Accounting · head to head
Airwallex vs Mercury
Airwallex
Accounting
Multi currency business accounts, international payments and card issuing from a licensed payments firm rather than a bank
- From
- Free
- Rated
- -
The short version
- Each has a real cost: Airwallex airwallex is a licensed payments firm rather than a bank, so balances sit in safeguarding accounts at partner banks and are not covered by deposit guarantee schemes, which means a treasury policy that requires insured deposits cannot hold operating cash there.; Mercury treasury access requires a $250,000 balance held with Mercury
- They diverge on capability: Airwallex covers Multi currency balances, Mercury covers Business checking.
- Prices and features above were last checked on 30 August 2026.
Where they differ
Only the attributes on which Airwallex and Mercury actually diverge.
Identical on both: starting price (Free), pricing model (freemium), free tier (Yes), user rating (Not yet rated), category (Accounting).
What each one covers
Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.
Only in Airwallex
- Multi currency balances
- Local receiving accounts
- Foreign exchange conversion
- International payouts
- Card issuing
- Expense management
- Bill pay
- Payments gateway
Only in Mercury
- Business checking
- Savings accounts
- Virtual cards
- Team management
- API access
- QuickBooks
- Xero
- Stripe
What people use each for
The jobs each tool is most often brought in to do.
Airwallex
- An exporter invoicing customers in United States dollars and euros who wants to be paid into local details rather than receive wires with correspondent deductionsnot Mercury
- An agency or software company paying contractors across several countries every month and losing money on bank foreign exchange spreadsnot Mercury
- An e-commerce seller collecting on multiple marketplaces in different currencies who wants to hold rather than convert on every settlementnot Mercury
- A startup that needs virtual cards with per subscription limits and cannot get a workable card programme from its local banknot Mercury
Mercury
- Business banking and payments for startupsnot Airwallex
- Managing treasury, invoicing and corporate cards from one accountnot Airwallex
Where each one falls short
Documented limitations, not opinions. Every one is a constraint you would hit in normal use.
Airwallex
- Airwallex is a licensed payments firm rather than a bank, so balances sit in safeguarding accounts at partner banks and are not covered by deposit guarantee schemes, which means a treasury policy that requires insured deposits cannot hold operating cash there.
- Available currencies, local account details, card programmes and product features differ by the entity you contract with, so a feature demonstrated to a customer in Australia or Singapore may simply not exist for the same company registered in another country.
- Onboarding is subject to compliance review and whole categories of business are declined or later offboarded, and because the account may hold operating cash, a compliance freeze during a review is a business interruption rather than an inconvenience.
- Foreign exchange is quoted as interbank plus a markup, which is cheaper than a high street bank but is still a spread that widens on less liquid pairs and on smaller amounts, so the saving assumed in the business case should be checked against the pairs you actually trade.
- Support is largely ticket and chat based with account management reserved for larger customers, so when a payment is stuck the resolution path is a queue rather than a named person, which is a poor fit for time critical settlement.
Mercury
- Treasury access requires a $250,000 balance held with Mercury
- Non USD international wires carry a 1% conversion fee
- Choosing OUR wire coding, which covers intermediary bank charges, costs $15 per wire
- ACH invoicing is $1 per transaction on Mercury Plus and only free on the $299 a month Pro plan
- Advanced and recurring invoicing require Mercury Plus at $29.90 a month
Pricing, plan by plan
Airwallex
FreeNo published plan breakdown. See the Airwallex review.
Mercury
Free- Mercury (Free)Free
- ACH payments
- Domestic wires
- Real-time payments
- Mercury Plus$29.9/month
- Invoice ACH debits
- Recurring invoices
- Invoicing API (500/month)
- Mercury Pro$299/month
- All Plus features
- Relationship manager
- Free ACH invoice debits
Which should you pick?
Choose Airwallex if
- You need multi currency balances.
- You want to start without paying.
- You also want local receiving accounts.
Choose Mercury if
- You need business checking.
- You want to start without paying.
- You work on Web, Ios, Android.
- You also want savings accounts.
Questions people ask
- Is Airwallex or Mercury better?
- Neither clearly leads. Airwallex starts at Free and Mercury at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, Airwallex or Mercury?
- Airwallex starts at Free and Mercury at Free.
- Does Airwallex or Mercury run on more platforms?
- Airwallex runs on Web. Mercury runs on Web, Ios, Android.
- Can I use Airwallex for free?
- Both have a free tier, so you can try either at no cost before committing.
- What is Airwallex best used for?
