Wallex vs Airwallex: feature, pricing and FX rate comparison (2026)
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For many Singapore businesses, the choice between Wallex and Airwallex often arises as growth rises. You might be paying a manufacturer in China, receiving client invoices in USD or expanding into new marketplaces that settle in multiple currencies.
Both platforms promise fast, reliable cross-border payments. These two solutions may look similar, but they support businesses in different ways.
This Wallex vs Airwallex guide focuses on the details that matter most: supported currencies, how FX margins work in practice, everyday fees and the features that genuinely support businesses moving money across borders regularly.
We’ll also highlight how WorldFirst fits into this conversation as a trusted provider for multi-currency accounts and international business payments in Singapore.
Overview of Wallex and Airwallex in Singapore
The names of these two platforms may be almost the same, but Wallex and Airwallex are entirely separate fintech companies with different focuses.
Wallex, founded in Singapore in 2016, is built around cross-border FX and international payments. Its multi-currency wallet lets businesses hold, convert and send funds globally, making it a streamlined option for SMEs that prioritise simple, cost-efficient transfers without the need for a larger financial suite.
Airwallex, founded in Australia in 2015, takes a wider approach to business finance. Alongside multi-currency accounts and global transfers similar to Wallex, it adds corporate cards, online payment acceptance and integrations with major business tools.
Both operate as MAS-licensed Major Payment Institutions, giving Singapore businesses confidence that each provider meets local regulatory and security requirements.
Before getting into the specifics, here’s a quick feature comparison table that highlights how Wallex and Airwallex stack up in Singapore:
| Feature | Wallex | Airwallex |
| Multi-currency wallet | Hold 13 currencies | Hold 20+ currencies |
| Local receiving accounts | Virtual local accounts in 35+ currencies activated instantly | Local accounts in 13 markets (USD, EUR, GBP, AUD, SGD, HKD, CNY, etc.) |
| International payments | Send in 47 currencies across major markets | Send in 60+ currencies to 150+ countries |
| Payment network | Local clearing for selected corridors; SWIFT used when needed | Local rails in 120+ countries; ~90% of payments avoid SWIFT |
| Transfer speed | Instant for SGD, IDR, HKD; same-day for 20+ currencies | ~65% instant; most arrive within hours or same day |
| FX rates | Near mid-market spreads (not publicly listed) | Interbank + 0.4% for major currencies; 0.6% for others |
| Monthly fees | SG$0 | SG$0 |
| Transfer fees | Instant for SGD, IDR, HKD; same-day for 20+ currencies | Free for local-rail transfers; SWIFT transfers SG$20–35 |
| Receiving funds | Collection fee applied (not publicly disclosed) | 0% incoming fee for most currencies (KRW 0.6%) |
| Batch payments | Up to 200 recipients | Up to 1,000 recipients |
| Cards (Singapore) | No cards offered | Multi-currency corporate Visa cards with 0% FX and 1% cashback |
| Expense management | Basic reporting; no accounting integrations | Expense tools plus Xero and QuickBooks integration |
| API | API available with core functions | Full API for payments, FX, cards and more |
| Support | Email/phone support; account managers for eligible customers | Online support; account managers for larger clients |
(Sources: Wallex and Airwallex official sites and recent updates)
Multi-currency accounts and local collection features
Both Wallex and Airwallex enable Singapore businesses to hold and transact in multiple currencies without opening foreign bank accounts abroad. However, their capabilities differ:
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Get local currency accounts, fast payments and competitive FX – all in one place.
Wallex Multi-Currency Wallet
Wallex allows businesses to hold and manage 13 currencies, including SGD and major Asian and Western currencies. Funds stay in their original currency until you choose to convert.
Wallex also offers virtual collection accounts in 35+ currencies, giving you local bank details in markets such as the US, UK, EU, China, Hong Kong, Indonesia and Thailand. This setup helps online sellers and exporters receive overseas payouts as local transfers, avoiding automatic conversions.
