ANEXT vs Airwallex (2026): Fees, features and key differences

Key Takeaways:

• ANEXT Bank is a MAS-licensed digital wholesale bank. It offers free local transfers, interest on SGD, USD, and EUR balances, and business loans, but no corporate cards or expense management as of 12 August 2026.

• ANEXT does not publish a standard FX markup, but it shows the applicable rate and fees before you transact.

• Airwallex gives you multi-currency accounts in 20+ currencies, transfers to 200+ countries, corporate cards, expense management, and a payment gateway, all on one platform.

If you're comparing ANEXT vs Airwallex, the biggest difference is what each platform is built for.

ANEXT Bank is a digital wholesale bank focused on core banking services for Singapore businesses, while Airwallex is designed for businesses that collect payments, pay suppliers, and manage spending across multiple currencies and markets.

This guide breaks down the key differences in features, fees, and transfer capabilities so you can make a clear, informed decision.

What is ANEXT?

ANEXT Bank is a digital wholesale bank based in Singapore, wholly owned by Ant International.

It launched in 2022 with a focus on micro, small, and medium enterprises (MSMEs), offering a multi-currency business account alongside lending and fixed deposit products — all fully online.

Business account

ANEXT's business account holds balances in SGD, USD, CNH, and EUR¹, with no monthly fees, no minimum balance, and no account opening fee. You earn up to 0.8% p.a. daily interest on SGD, USD, and EUR balances¹.

Transfers

Local SGD transfers via FAST, PayNow, GIRO, and MEPS are free¹. International transfers go via SWIFT at a flat S$15 fee, or via ANEXT Flash for same-day USD and EUR payments to the US, Hong Kong, and Europe¹.

Business loans and fixed deposits

ANEXT offers loans from $5,000 to $500,000² and fixed deposits in USD, SGD, and EUR³. Note that as a digital wholesale bank, ANEXT deposits are not covered by the SDIC³.

What is Airwallex?

Airwallex is a global financial platform licensed by MAS as a Major Payment Institution.

It is designed for businesses that move money across borders, combining multi-currency accounts, international transfers, corporate cards, expense management, and a payment gateway in one platform.

Global accounts and transfers

Airwallex lets you open local currency accounts in 20+ currencies to collect payments like a local in each market. You can hold funds without forced conversion and transfer to 200+ countries, with 93% of transfers arriving within the same day.

There are no account opening fees or monthly fees on the base plan (Explore).

Corporate cards and expense management

Issue multi-currency Visa corporate cards instantly, set spending controls, and manage employee expenses from the same platform. You can set limits, control where cards can be used, and track spending in real time.

Accept payments globally

Airwallex lets you accept payments through 160+ local payment methods across 180+ countries, giving businesses a way to collect from customers in different markets.

ANEXT vs Airwallex: Features and benefits

The table below gives you a side-by-side overview of both platforms across the features that matter most to Singapore businesses.

This information is based on publicly available information accessed on 11 Aug 2026. Information reflects Airwallex's own research and has not been independently verified.

*ANEXT supports transfers in 10 currencies, but only SGD, USD, CNH and EUR can be held as account balances.

ANEXT is a straightforward banking solution for businesses. Its free local transfers and daily interest make it a practical base account for SGD-focused operations.

Airwallex, by contrast, is a full financial platform built for businesses with cross-border needs, combining multi-currency accounts, international transfers, corporate cards, expense management, and payment acceptance on a single platform.

Transfers

Local transfers are free on both platforms. For international transfers, ANEXT routes them via SWIFT at a flat S$15 fee¹, with ANEXT Flash available for same-day USD and EUR payments to the US, Hong Kong, and Europe.

Airwallex offers free international transfers to 120+ countries via local rails. For countries not on local rails, SWIFT transfers are available at S$20 (SHA) or S$35 (OUR).

Bulk payments

ANEXT supports bulk SGD local transfers to multiple recipients in a single run¹. Airwallex supports batch transfers to up to 1,000 recipients across currencies, countries, and transfer methods in one go, covering both local and international destinations.

