DBS vs Airwallex (2026): Fees, features and which to choose

Key takeaways:

• DBS is Singapore's largest bank and suits businesses that need credit facilities, trade finance, and in-person branch support alongside their day-to-day banking.

• Airwallex and DBS differ most on international payments — Airwallex uses local payment rails in 120+ countries to cut transfer fees and FX costs, while DBS routes most overseas transfers through SWIFT.

• Airwallex gives you more currency options, lower fees, and tools like expense management and a payment gateway that DBS doesn't offer.

Comparing DBS vs Airwallex is one of the most common decisions Singapore businesses face when choosing a financial platform. Both handle payments and accounts — but they're built for very different types of businesses.

DBS is a traditional bank with a full suite of banking services: loans, trade finance, relationship managers, and physical branches. Airwallex is a licensed financial platform built around global payments, multi-currency accounts, and digital tools for teams that move money across borders.

This guide breaks down the fees, features, transfer speeds, and account opening process side by side — so you can see exactly what each one offers and decide which fits your business better.

What is DBS?

DBS Bank is Singapore's largest bank, serving over 500,000 SMEs¹ across the region. It offers a full range of business banking services — current accounts, multi-currency accounts, trade finance, working capital loans, and corporate cards.

For businesses that need a relationship manager, access to credit, or physical branch support, DBS is a natural first choice. It is licensed and regulated by the Monetary Authority of Singapore (MAS).

Worth knowing: DBS is a traditional bank. Your SGD deposits are protected under the Singapore Deposit Insurance Corporation (SDIC) scheme up to S$100,000¹ — a protection that non-bank financial platforms do not offer.

What is Airwallex?

Founded in 2015, Airwallex is a global financial platform trusted by over 200,000 businesses worldwide. It is licensed by MAS as a Major Payment Institution in Singapore.

Airwallex is not a bank. Instead of loans and branches, it focuses on multi-currency accounts, international transfers, corporate cards, expense management, and payment acceptance — all on one platform. It is built for businesses that move money across borders regularly and want lower fees and faster transfers than a traditional bank can offer.

Compare DBS and Airwallex in Singapore: features and benefits

DBS and Airwallex overlap on a handful of features, but they diverge sharply on international reach, digital tools, and eCommerce capability.

Here is how they compare on the features most relevant to Singapore businesses:

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

What sets DBS apart

DBS gives you the full weight of a traditional bank. You get access to credit lines, working capital loans, trade finance, and dedicated relationship managers. For businesses that regularly need bank-backed financing or have complex treasury needs, this matters.

DBS also offers instant transfers within its own regional network via PriorityPay — covering Singapore, Hong Kong, China, Taiwan, India, Indonesia, Australia, and Vietnam — with no cable or telex charges⁴. If most of your international transfers go to DBS accounts in these markets, that is a meaningful advantage.

On the domestic side, the Starter Bundle (for businesses under three years old) gives you unlimited free FAST and GIRO transfers via DBS IDEAL.

DBS pros and cons

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

What sets Airwallex apart

Airwallex is built around cross-border payments. You can open local currency accounts in 20+ currencies and receive funds with local bank details — without opening separate bank accounts in each market. Over 90% of Airwallex's international transfers use local payment rails rather than SWIFT, which means faster delivery and no SWIFT fees.

Where Airwallex clearly leads is on digital tooling. It offers a payment gateway that accepts payments in 130+ currencies across 180+ countries, and integrates with eCommerce platforms like Shopify, WooCommerce, and Magento. DBS has no equivalent product for online merchants.

Airwallex also includes expense management, approval workflows, and bulk payments — all in one platform.

Airwallex pros and cons

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

DBS vs Airwallex: A closer look at payment features

The table above shows you what each platform offers. This section goes deeper on the three areas where the differences matter most: transfers, payment acceptance, and cards.

Transfers

DBS

For domestic transfers, DBS gives Business Multi-Currency Account holders 50 free FAST and 50 free GIRO payments per month via DBS IDEAL. Starter Bundle customers (businesses under three years old) get unlimited free FAST and GIRO payments via DBS IDEAL.

For international transfers, DBS offers two main routes:

• PriorityPay — For transfers to DBS accounts in Singapore, Hong Kong, China, Taiwan, India, Indonesia, Australia, and Vietnam, funds are credited instantly with no cable or telex charges. PriorityPay supports 10 major currencies: USD, EUR, GBP, CAD, CHF, AUD, NZD, JPY, SGD, and HKD.

• SWIFT — For transfers outside the DBS network, outward telegraphic transfers cost a flat S$30 fee via DBS IDEAL, plus agent bank fees on top. Transfers cover 30+ currencies and typically take one to four days².

Airwallex

Airwallex routes over 90% of its international transfers through local payment rails rather than SWIFT. This means no SWIFT fees and faster delivery: 93% of our transactions arrive on the same day. 

For SWIFT transfers, fees range from S$20 to S$35. For domestic Singapore transfers, FAST is free and unlimited.

Payment gateway and links

DBS

DBS supports QR code and PayNow payments for retail businesses through DBS MAX², as well as 3-D Secure credit card verification for online transactions. It does not offer a standalone eCommerce payment gateway or payment links product for online merchants.

Airwallex

Airwallex's payment gateway accepts payments across 180+ countries via 160+ local payment methods. It connects directly with major eCommerce platforms — Shopify, WooCommerce, and Magento — without requiring custom development. Payment links let you accept payments without any code at all.

For businesses selling online or across borders, this is the clearest gap between the two platforms.

