knowing exactly how much you have to pay whenever you receive any payments, which is important for cash flow management. If you are considering Airwallex, you could always check with their customer support to find out their fees for receiving payments in greater detail.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

Accepting customer payments

📌Want to get paid by card, or through platforms like Stripe, Amazon, or Etsy? Here’s where your business model really shapes the answer.

Airwallex is built with e-commerce in mind. You can accept card payments, PayNow, Apple Pay, Alipay, WeChat Pay, and even Klarna. Everything routes into your account in 20+ currencies. Fees start at 3.3% + S$0.50 for local cards, with higher fees for international cards. It’s great if you want full checkout control, whether on your own site or across marketplaces.

Wise Business takes a simpler, more flexible approach. You can:

• Send payment links, invoices, or QR codes to let customers pay by card (18+ currencies supported)
• Connect Wise to platforms like Stripe or Amazon as your payout bank account

Card processing fees start at 3.2% + S$0.50, which is slightly cheaper than Airwallex. For freelancers, agencies, and service-led SMEs, this no-fuss setup is ideal. No need to configure a full gateway; just share a link and get paid.

Bottom-line: If you’re running a global e-commerce brand, Airwallex gives you a full-stack merchant solution. However, if you simply want to get paid across multiple platforms and keep things lean, Wise Business is refreshingly straightforward.

Business cards and spending

Managing business spend? Here’s what you need to know about card options from both providers:

• Wise Business gives you virtual and physical cards. The first card is free. Additional cards cost SGD4 each, and you can spend in any currency you hold, or Wise will convert at the mid-market rate (with no hidden exchange rate markups). ATM withdrawals are covered up to SGD350/month, then small fees apply.
• Airwallex gives you 5 free cards (physical or virtual). More than that, it’s S$5/month per card. The real plus? It comes with built-in expense management, allowing you to set limits, approve claims, and sync with accounting tools. There’s no ATM access, though.

Bottom-line: Going on a business trip or handling global subscriptions? Wise gives you low-cost, low-fuss spending and access to cash on the go with overseas ATM access. Manage a team or need serious control over expenses? Airwallex is your operations-friendly option.

Currency conversion and foreign exchange rates

Let’s talk rates, because this is where you can really lose (or save) money.

• Wise converts at the mid-market rate and charges a low, transparent conversion fee from as low as 0.26% depending on the currency. The more you convert monthly, the more the fee drops.
• Airwallex converts using interbank rates and charges a markup of 0.4% for major currencies and 0.6% for all other currencies. High-volume businesses can negotiate even better deals.

Bottom-line: Whether you're making small or large transfers, Wise Business keeps things predictable, low-cost, and crystal clear. You always know what you’re paying for with transparent fees and no hidden exchange rate markups. Wise also offers different conversion fee rates depending on the currency, so you can plan with confidence. Airwallex also offers flexibility for small, medium, and large transfers, with two foreign exchange rate tiers (0.4% and 0.6%), depending on the currency.

Your best bet? Look closely at the currencies you convert most often in your business, then compare the rates from Airwallex and Wise Business. That’ll give you a clearer sense of which platform offers the better deal for your needs.

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Airwallex vs Wise Business: What are their standout features?

Choosing between Wise Business and Airwallex isn’t just about fees or features; it’s about how each platform fits your workflow and business model. Here’s what really sets each one apart.

Wise Business: built for simplicity and global agility

Transparent fees and intuitive user experience: If you’re the type who likes knowing exactly what you're paying — with no surprises — Wise Business is perfect. You’ll see the mid-market exchange rate, the exact fee, and even an estimated delivery time before you hit “Send.”⁶ There are also no surprise monthly fees, and transfers are lightning fast on many major routes (some are near-instant).

Meanwhile, the Wise interface is intuitive, so navigating it is a breeze. Perfect if you're running a lean team or managing payments solo.

