Aspire vs Airwallex: Compare on fees, features and benefits

Key takeaways

• Aspire and Airwallex offer similar features like multi-currency accounts and transfers, but they serve different business needs.

• When comparing the two, consider factors such as the number of currencies supported, transfer speed, costs, and global coverage.

• For businesses looking to expand globally, you’ll want to partner with a platform that’s built to scale – one that provides robust cross-border solutions, built-in compliance, fast setup, and more. Airwallex brings all these capabilities together in one platform.  

Running a business, whether it’s just in Singapore or beyond, is more than managing sales and expenses. Finance teams have to juggle everything from cross-border payments and foreign transaction fees to real-time cash management and reconciliation, while still keeping the books clean. Without the right payment provider, it can feel overwhelming.

While there are 200 major payment institutions licensed by the Singapore Monetary Authority, what sets fintechs apart is how they’re redefining financial operations. Instead of just solving cross-border payments, many are offering multi-currency business accounts, competitive exchange rates, low fees, integrations, and more. 

That’s why payment providers like Aspire and Airwallex are creating buzz. But here’s the question: which provider can better support your growth ambitions? 

Read on to find out how Aspire and Airwallex stack up against each other in terms of features, pricing, and benefits.

What is Aspire?

Aspire is a Singapore-based fintech founded in 2018, with a mission to help small and medium-sized enterprises (SMEs) overcome the roadblocks of traditional business banking.

Aspire aims to simplify business-to-business (B2B) payments and operations by providing quick, user-friendly solutions that improve efficiency. They offer a range of financial services, including business accounts, corporate cards, expense management, and local payroll payments. 

What is Airwallex?

Founded in Australia in 2015, Airwallex is a global financial platform that’s building the future of banking, supporting modern businesses to scale without limits.. While both Airwallex and Aspire offer similar features like multi-currency business accounts, transfers, and payments, Airwallex powers these capabilities from our own global infrastructure. That means businesses can benefit from lower costs, faster transfers, and greater control – without relying on third-party providers. Airwallex also has over 60+ licences and permits that provide unparalleled global reach and built-in compliance support.

How do the features of Airwallex and Aspire compare in Singapore?

Aspire and Airwallex serve different business needs. Aspire’s services are built for SMEs who want to explore a digital-first solution and rely heavily on GIRO payments in Singapore.

Airwallex is also digital-first. We’re built for businesses that want to scale internationally, from startups to SMEs and enterprises. Our all-in one platform lets businesses consolidate their financial operations, including global treasury, transfers, payments, spend management, and more.

With Airwallex, you can send transfers to 200+ countries, more than Aspire’s 130+. Send funds to 120+ countries using local payment rails, bypassing SWIFT and its fees. 

A single Airwallex Business Account gives you access to local bank details, letting you operate like a local in 60+ countries within minutes. Receive, hold, and spend in 23+ currencies without creating a local entity or separate bank accounts. In comparison, Aspire offers local currency accounts in only four currencies. 

Plus, you get to save more on foreign exchange (FX) fees. You can settle funds like-for-like in the same currencies as your customers, avoiding forced currency conversions – something Aspire currently doesn’t offer. 

Which has better fees in Singapore: Airwallex or Aspire? 

Both Airwallex and Aspire don't charge account opening fees. Overall, Airwallex offers lower transaction fees and a small, transparent margin for currency conversion. 

How does Aspire charge fees?

Aspire’s transaction fees may be a little tricky to understand, as they vary according to which currency account you send it from. On top of that, you’ll need to link an existing Wise account or create a new one to make international transfers with Aspire.⁸

Aspire’s domestic transfer fees, explained

Domestic transfers via FAST/PayNow are free with Aspire.

Aspire’s international transfer fees (SGD account), explained

You can make international transfers from Aspire’s SGD Account by converting SGD into 40+ currencies.⁹ Instead of using SWIFT, Aspire works with Wise to initiate a local SGD transaction within Singapore. Your funds are then converted to your recipient’s currency (e.g. USD) and sent as a local transfer.¹⁰ While Aspire doesn’t publicly list its transfer fees, Wise’s fees⁷ are a useful benchmark for how much each transfer will cost.