Cards

DBS

DBS offers two debit card options for SMEs:

• DBS Business Advance Debit Card — No annual fee, with a 0.3% cash rebate on all Visa transactions. 

• DBS Business Advance+ Debit Card — No annual fee, with unlimited 1% cashback and S$0 FX fees on all currencies across 200+ countries and territories.

Both cards are issued in Singapore and are free to obtain.

Airwallex

Airwallex Corporate Cards are free to issue — both virtual and physical — across 60+ markets. There are no foreign transaction fees when spending in 20+ currencies from your Airwallex multi-currency wallet.

Your Corporate Cards also link directly to expense management tools for real-time tracking and approval of employee spend.

DBS vs Airwallex: A closer look at fees

Fees are where the two platforms diverge most clearly. DBS has a more complex fee structure with several charges to track. Airwallex keeps things simpler — no monthly fees, no minimum balance, and no annual account fee.

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

Three things stand out from this comparison. 

First, DBS's fee structure has more moving parts — an annual account fee, a monthly service charge, and a minimum balance requirement. Airwallex has none of these.

Second, DBS does not publish its foreign exchange markup upfront, which makes it difficult to know the full cost of a transfer before you send it. In comparison, Airwallex prices FX at 0.4% above the interbank rate for major currencies — this is clear, upfront, and up to 80% cheaper than traditional bank rates.

Third, DBS charges S$10 every time you receive an international transfer. Airwallex does not charge for this on its 20+ local currency accounts: this adds up quickly for businesses that regularly receive overseas payments.

Opening an account: DBS vs Airwallex

How you open an account — and who is eligible to do so online — is a practical difference worth knowing before you apply.

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

DBS account opening

If your company is fully owned by Singapore citizens or permanent residents, you can apply for a DBS Business Multi-Currency Account entirely online. You will need your company's Unique Entity Number (UEN) and the contact details of all account users.

Businesses with foreign shareholders or directors cannot use the online application. They will need to go through a relationship manager-assisted process, which requires an in-person visit.

Airwallex account opening

Any Singapore-registered business can apply for an Airwallex account online, regardless of ownership structure. You will need your UEN, ACRA business profile, director identification documents, and proof of address. There is no minimum deposit and no set-up fee.

Why Singapore businesses choose Airwallex over DBS

For businesses that move money across borders — paying overseas suppliers, receiving international payments, or managing team spend in multiple currencies — Airwallex is built around that exact use case. Here’s what you get with Airwallex:

• No monthly fees, no annual account fee, no minimum balance

• Local currency accounts in 20+ currencies 

• Free transfers to 120+ countries via local payment rails

• FX priced at 0.4% above the interbank rate for major currencies, saving you up to 80% on FX fees compared to traditional bank rates

Plus, your Airwallex account also comes with these tools that DBS does not offer:

• Payment gateway accepting payments in 180+ currencies across 180+ countries

• Corporate cards with no foreign transaction fees

• Expense management with approval workflows

• Integrations with Xero, NetSuite, QuickBooks, Shopify, and more

Frequently asked questions (FAQs)

Is Airwallex better than DBS for international transfers?

For most businesses making regular international payments, Airwallex works out cheaper. It routes transfers through local payment rails in 120+ countries at no cost, and publishes its FX markup upfront at 0.4%–0.6% above the interbank rate. DBS routes most international transfers through SWIFT at a flat fee of S$30 plus agent fees, and does not disclose its FX markup.

If you are transferring within the DBS network to countries like Hong Kong, China, or India, DBS PriorityPay offers instant transfers with no cable or telex charges⁴ — but this only applies to DBS-to-DBS transfers.

Can I use Airwallex and DBS together?

Yes. Many businesses use DBS for credit facilities, loans, and domestic banking, while using Airwallex for international payments, multi-currency accounts, and expense management. Alternatively, if your business does not need credit lines and loans, you can use Airwallex as your sole financial platform — it covers payments, cards, expense management, and multi-currency accounts all in one place.

Does DBS have a payment gateway for online businesses?

DBS does not offer a standalone eCommerce payment gateway for online merchants. DBS MAX supports QR code and PayNow payments for retail, but there is no product equivalent to a full online checkout integration with platforms like Shopify or WooCommerce². Airwallex offers a payment gateway that accepts payments in 180+ currencies across 180+ countries.

What is the minimum balance for a DBS business account in Singapore?

For the standard DBS Business Multi-Currency Account, a monthly service charge of S$40 applies if your average daily balance falls below S$10,000¹. The Starter Bundle (for businesses under three years old) has no minimum balance requirement, but carries a flat monthly fee of S$10¹.

Is Airwallex safe and regulated in Singapore?

Yes. Airwallex (Singapore) Pte. Ltd. is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. Customer funds are held with leading global financial institutions in line with MAS safeguarding requirements. Airwallex meets PCI DSS, SOC1, and SOC2 security standards.

Can foreign-owned businesses open a DBS account online in Singapore?

No. Online account opening for DBS is available only to Singapore-incorporated companies fully owned by Singapore citizens or permanent residents¹. Businesses with foreign shareholders or directors need to go through a relationship manager-assisted process, which requires an in-person visit.

Sources:

• dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account

• dbs.com.sg/sme/day-to-day/payments.page

• dbs.com.sg/documents/276102/282855/pricing-guide.pdf

• DBS PriorityPay product sheet

• dbs.com.sg/sme/day-to-day/business-cards/dbs-visa-business-advance-debit-card

• dbs.com.sg/corporate/solutions/ideal/comprehensive-services

• airwallex.com/sg

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.