OCBC vs Airwallex (2026): Fees, features and benefits compared

Key Takeaways:

• OCBC is a traditional Singapore bank with strong local banking infrastructure, making it a practical choice for businesses that need credit facilities, loans, or in-person support.

• Airwallex and OCBC differ most on international payments: OCBC charges S$30 per transaction, while Airwallex gives you free transfers to 120+ countries via local rails.

• Airwallex works better for those who regularly pay suppliers overseas, receive payments from international customers, or hold multiple currencies.

Choosing between OCBC vs Airwallex comes down to how your business actually moves money. Both are established options for Singapore businesses, but they are built for different needs — and the differences become clear the moment you look at fees and features side by side.

This guide compares OCBC vs Airwallex on the things that matter most: account fees, transfer costs, multi-currency support, cards, and business tools.

Whether you're a startup opening your first business account or an SME looking to cut international payment costs, you'll find a clear answer here.

What is OCBC?

Oversea-Chinese Banking Corporation (OCBC) was founded in 1932 and is one of the three major local banks in Singapore. It offers a full range of business banking services — from basic current accounts to trade finance, business loans, and treasury products.

OCBC offers three main business accounts for Singapore-registered companies, which we’ll cover below.

Option 1: OCBC Business Growth Account

This is OCBC's core account for startups and small businesses. It requires an initial deposit of S$1,000 and charges a monthly account fee of S$10, waived for the first two months. A fall-below fee of S$15 per month applies if your monthly average balance drops below S$1,000¹.

The account includes 80 free FAST and 80 free GIRO transactions per month¹, after which standard fees apply. It also comes with a free business debit card.

Option 2: OCBC Business Entrepreneur Plus Account

This account is designed for established or expanding businesses. There is no monthly account fee, but it requires an initial deposit of S$30,000 and a minimum monthly average balance of S$30,000. A fall-below fee of S$50 per month applies if your balance drops below that threshold¹.

Unlike the Business Growth Account, there is no free FAST or GIRO bundle — standard transaction fees apply to all transfers.

Option 3: OCBC Multi-Currency Business Account

This account lets you hold and transact in 13 currencies, including USD, EUR, AUD, JPY, GBP, HKD, CAD, NZD, CHF, CNH, SEK, DKK, and NOK. It has no initial deposit or set-up fee. The monthly account fee is waived permanently when you pair it with an OCBC SGD business account¹.

What is Airwallex?

Airwallex is a global financial platform licensed in Singapore as a Major Payment Institution by the Monetary Authority of Singapore. It is built for businesses that need to send, receive, and manage money across borders — without the overhead of a traditional bank.

The core product is the Business Account, which lets you hold funds in 20+ currencies, send international transfers via local payment rails to 120+ countries, issue multi-currency corporate cards, and accept customer payments online.

Expense management, Bill Pay, and accounting integrations are built into the same platform. There are no monthly fees on the Explore plan and no minimum balance requirements.

OCBC vs Airwallex: Features and benefits compared

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

The information in this table has been reviewed to be accurate as of 7 April 2026.

In the sections below, we compare each of these features in detail.

OCBC vs Airwallex: Fees compared

The table below breaks down the key costs side by side. For OCBC, fees vary depending on which account you hold — figures below reflect the Business Growth Account unless otherwise stated.

The information in this table has been reviewed to be accurate as of 7 April 2026.

The biggest cost difference is on international payments. OCBC charges between S$15 to S$30 per transfer with undisclosed FX markups; Airwallex routes most international payments for free and discloses FX costs upfront.

For local-only businesses, the gap is smaller — though OCBC's fall-below fees and per-transaction charges beyond the free bundle can add up quietly.

OCBC vs Airwallex: Transfers

How much you pay to move money — and how fast it arrives — depends heavily on which provider you use and where the money is going.

OCBC

For domestic transfers, OCBC Business Growth Account holders get 80 free FAST and 80 free GIRO transactions per month. Beyond that, FAST costs S$0.50 per transaction and GIRO costs S$0.20 per transaction. FAST transfers are instant; GIRO takes up to two working days.

For international transfers, OCBC offers three options:

• Outward Telegraphic Transfers (OTT) cover 60+ currencies at a flat fee of S$30 per transaction via online banking³.

• Network Transfers to OCBC accounts in ASEAN and Greater China cost S$15 per transaction and settle the same day³.

• International Automated Clearing House (IACH) payments cost S$30 per transaction and take two to three business days³.

One thing to factor in: OCBC does not disclose its foreign exchange markups online, making it difficult to calculate the true cost of international transfers before you send.

Airwallex

With Airwallex, local FAST and GIRO transfers in SGD are free with no monthly cap. For international transfers, Airwallex routes payments through local payment rails to 120+ countries at no extra charge — bypassing SWIFT entirely on those routes.

In the unlikely event that you do need to make a SWIFT transfer, it’ll cost S$20 per transaction (SHA) or S$35 (OUR). 93% of transfers arrive on the same working day.

FX conversions are charged from 0.4% above interbank rates, which is a highly competitive rate that lets you save up to 80% as compared to traditional banks.

Worth knowing: If you regularly pay overseas suppliers, the difference between OCBC's S$30 SWIFT fee and Airwallex's S$0 local rail fee adds up quickly. Ten international transfers a month through OCBC costs S$300 in transfer fees alone — and that’s before FX markups.

OCBC vs Airwallex: Payment gateway and payment links

Both providers support online payment acceptance, but they differ significantly in scope and flexibility.

OCBC

OCBC's eCommerce card acceptance supports Visa, Mastercard, and UnionPay with 3D Secure authentication, tokenisation to protect cardholder data, and recurring payment processing for subscription-based businesses.

