Airwallex Business vs Holvi
Side-by-side comparison — pricing, features, ratings, use cases. Find which Business Banking fits you best.
🔍 Independently researched ·
📊 Data-driven
59/100
Free tier
Online businesses, startups, and SMEs that need global multi-currency accounts, borderless cards, and cost-effective cro
★ Best
💰 Pricing
🆓 Free tier available
Standard account without monthly fee. Card fee: 0.5% foreign transaction fee (for non-USD transactions) and 0% domestic; FX conversion fees vary by currency pair (typically 0.3%-0.6% above interbank).
Fee notes:
- No monthly account fee for Standard and Premium tiers (no paid subscription for the core account).
- International transfers using local rails are inexpensive; SWIFT payments may incur intermediary bank fees.
- FX conversion fee: typically 0.5% above interbank for Standard; can be reduced to 0.2% or lower in Premium/Enterprise plans.
- Card fees: virtual card is free; physical card issuance fee $10 per card (one-time). Card transaction fees: 0% for USD transactions, 0.5% for non-USD foreign exchange conversion.
- Cash deposit fee: 0.5% of the deposit amount (minimum $5, no maximum) when depositing into USD, AUD, or GBP accounts via local bank transfer.
⚠ Watch for:
- SWIFT transfer receiving fees: if you receive SWIFT payments, Airwallex may not charge, but intermediary banks may deduct $10-$30 from the amount.
- Currency conversion spread: Airwallex quotes 'interbank rate' but adds a conversion fee on top; fee varies and may be higher than advertised for less common currencies.
- Physical card replacement: issuing a new physical card will incur a $10 fee each time.
- Potential monthly maintenance fee for inactive accounts: check terms; not widely disclosed but may apply after extended inactivity.
🔧 Features
✓ Multi Currency✓ Borderless Cards✓ International Transfers✓ Interbank Rates✓ Expense Management✓ Api Access✓ Free Tier
📋 Assessment
💪 Strengths
- Airwallex provides true multi-currency accounts with local receiving details in major markets like the US, UK, Europe, Australia, and Hong Kong. This means you can receive payments in local currencies without cross-border fees, making collections from overseas customers faster and cheaper. For example, a US-based company can get a local US account number for its UK entity, avoiding international wire fees for UK customers.
- The exchange rates are highly competitive. Airwallex uses interbank rates plus a small margin (often as low as 0.5% above the mid-market). This is significantly cheaper than most traditional banks, which can add 2-3% margins. For a business paying $500,000 in invoices annually, the savings can easily be in the thousands of dollars.
- The corporate cards (both virtual and physical) are a standout feature. They come with excellent expense management tools: you can set per-card spending limits, restrict them to specific categories (like travel or software), and track receipts in real-time. This gives finance teams granular control over employee spending, reducing the risk of fraud and simplifying reconciliation.
- Airwallex integrates seamlessly with major accounting platforms like Xero, QuickBooks, and NetSuite. This automates the flow of transaction data into your books, eliminating manual data entry and reducing errors. The API also allows for custom integrations, which is a boon for companies with complex payment workflows.
- Setting up and using Airwallex is fast and intuitive. The onboarding is entirely digital and typically takes less than a day, compared to weeks for a traditional bank account. The dashboard is clean and user-friendly, and you can manage payments, view balances in multiple currencies, and download statements without any technical expertise.
⚠ Watch out for
- Airwallex is not a bank, and your funds are not protected by deposit insurance (like FDIC in the US or FSCS in the UK). This is a critical distinction. If Airwallex were to become insolvent, you could lose your money. While the company is well-funded and has a strong track record, this lack of insurance is a significant risk for businesses holding large balances.
- The eligibility criteria are restrictive. To open an account, you need a registered business and must provide extensive documentation. Also, availability varies by country — for example, not all features (like local receiving details) are offered in every currency, and some regions have limited card issuance. This can be a dealbreaker for businesses in less-served markets.
- Despite the claim of interbank rates, Airwallex applies a small FX margin that can vary. Also, there are fees for certain transactions — like urgent payments (KRW, INR, etc.) and sometimes for USD-to-USD conversions within different countries. For small, high-frequency payments, these fees can erode the cost advantage, making it less economical than a flat-fee alternative.
