OCBC vs Airwallex: Compare fees, features and benefits

Expensive transfers, limited payment methods, and lengthy financial reconciliation can slow down your business’ growth. That’s why partnering with a reliable and cost-efficient payment provider can be a game-changer. With various banks and fintech providers vying for your attention in Singapore, you need to evaluate their offerings and understand how they simplify your payment processes and benefit your business.

Here, we explore how Airwallex and OCBC stack up against one another, and compare key factors like fees, features, and benefits. By understanding these differences, you'll be better equipped to choose the financial partner that aligns with your needs.

What is OCBC?

Established in 1932, OCBC (Oversea-Chinese Banking Corporation Limited) is one of the largest banks in Southeast Asia. It’s known for its range of business financial services and products¹, which include business growth accounts, term loans, FX contract booking and more. OCBC’s primary customer base is local Singapore businesses and SMEs. 

What is Airwallex?

Airwallex is a robust platform² that simplifies the financial operations of global businesses of any size. How does Airwallex stand out from banks like OCBC? Its end-to-end platform delivers a full suite of financial and payment products, including a robust payment gateway, multi-currency global accounts with no account fees, instant virtual corporate cards, and low-cost international transfers to 150+ countries. 

Compare OCBC and Airwallex in Singapore: Features and benefits

OCBC provides various banking and financial products, solutions, and services, including structured financing, cash management, treasury advisory, and investment banking. Some businesses may find OCBC’s banking processes slower and less flexible due to longer approval times, cut-off times, and stricter protocols. 

Meanwhile, Airwallex’s end-to-end global payment platform offers modern, flexible, and cost-effective solutions for managing international payments and expenses in different currencies, appealing to businesses that operate across borders and value tech-driven tools. 

The table below highlights the similarities and differences between OCBC and Airwallex.

Sources: OCBC and Airwallex as of 8 Aug 2024

*For qualifying business categories, OCBC caps the 0.8% bonus rebate at S$80 per month, while the 0.2% base rebate remains uncapped.

For businesses exploring how end-to-end fintech payment solutions can help them save on traditional bank fees like conversion and transfer fees, Airwallex is an excellent choice. It provides zero to low-cost international transfer fees, a robust payment gateway solution, and smooth eCommerce integration. While OCBC might be suitable for businesses concentrating on local Singapore transfers and traditional banking services, it doesn't offer the competitive pricing and advanced features that Airwallex provides. In the sections below, we’ll explore the key features of both, so you can see why Airwallex is the smarter choice for global businesses. 

OCBC vs Airwallex features: A deep dive

In this section, take a closer look at OCBC and Airwallex payment-related features to identify which suits your business better.

Transfers

OCBC

• Instant to two working days for domestic transfers

• International transfers via SWIFT take longer

• Local transfers cost can cost up to S$20 per transaction

• Higher fees for international transfers

Airwallex

• Approximately 90% of transfers arrive the same day

• Low-cost international transfers 

• Local and international transfers to 150+ countries

Payment gateway & payment links

OCBC

• Merchant payment options comprise Point-of-Sale terminals, contactless payments, mobile payments, and QR code payments

• Limited eCommerce integrations

Airwallex

• Robust payment gateway with 160+ payment methods such as Visa, MasterCard, PayNow, Atome and more

• Seamless integration with eCommerce platforms like Shopify, WooCommerce, and Amazon

• Easy-to-create shareable and secure payment links to embed in invoices so you can accept global payments in multiple currencies – no coding required

• Like-for-like settlement in 11 currencies with no conversion fees using a multi-currency payment gateway that can accept payments from 180+ countries and settle them into a multi-currency wallet

Cards

OCBC

• Traditional business deposit, debit, and credit card (credit card by invitation only)

• Annual, lost card, or card issuance fees may apply

• Standard foreign transaction fees apply

Airwallex

• Free-to-issue virtual and physical multi-currency borderless cards for employees

• No annual fees

• Zero or low foreign transaction fees

Expense Management

OCBC

• Basic expense tracking under OCBC Velocity with Xero

• Limited automation features, may require manual reconciliation

Airwallex

• Comprehensive expense management tools

• Built-in expense management with Airwallex Borderless Cards and out-of-pocket expenses

• Automated receipt data extraction via OCR technology, with no manual data entry required

• Real-time spending oversight and visibility via a centralised expense dashboard

• Integration with accounting software like Xero, Netsuite, and Quickbooks

Compare OCBC vs Airwallex in Singapore: Fees

When comparing fees in Singapore, how do OCBC and Airwallex measure up against one another? The table below provides a clear breakdown of both options.

