Best virtual card for businesses in Singapore (2025): top choices for your business needs

Key takeaways

• Virtual cards enhance security and provide convenience for online payments by using unique, disposable card numbers. They often include features like spend controls and real-time tracking, making them a flexible financial management tool.

• However, not all virtual cards are equipped to support global business expansion. Some come with high exchange rates and hidden fees, while others lack multi-currency support and integrated tools for managing team spending, approvals, and reconciliation.

• The Airwallex Corporate Card is designed for global-first businesses. Spend directly from your multi-currency wallet with no foreign transaction fees or forced FX conversions. Set granular controls for each card – like spending limits, expiry dates, and merchant restrictions – and track every transaction as it happens. With built-in expense management and accounting integrations, you can review, approve, and reconcile employee spend all in one place.

Virtual cards have become an essential tool for modern businesses, offering a faster, more flexible way to manage company spend. You can issue cards instantly to employees, set custom limits, restrict merchant categories, and track every transaction in real time. Virtual cards give finance teams the control and visibility they need without the delays or overhead of traditional corporate cards.

In this article, we'll compare the top virtual card providers in Singapore, highlighting features, fees, and what to look out for. We'll also discuss how Airwallex Corporate Cards stands out as the only corporate card built for globally-minded businesses, combing multi-currency spending, advanced controls, real-time visibility, and built-in expense management in a single dashboard.

What is a virtual card?

A virtual card is a digital version of a debit or credit card that exists entirely online. It’s commonly used for online purchases, subscription payments, and even in-store transactions via digital wallets like Apple Pay or Google Pay. 

Each virtual card has its own card number, expiry date, and security code, and is typically linked to an existing bank account, credit line, or prepaid balance, depending on the provider.  This card number can be used for online transactions just like a physical card, and payments are processed in the same way.

Read our article to learn more about how virtual cards work and what to consider when choosing one.

What are the benefits of using a virtual card for your business? 

Integrating virtual cards into your business operations offers numerous benefits. You can issue individual virtual cards to employees for specific purposes, gaining better control and transparency over company spending. Here are five key benefits:

Global acceptance

Virtual cards are widely accepted by online platforms, international vendors, and global marketplaces. Whether you’re paying overseas suppliers, managing SaaS subscriptions, or covering team travel expenses, virtual cards offer a flexible way for businesses to manage global expenses.   

The Airwallex Corporate Card is global by design. There are no foreign transaction fees, and if you don’t have enough funds in the required currency, we’ll automatically convert from your home balance at the interbank exchange rate – no hidden markups. This gives your business more control over global spend while keeping transaction costs low.

Instant card creation 

Virtual cards can be created in minutes and added to digital wallets like Apple Pay or Google Wallet. There’s no need for paperwork, bank visits, or waiting for physical cards to arrive. You can instantly issue unique cards to employees in different regions, replace lost ones, or cancel them when no longer needed – all without the hassle of traditional corporate cards.

Real-time visibility on spend

For finance teams, tracking employee card spend often looks like waiting for statements, chasing receipts, or combing through spreadsheets at month-end. 

Virtual cards like Airwallex Corporate Cards let you track every transaction as it happens,  with detailed insights like funding account, approval status, and expense category on a single dashboard. Employees can also view their own balances and limits, helping them spend within policy. That means tighter control, faster reconciliation, and fewer surprises at the end of the month. 

Automated reconciliation

Virtual cards automatically capture transaction details whenever your employees make a payment. When paired with expense management software, they can streamline your bookkeeping by automating tasks like recording receipts, matching payments, and reconciling expenses—eliminating manual data entry and reducing errors or fraud. 

With Airwallex, there’s no need for third-party software. Our all-in-one platform combines corporate cards, expense management tools, business accounts, and more, allowing you to track, manage, and reconcile employee expenses in one place.

Virtual cards simplify expense tracking by automatically recording transaction details. With real-time visibility into spend, finance teams can budget more accurately and close the books faster – without chasing receipts or toggling between systems. 

