9 top cross-border payment solutions in Singapore (2026)

Key Takeaways:

• The right cross-border payment solution helps your business send and receive money internationally at lower cost and with fewer delays than a traditional bank.

• Key factors to compare include FX markup, transfer speed, the number of currencies supported, and whether a provider uses local payment rails.

• Airwallex is an all-in-one fintech platform built for Singapore businesses, with multi-currency accounts, competitive FX rates, and free transfers to 120+ countries via local rails — with no monthly fees.

If your business sends money overseas or collects payments from international customers, choosing the right cross-border payment solution can make a significant difference to your costs and cash flow.

Singapore's fintech scene is one of the most active in the region, home to more than 1,300 fintech firms¹, many of which offer international payment services purpose-built for businesses. That means you have real choice — but also real complexity when comparing providers.

This guide covers nine leading cross-border payment solutions available to Singapore businesses. You'll find out how each one works, what it costs, and what it does best.

What is a cross-border payment solution?

A cross-border payment solution is a service that lets businesses send and receive money across different countries. Most are offered by fintech firms that specialise in international payments and provide features like multi-currency accounts, foreign exchange conversion, and payment gateways.

Unlike traditional banks, fintech-based solutions tend to be faster and more cost-effective. They use technology to automate processes that banks handle manually, which reduces both the time and the fees involved in moving money internationally.

How does a cross-border payment work?

Understanding the mechanics helps you compare providers more effectively. Here is what happens from the moment you initiate a transfer to the moment funds land in the recipient's account.

The basic payment flow

When you send a cross-border payment, here is what happens step by step:

1. You initiate the payment. You enter the recipient's details, the amount, and the currency on your provider's platform.

2. Your provider converts the currency. If the payment currency differs from your account currency, a foreign exchange conversion takes place. The rate applied — and the margin charged — varies significantly between providers.

3. The funds are routed. Your provider sends the money through a payment network. There are two main routes: SWIFT (the traditional global banking network) and local payment rails (domestic payment systems in the destination country).

4. The recipient's bank receives the funds. The money arrives and is credited to the recipient's account.

5. Settlement completes. You receive confirmation and can reconcile the payment in your records.

SWIFT vs local payment rails

The route your money takes has a direct impact on speed and cost.

SWIFT connects banks globally and can reach almost any country. But each intermediary bank in the chain can deduct a handling fee and add processing time. A SWIFT transfer can take two to five business days and incur fees at multiple points.

Local payment rails — such as ACH in the US, SEPA in Europe, or FAST in Singapore — route payments through the domestic banking system of the destination country. Payments are typically faster, cheaper, and more predictable. Providers that use local rails can often deliver funds the same day or next day.

Singapore's cross-border payment linkages

Singapore has built direct connections between its instant payment system, PayNow, and the equivalent systems in several countries. This means some transfers can settle in seconds rather than days:

• Singapore–Thailand: PayNow linked to PromptPay — the world's first real-time cross-border payment system linkage²

• Singapore–India: PayNow linked to UPI³

• Singapore–Malaysia: PayNow linked to DuitNow, including real-time payment system connectivity⁴

• Singapore–Indonesia: Cross-border QR payments linkage established⁵

If you pay regularly into any of these markets, using a provider that supports these rails — rather than defaulting to SWIFT — can meaningfully reduce costs and delays.

Top cross-border payment solutions in Singapore (2026)

Choosing a cross-border payment solution is not just about finding the cheapest transfer fee. You also need to consider how many currencies you can hold, how fast payments arrive, and whether the platform fits into the way your business already works.

Below is a snapshot of nine leading providers available to Singapore businesses, followed by a detailed look at each one.

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

1. Airwallex

Most cross-border payment solutions do one thing well. Airwallex is built to replace several of them at once.

Singapore businesses use Airwallex to manage global finances end to end — from opening multi-currency accounts in 20+ currencies, accepting payments through a full payment gateway, and sending payments to 200+ countries.

Across these 200+ destinations, Airwallex offers local payment rails in 120+ countries. This allows businesses to send funds as if they were making a domestic transfer — with faster settlement times and no SWIFT fees.

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

2. Wise Business

Wise Business is a strong option for businesses that prioritise transparent pricing and fast international transfers. The platform uses the mid-market rate with no FX markup⁷, and a one-off S$99 setup fee⁷ gives you access to the full product suite.

You can hold 40+ currencies in your account⁷ and receive payments with local bank details in 9 currencies — including SGD, USD, EUR, GBP, and AUD⁶. Wise reports that 70% of transfers arrive in 20 seconds and 95% within 24 hours.

