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See why Thriday is better for small businesses than Airwallex
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Airwallex is not a bank, so it does not issue bank accounts. Thriday accounts are issued by an authorised deposit-taking institution (ADI) that is subject to the Financial Claims Scheme so your funds are protected up to $250,000*. Airwallex has a number of products including what is called a "wallet". According to Airwallex's PDS, the wallet product is instead considered a non-cash payment facility by ASIC, and a purchase of stored value by both the RBA and APRA. With Airwallex, your electronic funds are not regulated client monies under the Corporations Act 2001 (Cth). You will not earn interest on balances in your wallet. Airwallex is entitled to keep any interest it earns with respect to your wallet balances at its discretion. The electronic funds in your Airwallex wallet are protected by a 'bank guarantee'. Airwallex publicly states that the entire amount of those funds are protected by a 'bank guarantee'. The 'bank guarantee' is issued by an ADI to a third party who holds the benefit of the 'bank guarantee' on trust for Airwallex wallet holders to call on if required. Airwallex provides multi-currency business accounts and cards so that you can pay international suppliers. Airwallex has integrations into Xero, which can make your accountants life easier, but it still means you need to reconcile any expenses. Airwallex provides no help when it comes to invoicing, bookkeeping, accounting or tax, so you will still need to set up and pay for other tools to manage your end-to-end business financial admin needs.

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Payment fees

Airwallex charges a transaction fee, or what it calls a ‘small margin’, which is between 0.5% to 1% of the payment made. What this means is if you send $1,000, you could be paying $5 - $10 for the privilege. Thriday does not charge any payment transaction fees, so any money you send to another bank account or BPAY biller is free.
Fee free
Up to 1% per trans.
Fee free
Up to 1% per trans.

FCS government-backed bank accounts

Airwallex is not a bank, so it does not issue bank accounts. Thriday bank accounts* are issued to customers by Regional Australia Bank Ltd which is an ADI, so your funds are protected by the $250,000 Financial Claims Scheme guarantee.

Automated allocations

When you make money, set up allocations, and watch a percentage of your earnings smoothly land in your preferred bank account. Whether it's for streamlining Profit First distributions or stashing away a portion for your Super account, we've got your small business covered!

ATM withdrawals and Bank@Post

Depending on your vocation, you may receive cash, or need to pay for things in cash. With Airwallex, there is no ability to do it. With your Thriday Visa debit card however you can deposit funds into your account via Bank@Post, or withdraw funds from an ATM.

Registered tax agent (no. 26262416)

To streamline your tax, BAS and accounting requirements even more, Thriday is a registered tax agent (registration number 26262416) with the Tax Practitioners Board (TPB). This means you can lodge your BAS and taxes directly from the Thriday platform and take advantage of expert support from registered tax agents.

Send invoices and quotes

For some businesses, invoicing clients is the only way they get paid. So, if you need to issue invoices, there is no way to do that with Airwallex. Thankfully, Thriday offers both invoices and quotes, allowing you to easily get paid for your services.

Make BPAY payments

Paying bills is an essential part of running a business. Thriday allows you to make payments to a BSB or account number, or also via BPAY.

Automated bookkeeping

Trying to decipher bank transactions requires a lot of patience and an encyclopedia of knowledge. Thriday automatically categorises your income and expenses as soon as they hit your account, meaning your books are done without having to lift a finger.

Receipt reconciliation

It is a requirement to have receipts on record when you get audited. With Thriday it’s too easy to be true. Just forward or upload any receipts you collect, and Thriday’s artificial intelligence will automatically reconcile it to the corresponding transaction. GST is reconciled and your tax position is updated in real-time.

Lodge BAS and tax

Lodging your BAS and tax is often a very expensive exercise for business owners. Besides the time involved, most accountants charge a small fortune to ask you some questions and submit a form on your behalf to the ATO. Whilst Airwallex doesn’t help with this, Thriday does, and if there is anything you want to make sure you get right, it’s your tax return.

Expert accountants

Finance can be a real headache for some business owners. The reality is no one told us how to run a business in school. Sometimes you might feel overawed and wanting a little bit of tax support. With Thriday, you can contact one of our agents, and they’ll be happy to help you out.

Call centre support

Airwallex requires you to chat to them to get help. It’s not clear if you can call them up over the phone, or where their support staff are located, but if their phone number is that hard to find, it’s probably because they don’t want to hear from you. At Thriday, we’re happy to take your calls, just buzz us on 1800 THRIDAY and our local customer care team will be happy to help.
1800-THRIDAY
1800-THRIDAY

Enjoy these great Thriday features

Thriday is completely cloud based and available on web and app
Modern, fast and AI-driven platform that has no legacy systems
Works out of the box with no training or third-party support required
Combines banking, bookkeeping, accounting and tax in one platform
Saves hours each week as no manual intervention required
No bank feeds or manual expense tracking
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Thriday is a product that automates our processes and does all the heavy lifting.
Matt
BuildPass

Why Thriday?

Managing your financial admin can be a real drain on your time and job satisfaction but there is a better way. Thriday is a new solution for a centuries old problem – managing your banking, accounting and tax. Thriday uses artificial intelligence to instantly interpret your transactions and apply them to a chart of accounts. This means as money hits your account, all your books are processed without lifting a finger. Thriday takes care of all your financial admin for only $29.95 a month. Say goodbye to time wasted, and say hello to Thriday.

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