Enhanced security 

Virtual cards come with built-in features to make business spending more secure – from real-time transaction tracking to the ability to issue single-use cards for one-off purchases. These controls reduce the risk of fraud, misuse, and unauthorised charges, especially when managing spend across multiple teams or regions.

With Airwallex Corporate Cards, you can set transaction limits by value or frequency, restrict usage to specific merchant types, and assign custom expiry dates. If a card is no longer needed or appears compromised, it can be frozen or cancelled instantly – all a single dashboard.

What are the 9 best virtual cards for businesses in Singapore? (2025)

To simplify your search, we’ve put together a list of our top virtual card recommendations with their key benefits below:

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

Airwallex Corporate Card

The Airwallex Corporate Card is a virtual multi-currency card built for businesses seeking greater control, transparency, and flexibility over global spend. Our multi-currency debit cards are directly linked to the Airwallex Business Account, so you can pay in 20+ currencies from held balances without incurring foreign transaction fees, interest, or hidden FX markups.

Each card comes with built-in spend controls so you can set custom limits, block merchant categories, and track every transaction in real time. You can also freeze or cancel cards instantly, helping you stay in control of global spend at all times. 

Airwallex brings your entire spend management workflow onto one platform. Instantly issue cards in over 50 markets, automate approvals, and sync expenses with your accounting tools – giving your team full visibility and control over global spend.

Fees (Explore plan):

• Set-up fee: None

• Annual fee: None

• Card issuance fee: None

• Foreign card transaction fee: 0% 

• Currency conversion fee: From 0.4%

• Minimum balance: None 

Revolut Business Card

The Revolut Business Card offers tools for businesses managing frequent multi-currency transactions, including support for 150+ currencies and built-in expense management features. However, fee-free currency exchanges are capped by strict monthly limits, even for businesses on paid plans. Exceeding these thresholds, or conducting exchanges outside standard market hours, will incur additional fees – costs that can add up quickly for businesses with regular international spend. 

In contrast, the Airwallex Corporate Card gives you the interbank exchange rate on every transaction – no hidden markups or limits. That means fewer unexpected charges and greater clarity over spend across borders. 

Fees (Basic plan):

• Set-up fee: None

• Annual fee: None

• Card issuance fee: None

• Foreign card transaction fee: 3.2% + S$0.50 (for online transactions)

• Currency conversion fee: From 0.6% beyond monthly plan limits; 1% for exchanges outside market hours

• Minimum balance: None

Wise Business Card

The Wise virtual card supports spending in 40+ currencies across 160+ countries with no foreign transaction fees. Using the Wise account app, you can receive instant spending notifications to track team expenditures in real-time.

However, Wise charges a set-up fee for opening your account and allows a maximum of three virtual cards per team member. This makes it more challenging to organise spending across different categories, such as project expenses, department expenses, or travel costs, giving you less granular control over company budgets.

In contrast, you can open an Airwallex account at no cost with our Explore plan, which comes with 10 free Company cards. Assign specific cards to different team members, departments, or projects, giving you clear visibility over every dollar spent.

Fees:

• Set-up fee: S$99

• Annual fee: None

• Card issuance fee: Up to 3 free virtual cards per team member

• Foreign card transaction fee: 0%

• Currency conversion fee: From 0.26%

• Minimum balance: None

YouBiz Corporate Card

From the team behind the YouTrip wallet, the YouBiz Corporate Card is a global debit card that lets you pay in 150+ currencies. However, direct spending from your held balances is limited to nine supported currencies. Card transactions in other currencies will require a conversion and cost up to 0.4% in foreign exchange fees.

In contrast, Airwallex lets you spend directly from your account funds in 20+ currencies, giving you more flexibility in managing your overseas supplier payments and business travel expenses.

Fees:

• Set-up fee: None

• Annual fee: None

• Card issuance fee: None

• Foreign card transaction fee: 0%

• Currency conversion fee: 0.1 –0.4%

• Minimum balance: None

Volopay Corporate Card

Volopay is an expense management platform that offers virtual debit cards for businesses. Cards come with built-in spend controls such as multi-level approvals, custom limits, and real-time tracking. Admins can also freeze or block cards instantly from a single dashboard. However, its virtual cards only support five currencies – SGD, USD, GBP, EUR, and AUD – which may not be sufficient for businesses operating across a wider range of markets.