It also offers a direct payment link — a link emailed to your customer, who completes payment by entering their card details and a one-time password.

For in-person collection, OCBC provides POS terminals, contactless payments, mobile payments, and QR code acceptance via OCBC OneCollect.

Airwallex

Airwallex's payment gateway accepts payments via 160+ local payment methods across 180+ countries, including Visa, Mastercard, PayNow, GrabPay, and Atome. It integrates directly with eCommerce platforms including Shopify, WooCommerce, and Amazon.

You can also create payment links — shareable, no-code links you can embed in invoices or send directly to customers to accept payments in multiple currencies, with no coding required. Like-for-like settlement is available in 20+ currencies, so payments can be received and held in the same currency without forced conversion.

OCBC vs Airwallex: Cards

Both providers include a business card, but the structure and cost differ in ways that add up over time — particularly for businesses that spend in foreign currencies.

OCBC

OCBC's Business Debit Card is free to apply for and comes with up to 1% cashback on eCommerce, digital marketing, and travel spend, plus 0.2% unlimited cashback on all other spend. The 0.8% bonus rebate is capped at S$80 per month, while the 0.2% base rebate has no cap⁴. When spending in a foreign currency, a 2% administrative fee plus conversion costs applies¹.

The card is available as a physical and digital Mastercard debit card.

Airwallex

Airwallex's Corporate Cards are free to create — both virtual and physical — with no annual fee. Cards can be issued instantly and used immediately online. There are no FX fees when spending in a currency you already hold in your Airwallex wallet. If you don't hold the required currency, funds are auto-converted at Airwallex's FX rates (from 0.4% above interbank).

You can set per-transaction spending limits, create custom approval workflows, and freeze or cancel cards instantly from the dashboard. Both company cards and individual employee cards are available.

OCBC vs Airwallex: Expense management

For businesses with teams that spend on behalf of the company, how well your provider handles expense tracking and reconciliation has a direct impact on finance admin time.

OCBC

OCBC's expense management runs through OCBC Velocity, its business internet banking platform. This includes account payable management, cash flow monitoring, and the ability to consolidate bills from suppliers in one dashboard.

Airwallex

Airwallex includes expense management across all plans at no extra cost for the core features. Employees can submit expenses via mobile app, receipts are extracted automatically using OCR technology, and reimbursements can be sent to employees in 200+ countries.

Spend requests, approval workflows, and real-time visibility of all card and out-of-pocket expenses are managed from a single dashboard.

For supplier payments, Airwallex's Bill Pay feature lets you upload, approve, and pay domestic and international invoices directly from the platform — with automatic sync to Xero, QuickBooks, NetSuite, Sage, and Odoo.

Why Singapore businesses choose Airwallex over OCBC

For businesses that operate across borders, the case for Airwallex over OCBC comes down to three things: cost, speed, and tools.

On cost, Airwallex offers free transfers to 120+ countries via local payment rails. With OCBC, international transfers cost between S$15 to S$30 per transfer.

On speed, 93% of transfers via Airwallex settle on the same day, since most of our transfers are routed through local rails. OCBC's international SWIFT transfers take 1–2 business days³.

On tools, Airwallex brings together what most businesses need across multiple platforms: Global Accounts in 20+ currencies, Corporate Cards with no foreign transaction fees, expense management, Bill Pay, and a payment gateway — all in one place, with no monthly fee on the entry-level plan.

Frequently asked questions (FAQs)

Is OCBC or Airwallex better for international transfers?

For international transfers, Airwallex is generally more cost-effective. Airwallex sends payments to 120+ countries via local payment rails at no extra charge, with FX rates disclosed upfront. OCBC charges S$30 per SWIFT transfer and does not publish its FX markups, making it harder to calculate the full cost before you send.³

Can I use Airwallex as my main business account in Singapore?

Yes. Airwallex is licensed by the Monetary Authority of Singapore as a Major Payment Institution and offers a full set of business financial tools — multi-currency accounts, transfers, corporate cards, expense management, and a payment gateway — with no monthly fee on the entry-level plan. Note that Airwallex is not a licensed bank, so funds held with Airwallex are not covered by SDIC deposit insurance.

Does OCBC offer multi-currency accounts?

Yes. OCBC's Multi-Currency Business Account supports 13 currencies, including USD, EUR, AUD, JPY, GBP, HKD, CAD, NZD, CHF, CNH, SEK, DKK, and NOK.¹ There is no initial deposit or set-up fee, and the S$10 monthly account fee is waived when you pair it with an existing OCBC SGD business account.¹

What are the fees for an OCBC business account?

The OCBC Business Growth Account charges S$10 per month, waived for the first two months, with a S$1,000 initial deposit and a S$15 fall-below fee if your monthly average balance drops below S$1,000.¹ The Business Entrepreneur Plus Account has no monthly fee but requires a S$30,000 minimum average balance, with a S$50 fall-below fee.¹ The Multi-Currency Business Account has no initial deposit, no set-up fee, and no fall-below fee.¹

Is Airwallex safe to use in Singapore?

Yes. Airwallex is licensed by the Monetary Authority of Singapore as a Major Payment Institution and meets international security standards including PCI DSS, SOC1, and SOC2 compliance. MAS requires Airwallex to safeguard customer funds with approved financial institutions.

Can OCBC accept online payments for my business?

Yes. OCBC offers eCommerce card acceptance supporting Visa, Mastercard, and UnionPay with 3D Secure authentication, tokenisation, recurring payments, and a direct payment link option.² It also supports in-store payments via POS terminals, contactless payments, mobile payments, and QR code collection.²

Sources:

1.  https://www.ocbc.com/business-banking/smes/accounts/ocbc-business-growth-account

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

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

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

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

6.  https://www.airwallex.com/sg/spend-management/cards

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.