ANEXT vs Airwallex (2026): Fees, features and key differences

Key Takeaways:

• ANEXT Bank is a MAS-licensed digital wholesale bank built for Singapore SMEs. It offers free local transfers, interest on SGD, USD, and EUR balances, and business loans — but no corporate cards, expense management, or accounting integrations.

• Airwallex and ANEXT serve different needs: ANEXT suits businesses that operate primarily within Singapore, while Airwallex is built for businesses that pay and collect internationally.

• Airwallex gives you multi-currency accounts in 20+ currencies, free international transfers to 120+ countries via local payment rails, corporate cards, expense management, and a payment gateway — all on one platform.

Comparing ANEXT vs Airwallex is one of the more common decisions facing Singapore SMEs today — both offer digital business accounts with no monthly fees and free local transfers, but they are built for very different types of businesses.

ANEXT Bank is a digital wholesale bank focused on local Singapore banking, while Airwallex is a global financial platform designed for businesses that send, receive, and manage money across borders.

This guide breaks down the key differences in features, fees, and transfer capabilities so you can make a clear, informed decision.

What is ANEXT?

ANEXT Bank is a digital wholesale bank based in Singapore, wholly owned by Ant International.

It launched in 2022 with a focus on micro, small, and medium enterprises (MSMEs), offering a multi-currency business account alongside lending and fixed deposit products — all fully online.

Business account

ANEXT's core product is a single multi-currency business account that holds balances in SGD, USD, CNH, and EUR¹. There is no account opening fee, no monthly fee, and no minimum balance to maintain. The account earns up to 1.0% p.a. interest on SGD, USD, and EUR balances, paid daily.

Transfers

Local SGD transfers are free and unlimited via FAST, PayNow, GIRO, and MEPS. For international transfers, ANEXT charges a flat fee of S$15 per SWIFT transfer. ANEXT also offers ANEXT Flash, which lets you send USD and EUR to select jurisdictions within one working day at no transfer fee¹.

Funds received in currencies other than SGD, USD, CNH, or EUR are automatically converted to USD and credited to your USD account. This means you have limited control over holding those currencies directly.

Business loans and fixed deposits

ANEXT offers business loans of up to S$500,000², available as a pay-per-use credit line (up to 6 months) or a pay-monthly term loan (up to 5 years). A secured loan option is also available for larger financing needs.

Fixed deposits are available in USD, SGD, and EUR, with minimum placement amounts of US$5,000, S$250,000, and EUR 5,000 respectively. Tenures range from 1 to 12 months³.

Opening an ANEXT account

The application is fully online. Here’s how it works:

• You will need an active CorpPass account and Singpass to apply. 

• Business information is pre-filled via MyInfo Business.

• All directors and shareholders must complete identity verification through the platform.

• Simple applications may be approved the same day.

Worth knowing

ANEXT Bank operates as a digital wholesale bank, which means its deposits are not insured by the Singapore Deposit Insurance Corporation (SDIC)³. The SDIC scheme protects deposits at retail banks up to S$100,000 per depositor. If your business holds significant cash balances, this is worth factoring into your decision.

ANEXT also does not offer corporate cards, expense management, accounting integrations, or a payment gateway.

What is Airwallex?

Airwallex is a global financial platform founded in 2015. It is not a bank — it holds a Major Payment Institution licence issued by the Monetary Authority of Singapore (MAS). Airwallex is built for businesses that need to move money across borders, manage team spending, and accept payments from international customers.

Business account

Airwallex gives you local currency accounts in 21 countries. You can hold, receive, and spend foreign currencies without forced conversion. There is no account opening fee and no monthly fee on the Explore plan.

Transfers

Airwallex uses local payment rails to send transfers to 120+ countries, bypassing SWIFT entirely for those destinations. This means no SWIFT fees and faster settlement — 93% of transfers arrive the same day.

Cards, spending, and payments

Airwallex issues virtual and physical multi-currency corporate cards. You can set approval workflows, manage team expenses, and pay bills — all within the same platform. With Airwallex, you also get a payment gateway that lets you accept payments from customers in 180+ countries via 160+ payment methods.

Integrations

Airwallex connects directly with accounting software including Xero, NetSuite, and QuickBooks, as well as eCommerce platforms like Shopify. This reduces manual reconciliation and keeps your financial records in one place.

ANEXT vs Airwallex: Features and benefits

The table below gives you a side-by-side overview of both platforms across the features that matter most to Singapore businesses.

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

ANEXT is a straightforward banking solution for businesses that operate mainly within Singapore. Its free local transfers and daily interest make it a practical base account for SGD-focused operations. It also offers business loans and fixed deposits, which Airwallex does not provide.

Airwallex, by contrast, is a full financial platform built for businesses with cross-border needs. Beyond multi-currency accounts and international transfers, it brings together corporate cards, expense management, payment acceptance, and accounting integrations on a single platform.

Here’s a closer look at the differences between the two platforms:

Transfers

ANEXT

Local SGD transfers are free and unlimited via FAST, PayNow, GIRO, and MEPS. For international transfers, ANEXT charges a flat fee of S$15 per SWIFT transfer¹.

ANEXT also offers ANEXT Flash, which lets you send USD and EUR to select jurisdictions — the US, Hong Kong, and Europe — within one working day at no transfer fee, subject to daily cut-off times.