In contrast, Airwallex supports 20+ currencies via virtual cards linked directly to your Global Accounts, letting you pay in local currencies without forced conversions or hidden FX markups. You also get the benefit of a broader financial stack: corporate cards, multi-currency business accounts, international transfers, bill payments, and a global payment gateway, all managed from a single platform. 

Fees: Volopay doesn't disclose pricing information on their website. To get a quote, you need to reach out to their sales team.

Aspire Corporate Card

The Aspire Corporate Card is linked to the Aspire Business Account, which supports just four currencies — SGD, USD, GBP, and EUR. For businesses paying overseas suppliers or managing regional operations, this means any transaction outside these currencies will be converted at a fee, adding unnecessary costs to day‑to‑day operations.

Airwallex offers a more flexible alternative for globally-minded businesses. Our multi‑currency Corporate Cards are linked to Global Accounts that support 20+ currencies, letting you pay directly from held balances without forced conversions or FX markups. Transactions are automatically converted using the interbank exchange rate, keeping costs transparent and cash flow predictable.

Fees:

• Set-up fee: None

• Annual fee: None

• Card issuance fee: Up to 200 free virtual cards; S$15 per physical card

• Foreign card transaction fee: 1.5% 

• Currency conversion fee: From 0.22%

• Minimum balance: None

DBS Virtual Card

The DBS Virtual Card is primarily designed for managing centralised travel expenses. All charges are consolidated into a single company account, simplifying reconciliation for teams with high travel expenses. Businesses that need to manage other expenses, like supplier payments, SaaS subscriptions, and marketing spend, will have to layer on additional tools to track and reconcile expenses. 

Airwallex offers a more flexible alternative with cards that come with built-in expense management. Issue both virtual and physical corporate cards to employees or teams, with each transaction tracked in real time so businesses get full visibility on spend. All transactions flow into a single dashboard where you can review, approve, and reconcile expenses without switching between platforms – helping finance teams move faster and with more control. 

Fees (Business Multi-Currency Account):

• Set-up fee: None

• Annual fee: S$50 (for Business Multi-Currency Account)

• Card issuance fee: Not publicly disclosed

• Foreign card transaction fee: Not publicly disclosed

• Currency conversion fee: Not publicly disclosed

• Minimum balance: S$10,000

UOB Business World Debit Card

The UOB Business World Debit Card offers various card rewards and privileges like discounts on air tickets, hotel bookings, and dining privileges, catering to businesses with frequent travel and entertainment spend. 

However, to access virtual cards, you’d first need to apply for a physical card. This added step can slow you down when you need fast access to payment methods – whether it’s for launching a new project, setting up online tools, or onboarding a new hire.

With Airwallex, you can instantly issue virtual cards – no paperwork or in-person bank visits. Cards come with built-in spend controls, so you can set transaction limits, restrict merchant types, or assign expiry dates. Plus, you have full control – freeze or cancel cards anytime to stop unwanted subscription charges or prevent unauthorised spending.

Fees:

• Set-up fee: Not publicly disclosed

• Annual fee: S$36.67 per year (waived for first 3 years)

• Card issuance fee: Not publicly disclosed

• Foreign card transaction fee: 3%

• Currency conversion fee: Not publicly disclosed

• Minimum balance: Varies for different currency accounts, such as S$10,362 (US$8,000) for USD account and S$8,678 (£5,000) for GBP account

OCBC Business Debit Card

Businesses with an OCBC Multi-Currency Business Account can apply for an OCBC Business Debit Card to transact in 13 currencies. This card offers basic expense tracking features, which allows you to view all your transaction records in real-time. 