💰 Money-saving tip: Avoid unnecessary conversions and fees by settling funds in the same currency you receive, directly into an Airwallex multi-currency wallet.

Aspire’s international transfer fees (USD, EUR, and GBP accounts), explained

There are two ways to send international transfers from Aspire’s USD, EUR, and GBP accounts. One way is to use local transfer methods powered by Aspire’s partner, Wise. This lets you send local transfers in your receipient’s home currency (i.e. sending USD to your supplier in the US).

While local transfers are free, each currency account has different coverage. For example, the Aspire GBP Account lets you send free local transfers to Mexico, while the Aspire USD Account doesn't.

Alternatively, you can use SWIFT, where the following fees apply:

• USD account: USD 15 (SHA) or USD 30 (OUR) per transfer

• EUR account: EUR 10 (SHA) or EUR 20 (OUR) per transfer

• GBP account: GBP 10 per transfer

How does Airwallex charge fees?

Airwallex’s fees vary depending on the type of transaction (domestic or international), the currencies involved, and the transfer method (local payment rails or SWIFT wire transfers). 

Airwallex domestic payments fees explained

We don’t charge fees for FAST and MEPS+ local transactions in SGD. 

Airwallex international payments fees explained

Like Aspire, Airwallex supports both local transfers and SWIFT. 

What sets Airwallex apart is that you can send local transfers to 120+ countries at no cost – whether it’s from an SGD, USD, EUR, or GBP account. That’s because Airwallex uses local clearing systems that let you bypass the SWIFT network and avoid its hefty fees. 95% of Airwallex transfers arrive within a few hours or the same day.

When a SWIFT transfer is required, Airwallex charges a flat fee:

• SGD 20 (SHA) per transfer

• SGD 35 (OUR) per transfer

Save more when you settle like-for-like with Airwallex 

Beyond sending transfers, you can settle funds like-for-like in 14+ major currencies using Airwallex’s multi-currency wallet. For example, you can accept customer payments in USD, hold the USD in your multi-currency wallet, then use the same funds to pay your USD expenses (e.g. SaaS subscriptions, Google adverts) later. This way, you avoid forced conversion into SGD and save on unnecessary FX fees.

Scale faster with transparent, cost-effective global payments

Aspire is a reliable choice for early-stage SMEs looking for local payment features like GIRO payroll and PayNow support. But when it comes to scaling globally, Aspire’s cross-border capabilities are limited.

Airwallex gives businesses more ways to grow, with solutions that are built to scale with you. With our Global Accounts, you can start operating like a local in 60+ countries, within minutes. No more bank queues, paperwork, or needless fees. 

Receive and settle funds in the same currency to avoid forced conversions, saving more on every transaction. Make fast transfers to 120+ countries using local payment rails at no cost. And when you need to convert funds, access our interbank rates and save up to 80% on FX fees. 

That’s why ambitious Singaporean brands like Love, Bonito, Endowus, Mighty Jaxx, and Motherswork choose Airwallex as their global payments partner – along with 150,000+ businesses worldwide that trust us to process over US$180 billion in transaction volume annually.

Sources

1. https://eservices.mas.gov.sg/fid/ 

2. https://aspireapp.com/global-payments

3. https://help.aspireapp.com/sg/en/articles/11631357-guide-to-sending-international-transfers-from-aspire-sgd-account 

4. https://help.aspireapp.com/sg/en/articles/11651051-stripe-payment-methods-for-sgd-invoices-and-payment-links 

5. https://aspireapp.com/pricing 

6. https://aspireapp.com/contact-us 

7. https://help.aspireapp.com/sg/en/articles/11636728-guide-to-receiving-international-transfers-to-aspire-usd-account 

8. https://help.aspireapp.com/en/articles/9287258-how-to-integrate-with-wise

9. https://support.aspireapp.com/faq/what-currencies-can-i-send-from-my-sgd-account

10. https://wise.com/sg/pricing/send-money

All comparisons and information reflect Airwallex’s own research using public documentation as of 3 September 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.