A Comprehensive Review: PaySaxas vs Airwallex

When choosing a service provider for business payments, it is recommended to observe  the suggested tariff plans, terms of service, and features of such service providers. By taking this criteria into consideration, you will be able to choose a reliable company and get the most favorable conditions for your payments. In this article we outline a few such service providers – the Airwallex business account review and a review of PaySaxas service features. Through this article you might get familiar with these popular platforms, services they render, their advantages and tariffs.

Introduction to PaySaxas and Airwallex

PaySaxas enables the creation of virtual accounts for working with different currencies for settling vague range of payments. Thanks to this, entrepreneurs in different jurisdictions can comfortably pay with counterparties, employees, or clients. At the same time, the Airwallex business account is a payment platform. The organization’s main goal is to help businesses of all sizes to grow. It has been operating since 2015.

Pros and Cons of PaySaxas and Airwallex

Both companies have their advantages and disadvantages. That is why it is suggested to review the services of these providers carefully before opting for one of them.

Pros

Among the main advantages of PaySaxas are:

• the ability to make payments with counterparties in 100 countries;
• the simplest and most convenient registration;
• the ability to work with multi-currency accounts;
• currency conversion at the best rate;
• instant transactions.

Cons of PaySaxas

Despite the proven reliability and usefulness, PaySaxas is still quite a young organization. However, that’s also might be an advantage of the company, as being modern and fast developing company, PaySaxas keeps pace with the times, offering unique and modern approach based on the adjustable model for each client.

In our Airwallex business review, we also found the advantages of the second company.

Cons of Airwallex

In general, the definition of disadvantages is subjective because each person has their own criteria. But some of the main ones for Airwallex include:

• possibility to work not with all countries;

• SWIFT transfers are carried out with a commission;

• many documents are required to open an account, including proof of residence.

Features of PaySaxas and Airwallex Accounts

In general, Airwallex business account fees are minimal, allowing for the possibility to open an account for free. However, it’s essential to note that maintenance and any transactions outside the tariff may incur additional charges. On the flip side, PaySaxas presents more flexible terms and conditions. Nevertheless, it’s crucial to highlight that PaySaxas also requires payment for both the account opening and onboarding processes.

Company Account Features

Airwallex offers to open accounts in banks in the USA, Australia, the UK, and Europe. At the same time, all of them are automatically merged into one account. Concurrently, PaySaxas multi-currency accounts provide a similar capability, allowing users to seamlessly work with multiple currencies and conveniently settle payments with counterparties. This shared feature underscores the parallel financial solutions offered by both companies. 

Transfer Limits

PaySaxas and Airwallex focus on meeting users’ financial needs. PaySaxas makes it easy to transfer large sums, ensuring a user-friendly experience. Like Airwallex, PaySaxas emphasizes financial flexibility with transfer limits based on agreements. Both companies are dedicated to offering versatile financial solutions to meet diverse user requirements.

Foreign Exchange

Everyone can quickly exchange currencies in a PaySaxas account. This lets you take advantage of the most optimal rates and lose nothing. In addition, there is a unique tool for exchanging currency for cryptocurrency, which will be especially convenient for fast transactions. 

Fees in PaySaxas vs Airwallex

You can use the PaySaxas platform on favorable terms, thanks to minimal commissions and attractive tariff plans. This enables you to conduct transactions seamlessly within their framework. While there is an onboarding fee of 500 euros and an additional 500 euros for opening an account, the onboarding process comes with flexible conditions, allowing for a more adaptable and user-friendly experience.

Analysis of Various Fees

Airwallex:

• Local Transfers: Free of charge.
• SWIFT Transfers (SHA and OUR): 10 – 20 EUR.
• FX Conversions: 0.5% above interbank exchange rates for USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY, DKK, NOK, SE.
• 1.0% above interbank exchange rates for all other currencies

PaySaxas:

• SWIFT IN and OUT: Tiered fees in three categories (A, B, and C).
• SEPA IN and OUT: Fixed fees for European transactions.
• FX Conversions and CRYPTO OTC: Variable fees.

Airwallex offers straightforward fees, while PaySaxas provides a tailored approach with tiered structures. Choose based on your specific transaction needs and preferences.

How PaySaxas and Airwallex Work?

First, PaySaxas takes into account all customer needs, so while companies and customer demands are growing, PaySaxas’ wide functionality is expanding and adjusting to their needs. Consequently, there are many different tariffs, promotions, and opportunities for payments instruments on the site.

