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Airwallex vs Mercury
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Onboards businesses in United States
Airwallex
AvailableMercury
AvailableAccept payments
Airwallex
Online payments with cards and 160+ local methods, settled into multiple currencies.Mercury
Invoices your customers pay by card or ACH debit, also available through the API.Pay people abroad
Airwallex
Transfers to 150+ countries, often over local bank rails.Mercury
Domestic ACH and wires, international wires, and API payments to saved recipients.Multi-currency account
Airwallex
Global Accounts give you local bank details in 20+ currencies, so you get paid like a local business.Mercury
US dollar checking and savings with FDIC insurance through partner banks, plus Treasury for idle cash.Business cards
Airwallex
Multi-currency corporate cards with spend controls.Mercury
Debit cards and the IO corporate credit card with spend controls.Stablecoins
Airwallex
Not offeredMercury
Not offeredYield on idle cash
Airwallex
Airwallex Yield invests idle balances in AAA-rated J.P. Morgan money market funds. Airwallex says it is not a savings or deposit product, and returns are variable.Mercury
Mercury Treasury invests idle cash in government money market funds and, since August 2026, an ultra-short bond fund. It is not FDIC insured, may lose value, and carries a 0.15–0.60% fee.Yield on idle cash
A return on money you are not using. How safe it is depends on where the return comes from, not on how high the rate is.
Where the return comes from
Airwallex
Low risk, not insuredMoney market fundMercury
Low risk, not insuredMoney market fundModerate riskShort-term bond fundIs the money protected?
Airwallex
Not a deposit and not insured. The fund holds short-term government debt and aims to keep its value stable, but that is not guaranteed. Broker protection (SIPC in the US) covers the broker failing, not investment losses.Mercury
Money market fund: Not a deposit and not insured. The fund holds short-term government debt and aims to keep its value stable, but that is not guaranteed. Broker protection (SIPC in the US) covers the broker failing, not investment losses.Short-term bond fund: Not insured, and the price moves every day, so you can get back less than you put in.Does the rate change?
Airwallex
Floats daily with central bank rates, so it falls when rates are cut.Last seen: About 3.6–3.7% on USD in 2026, depending on planMercury
Floats daily with central bank rates, so it falls when rates are cut. Moves with interest rates and bond prices.Last seen: Up to about 3.6% net, for the largest balances (May 2026)Platform & marketplace
Run payments for other businesses: sign them up, take a cut, pay them out.
Sub-accounts for your users
Airwallex
YesConnected accounts for businesses and individuals, through hosted onboarding, embedded components or the native API.Mercury
NoMercury’s API manages your own accounts; there is no product for creating accounts for your users.Split payments and platform fees
Airwallex
YesCollect payments on behalf of connected accounts and take a platform fee.Mercury
NoNot a payment processor.Embeddable UI
Airwallex
YesEmbedded components for onboarding and account features.Mercury
NoNo embeddable components.Pay out to your users
Airwallex
YesTransfers to 150+ countries, often over local rails.Mercury
PartlyAPI payments to saved recipients by ACH or wire. Fine for paying vendors, not built for paying a platform’s users at scale.Embedded finance for your users
Give your users financial products under your brand.
Accounts that hold money
Airwallex
YesEach connected account can get multi-currency wallets and local account numbers.Mercury
NoNot offered to platforms.Cards for your users
Airwallex
YesIssuing APIs for connected accounts’ cardholders, with secure card-display iframes.Mercury
NoCards are for your own team.Financing for your users
Airwallex
Not confirmedNot confirmed.Mercury
NoNot offered to platforms.Consumer apps
Build for individuals, not just businesses, the way Bridge allows.
End users can be individuals
Airwallex
PartlyPlatforms can create connected accounts for individuals. Card issuing and third-party payouts need full KYC.Mercury
NoMercury Personal is Mercury’s own consumer banking; you cannot build consumer products on it.Consumer wallets or accounts
Airwallex
PartlyWallets on connected accounts can belong to individuals.Mercury
NoNot offered to platforms.Consumer cards
Airwallex
Not confirmedPublic materials describe business card programs.Mercury
NoNot offered to platforms.Stablecoins
Dollar-backed tokens as a payment and treasury rail.
Accept stablecoins
Airwallex
NoNo stablecoin product found in public materials.Mercury
NoNo stablecoin product found in public materials.Hold stablecoin balances
Airwallex
NoNo stablecoin product found in public materials.Mercury
NoNo stablecoin product found in public materials.Pay out in stablecoins
Airwallex
NoNo stablecoin product found in public materials.Mercury
NoNo stablecoin product found in public materials.Issue your own stablecoin
Airwallex
NoNo stablecoin product found in public materials.Mercury
NoNo stablecoin product found in public materials.Regulatory risk in United States
Airwallex
No stablecoin productsMercury
No stablecoin productsAI agents
Build with AI tools, and let AI agents shop and pay.
