Updated September 28, 2026 · SumCue Editorial Team
Airwallex vs Up Bank
Airwallex
Higher score in this comparison
Up Bank
Where Airwallex and Up Bank differ
| Compare | AirwallexReviewVisitVisit | Up BankReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | £0 | A$0 |
| Currency conversion fee | 0.5% | 0%Lower |
| Card network | Visa | Mastercard |
| Free ATM withdrawals | Not confirmed | A$0 |
| Cashback rate | 2% | Not confirmed |
| Currencies | 20 | Not confirmed |
Same on both: Card type (Debit).
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Key differences
- Airwallex scores higher overall: 9.0 vs 8.9.
- Founded is lower at Airwallex: 2015 vs 2018.
- Airwallex is licensed in 1 more country.
- Airwallex is available in 16 more countries.
- Currency conversion fee is lower at Up Bank: 0% vs 0.5%.
- Support channels: only Up Bank offers Email.
- Features: only Airwallex offers Multi currency.
Our verdict on each
Airwallex
Airwallex suits businesses that collect and pay in several currencies and want a card on the same balance. The account is a easy access one with a monthly fee of £0, and spare cash earns 2.18% to 3.83% while a debit card handles day to day spend.
Up Bank
Up Bank suits you if you want a no-cost everyday account in Australia that pays a variable rate and charges nothing on spending abroad. Monthly fee of AUD 0, currency conversion fee of 0% and no minimum deposit of AUD 0 keep the running costs low.
Score breakdown
| Area | Airwallex | Up Bank |
|---|---|---|
| Cost | 9.2A monthly fee of £0 leads the field, but the conversion fee of 0.5% sits well above Wise. | 9.4HigherMonthly fee of AUD 0 and currency conversion fee of 0% both sit at the top of the fee rankings. |
| Offer | 9.4HigherCovers 20 currencies with a yield rate of 2.18% to 3.83% and help centre, phone and chat support. | 9.2 |
| Trust | 8.5Higher | 8.3 |
How they place
| Ranking | Airwallex | Up Bank |
|---|---|---|
| Savings | 8 of 1492 | 590 of 1492 |
| Savings accounts | 5 of 658 | 392 of 658 |
| Credit and debit cards | 6 of 1594 | 640 of 1594 |
| Debit cards | 4 of 826 | 401 of 826 |
Every fact side by side
| Fact | Airwallex | Up Bank |
|---|---|---|
| Features | Multi currency, Virtual card, TravelCovers more | Travel, Virtual card |
| Audience | Business | Not confirmed |
| Legal entity | Airwallex (Singapore) Pte. Ltd. | Bendigo and Adelaide Bank Limited |
| Headquarters | Singapore | Australia |
| Founded | 2015Lower | 2018 |
| Support channels | Help centre, Phone, Chat | Email, Chat, Phone, Help centreCovers more |
Savings
| Fact | Airwallex | Up Bank |
|---|---|---|
| Headline rate | 2.18% to 3.83% | Not confirmed |
| Rate type | Variable | Variable |
| Minimum deposit | HK$0 | A$0 |
| Deposit protection | FSCS up to GBP 85,000 | Not confirmed |
| Pricing model | Not confirmed | No monthly fee |
| Access terms | Airwallex Yield: no lock-up, no minimum balance, daily returns, funds settle to and from Yield balances within 2 business days | On-demand easy access via the Up app; interest activates after 5 eligible card purchases in a month, no deposit required |
| Account kind | Easy access | Easy access |
Where each stands against the rest
| Fact | Airwallex | Up Bank | Median |
|---|---|---|---|
| Currency conversion fee | 0.5%below the median | 0%below the median | 1% |
| Cashback rate | 2%at the median | Not confirmed | 2% |
| Currencies | 20above the median | Not confirmed | 8 |
Median across 336 listed providers.
Pros and cons
Airwallex
Pros
- A monthly fee of £0 on the business account, with a conversion fee of 0.5% on currency changes.
- The yield balance is easy access, takes a minimum deposit of HKD 0 and pays 2.18% to 3.83% on a variable rate.
- A debit card on the visa network, plus virtual cards, with access to 20 currencies.
Cons
- The conversion fee of 0.5% is well above Wise at 0.1%, which puts Airwallex at 116 of 258 on that measure.
- The account is for business users, so personal savers have no product to open.
- Money settles to and from the yield balance within a short settlement window, which can hold up a same-day supplier payment.
Up Bank
Pros
- Monthly fee of AUD 0 and a no-monthly-fee model, so the account costs nothing to hold
- Currency conversion fee of 0%, with travel features such as a virtual card for spending overseas
- Minimum deposit of AUD 0 and a variable rate, so money can move in and out as you need it
Cons
- Free ATM withdrawals are AUD 0, so cash withdrawals are not covered by the free allowance
- Interest only activates after you make a set number of eligible card purchases in a month
- It is built for Australia, with a head office in Australia, so it does not suit readers banking in the UK or Europe
Who each suits
Airwallex
Who it suits
- Companies paid in several currencies, since the account holds 20.
- Firms that want a debit card and virtual cards for staff spending and subscriptions.
- Businesses parking spare cash in a easy access yield balance paying 2.18% to 3.83%.
Who should look elsewhere
- Anyone whose main spend is currency conversion, because Wise charges 0.1% against 0.5% here.
- Personal savers, since the account is for business use and bunq offers a personal plan at €0 a month.
- Borrowers rather than spenders, since Varo Believe Secured Credit Card is a credit card with a monthly fee of $0.
Up Bank
Who it suits
- You live in Australia and want a debit card account with no monthly charge
- You travel or hold foreign currency and dislike conversion fees
- You want easy access with a variable rate and no minimum deposit
Who should look elsewhere
- You want free cash withdrawals, since free ATM withdrawals are AUD 0 and cash carries a charge
- You are based in the UK or Europe, since this account is built for AU and is not aimed at overseas customers
- You want a fixed term deposit, because the rate type is variable rather than a locked term
Country by country
| Country | Airwallex | Up Bank |
|---|---|---|
| Canada | Yes | No |
| China | Yes | No |
| France | Yes | No |
| Germany | Yes | No |
| Hong Kong | Yes | No |
| Israel | Yes | No |
| Japan | Yes | No |
| Malaysia | Yes | No |
8 of 17 countries where either is available.
Questions about each
Airwallex
What does it cost to keep an Airwallex account?+
The business account carries a monthly fee of £0. Converting money costs 0.5%, which is the main charge to watch, and card spending earns cashback of 2%. The yield balance takes a minimum deposit of HKD 0.
Is my money protected?+
Deposit protection is FSCS up to GBP 85,000. The group also appears on the registers of the Monetary Authority of Singapore and De Nederlandsche Bank, and the legal entity named in the records is Airwallex (Singapore) Pte. Ltd..
Up Bank
What does Up Bank cost to hold?+
The monthly fee is AUD 0 and the account runs on a no-monthly-fee model, so there is nothing to pay each month to keep it open. The minimum deposit is also AUD 0, so you can open it without tying up money.
Does Up Bank charge for spending overseas?+
The currency conversion fee is 0%, so card spending abroad carries no conversion charge. Travel features include a virtual card, which is handy if you would rather not carry your main card abroad. The card is a debit card on the mastercard network.
Other options to compare
Other matchups
Airwallex
Up Bank