- The customer support, while generally responsive, is not available 24/7. For a business that operates globally, immediate help during non-business hours can be hard to get. There have been reports of delayed responses via email, and phone support is limited in some regions. But you have access to a comprehensive help center and 24/7 chat for urgent issues.
- The account approval process can be stringent and may require a video call or additional verification for some businesses. While this is good for compliance, it can slow down onboarding. Also, some users have reported holds on funds when they send to new beneficiaries, which can impact cash flow if not anticipated.
🎯 Best for
Online businesses, startups, and SMEs that need global multi-currency accounts, borderless cards, and cost-effective cross-border payments without maintaining traditional banking relationships in every country.
🚫 Who should skip
Solo consumers looking for a personal checking account, domestic-only businesses that never deal with overseas payments, or companies that require a regulated local bank with physical branches and full deposit insurance.
📚 Learning curve
Moderate — account registration and KYC approval take some document preparation, but once set up, transferring money and issuing cards are straightforward from the dashboard.
🧑⚖️ Verdict
Airwallex is a compelling choice for businesses that regularly operate across borders and want to cut down on FX costs and speed up international payments. It's not for everyone — if you're a solo entrepreneur with minimal cross-border needs, the complexity isn't worth it. But for growing companies
48/100
Free tier
A Finnish or European sole trader who wants one simple tool for day-to-day business banking, invoicing, receipts, and li
💰 Pricing
🆓 Free tier available
Free tier is available with limited features: 10 invoices per month, no physical card (only virtual), no multi-user, no cash deposit, FX fee 0.5%.
Starting at 207 Kč (hybrid)
Fee notes:
- FX markup: 0.5% above interbank rate for all tiers
- SEPA transfers: free (incoming and outgoing within SEPA)
- Cash deposit: charged via partner network (e.g., 0.5% fee per deposit at Posti or R-kioski)
- Physical card: free with Pro and Business plans (new card issued for €8.00)
- Outgoing SWIFT international transfers: €10.00 per transfer
⚠ Watch for:
- ATM withdrawal fees: free only up to €500/month, thereafter 1% per withdrawal
- Card issuance fee: €8.00 for replacement cards
- Cash deposit fees: charged by partner location (e.g., €1.50 + 0.2% at Posti)
- SWIFT transfers: €10.00 per transaction
🔧 Features
✓ Finnish Origin✓ Sole Trader Focus✓ Built In Invoicing✓ Bookkeeping✓ Bbva Licensed✓ Free Tier
📋 Assessment
💪 Strengths
- Integrated invoicing and automatic reconciliation: Holvi's standout feature is its built-in invoicing tool. You can create a professional invoice using templates, send it directly from the app, and when the customer pays, Holvi automatically matches the payment to the invoice. This removes the painful manual reconciliation process that freelancers often face with traditional banks, saving time and reducing errors.
- Receipt capture with OCR: The mobile app allows you to photograph receipts, and Holvi extracts the key details (amount, date, merchant) using OCR. It then lets you categorize the expense and attach the image to the transaction. This makes expense tracking for tax purposes much less tedious, as you have a digital record that's easily searchable and exportable.
- Built for micro-businesses, not adapted from consumer banking: Holvi is designed specifically for the needs of freelancers and sole traders. The account includes features like multiple balance views (available, booked, reserved) and a dedicated 'tax reserve' feature that helps you set aside money for taxes. This is a thoughtful touch that many general business banks lack.
- Automatic expense categorization: Holvi's algorithm automatically suggests categories for transactions based on the payee, and you can set rules to automate categorization for recurring expenses. This speeds up bookkeeping and gives you a clearer view of your cash flow at a glance, which is vital for managing a small business.
- Transparent pricing with no hidden fees: Plans start at €6/month, and there are no transaction fees, no minimum balance, and no charge for the debit card. This simplicity makes it easy to budget for banking costs, especially for a new business with variable income.
⚠ Watch out for
- Not suitable for businesses with employees: Holvi's billing and hr features are essentially nonexistent. You cannot run payroll, handle multiple employee cards, or manage employee expense approvals. This makes it a poor fit as soon as you hire your first staff member.
- Limited integrations: There are no direct connections to popular accounting software like Xero or QuickBooks. You can export data as CSV or use the API for custom integrations, but this is beyond the technical ability of most freelancers, meaning you'll have to manually manage data if you use a separate accounting system.
- Geographical restrictions: Holvi is only available to businesses in Finland, Germany, Austria, and Spain. Freelancers outside these countries cannot use the service, which severely limits its global appeal. Also, the invoicing templates are localized to certain languages and tax formats.
