WorldFirst vs AirWallex Account Comparison
Last updated : 31 July 2024
We compare WorldFirst and Airwallex to get a sense of their features, fees, strengths and how they stack up against each other.
Key takeaways
- A World Account gives you access to 15+ local currency accounts to receive and hold funds
- WorldFirst lets you pay suppliers, business invoices, staff and tax authorities in 40+ currencies across 130 countries and regions
- Airwallex allows businesses to accept 160+ payment methods, each with its own pricing structure
- While Airwallex provides businesses with more ways to collect payments, WorldFirst focuses on simplifying international transactions
Introduction
Running a successful online business in Australia requires a fast and secure payment provider to collect customer payments from global marketplaces and send funds to suppliers overseas.
WorldFirst and Airwallex both offer global multi-currency accounts, allowing businesses to make secure transactions in major currencies. But which one can simplify cross-border transactions while protecting your business’s profit margins?
Let’s compare the World Account with the Airwallex account so you can choose the best business bank account.
Table of Contents
What is WorldFirst?
A part of Ant Group, WorldFirst is an international payment provider that helps businesses expand into more countries and reach more customers by providing local currency accounts.
A World Account gives you access to 15+ local currency accounts, including USD, GBP, EUR, JPY, CNH, HKD, AUD, SGD, CAD, NZD and MXN, with no overseas address needed.
You can send money to suppliers or pay invoices, staff and tax authorities in 40+ currencies. Currency conversion rates are competitive and accounts are free to set up.
WorldFirst offers other services and tools beyond international money transfers, to make global business easier. You can reduce currency conversion risks through a locked-in rate and sync your payments to Xero or NetSuite for automated accounting and reconciling.
What is Airwallex?
Airwallex provides an integrated platform for foreign exchange, and cross-border payments. You can open 22 currency accounts and accept payments from customers.
Airwallex allows businesses to accept customer payments through sharable payment links and other payment methods like credit cards and Apple Pay [2]. It also integrates with e-commerce platforms through APIs. However, using these APIs requires developer support.
WorldFirst vs Airwallex: Fees and exchange rates
Registering
| WorldFirst | Airwallex [1] | |
|---|---|---|
| Monthly fee | Free | Free |
| Multi-currency account | Free | Free |
Receiving Payments
| WorldFirst | Airwallex [1] | |
|---|---|---|
| Receive funds | Free | Direct debit funds are free. Payments received through local payment methods are charged at AUD 0.30+ payment method fee** |
| Hold funds in multiple currencies | Free | Free |
Sending Money
| WorldFirst | Airwallex [1] | |
|---|---|---|
| Users in the same network | Free and instant to other World Account users | Instant, but with a fee |
| Sending payments to other accounts | [Fixed transaction fee] + up to 0.6% currency conversion fee(competitive FX rates for all major currencies) | Free for local transfer methods. For SWIFT transfers, a fixed fee of AUD 10 - 30 applies. Currency conversion rates also apply:
|
| International 1688 buyers | Up to 0.8% | Not supported |
*Fees as checked at the time of writing this blog in May 2024
**Note: Airwallex has a separate pricing structure for different payment methods through payment links and plugins.
WorldFirst vs Airwallex: Feature comparison
Marketplace and payment gateway integration
With a World Account, online sellers can collect payments from 100+ global marketplaces and payment gateways, including Amazon, eBay, and Stripe.
To receive payments, add your local currency account details to your marketplace seller account or payment gateway account.
If a marketplace requires proof of account ownership when you want to change the bank account details linked to your seller account, it’s easy to download an account verification letter straight from your dashboard.
Airwallex, on the other hand, allows businesses to accept 160+ local payment methods, including card transactions. You can generate shareable payment links for each customer and even integrate Airwallex with major e-commerce platforms [2].
Account-to-account transfers
Payments between World Accounts in the same currency are free and instant, with no transaction fees. For transfers involving currency exchange, a maximum 0.6% currency conversion fee is applicable.
Transferring from one Airwallex account to another is possible [4].
Integration with accounting tools
You can connect your World Account to Xero or NetSuite to automatically reconcile transactions in 15+ currencies, including EUR, USD and AUD, reducing admin and manual data entry.
Airwallex allows integration with Xero, NetSuite and Quickbooks.
Security
WorldFirst Pty Ltd is an Australian company regulated by the Australian Securities and Investments Commission (ASIC) and registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Airwallex Pty Ltd and Airwallex Capital are licensed by the Australian Securities and Investments Commission (ASIC) [3]. Both are also registered with the Australian Transactions Report & Analysis Centre (AUSTRAC) [5].
Customer support
WorldFirst has a dedicated Australia-based support team that is contactable via email, phone and live chat during office hours.
Airwallex has a Melbourne office but phone support is only in the US, Canada or China. That means, getting real-time support from Airwallex may require contacting them outside of your working hours due to the time zone difference.
WorldFirst vs Airwallex: What are the customers saying?
WorldFirst
WorldFirst has a score of 4.7 out of 5 on Trustpilot. Reviewers commonly mention customer service as a reason for their score.
“We have been using WorldFirst for our cosmetics import business for over a year. The online system is intuitive, safe and easy to use. The personal agent assigned to us is fantastic, friendly and knowledgeable. We have referred WorldFirst to at least two trading partners and they have been on it since then.” – Manon Shaun, Trustpilot
Airwallex
Airwallex has a score of 3.7 out of 5 on Trustpilot. Reviewers commonly mention card features as a reason for their score.
“To me, the only downside is the only way to communicate is via email. So communication can be slow and clunky.
Otherwise, they have saved my bacon, and been fantastic. Their customer support is solid as well, just wish they were more readily contactable.”- Clay, Trustpilot
→ Take a look at our in-depth guide about the the best foreign currency accounts in Australia
Which is better for global businesses?
With a World Account, you can open 15+ local currency accounts with transparent and competitive pricing to protect your business’s profit margins.
Collect payments from 100+ marketplaces and payment gateways, then hold those funds to pay overseas suppliers or withdraw to your bank account when exchange rates are in your favour.
- Open 15+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Take control of spending with the World Card, a business expense card that saves you more with 1% cashback. Learn more
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Sources
- https://www.airwallex.com/au/pricing#Transfers-&-FX
- https://www.airwallex.com/us/core-api/payouts
- https://help.airwallex.com/hc/en-gb/articles/4404265644185-How-does-Airwallex-keep-my-money-safe#h_01GXWJ0FZNPFSVGE7Y22BXA6T4
- https://www.airwallex.com/hk/blog/how-wholesalers-expedite-international-money-transfer-securely
- https://help.airwallex.com/hc/en-gb/articles/900001757106-How-is-Airwallex-licensed-and-regulated
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
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