Ebury vs. Wise & Airwallex: A Comparison for Australian Businesses

When Charlotte, the founder of a Brisbane-based sustainable fashion brand, first started importing organic cotton from India, she thought all international payment platforms were essentially the same. “I’ll just pick the one with the lowest fees,” she told herself, signing up with the first provider she found online.

Three months later, Charlotte’s margins were being eroded by hidden costs she never saw coming. Currency fluctuations were eating into her profits, her payments were being delayed due to compliance issues, and she had no one to turn to when her supplier payment got stuck in limbo over the weekend. Sound familiar?

Charlotte’s experience highlights a critical truth: choosing the right international payment and foreign exchange platform isn’t just about comparing headline rates—it’s about finding a partner that aligns with your business model, growth stage, and operational needs. For Australian businesses navigating the complex world of cross-border payments, three names consistently rise to the top: Ebury, Wise, and Airwallex.

This comprehensive comparison will cut through the marketing noise to help you understand which platform truly serves your business best. We’ll explore not just the obvious factors like fees and exchange rates, but the nuanced differences that can make or break your international operations.

The Australian Business Landscape: Why Your Choice Matters More Than Ever

Australian businesses are increasingly global by necessity. With domestic market limitations and the strong pull of international opportunities, companies from Melbourne startups to Perth mining suppliers are expanding their horizons. However, this expansion comes with unique challenges.

The Reserve Bank of Australia’s monetary policy decisions directly impact the Australian dollar’s strength, affecting everything from your import costs to your export competitiveness. When the RBA raises rates, as they did throughout 2022-2023, the AUD strengthens, making imports cheaper but exports less competitive. Conversely, rate cuts can weaken the dollar, benefiting exporters but hurting importers.

This volatility means your choice of foreign exchange provider isn’t just operational—it’s strategic. The right platform should offer tools to manage this currency risk while providing the operational efficiency to support your growth.

Meet the Contenders: Understanding Each Platform’s DNA

Ebury: The Santander-Backed Specialist

Ebury positions itself as the sophisticated choice for businesses that need more than basic foreign exchange services. Backed by Spanish banking giant Banco Santander since 2019, Ebury brings institutional-grade foreign exchange expertise to the mid-market business segment.

Think of Ebury as the relationship banker of the fintech world. They don’t just process your payments—they provide strategic guidance on currency markets, offer risk management tools, and assign dedicated relationship managers to businesses with significant volumes. This approach makes them particularly attractive to established businesses with complex international operations.

Wise: The Transparent Pioneer

Wise (formerly TransferWise) built its reputation on transparency and fairness. Their “no hidden fees” approach disrupted an industry notorious for opacity, and they’ve maintained this ethos as they’ve scaled globally.

Wise operates more like a digital utility—efficient, transparent, and designed for businesses that want straightforward, cost-effective international payments without the complexity of relationship management. They’re the platform of choice for businesses that prefer self-service solutions and clear, upfront pricing.

Airwallex: The All-in-One Challenger

Founded in Melbourne, Airwallex understands the Australian market intimately. They’ve positioned themselves as the comprehensive financial infrastructure for businesses, offering not just foreign exchange and payments, but also multi-currency accounts, expense management, and issuing services.

Airwallex targets growth-stage businesses that want to consolidate their financial operations on a single platform. They’re particularly strong in serving e-commerce businesses, marketplaces, and companies with complex payment flows.

Pricing Transparency: Where Your Money Really Goes

The Hidden Cost Iceberg

When comparing foreign exchange providers, most businesses make the mistake of focusing only on the exchange rate spread—the difference between the mid-market rate and the rate you receive. However, this is just the tip of the iceberg.

Consider Marcus, who runs a Sydney-based software consultancy. He regularly pays contractors in Eastern Europe and was initially attracted to a provider offering “0.5% spreads.” However, he didn’t account for the AU$25 transfer fees, the intermediary bank charges, and the fact that payments took three business days, during which the exchange rate could move against him.

Ebury’s Pricing Philosophy

Ebury operates on a relationship-based pricing model. Their spreads typically range from 0.4% to 0.8% depending on your volume and relationship depth. For businesses processing over AU$100,000 monthly, these spreads can decrease significantly through negotiation.

Wise’s Transparent Structure

Wise prides itself on transparency, showing you exactly what you’ll receive before you commit. Their fees typically range from 0.4% to 0.7% for major currency pairs, with additional fixed fees for certain payment methods.

Their batch payment feature is particularly valuable for businesses paying multiple suppliers. Instead of paying individual transfer fees, you can bundle payments and pay a single, reduced fee structure.

