Aspire vs. Airwallex: How should Hong Kong businesses choose a business account?

What are the key considerations for Hong Kong companies when selecting a business account? This article compares two all-in-one financial platforms – Aspire and Airwallex – detailing their multi-currency support, account opening timeline, fees, as well as major functionalities. This comparative analysis aims to help small and medium-sized enterprises (SMEs) make informed decisions when choosing a business account.

Aspire vs. Airwallex: key features

What is Airwallex?

Airwallex is a leading all-in-one financial and payments platform founded in 2015, trusted by 150,000+ businesses worldwide. It supports cross-border payments to over 200 countries, offers Global Accounts for managing funds in more than 20 currencies, and provides payment collection in over 160 payment methods. It also issues multi-currency corporate cards to streamline international cash flows for businesses. 

The account opening process for a Business Account is fast and entirely online, requiring only documents such as a Certificate of Incorporation and a Business Registration Certificate. Companies can receive approval in as little as 48 hours. This swift onboarding process provides significant advantages for businesses looking to scale quickly.

What is Aspire?

Aspire is a financial platform founded in Singapore in 2018. It serves more than 50,000 businesses across Asia. 

The Singapore-based fintech company offers multi-currency business accounts that let companies registered in Hong Kong and China open accounts in HKD, RMB, and USD. Its payment and collection services cover more than 30 currencies in over 130 countries, supporting major currencies such as USD, EUR, and GBP.

Additionally, Aspire provides both physical and virtual cards and supports integrations with various systems, including payroll and accounting software. By offering a transparent fee structure, the platform streamlines financial operations and cross-border payments for businesses in Hong Kong and other countries.

Aspire vs. Airwallex: supported currencies, fees, and account opening time

Cross-border transfer and SWIFT fees

Airwallex is known for fast and cost-effective cross-border transfers, supporting payments to over 200 countries – 120 of which are processed through local payment rails at $0 handling fees. Additionally, 95% of transfers can arrive within hours or on the same day, making the platform an ideal choice for businesses with high-volume international transactions. While Aspire features transparent pricing, processing SWIFT transfers to over 130 countries incurs a fee ranging from US$15 to $30 per transaction.

Account opening time

Opening a Business Account with Airwallex is simple and quick – companies can complete the application online in just 10 to 15 minutes, with approval granted in as little as 48 hours. Aspire, meanwhile, usually gets back to the applicant in 1 to 5 business days to confirm account activation or request any additional documents. 

Corporate cards

Airwallex’s Corporate Cards support payments in multiple currencies and offer real-time expense tracking. Businesses can issue cards for free and save substantial costs through benefits like unlimited 1% cash rebate* and 0% foreign card transaction fees. While Aspire’s corporate card also offers 1% cashback, a 1.5% foreign exchange fee applies to each overseas transaction.

*T&Cs apply.

How does Airwallex help SMEs in Hong Kong manage cross-border payments?

Airwallex’s international transfer service supports over 90 currencies to more than 200 countries, with FX fees as low as 0.2% above the interbank rate. Cross-border payments are fast – 95% are completed within hours or the same day, with 68% settling instantly. The one-stop financial and payments platform also offers a rich suite of APIs and a payment gateway. Businesses can integrate with their existing systems using pre-built modules or develop their own UI for full control to speed up market expansion.

In addition, Airwallex offers comprehensive expense management features for businesses. It seamlessly integrates with leading accounting platforms like Xero and QuickBooks, helping Hong Kong SMEs enhance financial efficiency and maintain compliance through automated workflows.

Airwallex is regulated by the Hong Kong Customs and Excise Department and holds 60+ international licenses, ensuring full compliance with local regulations. The company also meets top international security standards, including PCI DSS, SOC 1, and SOC 2, helping SMEs operate securely and reliably in an ever-changing global environment.

Frequently asked questions

What advantages does Airwallex offer over Aspire for cross-border transfers?

Airwallex provides faster cross-border transfer speeds and more competitive transfer charges. It also covers more countries and currencies than Aspire.

Which types of Hong Kong businesses is Airwallex most suitable for?

Airwallex is suitable for Hong Kong businesses of any size. Whether a startup, SME, or large multinational, companies can use the platform’s Business Accounts and payment solutions to simplify multi-currency transactions and reduce costs on exchange rates and fees. Additionally, Airwallex also offers flexible APIs and various financial tools, including corporate cards, to help businesses enhance financial efficiency.

What documents are required to open an Airwallex Business Account in Hong Kong?

Businesses need to provide a Certificate of Incorporation, a Business Registration Certificate, Articles of Association, and proof of business nature. Approval can be granted in as little as 48 hours.

Sources:

Information regarding Aspire and Airwallex were obtained from the following sources as of September 2025. This information is provided for reference only. For the most up-to-date details, please visit the respective official websites.

1. https://aspireapp.com/hk/business-account 

2. https://aspireapp.com/hk/pricing

Disclaimer: This article was prepared in September 2025 based on voluntary online research and publicly available information. We have not personally tested every tool or provider mentioned. This article is for educational purposes only, and readers should independently evaluate each service provider based on their specific business requirements. Content is updated every six months. To request an update, please contact us at [email protected].