Aspire Singapore review: Features, fees and alternatives (2026)

Key Takeaways:

• Aspire is a Singapore-based fintech platform with no monthly fees and no minimum balance. It offers multi-currency accounts in 4 currencies, corporate cards, expense management, and a growing suite of tools including Yield and Payroll.

• Approval can be as fast as one business day, and the entire application is done online — making it one of the faster account-opening options for Singapore businesses.

• Airwallex gives you wider currency coverage, a payment gateway, and deeper global reach than Aspire.

If you're considering Aspire for your business, this review gives you a clear picture of what the platform offers, what it costs, and whether it's the right fit.

Aspire has grown well beyond its original business account. Yield, Payroll, credit facilities, and expense management tools are now part of the mix — and this review covers all of it, including how Aspire compares to alternatives.

What is Aspire?

Aspire is a Singapore-based fintech platform that offers business accounts, corporate cards, expense management, and payment tools for startups, SMEs, and growing businesses. It launched in 2018 and is now used by 50,000+ companies across Southeast Asia.³

Aspire is not a bank. It is a Payment Services Institution that can accept, hold, and move client funds for payment purposes.⁴ Your funds are held in segregated accounts with Tier-1 banks, including DBS Singapore — not used to finance Aspire's own operations.⁴

Aspire currently operates under a temporary exemption from holding a licence under the Payment Services Act 2019, granted by the Monetary Authority of Singapore (MAS).⁵ You can verify this status on the MAS website.

Unlike traditional banks, Aspire has no account opening fees, no monthly fees, and no minimum balance requirement. This makes it a popular starting point for businesses that want a digital-first alternative to conventional business banking.

Key features of Aspire Singapore

Aspire has grown significantly since its early days. It now offers a broad range of tools beyond a basic business account.

Here’s an overview of what the platform covers today, followed by a closer look at each feature:

The information in this table has been reviewed to be accurate as of 1 April 2026.

Multi-currency accounts

Aspire lets you hold funds in 4 currencies: SGD, USD, GBP, and EUR. You get both local and international account details for each, which means you can receive payments in those currencies without conversion.

For sending and receiving money more broadly, Aspire supports 30+ currencies across 130+ countries. FX fees start from 0.22% for instant conversions and from 0.23% when sending.

For local transfers, PayNow, FAST, recurring, and scheduled transfers are free.² International SWIFT transfers cost USD $15 (SHA) or USD $30 (OUR) to send, and SGD $35 to receive into an SGD account or USD $8 for other accounts.²

Corporate cards

Aspire gives you both virtual and physical corporate cards to issue to your team. The Basic plan includes up to 200 virtual cards, while the Premium plan goes up to 300. If you need physical cards, additional ones cost S$15 each.

One of the more useful perks is the 1% cashback on qualifying digital advertising and SaaS spend — so regular business expenses like Google Ads or software subscriptions earn you something back. Cards work with Apple Pay and Google Pay, so your team can pay on the go without carrying a physical card.

One thing to note: spending in foreign currencies may attract an FX fee, and overseas ATM withdrawals cost S$5 per transaction, with a daily withdrawal limit of USD $500 per card.²

Expense management

Aspire includes real-time spend controls and visibility across all issued cards. You can set budgets, manage reimbursements, and run approval workflows from the same dashboard.

It integrates with accounting software including Xero, QuickBooks, SAP, NetSuite, and Deskera — so transactions sync automatically without manual exports.²

Aspire Yield

Aspire's Yield feature lets you earn returns on idle SGD and USD balances. Funds are placed in money market funds — there is no minimum amount and no lock-in period. Withdrawals are available on the next business day.

Indicative returns as of the date of publication were up to 3.68% on USD and up to 1.24% on SGD, although this is before the 0.5% Aspire annual fee. Returns are variable and not guaranteed.²

Payroll and credit

Aspire also offers Payroll as a built-in feature, allowing businesses to manage employee payments directly from the platform. For businesses that need working capital, Aspire provides credit facilities including revenue-based financing and credit lines.

Aspire fees and pricing

Aspire keeps its pricing simple. There are no setup fees, no monthly fees on the Basic plan, and no minimum balance required.² Here is a breakdown of the key costs to know before you sign up.

The information in this table has been reviewed to be accurate as of 1 April 2026.