At the same time, Airwallex is suitable for working only with a limited list of countries and currencies, making it sufficient for a limited number of cross-border transfers. However, Airwallex excels in supporting transactions with individual clients, a feature that PaySaxas does not currently offer.

Safety Measures of PaySaxas vs Airwallex

Both systems provide reliable protection for each user. The money on the account remains secure due to the multiple verification stages for each transaction. All personal and financial information is located in highly protected servers. 

International Transfer Pricing

Airwallex stands out with rapid same-day transfers, supporting transactions in 12 currencies. It charges zero transaction fees, with a minimal markup as low as 0.2% above the interbank exchange rate. While accommodating, it’s important to note that Airwallex imposes transaction limit restrictions, and exchange rates may not always align with the market.

For a comprehensive approach, PaySaxas ensures versatile transfer processing times based on location and currency. SWIFT transfers usually take 12 hours, with an average reserved time of 5 business days. SEPA transactions range from instant to 2 hours. Note that these timeframes commence after the transfer has been sent, and most transfers are not processed during weekends or bank holidays. If a transfer hasn’t been received within the specified timeframe, users can follow up with PaySaxas through their provided contact channels.

Transfer Duration With PaySaxas and Airwallex

At PaySaxas, you can expect transfers to be delivered to the recipient within 12 hours for SWIFT and up to 2 hours for SEPA. This ensures you can promptly settle payments with your client or counterparty and receive your benefits. Meanwhile, Airwallex imposes time limits on transfers as well. The transaction may take several hours or even days to be processed. 

How to Use PaySaxas and Airwallex?

While using the service of PaySaxas you will experience ease and convenience due to the simple and user friendly interface. At the same time, an Airwallex merchant account might require some effort, including submitting many documents even before commencing to use the service. You may find the terms and conditions on the Airwallex website, however, worth to say they are quite extensive.

Opening an Account

The instructions are quite easy and include just a few steps:

1. 1.  Go to the official PaySaxas website.
2. 2.  Click the open account button and provide your company information.
3. 3.  Confirm your phone number and email.

After a successful verification process, you can log into your account and enjoy all the benefits.

Transferring Money

More often than not, using Airwallex account limits UK, you need to be sure to take into account all additional deductions. Only in this case you can transfer funds without any problems. You can do this for free within the system. In PaySaxas:

1. You need to authorize and go to the page for creating payments.
2. Specify the data of the counterparty and the amount.
3. Confirm the transfer.

After that, the funds will be sent online.

Funding Methods

On both platforms, you can easily deposit money using various payment systems. Also, in PaySaxas, you can increase your balance by sending cryptocurrency. 

Documents Required and Verification Time

Increasing the Airwallex daily transfer limit is possible only by verifying and paying a higher rate plan. In this case, the number of documents is large. In PaySaxas, the procedure is much simpler.

What Documents You’ll Need

To open an account with PaySaxas, the documents you will need are:

1. Copies of the passport(s) of the directors and shareholders (valid for more than six months).
2. Proofs of address of all directors and shareholders (not older than three months old).
3. Copies of your incorporation documentation.

At the same time, at Airwallex limits transfer will be extended for you only upon submission of documents proving the account holder’s identity.

Limitations of PaySaxas and Airwallex

The terms of services are generally of high quality on both platforms. Use PaySaxas within the limits set on the tariffs.  At the same time, Airwallex has higher commission pricing, so you need to keep a close eye on each transaction.

Supported Currencies

AirWallex supports a specific number of currencies, as listed on their official website. This is quite an extensive service that allows you to work with euros, dollars, Hong Kong dollars, and Australian dollars. At the same time, PaySaxas does not have such a limit, meaning you can use different currencies without any problems.

Customer Service Comparison

In PaySaxas, you can easily contact technical support via online chat, email, or phone. Everything depends on the availability of operators, but usually, the answer comes within a few minutes. At the same time, Airwallex often accepts the appeal only through mail. All because of UK limitations and high costs for a quality support department.

Conclusion: Is PaySaxas or Airwallex Right for Your Business?

In conclusion, both services show themselves on the best side for entrepreneurs. You can easily use PaySaxas to make transactions in 100 countries worldwide. Thanks to this, you can quickly and cost efficiently convert currencies or make payments, for instance, pay salaries, bills, etc. At the same time, if you are comfortable with the Airwallex max transfer limit and other restrictions, you can try the second platform.

In any case, you should try it to decide on the best option for your business. You can register on the PaySaxas website right now! The cost of opening an account starts from €500.