If you’re comparing Wise and Airwallex for your Singapore business, you’re probably trying to work out which provider fits the way you actually move money across borders.
That decision is already relevant to a large share of local businesses: the Singapore Business Federation found that around 59% of surveyed businesses were already engaged in overseas markets, based on a sample where SMEs made up 84% of respondents.
In this article, you’ll see how Wise vs Airwallex compare on the costs and payment workflows that matter most to Singapore SMEs and where WorldFirst fits as an alternative if you collect international revenue and pay overseas suppliers.
Key takeaways:
- Wise Business fits transfer-focused workflows: Choose Wise if you mainly need to receive, hold and convert currencies before making international payments without paying a monthly subscription
- Airwallex fits broader finance workflows: Airwallex is more relevant if international payments also need to connect with online checkout, employee expenses, reimbursements and approval workflows
- Receiving and holding coverage are different: Wise provides receiving details in 22 currencies and supports holding 49, while Airwallex collects and holds 20+ currencies
- Compare the full workflow, not just the headline fee: Wise uses transaction-based pricing, while Airwallex combines transaction charges with optional paid plans
- WorldFirst fits connected collection and supplier-payment workflows: It can be a stronger option if you regularly receive overseas revenue and then use those funds to pay international suppliers
Open a World Account to turn incoming overseas revenue into funds you can use for your next supplier payment.
What is Airwallex?
Airwallex is a financial platform that combines a multi-currency business account with payments and spend-management tools.
Founded in Melbourne in 2015, the company is now co-headquartered in Singapore and San Francisco.
In Singapore, its Business Account can collect and hold 20+ currencies. It also supports foreign exchange, international transfers, corporate cards, expense management, bill payments and online payment acceptance.
Airwallex (Singapore) Pte. Ltd. is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution for specified payment services.
Read more: Best Airwallex alternatives
What is Wise Business?
Wise Business is the business account offered by international payments company Wise.
Founded in 2011, Wise is headquartered in London.
In Singapore, businesses can get account details to receive in 22 currencies, make international payments, use business debit cards and manage team access.
Wise Asia-Pacific Pte. Ltd. is licensed by MAS as a Major Payment Institution for specified payment services.
Read more: Best Wise alternatives
Wise vs Airwallex vs WorldFirst at a glance
The comparison below looks at Wise and Airwallex alongside WorldFirst as an alternative for Singapore SMEs managing cross-border payments and collections:
| Provider | Best for | Account pricing | FX pricing | Receiving and holding | International payments |
| WorldFirst | Collections and supplier payments | No set-up or monthly fees | Up to 0.6% margin on major currencies | Receive in 22 currencies; hold 10 | Pay in 100+ currencies |
| Airwallex | Payments, expenses and checkout | Free plan; paid plans from SG$79/month | 0.4% major; 0.6% other currencies | Receive and hold 20+ currencies | Local transfers to 120+ countries; SWIFT to 200+ |
| Wise Business | Transfers and currency management | SG$99 one-off set-up fee | Mid-market rate + fee from 0.23% | Receive in 22 currencies; hold 49 | Pay to 70+ countries |
Information checked on 10 August 2026. Pricing and availability can vary by currency, route and plan.
Wise vs Airwallex: fees
Wise and Airwallex use different pricing models, so the cheaper option depends on the currencies, payment routes and account features your business uses.
Wise fees
Wise Business charges a one-off SG$99 set-up fee for access to its full business feature set, with no monthly subscription listed on its Singapore pricing page. Holding money in the account is free.
Key pricing points include:
- Currency conversion: Variable fee from 0.23%, depending on the currency
- Exchange rate: Mid-market rate without an added FX markup
- Volume discounts: Available once monthly qualifying volume exceeds SG$30,000 or the equivalent
- International transfers: Fees vary by currency and payment method
Airwallex fees
Airwallex uses a mix of subscription and transaction pricing. Its current Singapore plans are:
- Explore: Free
- Grow: SG$79 per month
- Accelerate: From SG$399 per month
Monthly plan prices exclude Goods and Services Tax (GST) and transaction charges can still apply.
Other pricing points include:
- Major-currency FX: 0.4% above Airwallex’s interbank rate
- Other-currency FX: 0.6% above its interbank rate
- Local transfers: No transfer fee to 120+ countries
- SWIFT transfers: SG$20–35 per transfer, depending on the fee arrangement
Wise vs Airwallex: receiving and holding money
A provider may let you hold a currency without giving you account details to receive it. The useful comparison is which currencies customers can pay you in and which balances you can keep for later payments.
Wise receiving and holding
Wise Business separates its receiving and holding coverage:
- Receiving: Get account details and SWIFT codes to receive in 22 currencies
- Holding: Hold and convert 49 currencies within the account
- After receipt: Keep funds in the original currency or convert them when needed
Wise therefore offers broader holding coverage than its receiving-account coverage.
Airwallex receiving and holding
Airwallex uses Global Accounts for international collections:
- Global Accounts: Open local currency accounts in 20+ countries
- Receiving: Receive funds in 20+ currencies and collect from 70+ countries
- After receipt: Funds move into the Airwallex account, where they can be held, converted or used for later payments
Read more: How to open a business bank account in Malaysia from Singapore
Wise vs Airwallex: cards and spend management
If employees mainly need individual cards, spending limits and transaction tracking, Wise covers that workflow. Airwallex adds more around expense claims, reimbursements and approvals.
Wise Business cards and team spending
Wise Business gives employees debit cards linked to the company account. They can be used in 40+ currencies across 160+ countries, with no separate foreign transaction fee. A conversion fee can still apply if you don’t hold the spending currency.
You can:
- Set spending limits: Control how much each team member can spend
- Track transactions: Filter spending by employee and download statements
- Control cards: Freeze cards, manage payment methods and create virtual cards for online spending
Read more: World Card vs Wise Business card
Airwallex cards and spend management
Airwallex combines company and employee cards with a broader expense workflow. Its free Explore plan includes five free spend users and 10 company cards, while paid plans increase card allowances and add custom approval rules.
You can also:
- Manage expenses: Collect receipts, submit claims and reimburse employees
- Control spending: Set card limits and merchant restrictions
- Set approval workflows: Paid plans add custom approval rules for spend requests and expenses
Read more: World Card vs Airwallex card
Wise vs Airwallex: online payments and e-commerce
Receiving a marketplace payout and taking a customer’s payment at checkout are different jobs. The key difference is collecting sales revenue versus processing payments inside your online store.
Wise Business for online sales
Wise Business account details can be used to receive payouts from marketplaces such as Amazon and Etsy and platforms such as Stripe and PayPal.
Wise Business also supports invoices, payment links and QR codes, although the payment methods available through them depend on eligibility.
Existing eligible Wise Business customers may have access to card-payment acceptance, but Wise currently states that the feature isn’t available to new customers.
Airwallex for online payments
Airwallex can process more of the checkout itself. Singapore businesses can accept cards and local payment methods such as PayNow, with payment links and hosted or embedded checkout options also available.
Its Singapore integrations directory currently lists 12 e-commerce integrations, including Amazon, Lazada, Shopee, eBay and Fnac, alongside platforms such as Shopify, WooCommerce and Magento.
Wise vs Airwallex: accounting and reconciliation
If your finance team already uses accounting software, the useful question is what data moves across automatically and which integrations come with your plan.
Wise accounting integrations
Wise Business connects with Xero, QuickBooks and FreeAgent.
You can sync transactions by currency, so activity from your Wise balances feeds into the accounting platform instead of relying on manual statement uploads.
Airwallex accounting integrations
Airwallex’s free Explore plan syncs bank feeds, expenses and bills with Xero and QuickBooks.
Accelerate adds NetSuite and Microsoft Dynamics 365 Business Central for businesses with more complex finance systems.
Which is better: Wise or Airwallex?
Wise Business is the better fit if your main job is receiving, holding and converting currencies before sending international payments.
Airwallex has the stronger case when those payments sit alongside online checkout, employee expenses and more complex finance workflows.