The Premium plan is worth considering if your business sends a high volume of international transfers or needs cheaper FX rates — the 0% FX on the first S$13,000 per month and five free outbound international transfers can add up to meaningful savings.²

How to open an Aspire business account

The application is fully online and takes less than 10 minutes to complete. Approval can be as fast as one business day, though the timeline varies depending on your business type and the documents you submit.

Who can apply

Singapore-incorporated companies, public companies limited by guarantee, and registered societies are all eligible to open an Aspire account.

Companies incorporated outside Singapore can also apply — you'll need to submit your certificate of registration, letter of authorisation (for non-directors), constitution and articles, identity card, and proof of address.

What you'll need

For Singapore-incorporated businesses, the standard documents are:⁶

• ACRA Bizfile

• Identity card or passport (of the user and all registered directors)

• Proof of address (if your ID does not show your address)

• Letter of authorisation, if the person applying is not a director

If your company has shareholders holding 25% or more of ordinary shares, you'll also need to provide their details and a chart of the shareholding structure.

Step-by-step process

• Head to Aspire's website and start your application.

• Fill in your business details: name, UEN, entity type, size, and a description of your business activity or website address.

• Fill in your personal details: full name, email, and mobile number.

• Upload a photo of your ID or passport.

• Verify your identity with a live selfie or via MyInfo.

• Submit and wait for Aspire to review your application.

Once approved, you can log in to your Aspire dashboard and start using your account.

Pros and cons of Aspire Singapore

No platform is perfect for every business. Here is an honest look at where Aspire stands out and where it has limitations.

The information in this table has been reviewed to be accurate as of 1 April 2026.

Ultimately, Aspire works well for Singapore-based businesses that operate primarily in SGD and want a low-cost, easy-to-use platform to manage day-to-day finances.

Where it starts to show limits is when your business deals in foreign currencies or relies on frequent international transfers — the SWIFT fees and 4-currency cap can add up quickly. If that describes your business, it's worth looking at other options before you commit.

Why Singapore businesses choose Airwallex over Aspire

Aspire is a solid option for businesses focused on the Singapore market. But if your operations are more international, here is where Airwallex covers ground that Aspire doesn't:

• Currency coverage: Airwallex holds 20+ currencies versus Aspire's 4 currencies

• International transfers: Airwallex partners directly with local payment rails, so you can transfer to 120+ countries without SWIFT fees — compared to Aspire's SWIFT fees of USD $15–$30 per transfer²

• Payment gateway: Airwallex supports 160+ local payment methods including PayNow, Alipay, and WeChat Pay. Aspire does not currently offer a payment gateway.

If you're paying overseas suppliers, collecting payments from international customers, or scaling into new markets, Airwallex is the better option for you.

Frequently asked questions (FAQs)

Is Aspire Singapore regulated by MAS?

Aspire is not a licensed bank. It operates as a Payment Services Institution under a temporary exemption granted by the Monetary Authority of Singapore (MAS) for the provision of account issuance, domestic money transfer, and e-money issuance services. You can verify this status directly on the MAS website.

What currencies does Aspire support?

You can hold funds in 4 currencies: SGD, USD, GBP, and EUR. For sending and receiving, Aspire supports 30+ currencies across 130+ countries.

How long does it take to open an Aspire business account?

The online application takes less than 10 minutes. Account approval can be as fast as one business day, though the timeline depends on your business type and the documents you provide.

Does Aspire charge monthly fees?

No, the Basic plan has no monthly fee and no minimum balance requirement. The Premium plan costs S$15 per month and includes additional benefits such as five free outbound international transfers and lower FX rates.

How does Aspire compare to Airwallex?

Both platforms offer multi-currency accounts, corporate cards, and expense management with no monthly fees on their entry plans. Airwallex covers 20+ currencies versus Aspire's 4 held currencies, and also offers an international payment gateway that Aspire does not currently provide. If your business deals heavily in international payments or needs wider currency coverage, Airwallex is the better option.

Sources:

1. aspireapp.com

2. aspireapp.com/business-account

3. aspireapp.com/pricing

4. help.aspireapp.com/en/articles/9296086-is-aspire-a-bank

5. help.aspireapp.com/en/articles/9250429-account-opening-guide-for-singapore-incorporated-companies

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 / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, 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.