Official MCP server
Airwallex
YesAgentOS includes production, sandbox and docs MCP servers plus a CLI. Every money-out action needs a human to confirm it.Mercury
YesHosted MCP server in beta: AI assistants can read balances, transactions, cards and recipients, with OAuth sign-in.Checkout for AI agents
Airwallex
Not confirmedNo agent checkout protocol support confirmed.Mercury
NoDoes not process checkout payments, so there is nothing for an agent to check out with.Cards for AI agents
Airwallex
PartlyAgentOS includes a card provisioning workflow, with human confirmation before money moves.Mercury
Not confirmedNot found in public materials.Working with them
How easy it is to get started.
Self-serve signup
Airwallex
YesSign up online; platform products are sales-assisted.Mercury
YesApply online.Published pricing
Airwallex
YesPricing pages by country.Mercury
YesFree core plan; paid plans are published.Public API and sandbox
Airwallex
YesPublic API and sandbox.Mercury
YesREST API for accounts, transactions, payments and invoicing, with webhooks and OAuth for partner apps.Coming soon
Announced but not launched. These are plans, not products you can sign up for today: timing often slips, and some never ship.
Announced, not yet live
Airwallex
Mercury
In short
Countries onboarded
Airwallex
39 of 170Mercury
1 of 170Designed for
Airwallex
Businesses that collect in one currency and spend in another, without opening bank accounts abroad.Mercury
US startups that want a fast, API-friendly bank account, including founders based outside the US.Limitations
Airwallex
Which products you get depends on the country your business is registered in.Mercury
Only for US-registered companies, and not designed for building products on top of.| Airwallex Global account | Mercury Business banking | |
|---|---|---|
| Onboards businesses in United States | Available | Available |
| Accept payments | Online payments with cards and 160+ local methods, settled into multiple currencies. | Invoices your customers pay by card or ACH debit, also available through the API. |
| Pay people abroad | Transfers to 150+ countries, often over local bank rails. | Domestic ACH and wires, international wires, and API payments to saved recipients. |
| Multi-currency account | Global Accounts give you local bank details in 20+ currencies, so you get paid like a local business. | US dollar checking and savings with FDIC insurance through partner banks, plus Treasury for idle cash. |
| Business cards | Multi-currency corporate cards with spend controls. | Debit cards and the IO corporate credit card with spend controls. |
| Stablecoins | Not offered | Not offered |
| Yield on idle cash | Airwallex Yield invests idle balances in AAA-rated J.P. Morgan money market funds. Airwallex says it is not a savings or deposit product, and returns are variable. | Mercury Treasury invests idle cash in government money market funds and, since August 2026, an ultra-short bond fund. It is not FDIC insured, may lose value, and carries a 0.15–0.60% fee. |
| Yield on idle cashA return on money you are not using. How safe it is depends on where the return comes from, not on how high the rate is. | ||
| Where the return comes from | Low risk, not insuredMoney market fund | Low risk, not insuredMoney market fundModerate riskShort-term bond fund |
| Is the money protected? | Not a deposit and not insured. The fund holds short-term government debt and aims to keep its value stable, but that is not guaranteed. Broker protection (SIPC in the US) covers the broker failing, not investment losses. | Money market fund: Not a deposit and not insured. The fund holds short-term government debt and aims to keep its value stable, but that is not guaranteed. Broker protection (SIPC in the US) covers the broker failing, not investment losses.Short-term bond fund: Not insured, and the price moves every day, so you can get back less than you put in. |
| Does the rate change? | Floats daily with central bank rates, so it falls when rates are cut.Last seen: About 3.6–3.7% on USD in 2026, depending on plan | Floats daily with central bank rates, so it falls when rates are cut. Moves with interest rates and bond prices.Last seen: Up to about 3.6% net, for the largest balances (May 2026) |
| Platform & marketplaceRun payments for other businesses: sign them up, take a cut, pay them out. | ||
| Sub-accounts for your users | YesConnected accounts for businesses and individuals, through hosted onboarding, embedded components or the native API. | NoMercury’s API manages your own accounts; there is no product for creating accounts for your users. |
| Split payments and platform fees | YesCollect payments on behalf of connected accounts and take a platform fee. | NoNot a payment processor. |
| Embeddable UI | YesEmbedded components for onboarding and account features. | NoNo embeddable components. |
| Pay out to your users | YesTransfers to 150+ countries, often over local rails. | PartlyAPI payments to saved recipients by ACH or wire. Fine for paying vendors, not built for paying a platform’s users at scale. |
| Embedded finance for your usersGive your users financial products under your brand. | ||
| Accounts that hold money | YesEach connected account can get multi-currency wallets and local account numbers. | NoNot offered to platforms. |
| Cards for your users | YesIssuing APIs for connected accounts’ cardholders, with secure card-display iframes. | NoCards are for your own team. |
