OCBC vs Airwallex (2026): Fees, features and benefits compared

Key Takeaways:

• OCBC is a traditional Singapore bank with strong local banking infrastructure, making it a practical choice for businesses that need credit facilities, loans, or in-person support.

• Airwallex and OCBC differ most on international payments: OCBC charges S$15 to S$30 per transaction, while Airwallex gives you free transfers to 120+ countries via local rails.

• Airwallex works better for those who regularly pay suppliers overseas, receive payments from international customers, or hold multiple currencies.

Choosing between OCBC vs Airwallex comes down to how your business actually moves money.

Both are established options for Singapore businesses, but they are built for different needs, and the differences become clear the moment you look at fees and features side by side.

This guide compares OCBC vs Airwallex on the things that matter most: account fees, transfer costs, multi-currency support, cards, and business tools.

What is OCBC?

Oversea-Chinese Banking Corporation (OCBC) was founded in 1932 and is one of the three major local banks in Singapore. It offers a full range of business banking services, from basic current accounts to trade finance, business loans, and treasury products.

OCBC offers three main business accounts for Singapore-registered companies, which we’ll cover below.

Option 1: OCBC Business Growth Account

The Business Growth Account is designed with startups and smaller businesses in mind, offering a straightforward way to manage everyday business banking.

It includes a monthly bundle of FAST and GIRO transactions, along with a business debit card and access to OCBC's digital business banking tools. This makes it a practical option for businesses that expect to make regular local payments but don't want to maintain a large balance in their account.

There is a monthly account fee and a fall-below charge if the account balance drops below the required threshold, so businesses should factor these into their banking costs.

Option 2: OCBC Business Entrepreneur Plus Account

The Business Entrepreneur Account Plus is aimed at established businesses or companies that are expanding.

Its main appeal is the lack of a recurring account fee, but this comes with a much higher balance requirement than the Business Growth Account. This makes it more suitable for businesses that already maintain substantial cash balances rather than early-stage companies looking to keep funds flexible.

Businesses should also note that local transfers aren't bundled into the account in the same way as they are with the Business Growth Account, so transaction costs may be more relevant if you make a high volume of payments.

Option 3: OCBC Multi-Currency Business Account

The Multi-Currency Business Account is designed for businesses that regularly receive or make payments in foreign currencies.

Instead of converting foreign funds into SGD each time, businesses can hold and transact in multiple major currencies through the same account. This can be useful if you regularly pay overseas suppliers, receive foreign-currency payments or want to reduce unnecessary currency conversions.

There is no initial deposit, setup fee or fall-below fee. The account also works particularly well alongside OCBC's SGD business account, with the monthly account fee waived when the two are opened together.

 Information in this section is based on OCBC’s official website as of 13 July 2026.

What is Airwallex?

Airwallex is a global financial platform designed for businesses that operate across borders.

It combines multi-currency business accounts, international payments, payment acceptance, corporate cards and expense management in one platform.

For Singapore businesses, Airwallex can be used to receive and hold funds in 20+ currencies, make international transfers to 200+ countries, accept payments from customers in 180+ countries, and manage company spending through corporate cards and expense tools.

Airwallex is a strong option for businesses that regularly deal with international customers, suppliers or teams.

OCBC vs Airwallex: Overview and comparison

OCBC and Airwallex both offer business accounts, but they take quite different approaches to business banking.

OCBC offers several types of business accounts, while Airwallex is built around businesses that need to manage money across borders.

To make the comparison as relevant as possible, we'll use OCBC's Multi-Currency Business Account (MCA) as the benchmark. It's the closest match to Airwallex's business account, as both are designed for businesses that need to hold multiple currencies and make or receive international payments.

This information is based on publicly available information accessed on 3 Sep 2026. Information reflects Airwallex's own research and has not been independently verified.

Key differences between OCBC MCA and Airwallex

We've looked at the key differences between OCBC’s multi-currency account and Airwallex at a high level. Now, let's take a closer look at what each platform actually offers:

Transfers

Airwallex lets you transfer in 60+ currencies to 200+ countries, while OCBC supports transfers in 60+ currencies.

In terms of settlement times, 93% of Airwallex’s transfers arrive on the same day, with 45% arriving immediately. OCBC takes 1-2 business days for telegraphic transfers, and transfers between OCBC accounts in ASEAN and Greater China arrive on the same day.

Payment acceptance

Airwallex combines payment acceptance with its business account, letting you accept 160+ local payment methods across 180+ countries.

