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An overview of Airwallex vs Payoneer
Airwallex is our winner when comparing it with Payoneer. The company offers a well rounded platform which includes 12 local currency accounts. You can also customise expense management workflow.
The total cost of sending money through Airwallex starts from 0.5%, compared to around 2% with Payoneer.
Payoneer is better suited to freelancers. It has the ability to attach Payoneer as a payment method to platforms like Fiverr.
Payoneer is best for… | Airwallex is best for… |
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Features | Payoneer | Airwallex |
|---|---|---|
Monthly Fee | None ($29.99 annual fee for unused accounts) | $0 |
Exchange rate | 2% | From 0.5% |
Transfer fees | Up to 3% for international payments, $1.50 for USD to USD payments | $0 (from $10 for SWIFT) |
Multi-currency account | Supports 9 local accounts, 190 countries and 70 currencies | 12 local accounts |
Batch payments | ✅ Up to 1,000 per transaction | ✅ Up to 1,000 |
Expense management and tracking | ✅ | ✅ |
Pay invoices | ✅ | ✅ |
Receive Payments | ✅ | ✅ |
Marketplace integration | ✅ Amazon, Upwork, Etsy + more | ✅ |
API options | ✅ Automated payments, regular payments | ✅ |
Manage Payroll | ✅ | ✅ |
ATM Access | ✅ | ❌ |
Forward Contracts | ❌ | ❌ |
Customer feedback
We analysed how Airwallex and Payoneer perform online, and how this has changed over time.
Both companies received quite 'middle of the road' averages for customer feedback.
The biggest issues customers have with both is access to support, and lack of clarity in the sign up process. For digital first providers, this isn't uncommon.
It could be that opting for an account managed service is better if you think hands-on support is needed.
With brokers you are unlikely to access features like multi-currency accounts. Account managed services tend to be currency brokers dealing in large, specific, transfers.
Our scoring
For every comparison on our site, we look at some key features that give us an idea of who the overall best option.
To compare Payoneer and Airwallex we analysed product offering, cost, speed and regulation. We believe this will aid you in making an informed decision on which company to use.
Product offering
Payoneer's product offering is available to freelancers and one-person businesses, whereas Airwallex isn't
Payoneer offers a UAE dirham local account, which is difficult to find in the market
Airwallex has the most local accounts. This includes a NZD and IDR account which you can not get with Payoneer
Payoneer offers 8 multi-currency accounts and Airwallex offers 12.
Airwallex actually offers more access to local accounts than any other option. Although Sokin do offer around 40 IBAN accounts. These are slightly different in that won’t get an account number, just an IBAN.
Airwallex and Payoneer cover a lot of the core markets you would expect to see. Payoneer’s local UAE dirham account is a nice stand out, which you will not get with Airwallex.
Currency | Payoneer | Airwallex |
|---|---|---|
British Pound | UK sort code, account number, and IBAN | Account number, IBAN, Sort code |
Euro | IBAN account | IBAN, SWIFT Code |
US Dollar | Routing number and account number | Account number, ACH routing number, Fedwire routing number, SWIFT code |
Australian Dollar | BSB code and account number | Account number, BSB code |
New Zealand Dollar | Not available | Account number, Bank code, Branch code |
Singapore Dollar | IBAN account | Account number, Bank Code, Swift Code |
Canadian Dollar | Institution number / Transit number / Account number | Account number, Transit number, Bank number |
Japanese Yen | IBAN account | Account number, Bank code |
Hong Kong Dollar | Routing number and account number | Account number, Bank code, SWIFT code |
UAE Dirham | Bank name, IBAN | Not available |
Indonesia | Not available | Account number |
Polish Zloty | Not available | Account number, SWIFT code, IBAN |
Denmark* | Not available | Account number, SWIFT code, IBAN |
*Denmark also offers the same access (in Denmark) to the following currencies: CZK, CHF, GBP, HUF, MXN, NOK, PLN, RON, SEK, ZAR.
Compare Business Multi-Currency Business Accounts
Selecting a multi-currency account for business can feel a little tricky with different options, local accounts and features. We've broken down the top accounts across the industry at the moment.
Supported currencies.
Airwallex supports payments in around 130 currencies, similar to Payoneer. There’s not a huge amount of difference between them to note.
The biggest difference really is in the cost. Total cost for sending money on Airwallex starts from around 0.5%. With Payoneer it is likely you will pay around 2% minimum, but up to 5% in some cases.
