ANEXT Bank review for Singapore (2025): Is this digital bank the right choice for your business growth?

Key takeaways

• ANEXT Bank is a digital-only bank that serves small businesses in Singapore. It offers a basic business account with no setup fees, no minimum balance, and daily interest on CNH, EUR, SGD and USD balances. For growing businesses, Airwallex is the better choice with greater global reach, and integrated financial solutions to support growth at every stage.

• ANEXT Bank supports only a handful of major currencies and still relies heavily on SWIFT for international payments – which can mean higher transfer costs, slower settlement, and unexpected charges. Airwallex bypasses SWIFT by using local payment rails, giving you free local transfers to 120+ countries that are faster and more cost-effective.

• As your business grows, payments are just the beginning. You need to issue cards, manage expenses, connect with tools like Xero and Shopify – all without juggling multiple tools. Airwallex provides the all-in-one platform to run your business, simplify operations, and scale without limits.

Running a business means moving money. Sometimes that's as simple as paying a supplier or receiving a client payment. Digital banks like ANEXT cover the basics – opening an account, making local transfers, handling simple day-to-day payments online.  

Airwallex offers more than just convenience. Beyond a basic business account, we provide a complete financial platform to run your business – from global payments and multi-currency accounts to corporate cards, expense management, and integrations with tools like Xero and Shopify. Whether you’re operating locally, expanding overseas, or doing both, Airwallex is built to help your business scale.

What is ANEXT Bank? 

ANEXT Bank is a digital-only bank backed by Alibaba’s Ant Group. It offers business accounts for small-to-medium enterprises (SMEs) that want a digital-first solution for their day-to-day banking. ANEXT is licensed as a digital wholesale bank by the Monetary Authority of Singapore (MAS), and its SWIFT code is ANEXTSGSG.

How does ANEXT Bank work?

ANEXT Bank is a digital-only bank for SMEs that primarily operate in Singapore. Businesses apply for an account online using the ANEXT website or app. After completing identity verification, all banking activities are handled digitally through the platform. There are no physical branches or paper forms at any stage. Airwallex provides a similar digital-first experience but also pairs it with a dedicated local support team that gives eligible businesses guidance beyond the platform.

How does ANEXT Bank compare with Airwallex?

ANEXT Bank offers digital banking solutions for SMEs just starting out, but its capabilities are limited. It supports only four major currencies and relies heavily on SWIFT for cross-border transfers, which often means slower payments and higher fees.

Airwallex goes further to deliver the same digital convenience – while adding the scale and tools that growing businesses need.

See the table below for a side-by-side comparison of Airwallex and ANEXT Bank on global coverage, speed, and business tools.

Note: The information in this table has been reviewed to be accurate as of 28 Aug 2025.

What are the key features of the ANEXT business account?

Here’s what you get when you open an ANEXT Business Account:

• Multi-currency accounts in SGD, USD, CNH, and EUR

• Daily interest on SGD, USD, and EUR balances

• Unlimited free local transfers and inward telegraphic transfers (TTs)

• No setup fees or minimum balance

• Business loans with no collateral

• Fixed deposit placements in three currencies

• API-enabled payments for fast, automated payouts

Multi-currency accounts with interest

Account holders can hold and convert balances in SGD, USD, CNH, and EUR. Interest of 1% p.a. applies to balances in SGD, USD, and EUR.¹

Unlimited free local SGD transfers

Unlimited local SGD transfers are available at no cost, reducing transaction costs for payroll or payments to vendors based in Singapore.² 

No setup fees or minimum balance

There’s no setup fee, annual fee, or minimum balance required. This provides a low-cost entry point for businesses with tight cash flow. 

Business loans without collateral

Loans of up to S$30,000 are available without collateral. Repayment options for ANEXT business loans include pay-per-use or monthly terms.³

Fixed deposits in SGD, USD, and EUR

Fixed deposit placements are offered in SGD, USD, and EUR, for periods up to 36 months.⁴ 

API-enabled payments

With ANEXT’s open APIs, you can automate domestic, and cross-border payouts straight from your own systems.⁵ 

What are ANEXT Bank's pricing & fees?

While ANEXT offers zero setup costs and free local SGD transfers, its international transfer options support fewer currencies and rely primarily on the SWIFT network. This can lead to higher fees, slower settlements, and less predictable costs.

Note: The information in this table has been reviewed to be accurate as of 28 Aug 2025.