Airwallex’s Competitive Edge

Airwallex often offers the most competitive headline rates, particularly for businesses with higher volumes. Their spreads can be as low as 0.3% for major currencies, and they don’t charge receiving fees for many international payments.

However, their pricing becomes more complex when you factor in their account maintenance fees and the costs of their additional services. For businesses that use their full suite of features, this can represent excellent value, but for simple payment needs, the complexity might not be justified.

Speed vs. Security: The Operational Trade-offs

When Speed Matters Most

Payment speed isn’t just about convenience—it can directly impact your business relationships and cash flow. Ava, who imports artisanal goods from Southeast Asia, learned this the hard way when a payment delay during Chinese New Year disrupted her entire spring product launch.

Wise excels in speed for straightforward payments, often completing transfers within hours for major currency corridors. Their use of local banking networks means they can often settle payments without cross-border delays.

Airwallex, leveraging their modern infrastructure, can also achieve impressive speeds, particularly for digital-first businesses with good API integration.

Ebury, while potentially slower for simple payments, offers same-day value dating for urgent requirements through their dealing desk—a service that can be invaluable when you need to hit specific settlement dates for large transactions.

The Security Spectrum

All three providers meet Australian regulatory requirements, but their approaches to security and compliance differ significantly.

Ebury, with its banking heritage, operates under some of the most stringent regulatory frameworks globally. This means more thorough KYC (Know Your Customer) processes and potentially longer onboarding, but also greater protection for large-value transactions.

Wise maintains strong security standards while optimizing for user experience. Their regulatory compliance is robust, but they’ve streamlined processes to reduce friction for routine transactions.

Airwallex, as a newer entrant, has built security into their platform from the ground up, offering features like real-time fraud detection and spending controls that can actually enhance your operational security.

Service Philosophy: Relationship vs. Self-Service vs. Platform

The Relationship Advantage

Ethan runs a Perth-based mining equipment export business with highly seasonal cash flows. During commodity price downturns, he needs flexible hedging strategies, and during booms, he requires rapid scaling of payment capabilities. For Ethan, having a dedicated relationship manager at Ebury who understands his business cycles is invaluable.

Ebury’s relationship model shines when businesses need strategic guidance, market insights, or complex hedging strategies. Their dealing desk can provide real-time market commentary and help structure transactions around market events.

The Self-Service Efficiency

For businesses that prefer control and transparency over hand-holding, Wise’s self-service model is compelling. Their platform provides all the tools and information you need to make informed decisions independently.

This approach works particularly well for businesses with regular, predictable payment patterns and in-house financial expertise.

The Platform Integration

Airwallex’s platform approach means you can often eliminate multiple financial services providers. For Isabella’s Melbourne-based e-commerce business, being able to receive marketplace payouts, convert currencies, and pay suppliers through a single platform with unified reporting was a game-changer.

Risk Management: Beyond Simple Hedging

Understanding Your Risk Profile

Currency risk management isn’t one-size-fits-all. Your optimal strategy depends on your business model, cash flow patterns, and risk tolerance.

For businesses with variable timing—like project-based services or seasonal retailers—currency options or flexible forward contracts might be more appropriate. While Wise and Airwallex offer basic hedging tools, Ebury’s institutional backing allows them to provide more sophisticated risk management instruments.

The Australian Context

The Australian dollar’s commodity-linked nature means your hedging strategy should consider more than just bilateral exchange rates. When iron ore prices rise, the AUD often strengthens against the USD but may not move as dramatically against the EUR or GBP.

Ebury’s market analysts provide regular insights into these cross-currency dynamics, while Wise and Airwallex focus more on execution than strategic guidance.

Your Decision Framework: Finding Your Perfect Match

The Three Critical Questions

Before choosing your foreign exchange partner, honestly assess your business across these three dimensions:

Question 1: What’s Your Transaction Profile?

High Volume, Predictable Timing: If you’re like Noah’s Adelaide-based wine export business, making regular, large payments to the same suppliers with predictable timing, Ebury’s relationship model and sophisticated hedging tools likely offer the best value.

Medium Volume, Variable Timing: For businesses like Harper’s Melbourne-based marketing agency, which pays freelancers globally on project completion, Wise’s transparent pricing and efficient processing provide the right balance of cost and convenience.

Growing Volume, Complex Needs: If you’re like Oliver’s Brisbane-based software company, scaling rapidly with increasingly complex payment flows, Airwallex’s comprehensive platform can grow with your needs.

Question 2: How Do You Prefer to Work?

Guided Decision-Making: If you value expert guidance and strategic insights, particularly around market timing and risk management, Ebury’s relationship model is designed for you.

Independent Control: If you prefer making your own decisions with transparent information and simple processes, Wise’s self-service approach will suit your style.

Integrated Operations: If you want to consolidate multiple financial functions and prefer platform-based solutions, Airwallex’s comprehensive offering is worth serious consideration.

Question 3: What’s Your Risk Management Philosophy?

Active Management: For businesses that want to actively manage currency exposure with sophisticated instruments, Ebury provides institutional-grade tools and expertise.

Basic Protection: If you need simple hedging options without complexity, both Wise and Airwallex offer forward contracts and basic risk management tools.

Operational Focus: If currency management is primarily operational rather than strategic, any of the three platforms can serve your needs—focus on operational efficiency and cost.

The Decision Matrix

Based on your answers, here’s how to think about your choice:

Choose Ebury if: You process significant volumes (AU$50,000+ monthly), value relationship management, need sophisticated hedging strategies, or operate in volatile markets where expert guidance provides tangible value.

Choose Wise if: You prioritize transparency and simplicity, have predictable payment patterns, prefer self-service solutions, or are cost-sensitive with moderate volumes.

Choose Airwallex if: You’re a growing business with complex needs, want to consolidate financial services, operate in e-commerce or marketplaces, or value having local Australian support for a global platform.

The Integration Reality: Beyond the Initial Setup

Accounting and Reconciliation

Your choice of platform will impact your accounting processes significantly. Amelia, who runs a Sydney-based import business, discovered that her platform’s poor integration with Xero meant hours of manual reconciliation each month.

All three platforms offer accounting software integrations, but with different approaches:

Ebury provides dedicated support for integration setup and ongoing reconciliation support through your relationship manager. Their reporting is designed for businesses with complex requirements and multiple entities.

Wise offers simple, effective integrations with major accounting platforms. Their transaction categorization is straightforward, making reconciliation efficient for most small to medium businesses.

Airwallex provides the most comprehensive financial data management, including expense categorization, multi-entity reporting, and real-time transaction feeds that can significantly reduce accounting overhead.

API and Technical Integration

For businesses with technical teams or complex payment flows, API capabilities matter significantly.

Airwallex leads in this area with comprehensive APIs covering payments, foreign exchange, and account management. Their developer resources are extensive, and they clearly prioritize technical integration.

Wise offers solid API functionality focused on their core payment and foreign exchange services. Their documentation is clear, and integration is straightforward for standard use cases.

Ebury’s API offerings are more limited, reflecting their relationship-focused approach. However, for businesses that need custom integration, their technical team will work directly with your developers.

The Regulatory Landscape: Safety and Compliance

Australian Regulatory Framework

All three providers must comply with AUSTRAC requirements and maintain appropriate regulatory licenses to serve Australian businesses. However, their regulatory structures differ:

Ebury operates under banking-grade regulations due to Santander’s ownership, providing institutional-level protection for your funds.

Wise holds an Australian Financial Services License and maintains client funds in segregated accounts with major Australian banks.

Airwallex, as an Australian-founded company, holds comprehensive licenses including AFSL and is regulated by ASIC and AUSTRAC.

Making Your Choice: The Path Forward

Choosing between Ebury, Wise, and Airwallex isn’t about finding the universally “best” platform—it’s about finding the right fit for your specific business needs, growth stage, and operational preferences.

Remember Charlotte from our opening story? After carefully evaluating her needs against these criteria, she realized that her growing fashion business needed more than basic payment processing. She chose Ebury for their market expertise and relationship support, which helped her implement a hedging strategy that protected her margins during a period of significant AUD volatility.

Your optimal choice might be different, and that’s exactly the point. The framework we’ve provided should help you make a decision based on your actual needs rather than marketing promises or headline rates.

Next Steps: From Decision to Implementation

Once you’ve identified which platform aligns best with your needs, the next step is to see how their services translate to real-world pricing and support for your specific situation.

Rather than relying on generic pricing information, request tailored quotes that reflect your actual transaction volumes and patterns. This process will also give you insight into each provider’s onboarding process and customer service quality.

Key Takeaways for Australian Business Owners

Your choice of foreign exchange provider is ultimately about more than rates and fees—it’s about finding a partner that enables your business strategy. Whether you choose Ebury’s relationship-driven approach, Wise’s transparent efficiency, or Airwallex’s comprehensive platform, ensure your decision aligns with both your current needs and future growth plans.

The Australian market’s unique characteristics—from RBA policy impacts to regulatory requirements—mean that generic advice often falls short. Focus on providers that demonstrate genuine understanding of Australian business needs and can adapt their services accordingly.

Most importantly, remember that you can change providers as your business evolves. Start with the platform that serves your current needs best, but maintain awareness of how your requirements might change as you grow.