Choose Wise Business if:
- You need broader currency holding: Wise supports a wider range of currencies for holding and conversion
- You don’t need a monthly plan: Wise charges a one-off business set-up fee, while sending and conversion costs vary with the transactions you make
- Your team mainly needs controlled card spending: Employees can use individual cards with spending limits, transaction tracking and virtual options
- You use Xero, QuickBooks or FreeAgent: Wise can sync multi-currency account activity with these accounting platforms
Choose Airwallex if:
- You take payments through your own online store: Airwallex supports PayNow and checkout integrations for platforms including Shopify, WooCommerce and Magento
- You manage employee expenses: Spend requests, reimbursements and custom approval rules can run through the same platform
- You need more control over bills and vendors: Grow adds rules-based bill automation, purchase requests and vendor approval workflows
- Your finance stack is more complex: Accelerate adds NetSuite and Microsoft Dynamics 365 Business Central alongside Xero and QuickBooks
Where WorldFirst fits as an alternative to Wise and Airwallex
If your Wise vs Airwallex comparison comes down to receiving international revenue and then using those funds to pay overseas suppliers, WorldFirst can be a stronger fit for that workflow.
Consider a Singapore wholesaler that receives a US$40,000 payment from an overseas customer and has a CNH (offshore renminbi) supplier invoice due later that month.
Instead of treating the incoming payment and supplier payment as separate jobs, the World Account can keep both parts of the workflow in one account:
- Connect China sourcing: If you buy through 1688.com or TaoWorld, you can use dedicated World Pay routes, with a 0.8% WorldFirst fee currently listed for these payments
- Receive the customer payment: Get local bank details in 22 currencies and collect supported overseas payments into the World Account
- Use the funds for supplier costs: Keep supported balances available for later business payments, convert when needed and pay suppliers in 100+ currencies
- Avoid recurring account charges: WorldFirst charges no set-up, subscription or monthly account fees
Wise may be the better fit when transfers and currency management are the priority, while Airwallex offers more around checkout and expense workflows. If you manage both sides of cross-border trade, WorldFirst gives you a direct way to use incoming funds for future supplier payments.
WorldFirst isn’t a bank. WorldFirst (Singapore) Merchant Services Pte. Ltd. is registered in Singapore and licensed as a Major Payment Institution under the Payment Services Act 2019 by the Monetary Authority of Singapore.
Open a World Account to connect international collections and supplier payments in one account.
FAQs
1. How long does it take to open a Wise Business or Airwallex account in Singapore?
It can take from a few minutes to several working days, depending on verification.
Wise says setting up the account takes a few minutes, but additional business verification can take up to 10 working days. Airwallex says most Singapore businesses complete onboarding within a few days.
2. Are there transfer limits with Wise Business or Airwallex in Singapore?
Yes. The limits depend on the provider, currency and payment route.
Wise Business accounts in Singapore have a SG$2 million monthly spending limit, while individual transfer limits vary by currency and payment method. Airwallex limits vary by transfer method, recipient and account configuration and appear when you create the transfer.
3. How long do Wise Business and Airwallex international transfers take?
It depends on the currency, destination and transfer method.
Airwallex says transfers take zero to three working days in most cases. Wise gives an estimated arrival time before you confirm the transfer; for SGD transfers, delivery after Wise receives and converts the funds usually takes zero to one working day.
4. Can I use Wise Business or Airwallex to pay overseas contractors?
Yes, subject to the supported currency, destination and recipient requirements.
Airwallex explicitly supports international payments to contractors, suppliers and vendors. Wise Business supports international business payments and can be used to pay invoices and other overseas business costs.
Sources:
- https://www.sbf.org.sg/docs/default-source/advocacy-policy/sbf-smeii-report-2025_26-feb-final-1.pdf?Status=Master&sfvrsn=c215e3e4_1
- https://www.reuters.com/world/asia-pacific/fintech-airwallex-secures-320-million-new-funding-round-11-billion-valuation-2026-06-26/
- https://www.reuters.com/business/finance/wise-set-make-nasdaq-debut-company-completes-shift-london-new-york-2026-05-11/
- https://eservices.mas.gov.sg/fid/institution/detail/230232-AIRWALLEX-SINGAPORE-PTE-LTD
- https://eservices.mas.gov.sg/fid/institution/detail/200786-TRANSFERWISE-SINGAPORE-PTE-LTD
- https://www.airwallex.com/en-sg
- https://wise.com/