- Airwallex is most often used for an exporter invoicing customers in united states dollars and euros who wants to be paid into local details rather than receive wires with correspondent deductions, an agency or software company paying contractors across several countries every month and losing money on bank foreign exchange spreads, an e-commerce seller collecting on multiple marketplaces in different currencies who wants to hold rather than convert on every settlement, a startup that needs virtual cards with per subscription limits and cannot get a workable card programme from its local bank. Of those, an exporter invoicing customers in united states dollars and euros who wants to be paid into local details rather than receive wires with correspondent deductions and an agency or software company paying contractors across several countries every month and losing money on bank foreign exchange spreads are not what Mercury is typically brought in for.
- What can Airwallex do that Mercury cannot?
- Airwallex covers Multi currency balances, Local receiving accounts, Foreign exchange conversion, International payouts. Mercury covers Business checking, Savings accounts, Virtual cards, Team management.
Answered from the vendors’ own pages
Airwallex: Is Airwallex a bank?
No. It holds payment institution, electronic money or equivalent licences in the markets it serves. Funds are safeguarded at partner banks rather than being deposits, and deposit insurance schemes do not apply.
Mercury: Is Mercury business banking free?
Mercury's base banking tier is free and includes ACH payments, domestic wire transfers, real-time payments, Bill Pay, and QuickBooks/Xero automations at no monthly cost.
SourceAirwallex: Can it replace my business bank account?
For many operating flows it can, but consider what you lose: no deposit protection, no lending relationship, no cash or cheque handling, and some counterparties and government bodies still expect a conventional bank account. Most users run it alongside a bank rather than instead of one.
Mercury: What does Mercury Plus add beyond the free tier?
Mercury Plus costs $29.90 per month and adds invoice ACH debits, recurring invoice capabilities, invoicing API with 500 calls per month, unlimited 1099 filings, and access to partner benefits.
SourceAirwallex: Which countries can open an account?
It serves entities registered in a defined list of markets across Asia Pacific, Europe, the United Kingdom, the Middle East and North America, and the list changes. Check for your specific country of incorporation, because the answer determines both eligibility and feature set.
Mercury: Does Mercury charge monthly account fees?
No, Mercury states there are no minimum account balance requirements, overdraft fees, required monthly fees, or account opening fees. The free tier includes essential business banking, with paid tiers available for additional features.
SourceAirwallex: Does it connect to my accounting software?
It integrates with the mainstream cloud ledgers so transactions feed through rather than being imported by hand. Confirm the integration covers all the currencies you hold, since multi currency handling in the ledger is a separate question.
Airwallex: How does the foreign exchange rate compare with a bank?
Materially better than a typical business bank's retail rate on major pairs, because it is quoted as interbank plus a stated markup. The gap narrows on thin currency pairs and small amounts, so test with your real volumes.
Airwallex: Are the cards accepted everywhere?
They are issued on the major networks and behave like ordinary company cards for most spend. Some merchants, particularly for deposits and car hire, treat prepaid style issuance differently, so do not assume parity with a bank credit card.
Related pages
Other head to heads
- Airwallex vs Ramp
- Airwallex vs QuickBooks
- Airwallex vs Airbase
- Airwallex vs Melio
- Airwallex vs Kodo
- Airwallex vs Wise Business
- Airwallex vs RazorpayX
- Airwallex vs Sage 50
- Airwallex vs Soldo
- Airwallex vs Plaid
- Airwallex vs Spendesk
- Airwallex vs Modern Treasury
- Airwallex vs Veem
- Airwallex vs Vertex
- Airwallex vs Fyle
- Airwallex vs Microsoft Excel
- Airwallex vs Navan
- Airwallex vs Qonto
- Airwallex vs Brex
- Airwallex vs Stampli
- Airwallex vs Carta
- Airwallex vs Spendbase
- Airwallex vs Medius
- Airwallex vs Mesh Payments
- Airwallex vs Money Forward Cloud
- Airwallex vs Moneybird
- Airwallex vs Medius Expense
- Mercury vs Ramp
- Mercury vs QuickBooks
- Mercury vs Airbase
- Mercury vs Melio
- Mercury vs Kodo
- Mercury vs Wise Business
- Mercury vs RazorpayX
- Mercury vs Sage 50
- Mercury vs Soldo
- Mercury vs Plaid
- Mercury vs Spendesk
- Mercury vs Modern Treasury
- Mercury vs Veem
- Mercury vs Vertex
- Mercury vs Fyle
- Mercury vs Microsoft Excel
- Mercury vs Navan
- Mercury vs Qonto
- Mercury vs Brex
- Mercury vs Stampli
- Mercury vs Carta
- Mercury vs Spendbase
- Mercury vs Medius
- Mercury vs Mesh Payments
- Mercury vs Money Forward Cloud
- Mercury vs Moneybird
- Mercury vs Medius Expense