Airwallex Global Account
Airwallex provides local currency accounts in 13 regions, allowing businesses to collect in 23+ currencies like a local. The multi-currency wallet supports holding 20+ currencies, including USD, EUR, GBP, AUD, CNY, JPY and SGD.
Airwallex also integrates with e-commerce and payment platforms so that international sales proceeds can be received and used without conversion.
What this means for Singapore businesses:
Both platforms offer strong multi-currency capabilities. Wallex provides wider virtual account coverage for collections, while Airwallex supports more currencies for holding and offers deeper e-commerce and software integrations.
FX rates and currency conversion markups
Foreign exchange (FX) costs can significantly affect businesses that deal in multiple currencies. Both Wallex and Airwallex advertise competitive FX rates compared to traditional banks:
Wallex FX rates
Wallex offers “near mid-market” pricing, meaning its FX spread is below the markups banks charge. While Wallex does not publish a fixed percentage for each currency pair, rates shown in the platform are generally competitive for major pairs such as SGD/USD, SGD/CNY and SGD/AUD. To see the exact rate, you must request a live quote inside the dashboard.
Users can hold balances and convert only when needed, helping control timing and costs. Volume discounts are available for businesses with higher transaction volumes. To see the exact rate, you must request a live quote inside the dashboard.
Airwallex FX rates
Airwallex publishes clear FX margins: 0.4% above the interbank rate for major currencies and 0.6% for others. The 0.4% tier covers the most common pairs Singapore businesses use, including SGD/USD, SGD/CNY, SGD/AUD, EUR, GBP, JPY and more.
Less frequently traded currencies sit in the 0.6% tier. Airwallex applies the fee directly to the live interbank rate and provides a real-time calculator for complete transparency.
How they compare:
Both offer FX rates far lower than traditional banks. Airwallex provides fixed, published margins that make cost planning straightforward. Wallex offers near-mid-market pricing for major pairs, though businesses should check the in-app quote to confirm the exact spread.
International transfer capabilities and speed
One of the biggest advantages of fintech platforms like Wallex and Airwallex is the ability to send international payments faster and cheaper than traditional bank telegraphic transfers. Here’s how they compare in payment capabilities:
Wallex global payments
Wallex supports outbound transfers in 47+ currencies to over 180 countries. Many corridors use local payment rails, which cut costs and improve speed. Transfers to markets like Indonesia can arrive almost instantly, while SGD, IDR and HKD payments often settle in real time.
When a local route isn’t available, Wallex uses SWIFT, which usually takes one to three business days. You choose the route during setup and the platform shows delivery times before you confirm.
Airwallex transfers
Airwallex supports payments in 60+ currencies to over 150 countries. Around 90% of transactions move through Airwallex’s local payment network across 120+ markets, avoiding correspondent bank fees.
Most payments arrive instantly or within a few hours and common Singapore payment corridors – the US, UK, EU, China, Australia and ASEAN – are well covered. The platform uses SWIFT only when no local option exists. Delivery estimates and fees are displayed clearly before you send.
Batch payments and tracking:
Both platforms offer batch payments and real-time tracking. Wallex supports up to 200 recipients per file; Airwallex supports up to 1,000.
Where each platform stands out:
Airwallex has a slight advantage in reach and speed due to its larger network (120+ local corridors). Still, Wallex is strong in regional routes and major currency transfers, often delivering popular corridors in hours.