However, it lacks tools for automating expense claims or approvals, making it difficult to scale when tighter team oversight is needed. On the other hand, Airwallex offers multi-currency corporate cards with in-built expense management features. This can help you automate your approval and reporting workflows, providing the control and efficiency needed for growth.

Fees:

• Set-up fee: None

• Annual fee: S$120 per year (for the OCBC Business Growth Account)

• Card issuance fee: None

• Foreign card transaction fee: 2%

• Currency conversion fee: 1%

• Minimum balance: S$1,000 (for the OCBC Business Growth Account)

How to choose the right virtual card for my business?

There are several factors to consider when choosing a virtual card for your business. Here are some key points to keep in mind:

Multi-currency support

If your business operates globally, you'll need a virtual card linked to a multi-currency account to avoid costly conversion fees for overseas payments. With the Airwallex Corporate Card, you can spend directly in USD, EUR, AUD, GBP, and more using held funds in your account.

FX and foreign transaction fees

When comparing virtual card providers, analyse their FX rates and any additional fees for cross-border payments. The Airwallex Corporate Card charges no transaction fees on international or local spend. You can also eliminate currency conversion costs by spending directly from your account balances.

Spend controls

Look for a provider that allows you to set specific spending limits and rules for each card. For example, using the Airwallex Corporate Card, you can issue a card to your marketing team for ad spend with a S$5,000 limit. This ensures they stay within budget while giving them the autonomy to manage their campaigns effectively.

Security

Choose virtual cards that offer enhanced security with features like two-factor authentication, encryption, and real-time fraud monitoring. Airwallex ensures safety by adhering to PCI DSS standards, partnering with top-tier payment networks, and using advanced tools like 3D Secure for transaction verification. You can also instantly freeze or cancel Airwallex Corporate Cards for added protection against suspected fraud or theft.

How to apply for a virtual card in Singapore?

Once you've chosen your preferred virtual card, application is usually quick and fully online. While the process may vary across different card providers, most follow a similar process:

1. Prepare necessary documents: Gather all required documents needed for your card application. These typically include company registration details, proof of identity for company directors, and financial statements to verify your business operations.

2. Submit your application online: Most virtual card providers offer an online application process for convenience. Visit their website or app, fill in the required details, upload the necessary documents, and follow the prompts to finalise your submission.

3. Wait for approval: Once your application is submitted, review times vary depending on the card provider. It may take several business days to receive confirmation and access to your virtual card. Providers usually notify you via email or through their online platform.

4. Activate and set up your card: After approval, activate your virtual card via the card provider's mobile app or dashboard. You can also customise settings such as spending limits and user access.

5. Start using your virtual card: Once your card is active, you can begin using it for business transactions. Monitor your spending in real time from your dashboard.

Need a faster option? Apply for virtual Corporate Cards with Airwallex

Getting started with Airwallex Corporate Cards is quick and easy. After you've set up your business account, you can issue cards directly from your dashboard and start using them within minutes:

1. Open an Airwallex Business Account: Sign up for an Airwallex account online, providing just a few details about your business and its authorised representatives.

2. Verify your business: Submit your business registration details and documents, such as an ownership structure chart, IDs of authorised persons, and proof of address. Upload everything online – no branch visits required.

3. Start issuing Corporate Cards: Once your account is verified, you can start issuing cards instantly. Go to the "Cards" tab in your account dashboard, choose whether you want a virtual or physical card, and fill in details such as billing currency and card name. Confirm the configuration and your virtual card will be instantly created and ready for use.

Virtual card vs physical card: what’s the difference?

Virtual and physical cards differ primarily in form and how they’re issued or used, but both can play important roles in business spend management.

Virtual cards are digital and issued instantly online. They can be added to mobile wallets like Apple Pay or Google Pay and are especially useful for recurring online payments such as SaaS subscriptions, digital ads, or remote team expenses. Because they’re managed entirely online, virtual cards offer added flexibility – you can track transactions in real time, set spend limits, and freeze or cancel a card instantly if needed. They also support granular controls like merchant-specific settings or single-use limits, making them ideal for managing team budgets with greater precision.

