Choosing the right business account provider is an important decision that can have a significant impact on your company’s financial operations.
Wise, Aspire and Airwallex are among the more modern solutions available here in Singapore. These are fintech companies that can transform the banking experience for small and medium businesses, enabling them to open a multi-currency account in minutes, and move money cheaper and faster than traditional banks.
This guide will review Wise, Aspire and Airwallex and compare how they measure up on key features.
| Business features | Wise | Aspire | Airwallex |
|---|---|---|---|
| Ability to sign up online | Yes | Yes | Yes |
| Licensed by MAS? | Yes | No | Yes |
| FX services | Yes | Yes | Yes |
| FX fees markup | From 0.43% | From 0.7% | From 0.4% |
| FX currencies | Send & receive payments to 70+ countries | Send & receive payments to 50+ countries | Send & receive payments to 40+ countries |
| Virtual &/or physical corporate cards available? | Both available | Both available | Both available |
Wise is a major fintech platform that is regulated by MAS in Singapore. While the Wise platform bills itself as the ultimate solution for international money transfers, it does offer additional services like borderless banking, multi-currency accounts, and debit cards to manage money in various currencies.
| Pros ✅ | Cons ❌ |
|---|---|
| 50+ currencies to hold or use in your account | No physical branch network |
| Account details and IBANS for 10 currencies | Limited services like loans |
| Uses the mid-market FX rate | Does not support less mainstream currencies |
| Physical cards available for use at ATMs worldwide | Limited customer support |
| Internationally regulated |
Aspire is a payments platform that is currently exempted by MAS from holding a licence for payments services in Singapore. Therefore, Aspire provides their services in conjunction with partners licensed by the local regulators. Aspire offers a range of services aimed at helping businesses manage their finances more efficiently such as business accounts and expense management.
| Pros ✅ | Cons ❌ |
|---|---|
| Send and receive payments in 30+ currencies | Limited services like loans |
| Uses the mid-market FX rate | No physical branch network |
| Expense tracking to help manage cash flow | Have to connect your Aspire account with Wise |
| Connects with other platforms | Charges $12 SGD monthly account fees |
Airwallex is a global payments platform offering virtual business accounts. Similar to Wise, it is regulated by MAS. Airwallex has gained a reputation for its innovative approach to international transfers. Within your Airwallex account, you can create virtual debit cards with user permissions and unique payment links for people to pay you easily.
| Pros ✅ | Cons ❌ |
|---|---|
| Account details and IBANS for 12 currencies | Limited services like loans |
| Holds 20+ currencies in the digital wallet | No physical branch network |
| Expense management tools | Extra $5 SGD monthly fee per employee corporate card if using their expense management |
| Unique payment links available | Physical corporate cards do not work with ATMs |
| Free local transfers |
As you can see, Wise, Aspire and Airwallex provide solid options for business customers in Singapore looking for business accounts that offer lower FX fees and process transactions faster than traditional banks.
They also have lower barriers to entry, enabling foreigners looking to register companies in Singapore, to immediately participate in financial transactions.
It is worth noting that while these digital players offer numerous advantages, traditional banks provide services like physical branches and personalised customer service.
Ultimately, Wise, Aspire and Airwallex have transformed the way money is moved worldwide and the choice you pick will be based on your business needs.
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