Airwallex VS Rapyd: Business Account Comparison [2024]

Airwallex Overview

Airwallex is a leading global fintech platform established in Melbourne, Australia, in 2015. They offer businesses cross-border payments and financial services through a proprietary network and APIs.

Airwallex was recognised as one of the World's Top Fintech Companies in 2023. With over 1,200 employees in 19 locations worldwide, they have served over 100,000 business customers globally.

• Eligible countries: 52 countries and regions, including Hong Kong, the UK, Singapore, the US, Australia, and others.
• Eligible company type: Most business entity types are eligible. 
• Licences: The company holds various licenses, such as a Money Service Operator license in Hong Kong, a Major Payment Institution license in Singapore, and an Electronic Money Institution license in the UK, among others. 
• Partner banks: Standard Chartered, JP Morgan, Barclays and more. 

🔍 Tip: Explore the full list of Airwallex requirements in these key things to know before opening an Airwallex account.

Rapyd Overview

Established in 2015, Rapyd is a global payments platform specialising in payment API integration for various applications. Additionally, they offer virtual business accounts facilitating local and international payments across multiple regions.

Rapyd has been listed as one of the Top 100 Cross-Border Payment Companies for 2023 by FXC Intelligence.

The company, headquartered in London, UK, operates multiple offices worldwide, including in Dubai, San Francisco, Miami, Singapore, and more.

• Eligible countries: Vary based on products. For instance, Rapyd Collect, Rapyd Disburse, and Rapyd Issuing are available globally. However, the Rapyd Business Account (a bundle of Rapyd Collect, Rapyd Disburse, Rapyd Virtual Accounts, and Rapyd Card Issuing) is available only in Hong Kong (excluding Rapyd Card Acquiring) and the UK (excluding Rapyd Disburse). 
• Eligible company type: Any entities meeting risk conditions and operating permitted businesses in non-sanctioned countries. High-risk or prohibited industries may not be supported.
• Licences: Rapyd holds licenses in jurisdictions of operation, including a Major Payment Institution license from the Monetary Authority of Singapore (MAS), an e-money license from the Financial Conduct Authority (FCA) in the UK, registration with the Financial Crimes Enforcement Network (FinCEN) in the US, and more.
• Partner banks: Rapyd hasn't listed their global bank partners, but they collaborate with OCBC Bank for some services in Singapore.

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Business Account Features 

Airwallex VS Rapyd Features Rating

Airwallex’s Feature Rating Is 4.5/5

Airwallex earns high marks for extensive integration with popular ecommerce platforms, marketplaces, and accounting software. Moreover, the forward and spot FX features provide significant advantages to international businesses. 

However, while they offer a solid range of supported currencies, they slightly lag behind Rapyd. 

Rapyd’s Feature Rating Is 4/5

Rapyd surpasses Airwallex in currency support for both receiving and sending payments. Additionally, their focus on industry-specific solutions provides unique value.

However, Rapyd offers a narrower range of marketplaces and accounting software integrations than Airwallex. Additionally, the lack of extensive information about business account features and FX services poses a drawback.

Business Account Fees

Rapyd provides pricing plans specific to regions such as Asia Pacific, the Americas, Europe, the United Kingdom, Iceland, Africa, and the Middle East.

Please note that the pricing in the table below is for reference purposes only and applies to Rapyd Business Account Hong Kong customers.

Rapyd recommends getting in touch with them directly for precise pricing details relating to business accounts in certain regions.

*The subscription fee of USD 99 per month covers a bundle of services, encompassing Rapyd Virtual Accounts, Rapyd Collect, Rapyd Disburse, and Rapyd Card Issuing. This package is commonly known as the "Rapyd Business Account". Please note that we cannot find information regarding Rapyd's virtual account fee as a stand-alone. 

Airwallex VS Rapyd Account Fee Rating

Airwallex’s Account Fee Rating is 4/5

Airwallex offers an attractive fee structure with no account opening fee, no monthly fee, and fee-free local payments. The fees for sending international payments are comparable to Rapyd's reference fees.

Although the variable fee for receiving local payments is affordable, it may be higher than Rapyd FPS, which is free. Lastly, the lack of information on international receiving fees could be a downside.

Rapyd’s Account Fee Rating is 3/5

Rapyd offers a notable benefit with its free FPS payment feature, which, although common among providers, is not universally offered.

However, the USD 99 monthly fee could be a significant overhead. While this fee includes a bundle of services, businesses must weigh whether it’s valuable for their operation in relation to the cost. The additional percentage charges for transfers involving currency conversion may also introduce layers of potentially unpredictable costs.

Compared to Airwallex, Rapyd's fee structure appears less transparent, as comprehensive pricing details are only available upon contacting sales. This lack of transparency limited our ability to fully assess the platform.

Card Features and Fees

Rapyd offers pricing plans tailored to regions and card features. Please be aware that the pricing listed in the table below is for reference purposes and only applies to Rapyd Business Account customers in Hong Kong. 

*This fee-free card is offered explicitly to customers holding a Rapyd Business Account, a bundled service with card issuance included. In this case, there is no monthly fee for the card, but there is a monthly fee for the Rapyd Business Account, which is USD 99. 

The fee covers not only the card but also a virtual account, disbursement, and collection services. Please note that we cannot find information about card fees as a standalone product. You may need to reach out to Rapyd for that.

Airwallex VS Rapyd Card Rating 

Airwallex’s Card Rating is 4.5/5

Airwallex offers two cards with multi-currency capability for enhanced management. They also provide transparency regarding card currency options and the flexibility to customise and negotiate spending limits.

However, the lack of ATM withdrawal capability limited its flexibility.. Nevertheless, it may not have a significant impact on online-based businesses.

Rapyd’s Card Rating is 3.5/5

Rapyd's offering emphasises customisation, with both virtual and physical card options and the unique feature of allowing businesses to design their own pre-funded branded card and customise limits and benefits. The option for ATM withdrawals also adds convenience. 

However, the lack of detailed information on the full scope of costs and features proved to be a challenge. Moreover, while access to the card service is free, it requires purchasing a bundle of services priced at USD 99 per month, which can be substantial.

Customer Support

Airwallex VS Rapyd Customer Support Rating 

Airwallex’s Customer Support Rating is 3/5

Airwallex provides basic support channels such as a help centre, contact form, and phone support. However, they lack live chat and direct email, which competitors commonly offer in the market. The support hours for phone calls are transparent but limited to business hours in specific regions. 

Because of these reasons, we rated Airwallex's customer support score slightly lower than Rapyd's.

Rapyd’s Customer Support Rating is 3.5/5

Rapyd also offers basic support channels, including a support portal, contact form, and phone support. Similar to Airwallex, Rapyd also does not offer live chat and email support, which are common support options in the industry.

The extended technical support call hours give it a slight advantage over Airwallex.

Alternative Business Account Option: Statrys

If you are operating a business or are considering expanding into Hong Kong, Singapore, or the BVI, Statrys is a good alternative multicurrency business account solution.

Founded in 2019, Statrys is based in Hong Kong and offers various financial services specifically designed for entrepreneurs and SMEs. These services include multi-currency business accounts, international payment solutions, payment cards, FX services, and personalised customer support.

Below is a summary of Statrys' offerings:

Statrys Services