So, I’ve been juggling these startup banking solutions for a while now, trying to figure out which one actually delivers what they promise. You know the drill, endless ads, shiny features, and promises of making your financial life so much easier. My main squeeze for a long time was Brex. They had the slick interface, decent rewards, and felt like the ‘cool’ choice for tech companies. But lately, I started kicking the tires on Airwallex, especially their ‘for Startups’ offering, and man, it’s been an interesting shift.
The Brex Experience – My Baseline
When I first signed up with Brex, it was all about the credit card and the quick approvals. Getting that corporate card without a ton of hassle when you’re just starting out? Huge win. Their rewards program was solid, especially for things like AWS credits and software subscriptions that I was constantly shelling out for. Their cash management accounts were fine—nothing groundbreaking, just functional. The downside? Sometimes their support felt a bit stiff, and their international features, while present, weren’t their strongest suit. If you were mainly US-focused, Brex was a no-brainer. I used them for about three years, handling payroll, vendor payments, and travel expenses.
What I loved about Brex:
- Fast credit limit approval.
- Good integration with common accounting software like QuickBooks.
- Strong US-centric rewards focused on SaaS.
The Airwallex Dive – Looking for Global Reach
My business started expanding globally last year—hiring remote contractors in Europe, dealing with suppliers in Asia, and needing to manage multiple currency accounts without getting absolutely murdered by exchange rates. That’s where Brex started showing its cracks. The FX fees and the complexity of managing multi-currency accounts got annoying fast.
I heard about Airwallex primarily through folks who were already doing heavy international business. I signed up for their dedicated startup package, which promised lower FX fees and easy foreign bank account creation. The onboarding process was slightly more involved than Brex; they definitely asked for more documentation upfront, which is probably because they are way more focused on international compliance from the jump. Took about a week to get fully set up, including getting my first virtual cards ready.
Putting Airwallex Through the Paces: FX and Payments
The first practical test was paying a contractor in EUR. With Brex, I was looking at standard wire fees plus a pretty hefty exchange markup. With Airwallex, the difference was immediate. Their exchange rate was super close to the interbank rate, and the transfer fees were negligible, or sometimes non-existent depending on the amount and destination. I started using their multi-currency wallets intensely, essentially holding EUR and GBP alongside USD, which drastically cut down on conversion losses when I was waiting for invoices to clear.
What Airwallex nailed:
- FX rates are seriously competitive—way better than any standard bank or even Brex.
- Setting up local receiving accounts (like a UK sort code or an EU IBAN) was simple and fast. This made getting paid by non-US clients smooth.
- Virtual cards that can be denominated in local currency. Massive for international vendor management.
I also started issuing virtual employee cards in different currencies for remote teams, which streamlined their expense reporting. No more messy expense reports dealing with conversion fees on their side.
The Verdict: Is Brex Still Better?
After running parallel accounts for six months—Brex for the core US operational spending and Airwallex for everything international—I’ve shifted almost entirely to Airwallex for everything except the few US-only vendors who still prefer specific ACH methods that Brex handles slightly quicker.
For a US-focused startup in the scaling phase, Brex is a strong contender because of its credit card features and initial ease of use. But the moment you touch international transactions—even just remote hiring or overseas suppliers—Brex feels like it’s fighting against you. The conversion costs alone were enough to justify the switch.
Airwallex isn’t perfect—their core credit card rewards aren’t as sexy as Brex’s used to be, and their customer support can still feel a little slow during peak times. But for actual operational finance management, especially concerning the global landscape, Airwallex completely runs circles around Brex. If your future involves anything outside the US, ditch the idea that Brex is the gold standard. Airwallex solved a major pain point for me, and that saves real money and time every month.