OCBC’s Multi-Currency Business Account does not include a payment gateway or merchant payment acceptance. Instead, OCBC offers these separately through products such as its card acceptance solutions and OneCollect.

Expense management

Both Airwallex and OCBC MCA let businesses issue corporate cards. The difference is what you can do around those cards.

Airwallex lets employees submit receipts and expense claims directly through the platform, where finance teams can review expenses, set approval rules and sync expense data with accounting software.

This means the card transaction and the expense record can be managed as part of the same workflow, rather than relying on separate tools to collect and reconcile employee expenses.

OCBC also offers expense management and approval tools through OCBC Velocity, as well as Xero integration for automatic bank transaction feeds. However, OCBC's published information doesn't show the same receipt-to-card-expense workflow as part of the MCA.

Fees: Airwallex vs OCBC Multi-Currency Business Account

Here’s a quick overview of both business accounts’ fees:

This information is based on publicly available information accessed on 3 Sep 2026. Information reflects Airwallex's own research and has not been independently verified.

Airwallex's Explore plan has no monthly account fee and offers free FAST transfers and international transfers to 120+ countries via local payment rails.

OCBC's MCA charges S$10 per month, S$0.50 for FAST transfers and S$30 for telegraphic transfers, although transfers between OCBC accounts in ASEAN and Greater China cost S$15.

Why Singapore businesses choose Airwallex over OCBC

For businesses that regularly deal with overseas customers and suppliers, need to manage multiple currencies, or want payments and expenses in one platform, Airwallex is a strong option. Here's what you get with Airwallex:

• More flexibility for multi-currency businesses. Airwallex lets you hold 20+ currencies, compared with 13 currencies with the OCBC Multi-Currency Business Account. If you receive and pay in the same foreign currency, you can hold those funds and use them for payments instead of converting them back to SGD first.

• Broader payment capabilities in one platform. Airwallex combines the business account with payment acceptance, corporate cards, expense management and Bill Pay. With OCBC, the MCA provides the multi-currency account, while payment acceptance is available through separate merchant solutions and expense management and bill payments are available through OCBC Velocity. This means fewer separate systems to manage with Airwallex.

• More affordable transfers. Airwallex supports transfers to 200+ countries, with free transfers via local rails in 120+ countries. OCBC charges $15 to $30 for international transfers.

Frequently asked questions (FAQs)

Is OCBC or Airwallex better for international transfers?

For international transfers, Airwallex is generally more cost-effective. Airwallex sends payments to 120+ countries via local payment rails at no extra charge, with FX rates disclosed upfront. OCBC charges S$30 per SWIFT transfer and does not publish its FX markups, making it harder to calculate the full cost before you send.

Can I use Airwallex as my main business account in Singapore?

Yes. Airwallex is licensed by the Monetary Authority of Singapore as a Major Payment Institution and offers a full set of business financial tools (multi-currency accounts, transfers, corporate cards, expense management, and a payment gateway). For businesses that primarily need an account to receive money, pay suppliers, manage currencies and handle business spending, Airwallex can work as the main account.

Does OCBC offer multi-currency accounts?

Yes. OCBC's Multi-Currency Business Account supports 13 currencies, including USD, EUR, AUD, JPY, GBP, HKD, CAD, NZD, CHF, CNH, SEK, DKK, and NOK.¹ There is no initial deposit or set-up fee, and the S$10 monthly account fee is waived when you pair it with an existing OCBC SGD business account.¹

Is Airwallex safe to use in Singapore?

Yes. Airwallex is licensed by the Monetary Authority of Singapore as a Major Payment Institution and meets international security standards including PCI DSS, SOC1, and SOC2 compliance. MAS requires Airwallex to safeguard customer funds with approved financial institutions.

Can OCBC accept online payments for my business?

Yes. OCBC offers eCommerce card acceptance supporting Visa, Mastercard, and UnionPay with 3D Secure authentication, tokenisation, recurring payments, and a direct payment link option. It also supports in-store payments via POS terminals, contactless payments, mobile payments, and QR code collection.

Sources:

1.  https://www.ocbc.com/business-banking/smes/accounts/ocbc-business-growth-account

2.  https://www.ocbc.com/business-banking/smes/transactions/cards-acceptance

3.  https://www.ocbc.com/business-banking/smes/transactions/making-payments

4.  https://www.ocbc.com/business-banking/smes/transactions/business-debit-card

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

6.  https://www.airwallex.com/sg/spend-management/cards