Aspire vs Airwallex: The ultimate 2025 comparison guide for global business

Key takeaways

• Both Airwallex and Aspire provide multi-currency business accounts, employee cards and FX transfers

• When comparing the two platforms, consider the number of currencies you can hold, the cost of and coverage of FX transfers, expense management capabilities, and powerful features like earning a return on funds

• Aspire is still launching in Australia and its pricing and features are being built out; Airwallex was founded here in 2015, with a robust platform for Australian users and new features regularly released

Choosing the right business account can shape cash flow, impact costs, and influence your ability to expand internationally. Both Airwallex and Aspire offer solutions for businesses operating internationally, but there are key differences between the two platforms.

For Australian businesses looking for the right business account to support their global growth, you will want an account designed for global reach – with multi-currency support, low-cost FX, high-speed international transfers, and powerful extra features such as spend management, payment gateways, and the ability to earn a return on your business funds.

This guide will compare Aspire vs Airwallex across key features, fees, and more so you can decide what’s right for your business.

What is Aspire?

Aspire is a Singapore‑headquartered financial platform founded in 2018 that provides modern finance tools for startups and SMEs. It describes itself as an all‑in‑one finance operating system, combining a business account with physical and virtual cards, expense management, bill pay, receivables, and accounting integrations.

Aspire is regulated in Singapore and other operating markets, and partners with Tier 1 banks to safeguard client funds. In addition to its Southeast Asian base, Aspire has also expanded into Australia, promoting its service to local startups and SMEs through its dedicated Australian website. However, as of early 2025, its Australian presence remains limited, with a lighter operational footprint and the full suite of features and pricing still yet to be confirmed.

Highlights

• Open your business accounts online with local and international account details to receive multiple currencies

• Unlimited virtual cards and physical cards for team spend

• Accounting integrations with receipt attachments and payment status updates

• Accounting integrations with Xero, QuickBooks and NetSuite; in Australia, native Xero integration with advanced reconciliation is included

• Send and receive money in 30 currencies

• Apple Pay and Google Pay

• Funds safeguarded with an APRA-regulated bank and operations under an AFSL licence from ASIC (Australia)

Best suited to: Early‑stage companies and SMEs in Australia that want a primary hub for banking, cards, payables, and reconciliation in one platform, although Aspire’s Australian feature set remains narrower than what’s available in Singapore.

What is Airwallex?

Airwallex is a global financial platform founded in Melbourne in 2015. It's grown from a cross‑border payments startup into one of Australia’s leading fintech companies, now valued at over US$6 billion and serving 150,000 customers worldwide.

Airwallex offers multi‑currency accounts, international transfers, FX with access to interbank rates, payment acceptance, corporate cards, Expense Management, an innovative Yield product, and developer‑friendly APIs. With strong investments in compliance, security, and customer support, we position ourselves as a powerful alternative to traditional banks.

Highlights

• Global Accounts opened online within minutes, with local bank details in 60+ countries

• Trade and hold 60+ currencies at interbank rates, with 100+ priced live

• Like-for-like settlement in 14+ major currencies, avoiding forced conversions

• Save up to 80% on FX fees compared to banks

• Payouts to 200+ countries, with most routed via local rails for faster settlement

• Multi-currency Visa cards with no international fees and built-in spend controls

• Earn returns on AUD and USD funds through Yield

• Expense Management, Bill Pay, approvals, and reporting

• Integrations with Xero, QuickBooks, and NetSuite

• Developer APIs for payments, payouts, and issuing

• Licensed globally, including ASIC in Australia

Best suited to: SMEs to enterprises looking to scale, businesses with international customers, or teams that need transparent FX, global collections, cost control, and enterprise‑grade scalability.

Aspire vs Airwallex: A head‑to‑head comparison

Aspire fees explained

Aspire hasn’t fully launched in Australia yet and its fees are yet to be confirmed. To give you an idea of how Aspire’s fee structure works, we’ll be using Singapore pricing below:

• Monthly fees. Aspire charges no monthly fees.

• Local and international transfers: Local transfers are free, while FX transfers start at 0.22%. Sending an FX transfer comes with a 0.23% rate while receiving FX transfers starts at 0.7%. Instant FX conversions start at 0.22%.

• Team access. You receive unlimited virtual cards and one free physical card per user.

• Card fees. Additional physical cards come at a cost of SGD$15 per card.

• Yield fee: There is an annual fee of 0.5% for Yield charged monthly. It’s based on the average daily net asset value in your Yield account.

Bottom line: Aspire keeps domestic costs low and rewards digital spend. For frequent cross‑border transfers or international card acceptance, FX and network fees can outweigh cashback as volumes scale.

Airwallex fees explained

• Monthly fees. The Airwallex Explore plan charges $0 monthly fees if you deposit at least $5,000 per month or hold a minimum balance of at least $10,000, otherwise a monthly fee of $29 applies.

• Local and international transfers. Free local transfers to over 120 countries; trade 60+ currencies at interbank rates; like-for-like settlement in 14+ currencies; FX conversion fees 0.5% above interbank rate for major currencies and 1% for all other currencies.

• Team access. 10 multi-currency company cards included with the Explore plan plus unlimited virtual cards.

• Card fees. Additional physical employee cards come at an additional cost of $15 per user, per month.

• Yield fee. Yield is included in the Explore plan for no additional fee.

Bottom line: If cross‑border is routine, Airwallex’s interbank FX, local rails, and like‑for‑like settlement typically produce lower, more predictable costs than bank/SWIFT‑based setups.

Beyond the basics: key differences

Global collection & local details: Airwallex provides local bank details in 60+ countries, enabling local collection and reducing forced FX. Aspire supports local account details in select markets (e.g., Singapore/SEA), with Australia’s rollout still scaling.

