In this guide · 8 sections
- 01Airwallex vs Aspire vs Wise: quick comparison
- 02MAS licence status: check before you deposit
- 03Safeguarding vs bank deposits: what protects your money
- 04FX fees and transfer costs in practice
- 05Cards, PayNow and Xero bank feeds
- 06How to choose and set up a business account
- 07Do it yourself or get help?
- 08Frequently asked questions
Short answer
Wise suits simple, low-cost FX and transfers (S$99 one-off set-up, conversion from 0.19%). Airwallex suits frequent FX and spend management (0.4% above interbank for major currencies, free plan). Aspire suits local SGD operations with cards and expense tools. None is SDIC-insured; keep a bank account too.
Airwallex vs Aspire vs Wise: quick comparison
All prices below come from each provider's Singapore pricing page in October 2026 and exclude GST. Fees change often, so check the live page before deciding.
Airwallex
Explore plan free; Grow S$79/mo
- FX 0.4% above interbank (major), 0.6% (others)
- Free local transfers to 120+ countries; SWIFT S$20-35
- Company cards and expense tools
- Xero and QuickBooks sync
Best for: Businesses converting currencies often and managing team spend.
Aspire
Basic S$0; Premium S$15/mo
- 8 currency accounts incl. SGD, USD, MYR, IDR
- FX from 0.46% on Basic; 0% on first S$13,000 a month on Premium
- Cards with 1% cashback on ads and SaaS (Basic)
- Xero bank feed syncing hourly
Best for: SGD-heavy SMEs wanting cards, expenses and local rails in one app.
Wise Business
S$99 one-off set-up
- Conversion and sending from 0.19%
- Receive in 22 currencies
- Free local receiving in SGD and other main currencies
- Xero bank feeds and bill sync
Best for: Low-volume, low-cost international payments and collections.
If you mainly need to accept card payments online, these accounts are not the first choice. A payment gateway is; see our payment gateway comparison for Singapore and Stripe fees in Singapore.
MAS licence status: check before you deposit
Under the Payment Services Act, providers of e-money, account issuance and money transfer services must hold an MAS licence or an exemption. Each provider states its status in its website footer. Always confirm it yourself on the MAS Financial Institutions Directory.
| Provider | Singapore entity | Status stated on its site (October 2026) |
|---|---|---|
| Airwallex | Airwallex (Singapore) Pte. Ltd. | Major Payment Institution, licence PS20200541 |
| Wise | Wise Asia-Pacific Pte Ltd | Major Payment Institution, licence PS20200413 |
| Aspire | Aspire FT Pte. Ltd. | Temporary exemption from licensing for account issuance, domestic transfer and e-money issuance; some cross-border transfers provided via licensed partners |
A temporary exemption is a lawful status granted by MAS, but it is different from a full licence. If regulatory status matters to your board, auditors or investors, note it in your due diligence and re-check the MAS directory periodically.
Safeguarding vs bank deposits: what protects your money
Money in a Singapore bank is covered by the Singapore Deposit Insurance Corporation. SDIC insures deposits at its member banks and finance companies up to S$100,000 per depositor per member. Airwallex, Aspire and Wise are not SDIC members.
Instead, section 23 of the Payment Services Act 2019 requires a major payment institution to safeguard relevant customer money, for example through a bank undertaking or guarantee, or by holding it in a trust account with a bank. Providers describe this in their own words: Airwallex says funds are safeguarded in line with local regulations, Wise says money is held with a group of financial institutions, and Aspire says funds are safeguarded with a tier 1 bank.
Yield products are different again. All three offer returns on idle balances through investment funds, which their own pages say are not deposits and carry risk.
FX fees and transfer costs in practice
For a business converting SGD to USD or EUR every month, the FX margin matters more than the monthly fee.
- Airwallex: 0.4% above interbank for AUD, USD, HKD, CNY, EUR, GBP, SGD and other major currencies; 0.6% for others. Local transfers free; SWIFT S$20 to 35 per transfer.
