Airwallex vs Relay.
Airwallex (A77/100) and Relay (R71/100), scored on the same six pillars and compared row-by-row. Every cell is sourced from licence registers and live pricing pages, not opinion. A close tie.
| A Airwallex №14 · FCA 77 /100 | R Relay №31 · FDIC 71 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 77 /100 | 71 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €0 Free tier |
| FX markup Debit card abroad | 0.40% | Interbank |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | — |
| Protection | ||
| Banking licence Tier | Partner-bank FCA | Partner-bank FDIC |
| Deposit guarantee Per depositor | €100,000 SG.SDIC | $250,000 US.FDIC |
| Reach | ||
| Markets served Licensed jurisdictions | 50 countries | 1 country |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | No | No |
| UX | ||
| Trustpilot Customer score | 4.0 ★ 5k reviews | — |
| App store iOS + Android avg | 4.5 ★ iOS 4.6 · And 4.4 | 4.7 ★ iOS 4.8 · And 4.6 |
| Read review → | Read review → | |
Pick Airwallex if…
The global multi-currency payments and operating-account platform with the broadest footprint in the SMB category — 23 currencies, local accounts in 10+ jurisdictions, local-account receiving in 60+ countries, multi-jurisdiction licensing (AU AFSL + MAS MPI + HKMA MSO + FCA EMI + US state money-transmitter), volume-based FX pricing, and issuing API for embedded card programmes. Structurally the most comprehensive cross-border AP / AR platform in the category, sitting between Wise Business (consumer-and-SMB cross-border) and Stripe (acquiring + payments) in the global-SMB stack. The embedded-finance API is the structural moat versus Aspire and Wise Business — marketplaces and SaaS platforms build payouts and card-issuing on Airwallex infrastructure rather than running multiple regional bank relationships.
Pick Relay if…
The Profit-First-aligned multi-checking neobank — 20 real checking accounts (not virtual envelopes) and 50 debit cards under one login, with granular multi-user roles. Where Mercury / Bluevine / Novo all give you one operating account plus virtual sub-pockets, Relay gives you 20 separately-FDIC-mapped checking accounts that auto-transfer between each other on percentage- or amount-based rules. That is the structural fit for Mike Michalowicz's Profit First method (Income / Profit / Owner's Pay / Tax / OpEx envelopes), and Relay has been the official Profit First banking platform since 2023. Sponsor bank is Thread Bank (TN-chartered) with a $3M sweep — Thread's May 2024 FDIC consent order was terminated December 2025 with no customer-funds incident at Relay.
- Best for fees Relay won 1 of 4
- Best for protection Relay won 1 of 2
- Best for reach Airwallex won 1 of 3
- Best for ux Tied
Airwallex vs Relay — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is Airwallex better than Relay?
Airwallex and Relay are tied 3–3 across 12 dimensions under our v3 methodology. Composite scores: Airwallex 77/100 vs Relay 71/100. The right pick depends on which dimension you weight most heavily.
Is Airwallex or Relay cheaper?
Monthly fee — Airwallex: €0; Relay: €0. Card FX markup — Airwallex: 0.40%; Relay: Interbank. Relay wins more fee rows (1 of 4). See the Fees section of the matrix above for ATM caps and the rest.
Which is safer for deposits, Airwallex or Relay?
Airwallex holds a Partner-bank licence under FCA; deposit guarantee per depositor: €100,000. Relay holds a Partner-bank licence under FDIC; deposit guarantee per depositor: $250,000. Relay is the stronger pick on regulatory protection.
Where can I use Airwallex and Relay?
Airwallex operates in 50 countries; Relay operates in 1 country. Check each provider's signup page for the live country list — eligibility depends on residency, not just the licence footprint.
Want a 3- or 4-way comparison?
The dynamic compare picker handles up to four banks. Add this pair plus one or two more and we'll resolve every row.