Wise vs Aspire vs Airwallex: Which digital banking account is best for your Singapore company?

Less than a decade ago, operating a business through a digital bank in Singapore seemed an unlikely prospect. Nowadays, it's a completely different story. Many small and medium enterprises now handle their finances entirely online.

To some extent, this shift has been fueled by digital banking platforms such as Aspire, Airwallex, and Wise, which are adapting to the changing needs of small businesses. These fintech advancements go beyond merely digitizing traditional banking; they serve as financial platforms that streamline operations and open doors to international markets.

Please Note: Under Singaporean legislation, Aspire, Airwallex, and Wise do not fall into the category of digital banks, despite being commonly referred to as such in numerous online sources. Rather, they are classified as fintech entities — payment-service institutions offering digital banking solutions (business accounts) to companies registered within Singapore. These services are sometimes termed neobanks.

Topics To Be Discussed

Things to Consider When Choosing Your
Digital Banking Corporate Account

Comparison Table Outlining Key Differences Between
Aspire vs Wise vs Airwallex

Introducing Aspire

Introducing Wise

Introducing Airwallex

Things to Consider When Choosing Your Digital Banking Corporate Account in Singapore

Choosing the right digital banking corporate account is an important decision, as it impacts financial operations and efficiency. Below are several important factors to keep in mind when making this decision.

Fees and Cost: Compare the fee structures of different digital banking platforms, including monthly maintenance fees, transaction fees, wire transfer fees, overdraft fees, and ATM fees. Look for an account with transparent and competitive pricing that aligns with your business's needs and usage patterns.

Reputation and Reviews: The reputation of the bank is crucial. You don't want to choose a bank with a bad track record. Research reviews of the digital banking account from other business customers. Look for feedback on reliability, customer service, security, its development in recent years, and overall satisfaction, to gauge the platform's suitability for your business.

Account Features and Scope Services: Evaluate the range of services offered by the digital banking platform. This may include online and mobile banking, bill payment, multi-currency transactions, wire transfers, payroll services, and integration with accounting software.

Security Features: Prioritize digital banking accounts that come with robust security measures, such as multi-factor authentication, encryption, fraud detection, and account monitoring. Verify that the platform complies with industry standards and regulations to safeguard your business's financial information.

Network and Partnerships: It’s a good thing to have a banking platform that can be integrated with other banks, inside and outside the country. Explore the network and partnerships of the chosen banking platform, including affiliated banks, ATM networks, and payment processors.

Scalability and Growth Potential: Choose a digital banking platform that can scale with your business as it grows. Consider factors such as the availability of credit products, lending services, investment options, and international banking capabilities to support your evolving financial needs.

Comparison Table Outlining Key Differences Between
Aspire vs Wise vs Airwallex

Note that the information in the table below is subject to change from time to time. Therefore it’s recommended to check the latest information on the websites of these banks directly before making a final decision.

Aspire

Wise

Airwallex

Time to open account

2-5 business days

4-7 business days

1-3 business days

Multi-currency access

SGD, USD, IDR, EUR, GBP

SGD, USD, GBP, EUR, AUD,
NZD, RON, CAD, HUF, TRY

SGD, USD, EUR, GBP, AUD,
CAD, HKD, JPY, NZD, CNY

Account setup fees

Free

54 SGD

Free

Monthly account fees

Free

Safeguarding of funds

100% of funds are
safeguarded in Tier-1
bank in Singapore

ATM cash withdrawal

Yes (outside Singapore only)

Yes

No

Free local transfers (in USD and SGD)

Yes

No

0.67 SGD Fixed Fee + Variable fee

Yes

Receive SWIFT payments

SGD account: 0.4-1% fee
USD account: USD 8
EUR account: EUR 10
GBP account: GBP 10

Free

No info provided

Send SWIFT payments

SGD account: Mid-market rate with a fee
USD account: USD 15
EUR account: EUR 10
GBP account: GBP 10

From 0.43% (fees varies
with currency)

From USD 20-30 per payout

FX rates & fees

From 0.43% markup

0.4-1% markup

Up to 0.6% markup

Virtual & physical corporate cards availability

Both available

Ability to pay payroll, taxes and Central Provident Fund (social security system for Singaporeans)

Yes

No

Accounting software integration

Yes

Introducing Aspire

What is Aspire?

Aspire is a fintech company based in Singapore that offers digital banking solutions tailored for small and medium-sized enterprises (SMEs). As mentioned above, Aspire (like Wise and Airwallex) is not a bank, but a Payment Services Institution located in Singapore. Aspire is currently exempted from holding a license to provide payment services under the Payment Services Act.

However, Aspire's banking services are facilitated through a collaboration with one of the top Singaporean traditional banks: DBS Bank. Through this partnership, Aspire utilizes DBS Bank's banking infrastructure, including its banking license, to offer financial services to its customers. This partnership allows Aspire to provide SMEs with access to banking products and services such as business accounts, corporate cards, and working capital financing, leveraging DBS Bank's established banking capabilities while offering a streamlined and digital-first experience to its users.