| Financing for your users | Not confirmedNot confirmed. | NoNot offered to platforms. |
| Consumer appsBuild for individuals, not just businesses, the way Bridge allows. | ||
| End users can be individuals | PartlyPlatforms can create connected accounts for individuals. Card issuing and third-party payouts need full KYC. | NoMercury Personal is Mercury’s own consumer banking; you cannot build consumer products on it. |
| Consumer wallets or accounts | PartlyWallets on connected accounts can belong to individuals. | NoNot offered to platforms. |
| Consumer cards | Not confirmedPublic materials describe business card programs. | NoNot offered to platforms. |
| StablecoinsDollar-backed tokens as a payment and treasury rail. | ||
| Accept stablecoins | NoNo stablecoin product found in public materials. | NoNo stablecoin product found in public materials. |
| Hold stablecoin balances | NoNo stablecoin product found in public materials. | NoNo stablecoin product found in public materials. |
| Pay out in stablecoins | NoNo stablecoin product found in public materials. | NoNo stablecoin product found in public materials. |
| Issue your own stablecoin | NoNo stablecoin product found in public materials. | NoNo stablecoin product found in public materials. |
| Regulatory risk in United States | No stablecoin products | No stablecoin products |
| AI agentsBuild with AI tools, and let AI agents shop and pay. | ||
| Official MCP server | YesAgentOS includes production, sandbox and docs MCP servers plus a CLI. Every money-out action needs a human to confirm it. | YesHosted MCP server in beta: AI assistants can read balances, transactions, cards and recipients, with OAuth sign-in. |
| Checkout for AI agents | Not confirmedNo agent checkout protocol support confirmed. | NoDoes not process checkout payments, so there is nothing for an agent to check out with. |
| Cards for AI agents | PartlyAgentOS includes a card provisioning workflow, with human confirmation before money moves. | Not confirmedNot found in public materials. |
| Working with themHow easy it is to get started. | ||
| Self-serve signup | YesSign up online; platform products are sales-assisted. | YesApply online. |
| Published pricing | YesPricing pages by country. | YesFree core plan; paid plans are published. |
| Public API and sandbox | YesPublic API and sandbox. | YesREST API for accounts, transactions, payments and invoicing, with webhooks and OAuth for partner apps. |
| Coming soonAnnounced but not launched. These are plans, not products you can sign up for today: timing often slips, and some never ship. | ||
| Announced, not yet live | AnnouncedAccounts and acquiring for Korean businessesExpected by the end of 2026 AnnouncedLater than expectedFull local service for Brazilian businessesExpected by the end of 2025, not launched yet Details and sources → | Awaiting approvalMercury Bank, N.A.No date given · Includes United States Details and sources → |
| In short | ||
| Countries onboarded | 39 of 170 | 1 of 170 |
| Designed for | Businesses that collect in one currency and spend in another, without opening bank accounts abroad. | US startups that want a fast, API-friendly bank account, including founders based outside the US. |
| Limitations | Which products you get depends on the country your business is registered in. | Only for US-registered companies, and not designed for building products on top of. |
Common questions
Is Airwallex or Mercury available in more countries?
Airwallex. Of the 170 countries we track, Airwallex onboards businesses in 39 (and 5 more with limits) and Mercury in 1. Both serve businesses in 1. Only Airwallex: Canada, Mexico, Brazil, United Kingdom, Ireland, Germany, France, Netherlands, Belgium, Luxembourg, Austria, Spain and 31 more.
What do Airwallex and Mercury offer?
Accept payments: Airwallex yes, Mercury yes. Pay people abroad: Airwallex yes, Mercury yes. Multi-currency account: Airwallex yes, Mercury yes. Business cards: Airwallex yes, Mercury yes. Stablecoins: Airwallex no, Mercury no. Yield on idle cash: Airwallex yes, Mercury yes.
How do Airwallex and Mercury differ for platforms and embedded finance?
Sub-accounts for your users: Airwallex yes, Mercury no. Split payments and platform fees: Airwallex yes, Mercury no. Embeddable UI: Airwallex yes, Mercury no. Pay out to your users: Airwallex yes, Mercury partly. Accounts that hold money: Airwallex yes, Mercury no. Cards for your users: Airwallex yes, Mercury no. Financing for your users: Airwallex not confirmed, Mercury no. End users can be individuals: Airwallex partly, Mercury no. Consumer wallets or accounts: Airwallex partly, Mercury no. Consumer cards: Airwallex not confirmed, Mercury no. Checkout for AI agents: Airwallex not confirmed, Mercury no. Cards for AI agents: Airwallex partly, Mercury not confirmed.
Who is Airwallex designed for?
Businesses that collect in one currency and spend in another, without opening bank accounts abroad. Limitations: Which products you get depends on the country your business is registered in.
Who is Mercury designed for?
US startups that want a fast, API-friendly bank account, including founders based outside the US. Limitations: Only for US-registered companies, and not designed for building products on top of.
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