- Aspire: FX on sending from 0.46% on Basic. Premium (S$15 a month) gives 0% on the first S$13,000 a month and five free outbound international transfers worth up to US$75.
- Wise: conversion and sending from 0.19%, varying by currency, with volume discounts above S$30,000 a month. Receiving USD wires or SWIFT carries a fixed US$6.11 fee.
Run your own numbers with last quarter's actual payments. A business sending S$5,000 a month to one supplier will see a different winner from one converting S$100,000 across five currencies.
Cards, PayNow and Xero bank feeds
Cards. Airwallex includes 10 free company cards on its free plan and up to 50 on Grow. Aspire offers virtual and physical cards with cashback on ads and SaaS. Wise offers business debit cards for spending in held currencies.
PayNow. Wise and Aspire let you receive PayNow through a virtual payment address (VPA) based on your UEN, such as UEN...#WISE for Wise, plus a QR code. Both note that payers should not choose 'UEN' as the transfer type. Airwallex supports paying out to PayNow IDs and accepting PayNow through dynamic QR codes in its payments product. If customers pay you by PayNow UEN today, keep that on your bank account.
Accounting. All three connect to Xero. Airwallex syncs bank feeds, expenses and bills with Xero and QuickBooks; Aspire lists a Xero app that syncs transactions hourly; Wise syncs bank feeds and bills. Our guide to Xero bank feeds with DBS, OCBC and UOB covers the bank side.
How to choose and set up a business account
Most of the work is choosing on real numbers and setting the account up securely from day one.
List your real payment flows
Currencies, monthly volumes, number of suppliers and how customers pay you.
Check MAS status
Search each provider on the MAS Financial Institutions Directory and save a screenshot for your records.
Compare total cost
Monthly fee plus FX margin plus transfer fees on your actual volumes.
Open with company documents
Expect to provide ACRA business profile, director IDs and beneficial owner details for due diligence.
Secure the account
Turn on 2FA for every user, set approval rules for payments and limit card spending by user.
Connect to Xero and test
Link the bank feed, send a small test payment, and reconcile it before moving real volume.
Do it yourself or get help?
Opening an account is self-service and usually takes a few days. The ongoing value comes from connecting it properly to your accounting and payment flows, which is where most SMEs lose time.
Our Xero / QuickBooks Integration (S$390) connects your business account, bank and payment gateway feeds to your books with reconciliation rules. If you also need to accept payments online, our Online Payment Setup (S$290) sets up the gateway and PayNow checkout. We do not hold or move your money; accounts stay in your company's name.
Frequently asked questions
They are regulated under Singapore's Payment Services Act, with Airwallex and Wise stating they are licensed Major Payment Institutions and Aspire stating it holds a temporary exemption. Customer money is safeguarded rather than deposit-insured, so SDIC coverage does not apply. Many SMEs keep core reserves in a bank and use these platforms for FX and spending.
No. SDIC insures deposits at its member banks and finance companies up to S$100,000 per depositor per member. Payment institutions such as Wise and Airwallex are not members. Their protection comes from safeguarding rules under the Payment Services Act, which keep customer money separate from the provider's own funds.
It depends on currency and volume. As of October 2026, Wise lists conversion from 0.19%, Airwallex charges 0.4% above interbank for major currencies, and Aspire lists from 0.46% on Basic or 0% on the first S$13,000 a month on its S$15 Premium plan. Compare using your actual monthly flows.
Yes, through a PayNow virtual payment address based on your UEN, or a QR code. Both providers say payers should use the VPA option rather than choosing UEN as the transfer type. If your customers already pay by PayNow to your UEN, that continues to go to the bank account linked to the UEN.
Yes. Airwallex syncs bank feeds, expenses and bills with Xero and QuickBooks; Aspire's Xero app syncs transactions hourly; and Wise syncs bank feeds and can import bills from Xero and mark them paid. Set up the feed before moving real payment volume, so reconciliation starts clean.