Aspire vs Airwallex: Compare fees, features & more (2026)

Key takeaways:

• Aspire and Airwallex both offer multi-currency accounts, corporate cards, and international transfers — but they differ significantly in global reach, currency coverage, and transfer infrastructure.

• When comparing Aspire vs Airwallex, the key factors to weigh are the number of currencies supported, transfer speed and cost, local payment features, and how far you plan to scale.

• Airwallex is built on its own global financial infrastructure, which means transfers to 120+ countries at no cost, access to highly competitive FX rates, and multi-currency accounts in 20+ currencies — all without a monthly account fee.

If you're comparing Aspire vs Airwallex for your Singapore business, you're looking at two of the more talked-about fintech platforms in the market.

Both offer multi-currency business accounts, corporate cards, and tools to manage international payments. But they are built for different stages of business growth — and the differences matter.

This guide breaks down how the two platforms compare on fees, features, transfer coverage, integrations, and more, so you can make a clear, informed decision.

What is Aspire?

Aspire is a Singapore-based fintech founded in 2018. It is designed for SMEs that want a digital-first alternative to traditional business banking, with a focus on local payment features and operational tools.

In Singapore, Aspire FT Pte. Ltd. operates under a temporary exemption from the Monetary Authority of Singapore (MAS) for account issuance, domestic money transfer, and e-money issuance services.² For most cross-border transfers, Aspire works with MAS-licensed partner institutions, including Wise.³

Aspire's core products include multi-currency business accounts, corporate cards, expense management, bill pay, and payroll support.⁴

Worth knowing:

• Aspire holds funds with Tier-1 banks in Singapore, including DBS⁴

• Payroll, Central Provident Fund (CPF), and tax payments are supported via PayNow⁵

• Accounting integrations include Xero, QuickBooks, NetSuite, Deskera, and SAP⁴

• Customer support is available Monday to Sunday, 9am–9pm SGT via in-app chat⁶

What is Airwallex?

Airwallex was founded in Melbourne, Australia in 2015. It operates as a global financial platform, offering businesses a single place to manage accounts, transfers, payments, cards, and expense management across borders.

In Singapore, Airwallex (Singapore) Pte. Ltd. is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore (MAS), with licence number PS20200541.¹

Unlike Aspire, which relies on third-party partners for cross-border transfers, Airwallex operates on its own global financial infrastructure. This means businesses can send money to 120+ countries using local payment rails at no cost, hold funds in 20+ currencies, and access competitive FX rates starting from 0.4% above interbank.

Worth knowing:

• No monthly account fee on the Explore plan¹

• Dedicated account managers available on the Accelerate plan¹

• Accounting integrations include Xero, QuickBooks, and NetSuite (NetSuite on Accelerate plan)¹

• Airwallex meets PCI DSS, SOC1, and SOC2 security standards⁷

How do Aspire and Airwallex compare in Singapore?

Aspire and Airwallex overlap on several core features: multi-currency accounts, corporate cards, and international transfers. But the depth of those features differs considerably, particularly when it comes to global coverage, currency support, and transfer infrastructure.

Here is how they compare side by side:

The information in this table has been reviewed to be accurate as of 30 March 2026.

Currency accounts

Airwallex gives you local bank details in 20+ currencies, so you can receive, hold, and spend in those currencies without setting up local entities.¹ Aspire offers local currency accounts in four currencies — SGD, USD, EUR, and GBP.⁴

This matters most if you collect revenue in multiple currencies. With Airwallex, you can settle funds like-for-like — for example, receiving USD from a customer and paying a USD supplier from the same wallet, with no forced conversion. Aspire does not currently offer this feature.

Payroll and CPF

Aspire supports payroll, CPF, and Singapore tax payments directly via PayNow.⁵ Airwallex does not currently support CPF or Singapore tax payments.

Accounting integrations

Both platforms connect with Xero and QuickBooks on their standard plans. Airwallex adds NetSuite on its Accelerate plan.¹ Aspire supports a broader set of integrations out of the box, including NetSuite, Deskera, and SAP.⁴

Which has better fees: Airwallex or Aspire?

