Alternative to Stripe: Why Growing Businesses Are Choosing Airwallex

Alternative to Stripe: Why Growing Businesses Are Choosing Airwallex

When it comes to online payment processing, Stripe has long been the go-to solution for businesses worldwide. However, as companies expand globally and their financial needs become more complex, many are discovering that Airwallex offers compelling advantages—particularly for businesses with significant international operations.

Understanding Your Options

Stripe is a well-established payment technology company known for its developer-friendly platform. It enables businesses to accept online payments through credit and debit cards, digital wallets, bank transfers, and buy now, pay later services. With comprehensive APIs and extensive documentation, Stripe has earned its reputation as a reliable payment processor.

Airwallex takes a broader approach as an end-to-end financial solutions platform. While it matches Stripe's payment processing capabilities, it extends far beyond with integrated foreign exchange management, international transfers, multi-currency accounts, expense management, and corporate card solutions—all designed for growing businesses operating across borders.

Key Differences That Matter

Multi-Currency Settlement

One of the most significant distinctions lies in how each platform handles foreign currency payments. With Airwallex, businesses can settle payments in over 14 major currencies directly into an integrated multi-currency wallet—no separate bank accounts required. This "like-for-like" settlement means if a customer pays in euros, you receive euros without forced currency conversion.

Stripe offers like-for-like settlement only for USD and NZD in Australia, and requires you to set up separate foreign currency bank accounts for each. All other currencies get automatically converted to your domestic currency, triggering FX conversion fees.

Payment Method Coverage

Airwallex provides access to over 160 local payment methods across 180+ countries, compared to Stripe's 100+ methods across 195+ countries. This difference is particularly notable in Asia, where Airwallex offers 20+ region-specific payment methods unavailable through Stripe, including DOKU Wallet in Indonesia, Toss Pay in South Korea, and ShoppeePay in Malaysia.

Additionally, Airwallex supports international BNPL options like Klarna and Afterpay, whereas Stripe limits these services to domestic payments only.

Comprehensive Financial Platform

While Stripe focuses primarily on payment processing with add-ons for billing and invoicing, Airwallex delivers a full financial operations platform:

• Multi-currency business accounts to hold and manage funds in multiple currencies
• International transfer solutions with interbank FX rates
• Corporate debit cards for team spending
• Expense management tools to control and monitor business expenses
• High-rate saver accounts to earn interest on AUD and USD balances
• Built-in fraud detection included at no extra cost

Pricing Comparison

Both platforms charge per-transaction fees, but Airwallex typically offers lower rates:

Domestic card payments:

• Stripe: 1.7% + A$0.30
• Airwallex: 1.65% + A$0.30

International card payments:

• Stripe: 3.5% + A$0.30
• Airwallex: 3.4% + A$0.30

FX fees:

• Both charge a 1% foreign currency settlement fee for like-for-like settlement
• Both charge a 2% FX conversion fee when converting currencies

The critical difference: With Airwallex's support for 14+ settlement currencies in its wallet, businesses can avoid the 2% conversion fee far more often. With Stripe's limited like-for-like settlement options, Australian businesses face the 2% fee on most foreign currency transactions.

Customer Support

Stripe offers ticketing-based support, with dedicated account managers available for an additional annual fee (often thousands of dollars).

Airwallex includes hands-on onboarding and local account managers at no extra cost for eligible customers. This personalized support is available to small and medium-sized businesses, not just enterprise clients—a significant advantage when navigating international expansion.

Settlement Currency Comparison (Australia)

Here's how the platforms handle major foreign currencies for Australian businesses:

When to Choose Airwallex Over Stripe

Airwallex makes particular sense if your business:

• Operates internationally with customers paying in multiple currencies
• Wants to avoid FX fees by holding funds in their original currencies
• Needs financial management tools beyond just payment processing
• Values local support without enterprise-level pricing
• Requires Asian payment methods not available through other providers
• Wants to consolidate payments, FX, transfers, and expense management in one platform

When Stripe Might Still Be the Right Choice

Stripe remains an excellent option for businesses that:

• Operate primarily in domestic markets
• Need maximum global brand recognition and trust
• Require specific Stripe-exclusive integrations
• Prioritize payment processing over comprehensive financial management
• Already have established workflows built around Stripe's ecosystem

The Bottom Line

While Stripe pioneered modern payment processing and remains a strong choice, Airwallex represents the next evolution for globally-minded businesses. By combining competitive payment processing with multi-currency management, international transfers, and expense controls—all with lower costs and included support—Airwallex addresses the full spectrum of financial needs for growing companies.

The choice ultimately depends on your business model. If you're primarily processing domestic payments with straightforward needs, Stripe's simplicity and established reputation may suffice. But if international operations, multi-currency management, and comprehensive financial tools are priorities, Airwallex deserves serious consideration as a more cost-effective, feature-rich alternative.

This article is based on information current as of Q2 2025. Features, pricing, and availability may change. Always review current terms and conditions from each provider before making a decision.