Fees and pricing structure
Neither Wallex nor Airwallex charges monthly account fees, but there are transactional fees to consider (for transfers, conversions, collections, etc.). Most important fees include:
Outbound transfers
- Wallex: Charges depend on the destination and the route you select. Local-rail payments are typically low-cost, while SWIFT transfers usually fall in the S$10–20 range, still below typical bank fees. Wallex does not publish a full fee table, so you see the exact amount when setting up the transfer
- Airwallex: Around 90% of transfers move through local payment rails and carry no Airwallex fee. When SWIFT is required, fees generally range from SG$20 to SG$35, depending on the country. For most major corridors (US, EU, UK, China, Australia), transfers are routed locally and cost SG$0, apart from FX
Incoming payments
- Wallex: Incoming payments may carry a small collection fee. Wallex does not list a public rate, so the fee appears in your dashboard when funds land. Local collection details help your customers avoid their own international wire charges
- Airwallex: No incoming fee for supported currencies except KRW, which carries a 0.6% charge due to local requirements. For example, an Amazon US payout of US$10,000 sent to an Airwallex US account arrives in full, with no deduction from Airwallex
FX conversion fees
- Wallex: Has no separate FX commission. The cost sits within its near-mid-market spread, which is generally tight for major pairs. There are no flat fees added to FX conversions
- Airwallex: Charges 0.4% above the interbank rate for major currencies and 0.6% for other currencies, with no additional flat fee. Rates are updated in real time and displayed before you convert
Cards
- Wallex: Not applicable, since Wallex doesn’t offer cards to Singapore customers
Airwallex: Corporate cards are free to issue and use, with 0% foreign transaction fees and 1% cashback on all card purchases. Expense-management tools are optional and billed separately at SG$5 per user per month. ATM withdrawals are not supported
Examples: Sending US$10,000 to China and Receiving US$10,000 from Amazon
Paying a supplier in China (CNY)
- Wallex: Wallex converts at a near mid-market rate. A typical spread of around 0.5% would be about US$50 on US$10,000. A small payout fee may apply, but Wallex does not publish exact rates. Local CNY delivery is usually available. The expected total cost is in the US$50–60 range
- Airwallex: Converting US$10,000 to CNY costs 0.4% (US$40) plus a 0.1% CNY payout fee (US$10). Airwallex routes CNY locally, so there are no SWIFT fees. The total cost is about US$50 and funds will arrive the same day
Receiving Amazon US$10,000 payouts
- Wallex: Amazon can send ACH payouts to your Wallex USD account. Wallex may charge a small collection fee, which is usually displayed in the dashboard when funds arrive. After that, you can hold USD or convert at Wallex’s spread. The total cost would likely be around US$50–60 when converted to SGD
- Airwallex: Amazon sends US$10,000 via ACH to your Airwallex US account. Airwallex charges no incoming fee, so the full amount lands in your wallet. Keeping the funds in USD is free; converting to SGD incurs a 0.4% fee (US$40)
What this shows:
The savings compared to a bank are huge: a bank wire $10k to China might incur a $30+ SWIFT fee and a poor FX rate (costing $300+ in spread) and receiving $10k from Amazon through a bank might have forced conversion at high rates or fees.
Platform usability and customer experienc
Both platforms focus on simple, efficient payment management, but they offer different levels of functionality.
Wallex platform
Wallex provides a clean, web-based dashboard for payments, conversions and account management. It supports approval workflows and role-based access and its interface is straightforward for SMEs looking for a simple setup.
Wallex does not offer a mobile app or spend-management features, as it does not issue cards. Support is available through email and local representatives and eligible businesses receive an account manager.
Airwallex platform
Airwallex offers a broader feature set across both web and mobile. The dashboard covers balances, transfers, cards and expenses in one place, with smooth navigation between product areas. Users can manage approvals and roles and finance teams benefit from direct integrations with accounting platforms like Xero and QuickBooks.
The mobile app lets you view balances, manage cards and approve payments remotely. Support is handled mainly through email, with account managers for larger clients.
What this means for businesses:
Wallex keeps things simple and focused on core payments. Airwallex adds more tools and integrations for teams looking for a broader operational platform.
How a World Account compares to Wallex and Airwallex
Wallex works well for Singapore SMEs that want a simple multi-currency account and low-cost transfers in popular corridors. Airwallex suits businesses that want more tools around cards, integrations and broader financial operations.
Both can manage the necessities. They help you move money across borders, hold several currencies and run daily payments.
A World Account steps beyond those basics. It is built for businesses that operate internationally every day and need a platform that supports long-term growth rather than one-off transactions.