Neither platform charges an account opening fee or a monthly account fee on their standard plans. Beyond that, the fee structures differ — and understanding exactly what you will pay for each type of transaction is important before you commit to either platform.

The information in this table has been reviewed to be accurate as of 30 March 2026.

What are Aspire’s fees?

Aspire's fee structure varies depending on which currency account you send from, and fees for local international transfers are shown upfront in the app before you confirm each transfer.⁸

Aspire domestic transfer fees

Domestic transfers via FAST and PayNow are free on all plans.

Aspire international transfer fees (SGD account)

To send international transfers from your Aspire SGD account, you need to connect a Wise account or create one through Aspire's integration.³

Aspire converts your SGD into the recipient's local currency and initiates two local transactions — one in Singapore and one in the destination country — rather than sending a single SWIFT transfer.³ Fees vary by currency and are displayed before you confirm each transfer.⁸

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

From your Aspire USD, EUR, or GBP accounts, you can send international transfers via local payment rails or SWIFT.

Local transfers are free where supported, though coverage varies by currency account. For SWIFT transfers from the USD account, fees are US$15 per transfer (SHA) or US$30 per transfer (OUR).⁴

What are Airwallex’s fees?

Airwallex's fee structure is straightforward. Transfers to 120+ countries are free, regardless of which currency account you send from. When a SWIFT transfer is required, Airwallex charges a flat fee of S$20 (SHA) or S$35 (OUR) per transfer.

Airwallex domestic payment fees

FAST and MEPS+ local transactions in SGD are free.¹

Airwallex international payment fees

Transfers to 120+ countries via local rails are free on all plans.¹ Where SWIFT is required, the flat fee of S$20 (SHA) or S$35 (OUR) applies.¹

For foreign exchange, Airwallex charges from 0.4% above interbank rates.

Like-for-like settlement

If you receive payments in a foreign currency — say, USD from an overseas customer — you can hold those funds in your Airwallex multi-currency wallet and use them directly to pay USD expenses, such as software subscriptions or advertising costs.

This avoids a forced conversion back to SGD and the FX fee that comes with it. Aspire does not currently offer this feature.

How do you open an account with Aspire or Airwallex?

Both Aspire and Airwallex offer fully online account opening with no setup fees. The process is similar for both platforms — you apply through their respective websites or apps, submit your business documents, and wait for approval.

Opening an Aspire account

Aspire's account opening is fully online. The timeline from application to activation can be as fast as one business day, though this varies depending on the nature of your business.⁴

To open an Aspire account, you will typically need:⁴

• Singapore-registered company UEN and ACRA Business Profile

• Identity documents and proof of address for directors and authorised users

• Shareholder and ultimate beneficial owner (UBO) details for anyone holding 25% or more

• A brief description of your business, expected transaction volumes, and key counterparties

Note that some features — including PayNow collections and specific currency wallets — are enabled after approval and may be subject to Aspire's Acceptable Use Policy.⁴

Opening an Airwallex account

Airwallex's account opening is also fully online, with no minimum balance required. Activation typically takes a few days once documents are submitted, though timelines can vary depending on your business type and any enhanced due diligence requirements.

To open an Airwallex account, you will typically need:¹

• Singapore-registered company UEN and ACRA Business Profile

• Identity documents and proof of address for directors and authorised users

• Shareholder and UBO details for anyone holding 25% or more

• A brief description of your business, expected transaction volumes, and key counterparties

How do Aspire and Airwallex compare to other options?

Aspire and Airwallex are not the only fintech platforms available to Singapore businesses. Wise and Revolut are two others that come up regularly in this space — and understanding where each sits helps you make a more complete decision.

Option 1: Wise

Wise is built around international money transfers at mid-market exchange rates with transparent, pay-per-use pricing. It suits businesses whose main need is low-cost cross-border payments to a wide range of countries.

It is less suited to businesses that also need corporate cards, expense management, or a full multi-currency account infrastructure. In these areas, Aspire and Airwallex offer more depth than Wise.