No minimum deposit or monthly fees
100% online opening of an account
Business accounts may be opened in USD, EUR, GBP, SGD, IDR and other major currencies
Smart features and accounting integrations on the Aspire app and online such as auto-spend categorisation, scheduled and bulk payments, and integration with Xero, Quickbooks, Oracle Netsuite, Deskera, and SAP
100% of funds are safeguarded in a Tier-1 bank in Singapore
Possibility of obtaining multiple virtual and physical corporate cards
Unlimited 1% cashback on qualified SaaS and digital marketing purchases (such as Facebook ads, Google ads, LinkedIn ads, AWS, Shopify, Google Suites, Mailchimp, Xero and Quickbooks)
International payments to your company business account in 30+ currencies
Best FX rates, up to 3x cheaper than banks, with 0 FX processing fees.
Invoice management tools
Ability to pay payroll, taxes and Central Provident Fund (social security system for Singaporeans)

Set-up fees	Free
Monthly fees	Free
FX rates	Up to 3x cheaper than banks
SGD Account Payments
Receive Local Payments	Free
Receive SWIFT Payments	Up to 2x cheaper rates than banks, and without fees
Send Local Payments	Free
USD Account Payments
Receive Local Payments	Free
Receive SWIFT Payments in USD	USD 8
Receive SWIFT Payments With Conversion	Start from USD 8
Send Local Payments	Free
Send SWIFT Payments With Conversion	From USD 15-30 per transfer
EUR Account Payments
Receive Local Payments	Free
Receive SWIFT Payments	EUR 10
Send Local Payments	Free
Send SWIFT Payments	From EUR 10-20
Corporate Cards
Card FX Fee	Up to 1.5% markup, with no additional fees
Create a Virtual Card	Free
The First Physical Card per User	Free
Extra Physical Cards per User	SGD 15 per card
ATM Withdrawal Fee	SGD 5 per withdrawal

For up-to-date information about fees, check the Aspire pricing page.

The documents required to open an Aspire corporate account depend upon the complexity of the company. Here is a basic list of mandatory documents:

ACRA Bizfile
Letter of Authorization (Non-Director): The letter of authorization is required for all accounts where the user is a non-director. The letter is a signed document by any director in the company authorizing the respective user to open the account
Your Passport/ID
Your Proof of Address of User: Proof of Address is required if the submitted ID does not show your address. Accepted documents can be any legal documents issued by a third party: utility bills, phone bills, bank statements, rental agreements, or contracts
Passport/ID of any registered director of the company: Accepted IDs are National IDs or Passports
Full Name, Nationality, Country of Residence, Date Of Birth of all company directors

Here are some additional documents that may be requested by Aspire:

Name, Country of Residence, Nationality and IDs of the Majority Shareholder (If >=25%): This applies to businesses with individual shareholders that hold > 25% of shares in your business.
Name and IDs of Corporate Shareholders (If >=25%): This applies to businesses with corporate shareholders that hold > 25% of shares in your business.
Chart of Shareholder Structure (If >=25%).
Constitution/Memorandum & Articles: This applies to all companies, except Partnerships and Sole Proprietorships, to verify that the Constitution allows you to open an account on behalf of the company.

On average, 2-5 business days.

Registration with Aspire takes less than 10 minutes and can be done fully online. Once registered, the Aspire team will liaise with you within five working days on whether the business account has been activated or if any other supporting documents are required.

The account verification process varies according to the nature of the business. In certain cases, processing the documents can take longer.

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Introducing Wise

What is Wise?

Wise (formerly known as Tranferwise) is a fintech company founded in 2011. While not a bank in itself, Wise is licensed by the Monetary Authority of Singapore and ensures the security of customer funds through major banking institutions. Wise offers multi-currency accounts for both personal and corporate clients, allowing them to receive, hold and send international payments. Wise specializes in facilitating international transactions for businesses engaged in cross-border commerce.

The Wise Business Account in Singapore is particularly advantageous for businesses with cross-border financial needs, taking into account that free local transfers in USD and SGD are not available with Wise (unlike in Aspire or Airwallex). That’s why costs may increase if your business frequently makes local transfers.

Wise is ideal for businesses that intend to transfer small amounts regularly. As fees are determined based on a percentage of your transfer, sending large sums results in higher fees.

Easy and quick setup, 100% online.
Offers multi-currency accounts in SGD, USD, GBP, EUR, AUD, NZD,RON, CAD, HUF, and TRY.
Best FX rates, up to 3x cheaper than banks.
Safe and secure with funds safeguarded in a Tier-1 bank in Singapore.
Support transfer to Alipay and WeChat (good option for businesses that send money to China often).
Ability to hold and convert money into over 56 currencies and send money to over 70 countries.
Virtual and physical debit cards to pay for expenses in over 40 currencies and over 160 countries, whether online or in-store, and withdraw cash from ATMs.
Integration with Xero, QuickBooks, or FreeAgent.
Integration with popular online marketplaces and ecommerce platforms such as Amazon, Shopify, BigCommerce, and Wix.
Ability to make batch payroll payments to up to 1,000 people in one click by uploading a spreadsheet with details for each transfer.
A payment API for automating invoices, orders, and payroll processes.
Mid-market exchange rates and low fees from 0.43%.

