An overview of Airwallex in Canada

Airwallex is a global financial technology company for cross-border payments and currency exchange services. It has established itself as one of the most popular solutions for companies expanding their operations beyond borders.

With its presence in Canada, Airwallex offers a convenient way for Canadian businesses to make international payments quickly and securely. In this article, we’ll take a look at how Airwallex works in Canada and compare it to similar services like Wise.

Table of Contents
What does Airwallex do in Canada? Airwallex Fees Wise - your international money transfer alternative Bottom line

What does Airwallex do in Canada?

Airwallex has quite a few crucial features Canadians should know about.

Multi-currency Accounts

This feature allows businesses to hold funds in different currencies, making it easier for them to pay their foreign suppliers and customers without worrying about exchange rate fluctuations.

Cards

Airwallex also offers virtual as well as physical cards to businesses, allowing them to make payments anywhere in the world. The cards are linked to their Airwallex account and can be used for online purchases or ATM withdrawals.

International Transfers

Airwallex enables businesses to send payments anywhere in the world with just a few clicks. The transfers are usually completed within one business day and there are no hidden fees or markups on exchange rates.

Software Integrations

Airwallex has partnered with some of the leading ecommerce software providers, allowing businesses to integrate their existing systems with Airwallex easily. This allows them to automate their payments and streamline their operations.

What are the fees for using Airwallex in Canada?

Here’s a quick look at the features Airwallex offers and how much they cost:

Foreign and Domestic Currency accounts	Free¹
Multi-Currency Wallet	Free¹
Local Transfer Methods	Free¹
SWIFT Transfer Methods	20-35 CAD¹
Markup rate (Top 11 Currencies, Including CAD)	0.5%¹
Markup rate (All Other Currencies)	1.0%¹
Software Integrations	Free¹
Setup and Maintenance	Free¹

Meet Wise - your international money transfer alternative

Wise, formerly known as Transferwise, is a money transfer service that allows you to send money abroad with low fees and a mid-market exchange rate that’s always up-to-date and accurate.

What’s more, Wise offers the following benefits for businesses in Canada:

• Batch payments for up to 1000 people.
• Free API Integration
• Easy integration with Quickbooks - Save time on manual admin!
• Easily withdraw money from Amazon, Stripe and other platforms and hold them in CAD, USD, GBP, EUR, AUD, NZD, SGD and more!

There are no hidden charges or any other costs associated with using these services - all of the charges are transparently stated upfront so there won't be any surprises when making transfers.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Bottom line

In conclusion, both Airwallex and Wise offer great money transfer solutions for Canadian businesses.

Airwallex is best suited for companies looking to make international payments quickly. At the same time, Wise is better suited for those who want the ability to send money abroad at competitive exchange rates and hold multiple currencies in various countries.

Ultimately, it depends on what features you are looking for when choosing a money transfer service. If you are looking to explore even further, you can read about more about Airwallex alternatives.

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Sources:

1. Airwallex Pricing

Sources last checked on: 28.07.2023