Aspire, Wise, Airwallex, or Revolut:
Best Digital Banking Option for Your Singapore Company
Less than a decade ago, running a business through a digital bank in Singapore seemed far-fetched. Today, it’s common. Many startups and SMEs now manage their finances entirely online.
This shift has been powered by platforms such as Aspire, Airwallex, Revolut, and Wise, which go beyond digitizing traditional banking. They act as financial hubs, streamlining operations, lowering costs, and opening doors to international markets.
This article is Part 3 of our Singapore Business Banking Guide series. In Part 1: Opening a Corporate Bank Account in Singapore, we explain how to open a corporate bank account with traditional banks. In Part 2: Digital Bank Accounts for Singapore Companies, we cover the pros and cons of digital business accounts. Here in Part 3, we compare Wise, Aspire, Airwallex, and Revolut side by side, so you can decide which platform best fits your company’s needs.
Table of Contents
Key Takeaways: Wise, Aspire, Airwallex, and Revolut in Singapore
Comparison Table: Wise vs Aspire vs Airwallex vs Revolut
Aspire Business Account in Singapore
Wise Business Account in Singapore
Airwallex Business Account in Singapore
Revolut Business Account in Singapore
How Founders Typically Use Digital Bank Accounts
Beyond Digital: Why You May Still Need a Traditional Bank Account
Frequently Asked Questions (FAQs)
Key Takeaways: Wise, Aspire, Airwallex, and Revolut in Singapore
Providers like Aspire, Wise, Airwallex, and Revolut are licensed fintech platforms, not MAS-licensed banks, yet they are widely used by Singapore companies.
Aspire, Wise, Airwallex, and Revolut all offer fast onboarding, multi-currency support, and competitive fees but each has different strengths.
No single “best” option exists; the right choice depends on your company’s operational needs. Aspire focuses on SMEs and local integrations, Wise on transparent international transfers, Airwallex on scaling globally, and Revolut on all-in-one expense and team tools.
Many founders combine a digital account with a traditional bank account for flexibility and investor credibility.
Fees, features, and availability can change, so always confirm details directly with the provider before making a final decision.
Comparison at a Glance: Wise vs Aspire vs Airwallex vs Revolut
1-2 weeks
20+ currencies including SGD, USD, EUR, GBP, AUD
(in SGD)
integration
Support
Aspire Business Account
in Singapore
What Is Aspire?
Have Questions About Digital
Business Bank Account in Singapore?
Our experts are here to listen and guide you. Share your needs and we’ll respond right away.
Wise Business Account in Singapore
What Is Wise?
Not Sure What Didital Banking Option to Choose?
Airwallex Business Account
in Singapore
What Is Airwallex?
Revolut Business Account
in Singapore
What Is Revolut?
How Founders Typically Use Digital Bank Accounts
For many startups, digital business accounts are more than just a convenient add-on. They can serve as a critical first step when traditional banks are not yet ready to open an account for a newly incorporated company, especially if the founders are based overseas.
Even after a traditional bank account is in place, digital accounts often continue to play a supplementary and value-adding role in daily operations. They provide flexibility in managing expenses, reduce costs for international payments, and simplify cash flow. Founders also use them to access features like team cards, automated reporting, and multi-currency wallets - tools that traditional banks typically don’t offer in a single package.
Because of these advantages, digital accounts are not a temporary fix. They have become a core part of the financial stack for many Singapore companies, working alongside traditional banks rather than replacing them. The most common use cases include:
- Paying overseas suppliers and freelancers at lower FX costs than traditional banks.
- Receiving international revenue in multiple currencies without excessive conversion fees.
- Managing team expenses through corporate cards, budgets, and approval workflows.
- Automating back-office tasks with integrations into accounting, payroll, and expense software.
- Supporting cash flow during the early months of a company’s life when access to a traditional bank account may be delayed.
- Keeping operational funds separate from reserves held in the main corporate account for easier oversight and risk management.
Trusted by Global Entrepreneurs Like You
First-class service!
Guys, thanks for getting things done so efficiently. Your advice and guidance for establishing our banking relationship with UOB was the real deal. I have been very impressed with your firm since my very first interaction and now that everything has been completed, I am very glad that I selected you. I would wholeheartedly recommend you to fellow entrepreneurs who are considering incorporating a company in Singapore.
Beyond Digital: Why You May Still Need a Traditional Bank Account
Digital accounts can cover many day-to-day needs, but they are not always a full substitute for a traditional bank. As your company grows, investors, regulators, and business partners may still expect you to maintain a corporate account with an established bank.
Situations where a traditional bank account remains important include:
- Holding large capital amounts securely. Shareholder funds, investor capital, or retained earnings are often kept in traditional banks.
- Conducting high-value transactions such as property purchases, bulk supplier payments, or large-scale payroll.
- Investor confidence and credibility. Venture capital firms and institutional investors usually prefer funds to flow through recognized banks.
- Integration with payment gateways. Some credit card processors (e.g. Stripe, PayPal, or Shopify Payments) may require settlement to a traditional bank account.
- Access to financing. Loans, trade facilities, and credit lines are only available from banks.
- Certain regulatory requirements. In some licensed industries, a local bank account is mandatory.
- Cash and cheque handling. While less common today, certain suppliers and landlords continue to prefer these methods.
In practice, many founders start with a digital account for speed and flexibility, then add a traditional bank account as the company matures or when operational needs demand it.
Final Thoughts
Aspire, Airwallex, and Wise each bring their own advantages. Depending on your business priorities, whether that’s lowering international transfer costs, managing expenses more efficiently, or supporting regional expansion, one platform may suit you better than the others.
Singapore offers attractive benefits for launching your startup. If you are planning to set up in Singapore, take a look at our guide on how to register a company in Singapore and contact us to get started quickly and with full compliance.
Ready or Have Questions?
Tell us your needs and we will get in touch with you promptly.