Set-up Fees	54 SGD
Monthly Fees	Free
FX fees (fee varies by currency)	From 0.43%
SWIFT transfers (fee varies by currency)	From 0.43%
Receive SWIFT transfers (AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY, and USD)	Free
Local Transfer Payments	From 0.43%
Company Cards and Employee Cards	1 for free, additional cards 4 SGD each
Payments to External Cards and Wallets (Visa, Mastercard, American Express, Apple Pay, and Google Pay)	2%
ATM Withdrawal Fee	1.5 SGD + 1.75% of amount over 350 SGD

Note: For up-to-date information about fees, check the Wise pricing page.

To open a Wise Business Account in Singapore, you first need to set up a Wise personal account. Once you have that, you may choose to open an account with Wise for your company finances.

To be eligible, your Singapore company needs to be ACRA-registered. Please note that trusts and charities cannot use Singapore Wise business accounts. Your company must also comply with the Wise acceptable use policy.

As you can’t have a Wise Business account without also having a personal account attached to it, you need to provide the following list documents to verify your personal Wise account:

ID document with nationality/Passport
Proof of address
If you are not a company director, you’ll need to provide an authorization letter from the directors

The following information is required to transfer to set up your Wise Business Account in Singapore:

Company’s name and ACRA (or UEN) registration number
Description of your business and how you’re planning to use Wise
Company website, if there is one
Information about all of the company directors, as well as shareholders who own more than 25% of the business:
- Full name, date of birth, and country of residence
- If one of the shareholders is another company, then you need to attach its company registry document showing the owners of that business.

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Introducing Airwallex

What is Airwallex?

Airwallex is a global fintech company founded in 2015 in Australia, providing specialized financial solutions for businesses of any scale. Their offerings include virtual business accounts, cross-border payment services, payment cards, business APIs, and a range of other financial tools tailored to meet diverse business needs.

Airwallex (like Aspire or Wise) is not a bank, but a MAS-licensed and regulated Payment Services Institution that partners with local payment rails.

Airwallex's major investors include Tencent (China), Sequoia Capital (USA) and more.

Easy and quick 100% online setup
No set-up or monthly fees
Fully licensed and regulated by the Monetary Authority of Singapore
Safe and secure, with funds safeguarded in a Tier-1 bank in Singapore
Multi-currency global accounts in SGD, USD, EUR, GBP, AUD, CAD, HKD, JPY, NZD, CNY
Global transfers to 150+ countries
Over 70% of transfers arrive on the same day
Automate domestic and international bill pay workflows
Software integration with Xero, Quickbook, and Netsuite
E-commerce solutions like Payment Gateways

Set-up Fees	Free
Monthly Fees	Free
FX rates and fees	Up to 0.6% markup
SWIFT transfers	Up to 35 SGD
Local Transfer Payments	Free
Company Cards and Employee Cards	Free
Expense Management Module	5 SGD per cardholder per month
Payments to Domestic Cards and Wallets (Visa, Mastercard, American Express, Apple Pay, and Google Pay)	3.30% + 0.50 SGD +0.3% for international cards
ATM Withdrawal Fee	Airwallex does not allow cash withdrawal

For up-to-date information about fees, check the Airwallex pricing page.

Here is a list of supporting documents needed to open a business account with Airwallex:

Company Business Profile from ACRA: This is the ACRA document that contains basic information about your business, such as your Unique Entity Number (UEN), date of incorporation, and business activities
Your Personal ID, such as a passport or a national ID
ID/Passport of the Ultimate Beneficial Owner (UBO) (if different from you)
Shareholding structure signed by company director
Industry license (if the business activity requires any)
Proof for source of funds, such as customer invoices or personal bank statements of Shareholders
Memorandum and Articles of Association (M&A) of your company (sometimes)

Airwallex conducts a detailed KYC or “Know your client” procedure.It is a process that is required by Singapore regulators to offer financial services to organizations and individuals.

To open a business account for a Singapore company, you should prepare the following documents for KYC (if they are applicable in your case)

Partnership Disclosure & Declaration Form
Ownership Structure Chart
Authorisation Letter
Financial Institution Onboarding Questionnaire
Live Streaming Questionnaire
Online Marketplace Onboarding Questionnaire
ID of UBO
ID of Authorized Person
Individual Address Proof

Please visit this Airwallex page for more detailed information on the documents required.

you must provide information about your future business expenses and transactions with Airwallex.

In addition, you may be requested to provide the following information on how and where you plan to send and receive money from your Airwallex account:

Countries from which you will receive payments.
Countries to which you will be sending funds.
An anticipated monthly volume of both incoming and outgoing transactions.
Sources of incoming funds, such as marketplaces like Amazon, payment gateways like PayPal, third-party bank accounts, and other payment service providers like Wise.
Recipients of outgoing payments, including employees, contractors, or investors.

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Wise vs Aspire vs Airwallex: Which digital banking account is best for your Singapore company?

Things to Consider When Choosing Your Digital Banking Corporate Account in Singapore

Comparison Table Outlining Key Differences Between
Aspire vs Wise vs Airwallex