Airwallex vs Revolut for business banking

Updated on 7 August 2023

In today’s interconnected world, business banking has evolved significantly, with fintech companies like Airwallex vs Revolut leading the charge. Both offer unique digital banking solutions designed to streamline operations, reduce costs and enable global transactions.

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This article aims to compare these two prominent platforms, analysing their features, pros, cons, fee structures, and distinctive features. The goal is to provide a comprehensive understanding to help businesses select the solution that best fits their needs.

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Airwallex vs Revolut

FeaturesAirwallexRevolut
Business AccountAvailable globallyAvailable in Europe, US, Australia, and Singapore
Personal AccountNot availableAvailable worldwide
Global Money TransferSupports 130+ currenciesSupports 30+ currencies
Multi-Currency AccountSupports 20+ currenciesSupports 28 currencies
FX RatesInterbank rates with a small markupInterbank rates with a small markup during weekdays
Card ServicesProvides both virtual and physical business cardsProvides both virtual and physical cards for personal and business use
Expense ManagementAdvanced expense management toolsAdvanced expense management tools
API IntegrationComprehensive API suiteComprehensive API suite
Payment GatewayAvailable with global reachNot available
Subscription ManagementAvailable for managing recurring paymentsNot available
Risk ManagementRisk assessment tools availableBasic risk management tools available
Mobile AppAvailable on iOS and AndroidAvailable on iOS and Android
24/7 Customer SupportAvailable via chat and emailAvailable via chat and email
Direct DebitNot availableAvailable in selected regions
Cryptocurrency SupportNot availableAvailable with support for popular cryptocurrencies
LoansNot availableAvailable subject to terms and eligibility
Insurance ServicesNot availableAvailable including device and travel insurance
Interest on AccountNot availableAvailable on certain account types
Budgeting ToolsBasic budgeting tools availableAdvanced budgeting tools with analytics
Cashback OffersNot availableAvailable on certain card purchases
Airwallex vs Revolut

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up To 3.5% Cashback
Pricing Trial period Contact

ANNA Money
✓ Apply In 10 Minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
Pricing Trial period Contact

HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact

Airwallex

Airwallex is an Australian-based fintech company that provides an online platform for international money transfers and business banking. With its simplified financial solutions, it is aimed at businesses looking to transact globally with ease.

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Pros and cons

Pros

  • Competitive interbank exchange rates minimise foreign exchange costs.
  • A robust API for seamless integration with existing business systems.
  • Provides a global payment gateway to accept payments from customers worldwide.
  • Allows subscription management, enhancing customer relationship management.
  • Effective risk management tools.

Cons

  • It doesn’t offer personal banking, limiting its functionality for sole traders.
  • No loan, insurance, or interest offerings.
  • No direct debit facility, which might affect regular payments.
  • Absence of cryptocurrency support.

Fees and charges

Airwallex does not charge for account opening, monthly fees, or card issuance.

They profit from the small markup on the foreign exchange rates and certain transaction fees.

For detailed information, it is recommended to contact their customer support or check the latest on their website due to variable factors.

Unique and standout features

Airwallex shines in the realm of global transactions and business banking solutions.

Its standout feature is its global payment gateway that enables businesses to accept payments from anywhere in the world without a fuss.

It also offers an effective subscription management system which helps businesses to manage recurring billing and payments effortlessly.

Furthermore, Airwallex’s powerful API integrations facilitate businesses to smoothly integrate their existing systems with the platform, optimizing financial operations.

Revolut

Revolut, a UK-based fintech company, offers extensive digital banking services not only for businesses but also for individuals. Their platform supports global transactions, expense management, and more.

Pros and cons

Pros

  • Offers both business and personal accounts.
  • Supports cryptocurrency transactions.
  • Provides insurance and loan services.
  • Pays interest on account balances.
  • Provides cashback offers to users.

Cons

  • No payment gateway available for accepting global payments.
  • No subscription management system for handling recurring payments.
  • Loan and insurance offerings are subject to eligibility and terms.
  • Foreign exchange rates can vary and may not be as competitive as Airwallex during volatile market conditions.

Fees and charges

Revolut offers various plans, including free, and paid premium and enterprise options.

The charges vary depending on the plan chosen.

It’s advisable to check their website or contact their support for the most recent and detailed information.

Unique and standout features

Revolut stands apart by offering both personal and business banking services on the same platform.

Its support for cryptocurrency transactions makes it an attractive choice for crypto-savvy users.

Also, Revolut offers insurance services and loans, providing a more rounded banking experience.

Cashback offers and interests on account balance further incentivise customers.

Conclusion – Airwallex vs Revolut

In the faceoff between Airwallex vs Revolut, it’s evident that both platforms offer robust solutions tailored for modern businesses.

Airwallex excels in global transaction handling and business-specific solutions like payment gateways and subscription management.

On the other hand, Revolut provides a more diversified banking experience, with personal banking, loans, insurance, and cryptocurrency support.

The choice between Airwallex and Revolut ultimately comes down to your specific business needs and priorities.

Businesses focused on global transactions and seeking advanced business tools may prefer Airwallex.

Those desiring a more comprehensive banking platform may find Revolut more appealing.

FAQ

Can I use Airwallex or Revolut for personal banking?

Airwallex is primarily designed for businesses. Revolut, however, offers both personal and business banking.

Which platform offers better foreign exchange rates?

Both platforms claim to offer interbank FX rates, but actual rates may vary based on market volatility.

Is my money safe with Airwallex and Revolut?

Both companies are authorised and regulated by financial authorities in their respective countries (Australia and UK), adding a layer of security.

Do these platforms offer physical cards?

Yes, both Airwallex and Revolut offer physical as well as virtual cards.

Can I integrate these platforms with my business systems?

Both platforms provide robust APIs for seamless integration with your existing systems.

Which platform supports cryptocurrency transactions?

As of now, only Revolut supports cryptocurrency transactions.

Does Airwallex or Revolut offer loans and insurance services?

Revolut offers loan and insurance services. However, these are subject to eligibility and terms. Airwallex does not offer these services.

Reviewed by , Managing Director

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