Airwallex alternatives
Airwallex is already the cheapest business bank account we track at a one-person business (free). Here's how the other 2 compare. The closest match, Mercury, covers 75% of what Airwallex does. Each one shows how much of it it covers, capability by capability, next to the price.
What Airwallex does
Core: Business bank account, Multi-currency balances, International vendor payments.
Important: Company cards, Users, roles & approvals, Bills & accounts payable (partly), Invoices & online payment, Card payment acceptance, Accounting software sync, Expense reimbursement (partly), Banking API, Non-resident & multi-country onboarding.
Also has: Sub-accounts & pockets (partly), Interest & treasury (partly), Simple bookkeeping & tax (partly), AI finance features (partly), Multiple legal entities.
Alternatives to Airwallex at a one-person business, best match first
- Mercury: free (Mercury (free)). It covers 75% of Airwallex; missing or partial: Multi-currency balances, International vendor payments (partly), Invoices & online payment (partly), Card payment acceptance (partly), Non-resident & multi-country onboarding (partly). Free plan: Mercury: $0/mo business checking and savings, free domestic ACH and wires, free USD international wires, no minimum balance.
- Wise Business: $22.60/mo +$31 one-time setup fee (Wise Business (single pay-as-you-go account)). It covers 69% of Airwallex; missing or partial: Business bank account (partly), Users, roles & approvals (partly), Invoices & online payment (partly), Card payment acceptance (partly), Accounting software sync (partly). Free plan: none.
Other kinds of products that cover part of Airwallex
- Brex (Expenses & spend): covers 63% of Airwallex; missing or partial: Multi-currency balances, International vendor payments (partly), Invoices & online payment, Card payment acceptance, Banking API (partly)
- Ramp (Expenses & spend): covers 63% of Airwallex; missing or partial: Multi-currency balances, International vendor payments (partly), Invoices & online payment, Card payment acceptance, Banking API (partly)
- QuickBooks Online (Accounting): covers 58% of Airwallex; missing or partial: Multi-currency balances, International vendor payments, Company cards (partly), Accounting software sync (partly), Banking API (partly)
- Shopify (E-commerce platforms): covers 48% of Airwallex; missing or partial: Multi-currency balances, International vendor payments, Company cards (partly), Users, roles & approvals (partly), Bills & accounts payable
- Square (Payments & merchant of record): covers 48% of Airwallex; missing or partial: Business bank account (partly), Multi-currency balances, International vendor payments, Company cards (partly), Users, roles & approvals (partly)
- Xero (Accounting): covers 31% of Airwallex; missing or partial: Business bank account, Multi-currency balances, International vendor payments (partly), Company cards, Users, roles & approvals
- BILL Accounts Payable (Expenses & spend): covers 30% of Airwallex; missing or partial: Business bank account (partly), Multi-currency balances, International vendor payments (partly), Company cards, Users, roles & approvals
Prices at every size
- Airwallex: a one-person business free, a 5-person company with payment approvals free, $10,000 a month paid abroad $50/mo (Free Explore plan; SWIFT and FX fees extra abroad)
- Mercury: a one-person business free, a 5-person company with payment approvals free, $10,000 a month paid abroad $100/mo
- Wise Business: a one-person business $22.60/mo, a 5-person company with payment approvals $67.80/mo, $10,000 a month paid abroad $54.15/mo (+$31 one-time setup fee)
Prices are the monthly plan or account fee plus the transfer fees each scenario runs up, in USD on monthly billing (annual-only plans divided by 12, local-currency prices converted at the current rate, before VAT). Interest earned, one-off setup fees and ATM, cash and card-replacement fees are left out; exchange-rate costs count only in the international-payments scenario.
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