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

3. WorldFirst

WorldFirst stands out for businesses that pay Chinese suppliers, thanks to its instant integration with 1688.com and TaoWorld — major sourcing platforms used by importers across Asia. You can send payments to 210+ countries⁸ and receive funds with local bank details in 22 currencies.

The platform offers forward contracts and firm orders to lock in exchange rates up to 24 months ahead, and the World Card earns 1.2% unlimited cashback on eligible business spending. There are no setup, monthly, or subscription fees⁸.

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

4. Wallex

Wallex is a Southeast Asia-focused payment specialist that keeps things straightforward. You can hold and manage 13 currencies in a single multi-currency wallet⁹ and receive payments with virtual account details in 36 currencies — useful for businesses collecting from overseas marketplaces and international clients.

Payments in 20+ top currencies, including USD, EUR, GBP, and MYR, are typically delivered the same day when initiated before the daily cut-off. Fee pricing is not publicly listed, so you will need to contact Wallex directly for a quote.

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

5. Convera

Convera — formerly Western Union Business Solutions — specialises in cross-border payments for businesses with complex foreign exchange and risk management needs. You can send payments to 200+ countries in 140+ currencies and receive incoming payments in 120 currencies across 230+ countries.

A standout feature is the ability to hold 60+ currencies in your Convera account for up to 180 days without needing foreign bank accounts. Convera also offers tailored solutions for educational institutions and NGOs, along with dedicated risk management teams and a range of hedging tools.

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

6. YouBiz

YouBiz is a Singapore-born business finance platform launched by YouTrip, the multi-currency travel card provider. It is designed for SMEs that want an account with genuinely zero FX fees on card spending and unlimited 1% cashback on all purchases.

You can create currency accounts in 9 currencies, receive money with unique local account details in 8 currencies, and remit to 150+ countries with transparent fees. It is a practical starting point for businesses moving away from traditional bank accounts for their overseas payments.

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

7. Sunrate

Sunrate is a global payment and treasury management platform for businesses that need more than standard international transfers. It covers payments to 190+ countries in 130+ currencies, with global collection available in 30+ currencies¹².

Its standout products — RiskOS and TreasuryOS — give businesses structured tools for managing FX exposure and automating accounts receivable and payable workflows. Sunrate suits businesses with higher-volume, more complex payment and treasury requirements.

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

8. Revolut Business

Revolut Business is a multi-currency account with tiered plans to suit businesses at different stages. The free Basic plan covers the essentials — 25+ currencies, local and global account details, and physical and virtual cards.

Monthly FX allowances let you exchange at the interbank rate up to a set limit, ranging from S$1,500 on Basic to S$250,000 on Enterprise, after which a markup applies. It integrates with Xero, QuickBooks, NetSuite, and 15+ other tools, making it a practical fit for businesses already using those accounting platforms.

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

9. Aspire

Aspire is a Singapore-based all-in-one finance platform designed for startups and growing businesses. It brings together multi-currency accounts, global payments at market-leading FX rates, corporate cards with cashback on digital marketing and SaaS spend, expense management, and Yield — which lets eligible businesses earn returns on idle SGD and USD funds.

Aspire connects to accounting tools including Xero, QuickBooks, and NetSuite, and offers API access for custom integrations. The account is free to open, and the platform is suited to businesses looking for a single interface to manage both local and international financial operations.

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

Top features to look for in a cross-border payment solution

Not every provider is a good fit for every business. When comparing your options, focus on the features that will have the most impact on your costs and operations.

Competitive FX rates and transparent fees

The exchange rate markup is often the biggest cost in a cross-border payment — bigger than the transfer fee itself. Look for providers that offer interbank or mid-market rates with no hidden markups, and that show you the full cost before you confirm a transfer.

If a provider does not display fees upfront, treat that as a red flag.

Local payment rails

Providers that use local payment rails — such as ACH in the US, SEPA in Europe, or FAST in Singapore — deliver payments faster and at lower cost than those routing everything through SWIFT. For businesses paying regularly into the same markets, this can add up to significant savings over time.

Multi-currency accounts

Holding funds in foreign currencies means you can receive international payments without immediately converting them to SGD. This protects you from unfavourable exchange rate movements and avoids unnecessary conversion fees.

Check how many currencies a provider supports and whether you get genuine local bank account details in each one.

Fast settlement times

A payment that takes five business days to arrive can create real cash flow problems. Look for providers that can deliver funds the same day or next day on major currency routes, and check whether they publish average transfer speeds rather than just quoting best-case scenarios.

Security and regulatory compliance

In Singapore, cross-border payment providers that are licensed as Major Payment Institutions (MPIs) are regulated by the MAS, which means your funds are safeguarded according to MAS requirements. Also check for international security standards including PCI DSS, SOC1, and SOC2 compliance.

Integrations with your existing tools

Your payment provider should connect to the accounting software, eCommerce platforms, and ERP systems you already use. This reduces manual data entry, simplifies reconciliation, and gives you a cleaner view of your cash flow across markets.

What to ask before onboarding a cross-border payment provider

Before signing up, get clear answers to these questions:

What are your fees for sending and receiving payments?

Ask for a complete fee schedule — not just the headline transfer fee. Some providers charge separately for currency conversion, SWIFT transfers, receiving payments, or account maintenance.

What exchange rate markup do you charge?

Even providers that advertise "competitive rates" may apply a margin on top of the interbank rate. Ask what markup applies to the currencies you use most.

Do you use local payment rails for international transfers?

Local rails mean cheaper, faster, and more predictable payments. Ask specifically about the corridors you pay into most frequently — not just whether local rails exist somewhere in the network.

What are your settlement times?

Ask for average transfer times by currency corridor, not best-case estimates. This matters most for your highest-volume payment routes.

How do you handle failed or delayed payments?

Find out what happens if a payment does not arrive, how quickly you are notified, and what the resolution process looks like.

What customer support do you offer?

Check whether support is available in Singapore business hours, and whether you get a dedicated account manager or only a general help desk.

Why Singapore businesses choose Airwallex for cross-border payments

Managing international payments across multiple platforms is slow and expensive. That’s where Airwallex comes in, with a single Business Account covering everything: local bank details in 20+ currencies, transfers to 120+ countries via local payment rails, a payment gateway supporting 160+ local payment methods across 180+ countries, multi-currency corporate cards, and expense management.

Pricing is straightforward:

• FX is priced from 0.4% above interbank, letting you save up to 80% on FX fees. All fees are visible before you confirm your transaction.

• Zero transfer fees on local rail transfers to 120+ countries

• Flat rate for SWIFT — no intermediary bank fees stacked on top

• No monthly or subscription fees on Explore plan

Frequently asked questions (FAQs) 

What is a cross-border payment solution?

A cross-border payment solution is a service that lets businesses send and receive money internationally. Most are offered by fintech firms and include features like multi-currency accounts, foreign exchange conversion, and international bank transfers. They are typically faster and cheaper than using a traditional bank for overseas payments.

How do I choose a cross-border payment solution for my business?

Start with the currencies and countries you pay into most frequently, then compare FX markups, transfer speeds, and whether providers use local payment rails for those corridors. Also check whether the platform integrates with your accounting software and whether there are monthly fees on top of transaction costs.

How much does a cross-border payment solution cost?

Costs vary by provider and depend on how you use the platform. Most charge some combination of a transfer fee, an FX markup, and sometimes a monthly subscription. Some providers — including Airwallex — charge no monthly fees and offer zero-fee transfers via local rails, so you only pay when you transact.

How long do cross-border payments take?

It depends on the route and the provider. Transfers via SWIFT can take two to five business days. Providers that use local payment rails can often deliver funds the same day or next day on major currency corridors. Singapore also has real-time payment linkages with India, Malaysia, Thailand, and Indonesia that allow near-instant transfers in supported corridors.

Are cross-border payment solutions safe in Singapore?

Yes, provided you use a regulated provider. In Singapore, cross-border payment providers that are licensed as Major Payment Institutions (MPIs) are regulated by the MAS, which requires them to safeguard customer funds in line with MAS requirements. Always check that your provider holds a valid MAS licence before signing up.

What is the difference between a cross-border payment solution and a bank transfer?

A bank transfer routes money through the SWIFT network, which can involve multiple intermediary banks, each adding fees and processing time. A specialist cross-border payment solution typically uses local payment rails where available, offers more competitive FX rates, and gives you greater visibility over costs and transfer status — often at significantly lower cost than a bank wire.

Sources:

1.  https://www.mas.gov.sg/development/fintech

2.  https://www.mas.gov.sg/development/e-payments/cross-border-payment-linkages

3.  https://www.mas.gov.sg/development/e-payments/cross-border-payment-linkages

4.  https://www.mas.gov.sg/development/e-payments/cross-border-payment-linkages

5.  https://www.mas.gov.sg/development/e-payments/cross-border-payment-linkages

6.  https://wise.com/help/articles/2897238/which-currencies-can-i-add-keep-and-receive-in-my-wise-account

7.  https://wise.com/sg/business/

8.  https://www.worldfirst.com/sg/pricing/

9.  https://www.wallex.asia/en-sg/business-solutions/multi-currency-wallets

10.  https://convera.com/en-sg/solutions/global-payments/

11.  https://www.you.co/biz/

12.  https://www.sunrate.com/

13.  https://www.revolut.com/en-SG/business/

14.  https://aspireapp.com/

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.