Source: OCBC business pricing guide¹⁰ & Airwallex pricing guide¹¹ as of 8 Aug 2024

*For any other type of FAST transactions that exceed the free monthly bundled package, standard charges apply unless otherwise mentioned.

**Relevant currency conversion costs apply if credited to a SGD or foreign currency account

How does OCBC charge fees?

With an OCBC business account, you need to maintain an average balance, and there may be a monthly fee based on the account type. Some charges, such as the foreign exchange markups on transactions, don’t have transparent breakdowns. 

OCBC’s domestic transfer fees

Here, you’ll need to be wary of the different charges that may apply when transacting. For example, OCBC Velocity, a digital banking platform for OCBC business account holders, allows free fund transfers within OCBC Singapore. However, non-OCBC Singapore transfers cost between S$0.20 to S$20 per transaction. 

OCBC’s international transfer fees

OCBC has several fees for global transfers that businesses need to be aware of. First, while foreign currency transactions include foreign exchange markups, OCBC doesn’t state its markups, making it difficult to estimate costs for transactions. Transfer fees can also vary depending on the destination and the amount being sent.

For businesses mainly operating in Singapore, OCBC offers strong support with a variety of loans, credit facilities, and investment opportunities to promote growth. However, for companies seeking to expand internationally or engage in frequent cross-border transactions, OCBC may not be as cost-effective.

How does Airwallex charge fees?

Airwallex’s business account operates without any monthly fees, charging only for the transactions you conduct. Transaction fees apply and may differ, based on factors like:

• Whether the transaction is domestic or international

• The currencies being exchanged

• The transfer method you use, whether through local payment networks or SWIFT wire transfers

Airwallex’s domestic payment fees

It costs you S$0 for local FAST transactions in SGD.

Airwallex’s international payment fees

You can use local transfer methods or SWIFT transfers to send international payments. With Airwallex’s local transfer methods in 120+ countries and regions, there are zero or low transaction fees. Our platform uses local clearing systems in the countries, letting you bypass SWIFT and its hefty transfer costs while making international payments as quickly as local ones. 85% of our transfers reach recipients the same day.

Airwallex also offers SWIFT transfers at a flat rate — SHA (shared cost with recipient) SWIFT fees cost S$20 per payout, while OUR (sender bears transfer costs only) SWIFT fees cost S$35 per payout.

Go with Airwallex for clear fees and quick transactions

When it comes to managing global payments, Airwallex complements your existing banking solution well, addressing what traditional banks may lack for cross-border payments and global financial solutions. As an end-to-end financial payments platform, Airwallex provides a cost-effective and faster alternative, designed to scale with your business needs.

Airwallex excels here, with multi-currency accounts that allow you to hold and transact in over 20+ currencies, helping mitigate conversion fees and the need for multiple bank accounts. Our platform also supports batch transfers and integrates with various accounting softwares, streamlining payment operations and providing real-time cash flow insights.

While OCBC remains a dependable option with comprehensive banking services and loans, credit facilities, and investment opportunities to foster business growth, its traditional banking solutions might lack cost efficiency for international transactions.

Ultimately, your choice depends on your unique business needs and how you plan to optimise your financial operations.

Discover how homegrown brands like SHOPLINE, Wine Kin, and Saturday Club have unlocked success for global business growth with us.

Sources

1. https://www.ocbc.com/business-banking/index.page

2. https://www.airwallex.com/sg

3. https://www.ocbc.com/business-banking/smes/accounts/multi-currency-business-account

4. https://www.ocbc.com/business-banking/smes/transactions/making-payments

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

6. https://www.ocbc.com/business-banking/smes/transactions/cards-acceptance

7. https://www.ocbc.com/business-banking/smes/transactions/cards-acceptance.page

8. https://www.ocbc.com/business-banking/digital-business-banking

9. https://www.ocbc.com/business-banking/smes/business-tools/xero

10. https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide

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

Disclaimer: This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency.