Digital Corporate Accounts in Singapore: Wise vs Airwallex vs Aspire Comparison (2024)
Digital business accounts offer less hassle and lower fees, making it a fantastic alternative to traditional banks for small business owners or startup founders who are just starting out.
Even a one-person business needs accounts that can transact in multiple currencies, since customers can come from anywhere in the world.
But starting my entrepreneurial journey, I quickly discovered how frustrating it was to find a comprehensive comparison of virtual business accounts.
That’s why I created this guide—to help you cut through the noise and find the best digital business account for your needs.
I’ve compared three popular virtual business accounts in Singapore: Wise, Airwallex, and Aspire, breaking down their key features, pricing, and unique offerings, so you can make an informed decision and choose the account that fits your business best.
Wise, Airwallex, and Aspire Quick Comparison
As of June 2024, these are the features and pricing for Wise, Airwallex and Aspire:
| Feature | Wise | Airwallex | Aspire |
|---|---|---|---|
| Account Setup Fees | SGD 54 | Free | Free |
| Monthly Fees | None | None | None |
| Local Transfers | Free (Receive AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, JPY, NOK, NZD, PLN, SEK, SGD, TRY and USD [non-Swift]) | Free | Free (Local SGD, IDR, USD, EUR, and GBP transfers via BI-FAST/SKN/LLG/ACH/SEPA/FPS/ CHAPS) |
| Currencies Supported | 40+ | 60+ | 30+ |
| Major Currencies Supported | USD, EUR, GBP, AUD, SGD, JPY, CAD, CHF, HKD, NOK, NZD | USD, EUR, GBP, AUD, SGD, HKD, JPY, CNY, CAD, CHF, NZD | USD, EUR, GBP, AUD, SGD, IDR, HKD |
| FX / Currency Conversion Fee | From 0.35% | 0.4% to 0.6% above interbank rate | 0.4% to 1% markup |
| Physical and Virtual Corporate Card | Both SGD 4 issuance fee | Both Free issuance, 1% cashback until 31 Dec 2024 | Both Free issuance, 1% cashback |
| Receive SWIFT / Wire Fees | Free for 15 currencies CAD 10 for receiving CAD SWIFT USD 6.11 for USD wire | Free | USD 8 for USD transfers SGD 35 for SGD transfers GBP 10 for GBP transfers EUR 10 for EUR transfers Intermediary bank fee from $7 to $60 |
| Send SWIFT / Wire Fees | From 0.35% | SDG 20 to SGD 35 | USD 15 for USD transfers GBP 10 for GBP transfers EUR 10 for EUR transfers SGD transfer done at mid-market rate + Wise fee Intermediary bank fee from $7 to $60 |
| ATM Withdrawal Available & Fee | Free for less than 2 withdrawals of below SGD 350 / month 1.75% above SGD 350/month SGD 1.5 for more than 3 withdrawals per month | N/A | Withdrawal available only outside Singapore for IDR/SGD/USD/ EUR/GBP accounts SGD 5 per withdrawal USD 500 daily withdrawal limit |
| Other Payment Methods & Fees | N/A | Domestic and International Cards and Wallets (from 3.3% + SGD 0.50) Local e-wallet payment method (SGD0.50 + Paymend method fee) | Paynow |
| e-Wallet Funding fee | 2% | N/A | N/A |
| Batch Payments | Up to 1,000 recipients | Up to 1,000 recipients | N/A |
| Additional User / Employee Fee | N/A | N/A | $9 / month / additional user above 2 users $5 / month / additional user over 10 employees |
| E-commerce / Marketplace Supported | N/A | Yes | N/A |
| Expense Management | Limited | Extensive, SGD 5 per cardholder/month | Extensive |
| Software Integration | Xero, QuickBooks | Xero, QuickBooks, Amazon, Shopify, eBay, WooCommerce, Shopee and more | Xero, QuickBooks, advanced payables and expenses sync |
| Suited for | Entrepreneurs, small to medium businesses doing cross-border business and only need straightforward international transfers. Suitable for businesses that do regular, small transfer amounts | Medium to large businesses intending to scale with global transaction needs. Suitable for e-commerce or marketplace businesses | Entrepreneurs, startups and growing businesses seeking a fuss-free integrated financial solution. Suitable for founders and businesses intending to scale up in the future with larger, global transactions. |
Other things to consider when choosing a digital business banking account in Singapore
Security and safety of deposit
When choosing a digital business account, the safety of your deposits is paramount. Here’s how Wise, Aspire, and Airwallex keep your funds safe:
Wise
- Wise is licensed by the Monetary Authority of Singapore (MAS) and other regulatory bodies like the FCA in the UK and FinCEN in the US.
- Your funds are held in Tier 1 banks (DBS and OCBC) in Singapore and kept separate from Wise’s operational funds. So your funds are shielded in segregated accounts, where it won’t be used to pay creditors if Wise faces financial difficulties.
- Two Factor Authentication for all logins.
Aspire
- Aspire holds customer funds in segregated trust accounts with Tier-1 banks in Singapore, safe from Aspire’s financial risks. These measures ensure your money is always protected and accessible, even if Aspire encounters financial hurdles.
- Two-factor authentication with an OTP sent to your email or mobile.
- Aspire adheres to strict data protection regulations.
Airwallex
- Airwallex is a major player, licensed as a Major Payment Institution and regulated by MAS.
- Your funds are held in separate trust accounts, separate from Airwallex’s operational funds. If Airwallex faces insolvency, you can still access your funds and it won’t be used to pay creditors.
- Two factor authentication
While Wise, Aspire, and Airwallex boast strong safety measures, it’s important to note that their accounts are not insured by the Singapore Deposit Insurance Corporation (SDIC). So, understanding each platform’s safeguarding practices is crucial for your peace of mind.
Customer support
All three platforms offer 24/7 customer support. Whether it’s a technical issue or a financial query, having round-the-clock access to support ensures that your business can operate smoothly without unnecessary delays.
Especially for Singapore-based businesses, having access to local customer support can be incredibly beneficial. Local support teams understand the market nuances and can provide more tailored assistance.
User experience
What sets digital banking accounts apart from regular banks is an easy-to-navigate, clean and user-friendly interface.
This makes it simpler to perform everyday tasks like transfers, payments, and account management without a steep learning curve.
In addition, Wise, Airwallex and Aspire all have a mobile app, allowing you to manage your finances anytime, anywhere.
Depending on your business needs, having integration to other business tools like accounting software (e.g., Xero, QuickBooks), eCommerce platforms (e.g., Shopify, WooCommerce), and payment processors could streamline your operations and reduce manual work.
Scalability
As your business scales and grows, your banking needs will evolve. While Wise, Airwallex, and Aspire are excellent for handling payments and transfers in multiple currencies, you may eventually require additional financial services.
Credit facilities like credit cards, business loans, or term financing might become necessary, along with investment options.
Additionally, some vendors and suppliers may prefer dealing with reputable traditional banks, especially for large or international transactions.
If you foresee your business needing these advanced financial services, consider exploring traditional banking options that offer a comprehensive suite of financial services. Alternatively, you can integrate other fintech platforms into your financial services tech stack to meet these evolving needs.
For more details, check out the pricing pages for Wise, Airwallex and Aspire.