Airwallex pricing & fees 

Airwallex is built for businesses that operate and grow across borders. By leveraging local payment rails instead of SWIFT, we enable faster, more cost-effective international transfers to 120+ countries, alongside competitive FX rates and free international batch payments. Beyond payments, Airwallex offers a broader suite of financial tools – from multi-currency accounts and cards to expense management – to help your business manage payments, accounts, and expenses all in one place.

Check out our pricing breakdown to find out more about these additional tools and our full suite of business solutions.

Note: The information in this table has been reviewed to be accurate as of 28 Aug 2025.

How to open an ANEXT Bank business account?

ANEXT’s application process is fully online, but you’ll need to meet a few key requirements:⁷ 

• Your business must be a Sole Proprietorship, Partnership, Limited Liability Partnership, Limited Partnership, or Private Limited company.

• Your business must be incorporated in Singapore and with an active Corppass account.

• You must have an authorised applicant with a valid Singpass account to apply on behalf of the business.

• All business stakeholders must complete identity verification via Singpass, passport, or ID.

• Camera access must be enabled to complete facial verification remotely. 

Need a faster option? See how to open a business account with Airwallex

Opening an account with Airwallex is 100% online, and only takes a few minutes. To get started, you’ll need:

• A registered business in Singapore

• A valid NRIC or passport for identity verification

• Proof of address and business details

• Names and IDs of directors or shareholders (if applicable)

Once submitted, our team will review your application. Most accounts are approved within a few business days. Want to see how it works? Watch our quick demo.

Why growing businesses choose Airwallex

• Broader global reach: With Airwallex, you can instantly create local accounts in 20+ currencies across 60+ countries to collect and hold payments like a local.

• Faster, lower-cost global transfers: Unlike ANEXT, which relies mainly on SWIFT, Airwallex uses local payment rails to offer free transfers to 120+ countries – with 95% settling the same day. This means fewer fees, faster payments, and more predictable costs when paying suppliers, employees, or partners.

• Access to interbank rates: Convert currencies when you need them at market-leading FX rates across 90+ currencies, giving you greater control over cashflow and margins when operating across borders.

• Accept customer payments globally: With Airwallex, your customers pay in their preferred currency via 160+ local payment methods, improving conversion rates and trust.

• Issue corporate cards and manage spend: Airwallex offers virtual and physical multi-currency corporate cards with built-in expense tracking and approval workflows. Control budgets, monitor transactions in real time, and manage team spending more efficiently.

• Seamless integrations: Airwallex integrates seamlessly with accounting tools like Xero and popular eCommerce platforms like Shopify, so you can manage payments, FX, collections, cards, and expenses from a single platform – no need to juggle multiple systems as your business scales.

For an in-depth look at how Airwallex compares to ANEXT, check out the full comparison here. 

Airwallex: the global financial platform built to scale with your business

Basic banking may get you started - but more is needed to scale. Growth requires tools that help you capture opportunities, move fast, and manage global cash flow with ease. With Airwallex, you can expect greater savings on transfer charges, and global payments at the speed of domestic transfers.  

This is the kind of impact that changed things for the team at leading Southeast Asia womenswear brand Love, Bonito. Facing more overseas payments and unpredictable SWIFT fees, the retailer made the switch. Now cross-border charges are down by 25%, and suppliers worldwide get paid in hours, not days. It’s the type of upgrade that gives ambitious businesses room to grow.

Airwallex gives you a platform that brings together payments, collections, cards, spend controls, and integrations with the tools you rely on. Every feature is designed to keep your business moving forward, so you can focus on what’s next.

If you’re thinking bigger, choose a financial partner built for the journey. Sometimes, one upgrade is all it takes.

Sources:

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

2. https://www.anext.com.sg/static/file/businessguide

3.  https://www.anext.com.sg/bank-with-us/business-loan

4. https://www.anext.com.sg/bank-with-us/fixed-deposit

5. https://www.anext.com.sg/api-inventory

6. https://www.anext.com.sg/static/terms/feeschedule 

7. https://www.anext.com.sg/static/file/businessguide

8. https://www.anext.com.sg/faqs

All comparisons and information reflect Airwallex’s own research using public documentation as of 28 August 2025, and have not been independently validated. 

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations, warranties, or guarantees regarding content accuracy, completeness, or currentness. Product features, pricing and other details are subject to change. Airwallex does not guarantee the continued accuracy of this information and is not responsible for any inaccuracies that may arise from such changes. This publication is not intended to be relied on for the purpose of making a decision about a financial product. Users are encouraged to conduct their own verification and seek their own advice.

If you would like to request an update of the content in this publication, feel free to contact us at [email protected]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.