For businesses in need of local accounts to send money, Airwallex is the better option. For freelancers, who are working in multiple platforms, Payoneer is recommended.
We have only included currencies where at least one of Airwallex or Payoneer offers it.
Africa
Europe
North America
South America
Asia
Oceania
Cards
Payoneer and Airwallex offer cards, both virtual and physical.
The big difference between the card access is in ATM access. Airwallex does not offer ATM access.
Also as of November 2023, card conversion with Airwallex is 1%, this has recently increased from 0.5%. It’s still significantly cheaper than the 3.5% you would pay with Payoneer.
There’s also a charge of $5 per active employee with a card with Airwallex. This is a cost that can start to stack up if the account is used by multiple teams.
Overall, Airwallex is the best option for card use, despite the cost per employee. This is likely to be far outweighed by the lower conversion rate.
Also, with Airwallex you can set custom workflows for expense management. So there can be a company wide, departmental and individual route to expenses. Each can then simply see what they need to. If hooked up to accounting software, this will already be tagged once it enters.
Cards | Payoneer | Airwallex |
|---|---|---|
Offered | Yes | Yes |
Monthly fee | $0 | $5 per active cardholder per month |
Annual fee | $29.99 | $0 |
Initial card fee | $0 | $0 |
Additional card fee | $0 | $0 |
Replacement card fee | $12.95 | $0 |
Spending (no conversion) | No cost | No cost |
Spending (with conversion) | Up to 3.5% | From 1% |
Spending limits (daily) | $200,000 daily | $5 million |
ATM fees | $3.15 / €2.50 / £1.95 | No access |
Expense management | Yes, sync different cards to specific people | Yes, sync different cards to specific people |
Restrictions | Cards only issued in USD, CAD, EUR and GBP |
Interest rates
Neither company currently offers interest on balances.
At the time of writing, only Wise Business, Revolut Business and Sokin offer interest on balances.
Currency | Payoneer | Airwallex |
|---|---|---|
USD | 0% | 0% |
EUR | 0% | 0% |
GBP | 0% | 0% |
Batch payments
As standard, most business multi-currency transfer providers have a batch payment offering of up to 1,000 providers. Airwallex and Payoneer do this.
If you need more than 1,000 recipients per batch, Sokin offers up to 5,000 recipients.
Payoneer | Airwallex | |
|---|---|---|
Batch payment limit | 1,000 | 1,000 |
Integrations
One of the key features of using Payoneer is the ability to use it as a payment and withdrawal method on a number of different platforms.
The accounting and marketplace support from Airwallex is also very good. Payoneer just offers a little bit of edge on convenience.
Type | Payoneer | Airwallex |
|---|---|---|
Accounting | Xero, QuickBooks | Xero, QuickBooks, Asperato, ApprovalMax, Odoo, Sage |
Website management | N/A | NetSuite, WooCommerce |
Marketplace | Aamzon, Etsy, Ebay, Fiverr, Upwork and More | Amazon, Lazada, Magento, Shopee, Shopify, Shoplazza, Fnac |
APIs
Both providers offer access to API use. These work in slightly different ways.
Payoneer is also considered a payment method, so is by companies like eToro as a way to purchase things on their platform.
Airwallex can then be used to also provide white labelled products to customers. Such as your own multi-currency offering.
Both offer the capability to send and receive money, and automated payment schedules.
Aspect | Payoneer | Airwallex |
|---|---|---|
API Overview | Payoneer provides APIs for mass payouts, enabling businesses to send payments to recipients globally. Their APIs facilitate automation of payment workflows and integration with existing systems. | Airwallex offers a comprehensive suite of financial APIs that allow businesses to integrate payments, foreign exchange, card issuance, and account management into their applications and systems. |
Payment Capabilities | Mass Payouts API: Send payments to multiple recipients worldwide. Payment Methods: Bank transfers, prepaid cards, e-wallets. Currencies Supported: Over 150 currencies. Batch Payments: Supports batch processing of payments. | Payments API: Initiate and manage domestic and international payments. Payment Methods: Bank transfers, alternative payment methods. Currencies Supported: Over 130 currencies. Batch Payments: Supports batch and scheduled payments. |
Foreign Exchange (FX) | FX Services: Offers competitive exchange rates during payouts. Currency Conversion: Automated currency conversions during transactions. FX Margin: Rates may include a margin. No Dedicated FX API: FX rates not exposed via a separate API. | FX API: Access real-time FX rates. Currency Conversion: Execute conversions programmatically. Rate Locking: Lock in FX rates for future transactions. Currencies Supported: Supports over 130 currencies. |
Account Management | Accounts API: Manage recipient account details. Balance Retrieval: View account balances and transaction histories. Multi-Currency Support: Handle multiple currencies for payouts. | Accounts API: Open and manage multi-currency business accounts. Balance Retrieval: Retrieve account balances and transaction histories. Statements: Generate account statements programmatically. |
Card Issuing | Not Available via API: Offers prepaid MasterCard cards for recipients, but card issuance and management are not exposed through APIs. | Cards API: Issue and manage virtual and physical payment cards. Controls: Set spending controls and limits. Monitoring: Monitor card transactions in real-time. |
Payment Acceptance | Not a Core API Offering: Focuses on outbound payments to recipients rather than payment acceptance from customers. | Payment Acceptance API: Accept payments from customers globally. Payment Methods: Supports various methods (cards, wallets, etc.). Reconciliation: Transaction reconciliation features. |
Webhooks & Notifications | Webhooks: Receive notifications on payment status updates, account changes, and other events. Event Types: Payment confirmations, failures, and more. | Webhooks: Receive real-time notifications for events like payments, FX conversions, account changes, and card transactions. Customization: Configurable event subscriptions. |
Authentication & Security | Authentication: Uses API keys and tokens for secure access. Security Measures: HTTPS encryption, compliance with global security standards, fraud detection mechanisms. Regulation: Licensed and regulated in multiple jurisdictions. | Authentication: API keys and token-based authentication. Security Measures: HTTPS encryption, OAuth 2.0 support, IP whitelisting. Compliance: PCI DSS compliance, regulated in multiple jurisdictions. |
Developer Resources | Documentation: Provides API documentation with integration guides. SDKs: Offers SDKs in multiple programming languages. Sandbox Environment: Available for testing integrations. Support: Developer support through email and forums. | Documentation: Detailed API docs with code examples. SDKs: Available in multiple programming languages. Sandbox Environment: Test environment with mock data. Support: Dedicated integration support and account managers. |
API Limitations | Regional Restrictions: Certain services may not be available in all countries. Rate Limits: Applicable per API endpoint. Error Handling: Provides standardized error codes and messages. | Regional Availability: Some services may be restricted based on jurisdiction. Rate Limits: Defined per API endpoint. Error Handling: Detailed error codes and messages with documentation. |
Supported Platforms | Integration: RESTful API endpoints. Data Formats: JSON payloads. Compatibility: Can integrate with various ERP and financial systems. Mobile SDKs: Limited support for mobile platforms. | Integration: RESTful API endpoints. Data Formats: JSON payloads. Compatibility: Works with major ERP and financial systems. Mobile SDKs: Offers SDKs for mobile app integration. |
Use Cases | Mass Payouts: Automate payments to freelancers, affiliates, and suppliers globally. Marketplace Payments: Facilitate payments for online marketplaces. Payroll: Streamline international payroll processes. | Global Payments: Automate supplier payments worldwide. FX Integration: Integrate real-time FX conversion into applications. Card Issuing: Issue employee expense cards. Payment Acceptance: Accept online payments from customers globally. |
API Versioning & Updates | Versioning: Uses versioned endpoints for backward compatibility. Updates: Provides release notes and updates through the developer portal. Deprecation Policy: Notifies users in advance of significant changes. | Versioning: Employs versioned APIs to ensure stability. Updates: Regular enhancements communicated via the developer portal. Deprecation Policy: Offers a structured deprecation schedule with prior notices. |
Fees and rates
Airwallex prices start from a lower point of 0.5% for an exchange rate
Prices for card spending are cheaper on Airwallex, 1% if conversion is need, compared to 3.5% on Payoneer
Payoneer is cheaper for holding cards. Airwallex charges $5 per employee with a card each month
On both, payments are easy enough to send. Be aware you could be leaving a lot of money within the 2% exchange rate and fees when using Payoneer.
Money transfer | Payoneer | Airwallex |
|---|---|---|
Exchange rate | 2% | From 0.5% |
Fees | Up to 3% for international payments | No fees |
For receiving money, you can do so into local accounts. Just having more accounts available on Airwallex makes this a little easier.
If you’re being paid from a user on Payoneer, you can do so as a P2P payment. Also, you can set Payoneer up on platforms like Fiverr to be paid directly into your Payoneer account.
Again, be aware that if you receive money from unsupported currencies you could pay significantly more than the 0.33% or 0.5% fees.