Option 2: Revolut

Revolut offers multi-currency accounts, corporate cards, expense management, and local transfers, packaged into tiered subscription plans. It suits businesses that want a broad all-in-one platform with predictable monthly costs.

That said, some features and foreign exchange allowances are gated behind higher-tier plans, and its local Singapore payment support — particularly for CPF and IRAS tax payments — is more limited than Aspire's.

Which platform is right for your business?

Most businesses in Singapore — even those that feel primarily local — deal with international payments in some form. You might pay overseas suppliers, run ads on Google or Meta, subscribe to SaaS tools billed in USD, or receive payments from customers outside Singapore. These are everyday realities, not edge cases.

That is where the gap between Aspire and Airwallex becomes most visible.

Aspire is well built for local operations: FAST, PayNow, CPF, and IRAS tax payments are all supported, and its expense management tools are practical for Singapore-based teams. But its cross-border capabilities are more limited: four local currency accounts, international transfers routed through Wise, and no like-for-like settlement.

Airwallex is built around the reality that money moves across borders constantly. With a single account, you get:

The information in this table has been reviewed to be accurate as of 30 March 2026.

If you pay a supplier in USD, you can hold USD in your Airwallex wallet and use that money to pay your supplier. You don’t need to make any conversions, nor do you incur conversion fees.¹ If you receive revenue in GBP, the same thing goes: you can keep your money in GBP and use it for GBP expenses.

Plus, Airwallex gives you free transfers to 120+ countries via local rails. 93% of our transfers settle on the same day, and 45% settle immediately.

Frequently asked questions (FAQs)

Is Aspire or Airwallex better for Singapore businesses?

It depends on how your business operates. Aspire is well suited to SMEs that run primarily in Singapore and need local payment features like PayNow, CPF, and IRAS tax payments. Airwallex is better suited to businesses that deal with international payments regularly — whether that's paying overseas suppliers, receiving revenue from foreign customers, or holding funds in multiple currencies.

Do Aspire and Airwallex charge monthly fees?

Neither Aspire nor Airwallex charges a monthly fee on their standard plans. Aspire's Basic plan is free,⁴ and Airwallex's Explore plan is also free.¹ Aspire offers a Premium plan at S$15 per month with additional features,⁴ while Airwallex's Grow plan starts at S$79 per month and its Accelerate plan from S$399 per month.¹

Does Aspire support CPF and payroll payments?

Yes. Aspire supports payroll, CPF, and IRAS tax payments directly via PayNow.⁵ Airwallex does not currently support CPF or Singapore tax payments.¹ If managing local payroll is a core requirement, this is an important factor in your decision.

How do Aspire and Airwallex handle international transfers?

Both platforms support international transfers, but the infrastructure differs. Airwallex uses its own global payment network to send free transfers to 120+ countries, with 93% of transfers settling within a few hours or the same day.¹ Aspire routes international transfers from its SGD account through its partner Wise, and fees vary by currency.

Can I hold and spend in multiple currencies with Aspire and Airwallex?

Airwallex offers multi-currency accounts in 20+ currencies, with local bank details so you can receive, hold, and spend in those currencies without converting. Aspire offers local currency accounts in four currencies — SGD, USD, EUR, and GBP. Airwallex also supports like-for-like settlement in 20+ currencies, meaning you can receive USD and pay USD expenses directly without converting to SGD first.

Do Aspire and Airwallex integrate with accounting software?

Yes, both platforms integrate with major accounting software. Aspire connects with Xero, QuickBooks, NetSuite, Deskera, and SAP.⁴ Airwallex integrates with Xero and QuickBooks on all plans, and adds NetSuite on its Accelerate plan.¹

Sources:

1. airwallex.com/sg/pricing

2. mas.gov.sg/regulation/payments/entities-that-have-notified-mas-pursuant-to-the-ps-esp-r

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

4. aspireapp.com/pricing

5. aspireapp.com/global-payments

6. aspireapp.com/contact-us

7. airwallex.com/sg/blog/comparison-aspire-vs-airwallex

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.