Security

ANEXT uses proprietary three-factor authentication (3FA) for every transaction¹.

Airwallex uses encryption, two-factor authentication, and 3-Domain Secure (3DS) authentication for online card payments. Airwallex also meets PCI DSS, SOC1, and SOC2 compliance standards.

ANEXT vs Airwallex: Fees

This information is based on publicly available information accessed on 11 Aug 2026. Information reflects Airwallex's own research and has not been independently verified.

For businesses that regularly convert currencies, the bigger consideration is the FX rate you actually pay.

Airwallex publishes its FX markup at 0.4% to 0.6% above the interbank rate, so you can see the pricing structure upfront. ANEXT doesn't publish a standard FX markup on its website, which makes it harder to estimate your costs.

Why businesses in Singapore choose Airwallex over ANEXT

ANEXT can be a good fit for businesses looking for digital business banking, with multi-currency accounts, free local SGD transfers, daily interest, and access to business loans and fixed deposits.

However, businesses that need a broader set of tools beyond core banking may prefer Airwallex. Here are three areas where the two platforms differ:

1. ANEXT doesn't publish a standard FX markup

ANEXT doesn't publicly state a standard FX markup on its website; the applicable exchange rate is shown before you transact.

Airwallex, by comparison, publishes an FX markup of 0.4% to 0.6% above the interbank rate, which helps businesses save up to 80% on FX fees compared with traditional banks.

2. ANEXT holds only four currencies

If you receive payments in GBP, JPY, THB, and several other currencies, ANEXT converts them to USD automatically.

With Airwallex Global Accounts, you get to hold 20+ currencies, so you can collect in the currency you're paid in, convert when rates suit you, and avoid unnecessary conversion costs.

3. ANEXT has no cards or expense management

As of 12 August 2026, ANEXT's website does not state that it offers corporate cards or expense management tools. Airwallex combines corporate cards, expense management and bill pay on one platform, so you don't have to add separate tools as they grow.

Frequently asked questions (FAQs)

What is the main difference between ANEXT and Airwallex?

ANEXT is a MAS-licensed digital wholesale bank focused on Singapore SMEs. It offers business accounts, business loans and fixed deposits, while Airwallex is a financial platform built for businesses with cross-border needs, combining multi-currency accounts, international transfers, corporate cards, expense management and payment acceptance.

Is ANEXT Bank regulated by MAS?

Yes. ANEXT Bank is licensed as a digital wholesale bank by the Monetary Authority of Singapore (MAS). As a wholesale bank, ANEXT focuses on business customers rather than retail banking. Airwallex is also MAS-regulated, holding a Major Payment Institution licence.

Are ANEXT deposits insured by the SDIC?

No. ANEXT's deposits are not covered by the Singapore Deposit Insurance Corporation (SDIC) because ANEXT is a digital wholesale bank.¹ The SDIC Deposit Insurance Scheme currently protects eligible deposits at member banks and finance companies up to S$100,000 per depositor per Scheme member.

Does ANEXT offer corporate cards or expense management?

ANEXT does not currently mention corporate cards or expense management tools on its website, as of 12 August 2026. Its published business banking products focus on business accounts, payments, loans, and fixed deposits. If your business needs corporate cards or dedicated expense management, you may need to consider a separate provider.

What currencies does ANEXT support?

The ANEXT Business Account can hold four currencies: SGD, USD, CNH and EUR. For international SWIFT transfers, ANEXT supports 10 currencies: SGD, USD, CNH, EUR, GBP, HKD, JPY, KRW, MYR and THB.¹ Funds received in GBP, HKD, JPY, KRW, MYR or THB are converted to USD.¹

Sources:

1. https://www.anext.com.sg/bank/business-account

2.  https://www.anext.com.sg/bank/business-loan

3.  https://www.anext.com.sg/bank/fixed-deposit

4.  https://www.airwallex.com/sg/pricing