Local bank details in 8+ currencies: With Wise, your Singapore business can quickly start receiving payments like a local in the US, UK, Europe, Australia, and more, all without having to mess around with opening a business bank account in each and every locale you operate in. This makes it much easier to give international customers a convenient way to pay you, which in turn boosts your credibility as a business.

Airwallex: built for scale, payments, and power users

One platform to rule them all — payments, foreign currency exchange, and spend: Airwallex isn’t just for sending or receiving money. It’s a full financial stack. You can accept customer payments directly (including PayNow, Alipay, and Apple Pay), issue cards to your team, hold multiple currencies, and convert only when the rate suits you, all under one login.

That’s a big win if you’re running an e-commerce business, a SaaS platform, or anything global with complex money flows.

Serious control for fast-growing teams: Airwallex shines when you need structure. Assign roles, set card limits, approve expenses, and sync everything with your accounting system. Their built-in expense management system lets employees submit claims and receipts directly within the platform.

And if you're scaling fast or automating payments at volume? Their APIs have your back.

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Wise vs Airwallex: Which platform fits your business?

Choosing between Wise and Airwallex really comes down to how your business operates. Let’s break it down by business type and look at who gets the most out of each platform.

Wise Business: Best for service-based SMEs, freelancers, and remote-first teams

If your Singapore business works with overseas clients, hires remote talent, or invoices internationally, Wise Business is a perfect fit. It’s especially great for:

• Agencies and consultancies billing clients in USD, EUR, GBP, or AUD
• Freelancers or creative professionals who want to invoice and get paid without high fees
• Startups or remote-first companies paying global contractors or platforms
• Small-large businesses that want a clean, transparent way to manage multi-currency accounts

You’ll benefit from local bank details in 8+ currencies, batch payments, zero monthly fees, and mid-market exchange rates with no hidden markups. Wise is also incredibly intuitive — it’s built for business owners, not just finance teams.

Singapore-based HR tech company Axpara uses Wise Business to pay global freelancers, contractors, and team members across Asia and beyond, all without relying on traditional banks. Their lean setup and cross-border needs made Wise the ideal partner. ➡️Read more about Axpara’s story here.

Airwallex: Best for large e-commerce brands and SaaS companies

Airwallex shines when your Singapore business:

• Sells products or subscriptions online across multiple countries
• Accepts customer payments via various channels (e.g., credit card, PayNow, Alipay, Klarna)
• Needs robust spend management tools across a growing team
• Requires a full-stack payment solution, including low-code checkout, payment links, eCommerce plugins, and payment APIs, to support complex online sales across markets⁷

It’s a powerful, all-in-one financial platform. Think of it as a payment gateway, multi currency wallet, and corporate card rolled into one. If you’re scaling quickly or need tighter control across departments, Airwallex can give you that extra layer of automation and control. It’s especially useful for Singapore-based e-commerce brands selling in Southeast Asia, China, Australia, or Europe, where Airwallex’s integrations and local currency support help simplify the mess of multi-country transactions.

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Conclusion

Both Wise Business and Airwallex are solid alternatives to the clunky, expensive systems most traditional corporate banks offer in Singapore. But the right fit really depends on what type of business you run.

• Wise Business is great if you want a multi-currency business account that’s low-fee, transparent, and fuss-free. It’s great for service-led businesses, SMEs, and remote teams that just want to send, spend, receive, and convert money without having to pay exorbitant fees or get hit by hidden exchange rate markups. You’ll get local account details in major currencies, mid-market exchange rates, and an intuitive dashboard that makes it easy to manage all your account transactions in one place.
• Airwallex is the better pick if your business is more mature and has more complex requirements. If you run an online store, manage multiple teams, and need to process frequent customer payments online across different countries, you’ll likely benefit from their low-code checkout solutions and payment plugins which can integrate into your platform.

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Sources used:

1. Airwallex pricing
2. Airwallex foreign transaction fees
3. Airwallex physical card
4. Wise Business fees & pricing
5. Wise fees for receiving money by SWIFT
6. Wise Business send money
7. Airwallex payments
8. Understanding Airwallex Fees

Sources last checked: 7 Aug 2025