As small business owners and entrepreneurs, understanding the cost implications of your financial tools is crucial. At Counto, we specialise in helping SMEs navigate these complexities with ease. Today, let’s dive into the common fees associated with two popular digital banking solutions: Airwallex and Aspire.
Digital-first banking solutions like Aspire and Airwallex offer significant advantages over traditional banks, especially in terms of cost. Let’s break down their fees and compare them to what you might encounter with conventional banking.
Airwallex is known for its competitive pricing, especially for businesses that frequently deal with international transactions.
✅ Counto’s accounting plans offer multicurrency accounting, unlimited transactions, GST submissions, and tax filing—all at no extra charge. Enjoy direct support from your Customer Success Manager, backed by a team of expert accountants and tax specialists. Explore our plans here.
Aspire aims to simplify business banking with transparent and straightforward fees.
| Features | Airwallex | Aspire | Traditional Banks |
|---|---|---|---|
| FX Fees | Up to 0.6% | From 0.7% | Typically 2-4% |
| International Payment Fees | 0.3% | 0.67 SGD fixed fee + variable fee based on currency | $20-$40 or more per transfer |
| Account Fees | No account opening / monthly fees | No account opening / monthly fees | Business accounts often have monthly fees |
| Local Payment Fees | Free local currency transfers within Singapore | Free local currency transfers within Singapore | May charge for inter-bank local transfers |
1. Airwallex
Airwallex is a strong contender for businesses that handle frequent international transactions and seek lower foreign exchange markups.
2. Aspire
Aspire is ideal for businesses that have local transactions and need corporate cards.
When selecting between Aspire and Airwallex, consider your business’s specific needs. Aspire offers simplicity for local usage, while Airwallex shines in international transactions and lower FX markups. Both platforms significantly undercut traditional banks, offering SMEs a modern and efficient banking solution.
Counto is the trusted provider of accounting, tax preparation and CFO services for startups and SMEs. Get accounting plans that combine bookkeeping with corporate tax filing to help you stay compliant at an affordable price. To learn more, speak to us directly on our chatbot, email us at [email protected], or contact us using this form.
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