Meanwhile, physical cards remain essential for in-person payments, employee travel, or everyday business expenses that may not support mobile wallets. While they take a little longer to set up, physical cards generally enjoy wider global acceptance. 

With Airwallex, you don’t have to choose. Our Corporate Cards can be issued virtually or physically, depending on your team’s needs – while maintaining full visibility, control, and multi-currency support across every transaction. 

Airwallex: one platform to track, approve, and reconcile spend globally

Not all virtual cards are built with global expansion in mind. Some are limited by poor currency support and hidden FX fees. Others lack integrated tools to manage team spend, approvals, and reconciliation, forcing teams to juggle multiple platforms just to stay on top of business spend. 

Airwallex brings it all together. Our Corporate Cards let you spend directly from your multi-currency wallet, with no foreign transaction fees and auto-conversions at the interbank rate. Set granular controls for every card – from spending limits to expiry dates and merchant restrictions – then track every transaction in real time. Cards can be issued in minutes across 50+ countries – no more paperwork or waiting for weeks. And with built-in expense management, you can approve, reconcile, and sync expenses directly with your accounting tools – all from one platform. 

Here’s what else you can unlock with Airwallex: 

• Global Accounts: Open multi-currency Business Accounts within minutes and accept funds in 60+ countries like a local. Hold, send and receive funds globally with ease in 20+ currencies.

• Transfers: Over 90% of our transactions go through local payment networks, meaning no SWIFT fees and faster transfer times.

• Payments: Seamlessly accept payments from global customers in 130+ currencies. Our Checkout solution also boosts your conversion rates by offering 160+ local payment options, allowing customers to pay with their preferred method.

• Bill Pay: Automates the process of paying overseas suppliers and managing invoices. With direct access to local payment networks in 120+ countries, your business can easily make payments without worrying about high fees or potential delays.

By choosing Airwallex Corporate Cards, you gain more than just a virtual card – you gain access to a unified financial ecosystem. Whether you’re paying suppliers, managing business expenses, or collecting global payments, Airwallex provides the tools businesses need to grow with confidence.

Frequently asked questions (FAQs)

Are virtual cards safe?

Yes, virtual cards are highly secure. Each one comes with a unique card number and can be set with custom spend limits, expiry dates, or locked instantly if needed. Even if details are compromised, the risk of loss is minimal — giving your business stronger protection and more control over every transaction.

Airwallex enhances this security by adhering to PCI DSS standards and partnering with top-tier payment networks to ensure all transactions are secure and compliant. We also use advanced authentication methods like 3D Secure to verify transactions, along with real-time fraud detection systems to monitor and prevent any suspicious activities.

What are the downsides of virtual cards?

Some virtual card providers may impose various fees that add to the overall cost of using these cards. Issuance fees may be charged each time for creating a new virtual card, while transaction fees are incurred each time the card is used for a purchase. Some suppliers may still prefer traditional payment methods such as bank transfers or SWIFT, depending on their systems and region. 

To address this, Airwallex offers a free Explore plan that lets businesses create up to 10 virtual cards for free and spend with 0% transaction fees. You can also make global transfers to 200+ countries, with free transfers to 120+ transfers via local payment rails. 

To explore more options for managing your business finances, check out our comprehensive guide to the best corporate credit cards available.

Sources:

1. https://aspireapp.com/pricing

2. https://www.revolut.com/en-SG/business/business-account-plans/

3. https://wise.com/help/articles/1AqrRndtxosydM2GLR3U6T/getting-started-with-your-wise-digital-card 

4. https://wise.com/sg/pricing/business

5. https://youbiz.zendesk.com/hc/en-us/articles/6334629807769-Which-currencies-are-supported

6. https://www.dbs.com.sg/corporate/solutions/cash-management/dbs-virtual-card

7. https://www.uob.com.sg/business/transact/cards/uob-business-world-debit-card.page

8. https://www.uob.com.sg/assets/web-resources/business/pdf/biz-debit-agreement.pdf

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

All comparisons and information reflect Airwallex’s own research using public documentation as of 28 October, 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.