Receiving payments | Payoneer | Airwallex |
|---|---|---|
Into multi-currency account | $0 | $0 |
Into a supported currency | 1% | 0% |
Into a non-supported currency | 1% | From 0.5% |
Using the Airwallex to receive card payments is expensive: 2.80% + $0.30
Using the Payoneer payment gateway will cost you as well, 3% for each transaction (3.99% for credit cards).
Guaranteed rates and forward contracts
Neither Payoneer or Airwallex offer currency risk solutions.
Providers like Moneycorp or OFX Business are best for this.
Currency risk offering | Payoneer | Airwallex |
|---|---|---|
Forward contracts | Not offered | Not offered |
Limit orders | Not offered | Not offered |
Guaranteed rates | Not offered | Not offered |
Currency risk strategy | Not offered | Not offered |
This is because of the nature of both Payoneer and Airwallex being digital services.
Currency brokers will offer currency risk management but you will not get multi-currency accounts.
You may want to work with two providers if you need both.
Speeds
Transfer speeds between both are competitive
Payoneer gets downgraded slightly as speeds, or payments slowing down where they've been faster previously, is a negative point raised in recent reviews
Payment types | Payoneer | Airwallex |
|---|---|---|
Money transfers | 0-2 business days | 0-2 business days |
P2P payments | Instant | Not available |
Incoming payments | Instantly released (marketplaces and platforms may have their own timeframes) | Instantly released (marketplaces and platforms may have their own timeframes) |
Ease of Use
Both Payoneer and Airwallex have app and desktop access. For Airwallex it is a little easier to setup multiple user accounts with different access levels.
We’ve broken down the difference in app performance in particular between both accounts here.
App support
Apple App Store
Aspect | Payoneer | Airwallex |
|---|---|---|
Average Rating | 4.3 stars | 4.6 stars |
General Sentiment | Mixed to Positive | Generally Positive |
Common Positive Feedback | - Convenient for freelancers - Supports multiple currencies - Useful for global payments | - Good for business payments - Supports multiple currencies - Competitive exchange rates |
Common Negative Feedback | - Login issues - Delayed transactions - Slow customer service | - Limited features compared to web version - Some technical issues |
Google Play Store
Aspect | Payoneer | Airwallex |
|---|---|---|
Average Rating | 4.1 stars | 4.4 stars |
General Sentiment | Mixed to Positive | Generally Positive |
Common Positive Feedback | - Supports multiple currencies - Helpful for global payments | - Efficient for business payments - Good customer service |
Common Negative Feedback | - Account limitations - Slow customer support - Login problems | - Occasional app crashes - Limited functionality |
Customer service
Being digital first services, theres often negative comments on access to customer service.
You can contact both accounts for support. For the most part, when tested, we received responses within 24 hours from each.
Feature | Payoneer | Airwallex |
|---|---|---|
Dedicated account manager | Yes (available for high spend levels) | No |
Help center | Yes (24/7, multilingual) | Yes (24/7) |
Live chat | Yes (24/7, multilingual) | No |
Yes | Yes | |
Phone support | Yes | Yes |
Regulation
Airwallex has regulated in Hong Kong and Netherlands as well as other core markets
Payoneer as the USP of Indonesian regulation, likely due to the big freelance contingent in the country
Both Payoneer and Airwallex have regulation in different countries.
This creates a fair amount of protection for customers operating in different markets. This being said, there are missing markets such as Japan, Brazil and Indonesia. These are all covered by Wise Business.
Country/Region | Regulators | Payoneer | Airwallex |
|---|---|---|---|
Australia | ASIC, APRA, AUSTRAC | Yes | Yes |
Canada | FINTRAC, Revenu Québec | Yes | Yes |
China | People's Bank of China | Yes | Yes |
European Economic Area (EEA) | National Bank of Belgium, Estonian Financial Supervision Authority | Yes | Yes |
Hong Kong | Customs and Excise Department (CCE), Hong Kong Monetary Authority | No | Yes |
Indonesia | Bank Indonesia, Financial Services Authority (OJK) | Yes | No |
Lithuania | Bank of Lithuania | No | Yes |
Malaysia | Central Bank of Malaysia (Bank Negara) | Yes | Yes |
Netherlands | De Nederlandsche Bank (DNB) | No | Yes |
New Zealand | Financial Markets Authority | Yes | Yes |
Singapore | Monetary Authority of Singapore (MAS) | Yes | Yes |
Not keen on either?
If Airwallex and Payoneer aren't for you, we'd recommend checking out our other providers instead.
More comparisons
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