How a World Account helps your business grow:
- Support growth across regions: The World Account supports companies expanding into new markets. Receive in more than 20+ currencies. Pay in more than 100. Manage everything from one place. This flexibility removes friction when entering new markets or working with partners across several continents
- International operations rely on stability: The World Account provides consistent FX margins that help you plan, price and forecast without surprises. No shifting tiers. No variable spreads you need to decode. You see the margin, understand it and use it with confidence
- Local accounts in key markets: WorldFirst provides local receiving accounts in major markets such as the US, UK, EU, Australia and China. Your overseas customers pay you like a local. For e-commerce sellers, payouts from more than 130 marketplaces flow straight into your World Account, so every stage of the revenue cycle lives in one platform
- Hold, convert and move money on your terms: You can hold balances as long as you need to. Convert when the rate suits you. Move money into new markets without waiting for traditional bank processing
Designed for finance teams that want clarity: A World Account brings your cross-border cash flow into a single dashboard. Finance teams gain better visibility with fewer manual steps and fewer tools to manage
Comparison table: Wallex vs Airwallex vs WorldFirst
| Feature / capability | Wallex | Airwallex | WorldFirst (World Account) |
| Currencies you can hold | 13 | 20+ | 20+ with full control over conversion timing |
| Currencies you can pay | 47 | 60+ | 100+ for wider operational reach |
| Currencies you can receive | 35+ virtual accounts | 23+ local accounts | 20+ local accounts in major markets, designed for fast access to revenue |
| Local receiving accounts | Selected markets | Selected markets | US, UK, EU, China, Australia and more for predictable inflows |
| Marketplace payouts | Limited support | Major platforms | 130+ global marketplaces integrated into one account |
| International transfer coverage | 180+ countries | 150+ countries | 200+ countries through a global payment network |
| Transfer speed | Fast on regional routes | Fast on most major routes | Fast global transfers with clear, predictable delivery windows |
| Regulation in Singapore | MAS MPI licence | MAS MPI licence | MAS regulated provider |
| Best for | SMEs needing simple FX and transfers | Businesses wanting broader finance tools | Businesses scaling globally that want predictable FX, wide currency reach and centralised cash flow visibility |
In conclusion, choose a World Account if you:
- Prefer steady and predictable FX margins
- Pay or collect from partners in China, the US or Europe
- Hold several currencies for operational needs
- Want faster access to overseas revenue
- Prefer one platform that supports you as you grow
Open a World Account today for free and keep your global operations moving with clarity and confidence.
Sources:
- https://www.wallex.asia/sg
- https://support.wallex.asia/hc/en-us
- https://www.wallex.asia/blog
- https://www.airwallex.com/sg
- https://www.airwallex.com/sg/blog/comparison-wallex-vs-airwallex
- https://help.airwallex.com
- https://www.airwallex.com/docs
- https://statrys.com/blog/wallex-vs-airwallex
- https://eservices.mas.gov.sg/fid/institution/detail/257179-AIRWALLEX-(SINGAPORE)-PTE-LTD
- https://eservices.mas.gov.sg/fid/institution/detail/233890-WALLEX-TECHNOLOGIES-PTE-LTD
- https://www.trustpilot.com/review/airwallex.com
- https://www.trustpilot.com/review/wallex.asia
- https://www.g2.com/products/airwallex/reviews
- https://www.g2.com/products/wallex/reviews
- https://www.airwallex.com/sg/business-account
- https://www.airwallex.com/sg/foreign-exchange
- https://www.airwallex.com/sg/international-money-transfers
- https://www.airwallex.com/sg/business-account/cards
- https://www.mdaq.com/newsroom/m-daq-acquires-wallex
Joan Poon leads marketing across Southeast Asia at WorldFirst, driving growth and brand leadership in key markets including Singapore, Malaysia and the Philippines.
Joan Poon
Author
Head of Marketing SEA, WorldFirst Singapore
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