Airwallex

Airwallex offers international transfers to 200+ countries at competitive FX rates that help you save up to 80% on FX fees. For 120+ of those countries, transfers go via local payment rails — no SWIFT fees apply and 93% arrive the same day.

SWIFT transfers are available for destinations not covered by local rails, at S$20 (SHA) or S$35 (OUR) per transfer.

The key difference: ANEXT's international transfers rely primarily on SWIFT, which is slower and carries a per-transaction fee for most destinations. Airwallex routes transfers via local rails wherever possible, making cross-border payments faster and more affordable.

Bulk payments

ANEXT

ANEXT supports bulk SGD local transfers to multiple recipients in a single run¹.

Airwallex

Airwallex supports batch transfers to up to 1,000 recipients across transfer methods, currencies, and countries in a single run — including both local and international destinations.

Security

ANEXT

ANEXT uses internationally recognised encryption and a proprietary three-factor authentication (3FA) system — comprising a login password, one-time password (OTP), and facial verification — for every transaction¹.

Airwallex

Airwallex uses end-to-end encryption and bank-level security across its platform. Every transaction requires multi-factor authentication. For online card payments, 3-Domain Secure (3DS) authentication provides an additional layer of fraud protection.

Airwallex also meets PCI DSS, SOC1, and SOC2 compliance standards.

ANEXT vs Airwallex: Fees

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

What to note on fees

Both platforms have no account opening fee, no monthly fee, and free local transfers — so the real cost differences show up elsewhere.

On international transfers, ANEXT's flat S$15 per SWIFT transfer¹ is lower than Airwallex's S$20–S$35 SWIFT rate on paper. But for 120+ countries, Airwallex routes via local payment rails with no SWIFT fee at all — making it significantly cheaper for businesses that pay internationally at any volume.

On FX, Airwallex publishes its markup openly. ANEXT does not disclose a percentage publicly, which makes it harder to compare or forecast costs in advance.

One point of consideration with ANEXT: funds received in currencies other than SGD, USD, CNH, or EUR are automatically converted to USD¹. You don't get to hold those currencies natively, and the conversion happens at whatever rate applies at the time.

Why businesses in Singapore choose Airwallex over ANEXT

ANEXT works well if your business operates mainly within Singapore — free local transfers, daily interest, and access to business loans are genuinely useful for SGD-focused operations.

But once you start paying overseas suppliers, managing a team across markets, or accepting payments from international customers, the gaps become significant. Here is where those gaps show up:

1. International transfers cost more with ANEXT than they appear to

The flat S$15 SWIFT fee looks competitive, but SWIFT is the only option for every outward international transfer. With Airwallex, transfers to 120+ countries go via local payment rails with no transfer fees.

2. ANEXT holds only four currencies

If you receive payments in GBP, JPY, THB, or most other currencies, ANEXT converts them to USD automatically. With Airwallex Global Accounts, you get to hold 20+ currencies, so you can collect in the currency you're paid in, convert when rates suit you, and avoid forced conversion costs.

3. ANEXT has no cards, no expense management, and no payment gateway

If your team spends money, pays vendors, or sells online, you'll need separate tools for all of it. Airwallex brings corporate cards, expense management, bill pay, and a payment gateway together in one place — so your finance stack doesn't fragment as your business grows.

Singapore businesses like Love, Bonito, EU Holidays, and Igloohome use Airwallex to manage global payments, cards, and expenses on a single platform. Love, Bonito cut cross-border charges by 25% after switching, and now pays suppliers worldwide in hours rather than days.

Frequently asked questions (FAQs)

What is the main difference between ANEXT and Airwallex?

ANEXT is a MAS-licensed digital wholesale bank focused on Singapore SMEs. It offers a business account, business loans, and fixed deposits, but does not provide corporate cards, expense management, a payment gateway, or accounting integrations. Airwallex is a financial platform built for businesses with cross-border needs — covering multi-currency accounts, international transfers via local payment rails, corporate cards, and expense management in one place.

Is ANEXT Bank regulated by MAS?

Yes. ANEXT Bank is licensed as a digital wholesale bank by the Monetary Authority of Singapore (MAS). This means it serves businesses only — not individual retail customers. Airwallex is also MAS-regulated, holding a Major Payment Institution licence.

Are ANEXT deposits insured by the SDIC?

No. As a digital wholesale bank, ANEXT's deposits are not covered by the Singapore Deposit Insurance Corporation (SDIC)¹. The SDIC scheme protects deposits at retail banks up to S$100,000 per depositor. If your business holds significant cash balances, this is worth factoring into your decision.

Does ANEXT offer corporate cards or expense management?

No. ANEXT does not issue corporate cards and has no expense management tools. If your business needs cards for team spending or wants to track and control costs within a single platform, you will need to use a separate provider.

What currencies does ANEXT support?

The ANEXT business account holds balances in SGD, USD, CNH, and EUR¹. For international SWIFT transfers, ANEXT supports nine currencies: CNH, EUR, GBP, HKD, JPY, KRW, MYR, THB, and USD¹. Funds received in currencies outside the four held natively are automatically converted to USD.

Can I use ANEXT and Airwallex together?

Yes — some businesses use ANEXT as a base account for SGD operations and local transfers, while using a platform like Airwallex for international payments, cards, and expense management. That said, managing two platforms adds complexity. If your business is growing internationally, a single platform that covers all these needs may be more efficient.

Sources:

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

2.  https://www.anext.com.sg/bank/business-loan

3.  https://www.anext.com.sg/bank/fixed-deposit

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

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.