Currencies & local payments: Airwallex supports receiving in 60+ currencies, trades 90+ currencies with 100+ priced live, and pays out to 200+ countries. Aspire lists 30+ currencies with free local transfers in Singapore via FAST/PayNow, and international transfers at a percentage over mid‑market.

FX model & rails: Aspire applies a percentage FX margin (typically from ~0.7%) and may rely on SWIFT for some corridors. Airwallex uses interbank FX with a low, transparent margin and routes most transfers via local rails to reduce correspondent fees and delays.

Like‑for‑like settlement: Airwallex supports like‑for‑like settlement in 14+ currencies to avoid forced conversion. Aspire doesn't advertise like‑for‑like settlement.

Ability to earn returns on your idle business funds: Through Airwallex’s Yield product, businesses can earn 3.89% on USD and 3.59% on AUD. Yield is available with all tiers of our Global Business Account for no additional cost. Aspire offers a Yield product in Singapore which comes with an annual fee, charged monthly, but this has not been announced for Australian users.

Cards & ATM access: Airwallex offers multi‑currency virtual and physical cards with no international transaction fees (ATM withdrawals not supported). Aspire offers unlimited virtual cards and supports ATM withdrawals in some markets for a fee.

Security & certifications: Airwallex states adherence to PCI DSS, SOC 1 and SOC 2 standards. Aspire publishes certifications for PCI DSS, ISO 27001 and SOC 2 Type II.

Licensing & regulatory footprint: Airwallex Pty Ltd holds an AFSL 487221 in Australia, with safeguarding via major banks. Aspire’s AFT AU Pty Ltd holds an AFSL 554582 in Australia, with Singapore operations licensed under the Payment Services Act.

Funds safeguarding & trust: Both providers segregate and safeguard client funds. Aspire highlights safeguarding with APRA‑regulated partners in AU and segregated trust accounts in SG, while Airwallex notes safeguarding with tier‑1 global banks in line with local rules.

Risk & fraud controls: Both publish enterprise‑grade security controls and fraud‑prevention measures for online payments. Airwallex also emphasises real‑time monitoring across its global payments platform.

Support & operations: Airwallex operates locally in Australia with AU‑specific plans, support, and pricing. Aspire has a dedicated Australian site and is rolling out services under its local licence, though the feature set is still lighter than in Singapore and may vary as the rollout continues.

Final verdict: choosing the right solution for your business

Aspire and Airwallex both offer powerful business account solutions, but they serve different needs in 2025.

Aspire and Airwallex both offer multi-currency business accounts with physical and virtual employee spend cards, local bank accounts, and competitive FX.

However, there are key differences.

Airwallex lets you pay out to over 200 currencies, with over 120 countries leveraging local payment rails. You can save up to 80% on your FX fees with Airwallex, including with like-for-like settlement in 14 currencies and local bank details in over 60 countries. You can issue unlimited virtual cards to your team and you’ll receive up to 10 physical Corporate Cards. 

Aspire also lets you send and receive international payments but in 30 currencies, and you can open local bank accounts, but the amount is yet to be confirmed. You can open unlimited virtual cards and also a certain number of physical cards, and also enjoy competitive FX rates.

If you’re looking for and all-in-one financial platform that can remove barriers, saves you on FX fees, and is transparent and flexible, Airwallex might be the right choice to help your business grow.

Aspire vs Airwallex: frequently asked questions

Is Aspire a bank?

Aspire isn’t a bank. It partners with major banks to safeguard client funds and operates under the relevant regulatory frameworks in each market (e.g., Payment Services Act in Singapore; AFSL in Australia). Funds are held in segregated/safeguarded accounts and not used for lending.

Is Aspire available in Australia?

Yes. Aspire has launched in Australia under its local licence and promotes features such as digital account opening, international payments, and Xero integration. However, the local product is still building out and may not yet match the full depth of its Singapore offering, so it’s best to check the Australian page for the latest scope and pricing.

Can I trust Airwallex?

Yes. Airwallex operates in Australia under ASIC licences (AFSL), safeguards client funds with leading financial institutions, and adheres to enterprise‑grade security standards (e.g., PCI DSS, SOC 1 and SOC 2). Thousands of businesses globally use Airwallex for mission‑critical money movement.

Does Airwallex support like‑for‑like settlement?

Yes. Airwallex supports like‑for‑like settlement in 14+ currencies, so you can receive funds in the same currency your customers pay in – avoiding forced conversions and extra FX.

Aspire vs Airwallex fees: which is cheaper?

For domestic payments in Singapore, Aspire can be very low‑cost thanks to free FAST/PayNow. For routine cross‑border activity, Airwallex typically works out cheaper due to interbank‑rate FX with a transparent 0.2%–0.6% margin, $0 Airwallex transfer fees on most routes, and broad use of local rails that avoid correspondent fees.

Which is better for global accounts and multi‑currency?

If your priority is opening global accounts quickly, collecting and paying like a local and managing FX centrally, Airwallex generally has the edge – offering local bank details in 60+ countries, support for receiving in 60+ currencies, and payouts to 200+ countries alongside cards and expenses. This often tips the Aspire vs Airwallex choice toward Airwallex for international teams.

Does Aspire process online card payments like Airwallex?

Aspire focuses on business accounts and spend management (issuing cards for your team). To accept customer payments online, you’ll typically connect a separate payment gateway/PSP and pay that provider’s fees. Airwallex offers both sides: global accounts and online payments acquiring with clear Australian pricing.

Sources

https://aspireapp.com/pricing

https://aspireapp.com/au

Disclaimer: The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, which is available here.