- No proper inventory or project management: If your work involves selling physical products with inventory tracking, or if you need to track time and expenses by project, Holvi won't cut it. It's purely for service-based businesses with simple financials.
- Account opening can be slow: Unlike some neobanks that give you an account in minutes, Holvi performs video identification and requires business documents, which can take several days to approve. This might be a hurdle if you need an account urgently.
🎯 Best for
A Finnish or European sole trader who wants one simple tool for day-to-day business banking, invoicing, receipts, and light bookkeeping.
🚫 Who should skip
Anyone with employees, complex inventory, multi-currency needs, or a business outside Holvi's supported European markets should skip it.
📚 Learning curve
Minimal — the interface is built for non-accountants, and invoicing/bookkeeping tasks are streamlined for sole traders.
🧑⚖️ Verdict
Holvi is a solid choice for freelancers and sole traders in supported European countries who want an all-in-one banking and invoicing tool. It is not suitable for growing businesses or those needing complex integrations. If you fit the target demographic, it's a practical, affordable way to streamli
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
Use CaseAirwallex BusinHolvi
Paying Overseas Suppliers and Freelancers95—
Airwallex's multi-currency accounts and competitive FX rates make cross-border s
Collecting Revenue in Local Markets88—
Local receiving details for USD, EUR, GBP, AUD, HKD, and other currencies let e-
Managing Business Expenses with Corporate Cards85—
Virtual and physical cards with per-employee limits, controls, and real-time tra
Automating Payouts for Marketplaces and Platforms90—
Airwallex's API allows marketplaces, payroll platforms, and SaaS companies to au
Freelance Invoicing & Invoice Reconciliation—95
Holvi's built-in invoicing matches payments to invoices automatically, removing
Sole-Trader Daily Banking & Cash Flow—88
It's a dedicated business current account with transaction tracking and a clear
Receipt Capture & Expense Categorisation—92
The app lets you snap receipts and attach them to transactions, which is ideal f
VAT and Tax Preparation for Small Businesses—84
Basic VAT reporting and simplified bookkeeping give micro-business owners a head
🧭 Which One Should You Pick?
Choose Airwallex Business if...
- You are: Online businesses, startups, and SMEs that need global multi-currency accounts, borderless cards, and cost-effective cro
- 👍 True multi-currency business accounts with local receiving details in major markets like the US, UK,
- 👍 Competitive exchange rates with lower foreign-exchange costs than most traditional banks, especially
- 👍 Virtual and physical corporate cards with strong expense-management controls, spending limits, and r
- 💰 Free tier available
- ⚠ Trade-off: Airwallex is not a chartered bank, so funds are not covered by traditional depos
Choose Holvi if...
- You are: A Finnish or European sole trader who wants one simple tool for day-to-day business banking, invoicing, receipts, and li
- 👍 Combines banking, invoicing, receipt capture, and basic bookkeeping in one workflow, which reduces a
- 👍 Built around sole traders and micro-businesses rather than adapting a consumer bank account for busi
- 👍 Automatic matching of invoiced payments to transactions makes reconciliation simpler than with a tra
- 💰 From $9/mo
- ⚠ Trade-off: It's not designed for larger businesses with employees, payroll, complex invento
❓ Frequently Asked Questions
Is Airwallex a bank?
Airwallex is a global payments and financial technology platform, not a bank. It provides multi-currency business accounts, cards, and payment services through regulated bank partners in each region. Funds are safeguarded, but you should check local terms for deposit insurance and protection details.
What fees does Airwallex charge if the account is free?
The standard account has no monthly subscription fee, but Airwallex makes money on FX conversion spreads, card payment fees, wire transfer fees, and some local receiving fees. The exact cost varies by currency, payment method, and your account tier.
Can I get physical and virtual business cards from Airwallex?
Yes, Airwallex offers both physical and virtual corporate cards in supported regions. Virtual cards can be issued instantly for online purchases and employee expense controls, while physical cards are available for daily spending and ATM use depending on your country.
Does Airwallex integrate with accounting tools like Xero and QuickBooks?
Yes, Airwallex has native integrations with Xero, QuickBooks, NetSuite, SAP, and many other accounting and ERP tools. It also offers a full public API if you need custom payment, treasury, or expense-management workflows.
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