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.
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.
Airwallex vs Revolut
| Features | Airwallex | Revolut |
|---|---|---|
| Business Account | Available globally | Available in Europe, US, Australia, and Singapore |
| Personal Account | Not available | Available worldwide |
| Global Money Transfer | Supports 130+ currencies | Supports 30+ currencies |
| Multi-Currency Account | Supports 20+ currencies | Supports 28 currencies |
| FX Rates | Interbank rates with a small markup | Interbank rates with a small markup during weekdays |
| Card Services | Provides both virtual and physical business cards | Provides both virtual and physical cards for personal and business use |
| Expense Management | Advanced expense management tools | Advanced expense management tools |
| API Integration | Comprehensive API suite | Comprehensive API suite |
| Payment Gateway | Available with global reach | Not available |
| Subscription Management | Available for managing recurring payments | Not available |
| Risk Management | Risk assessment tools available | Basic risk management tools available |
| Mobile App | Available on iOS and Android | Available on iOS and Android |
| 24/7 Customer Support | Available via chat and email | Available via chat and email |
| Direct Debit | Not available | Available in selected regions |
| Cryptocurrency Support | Not available | Available with support for popular cryptocurrencies |
| Loans | Not available | Available subject to terms and eligibility |
| Insurance Services | Not available | Available including device and travel insurance |
| Interest on Account | Not available | Available on certain account types |
| Budgeting Tools | Basic budgeting tools available | Advanced budgeting tools with analytics |
| Cashback Offers | Not available | Available on certain card purchases |
 | 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
Airwallex is primarily designed for businesses. Revolut, however, offers both personal and business banking.
Both platforms claim to offer interbank FX rates, but actual rates may vary based on market volatility.
Both companies are authorised and regulated by financial authorities in their respective countries (Australia and UK), adding a layer of security.
Yes, both Airwallex and Revolut offer physical as well as virtual cards.
Both platforms provide robust APIs for seamless integration with your existing systems.
As of now, only Revolut supports cryptocurrency transactions.
Revolut offers loan and insurance services. However, these are subject to eligibility and terms. Airwallex does not offer these services.