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 and competitive FX rates. 94% of our transfers go through local rails with $0 transfer 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.

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:

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

• Your provider converts the currency. If the payment currency differs from your account currency, a foreign exchange conversion takes place. The rate (and the margin) varies significantly between providers.

• 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).

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

• 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.

Want to save on transfer fees? 94% of Airwallex’s transfers go through local rails with $0 transfer fees. 93% of our transfers arrive on the same day, and 45% arrive immediately.

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 PromptPay²

• Singapore–India: PayNow linked to UPI³

• Singapore–Malaysia: PayNow linked to DuitNow⁴

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

If you pay regularly into any of these markets, using a provider that supports these rails 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.

This information is based on publicly available information accessed on 4 Nov 2026. Information reflects Airwallex's own research and has not been independently verified.

Note: Aspire's published information is currently inconsistent on the number of currencies available. Its pricing page lists multi-currency accounts in 8 currencies, while its Global Account page states that businesses can hold balances in 13 currencies. We've used the 8-currency figure from Aspire's pricing page in this table for consistency with its stated account offering.

1. Airwallex

Airwallex is built for businesses that make regular cross-border payments. With Airwallex, you can send funds to 200+ countries and regions, with 94% of our transfers going through local rails with $0 transfer fees.

Our transfers settle quickly: 93% arrive on the same day, and 45% arrive immediately. For transfers that require currency conversion, we offer competitive FX rates that save you 80% on FX fees as compared to traditional banks.

Beyond transfers, Airwallex also lets you hold funds in 20+ currencies, accept customer payments in 180+ countries, and manage your other financial operations.

Features:

• Global transfers: Send payments to 200+ countries, with local rails in 120+.

• Local transfers: Free local transfers via FAST/GIRO in Singapore

• Multi-currency accounts: Receive and hold funds in 20+ currencies.

• Payment gateway: Accept cards and 160+ local payment methods.

• Payment links: Collect customer payments without a website.

• Corporate cards: Issue employee cards with spending controls.

• Expense management: Track expenses, reimbursements and bill payments.

• Accounting integrations: Connect with Xero and QuickBooks.

You can sign up for an Airwallex account fully online; there are no setup fees and monthly fees on the free Explore plan.

2. Wise Business

Wise Business is best known for making international payments easier to understand, with exchange rates based on the mid-market rate and conversion fees shown separately.

It’s a good fit for businesses that regularly pay overseas suppliers, contractors or employees and want a straightforward way to manage money across markets.

It is more focused on international payments and multi-currency money management than on providing a complete financial operations platform. Businesses that need more advanced treasury tools or an integrated payment gateway may need additional providers.

Features:

• Multi-currency account: Hold and convert 49 currencies.

• Local account details: Receive payments using local bank details in 22 currencies (one-time setup fee required).

• Global transfers: Send money to 160+ countries.

• Fast payments: 77% of transfers arrive in seconds and 96% within a day.

• Batch payments: Pay up to 1,000 recipients in one go.

• Business cards: Issue physical and virtual cards for team spending.

• Accounting integrations: Connect with Xero, QuickBooks and FreeAgent.

Information in this section is based on Wise’s official website as of 4 Nov 2026.

3. WorldFirst

WorldFirst is particularly useful for businesses that source products from China or sell through international e-commerce marketplaces.

Its integration with 1688.com lets businesses pay Chinese suppliers directly in CNY, while TaoWorld offers another payment route for sourcing from Chinese sellers.

It also suits importers and exporters that need to collect funds in multiple currencies and manage supplier payments across different markets. Businesses with significant China trade exposure may find its sourcing and payment capabilities especially relevant.

Features:

• Multi-currency accounts: Receive and manage funds in 20+ currencies.

• Global transfers: Send payments to 200+ countries and regions.

• Local account details: Collect payments using local receiving accounts in supported currencies.

• 1688 integration: Pay Chinese suppliers directly through 1688.com.

• TaoWorld payments: Pay TaoWorld suppliers in CNY through World Pay.

• FX management: Convert currencies and book forward contracts.

• Corporate cards: Issue World Cards for business and team spending.

Information in this section is based on WorldFirst’s official website as of 4 Nov 2026.

4. Wallex

Wallex is a cross-border payments and FX specialist focused on businesses operating across Southeast Asia and other international markets.

It is particularly useful for companies that trade across Asian markets and need to collect overseas payments, manage foreign currency balances and pay suppliers or employees in multiple currencies.

Unlike broader business finance platforms, Wallex is centred on international payments, collections and currency conversion. Its bulk payment and approval workflows also make it relevant for businesses handling regular supplier or payroll payments.

Features:

• Multi-currency wallet: Hold and manage 13 currencies.

• Virtual accounts: Receive overseas payments in 36 currencies.

• Global transfers: Send payments in 47 currencies.

• FX conversion: Convert funds across 47 currencies.

• Same-day payments: Payments in 20+ major currencies can typically arrive the same day, subject to cut-off times.

• Bulk payments: Pay up to 200 beneficiaries in one batch.

• Payment controls: Set approval workflows and track transactions.

Information in this section is based on Wallex’s official website as of 4 Nov 2026.

5. Convera

Convera is a specialist in international business payments and foreign exchange risk management, with a particular focus on medium and large businesses.

It is well suited to companies making high-value or high-volume overseas payments, managing foreign currency exposure, or operating across multiple legal entities.

Its strength is the combination of a large global payment network and more advanced treasury capabilities. Convera also serves organisations with specialised payment needs, including educational institutions and other large organisations collecting funds internationally.

Features:

• Global transfers: Send payments in 140+ currencies to 200+ countries and territories.

• International collections: Receive payments in 120 currencies across 230+ countries.

• Multi-currency balances: Hold 60+ currencies for up to 180 days.

• FX risk management: Use forward contracts, FX options and swaps to manage currency exposure.

• Bulk payments: Process thousands of payments across currencies in one workflow.

• Payment tracking: Monitor transfers through SWIFT gpi and payment status notifications.

• Payment controls: Set approval workflows, user permissions and transaction limits.

Information in this section is based on Convera’s official website as of 4 Nov 2026.

6. YouBiz

YouBiz is a Singapore business finance platform developed by the team behind YouTrip. It is particularly well suited to SMEs with regular overseas business spending, such as software subscriptions, digital advertising, travel and supplier payments.

Its main appeal is the combination of multi-currency spending and corporate cards with cashback. Rather than focusing primarily on international transfers, YouBiz is designed to help businesses manage employee spending and reduce the cost of paying overseas merchants.

Features:

• Multi-currency accounts: Hold and exchange 8 currencies.

• Local account details: Receive payments in 8 currencies.

• Overseas transfers: Send payments in 19 currencies.

• Corporate cards: Issue physical and virtual Mastercard cards.

• FX-free card spending: Spend in 150+ currencies without foreign transaction fees.

• Expense management: Set employee spending limits and track transactions.

• Accounting integration: Connect with Xero.

Information in this section is based on YouBiz’s official website as of 4 Nov 2026.

7. Sunrate

SUNRATE is a global B2B payments and treasury management platform. It is particularly relevant to businesses with substantial cross-border payment and collection needs, including importers, exporters, e-commerce companies and travel businesses.

Its main differentiator is the breadth of its international payments infrastructure. Alongside supplier payments and overseas collections, SUNRATE offers payment acceptance, commercial cards and foreign exchange risk management.

This makes it worth considering for businesses that need to manage several parts of their international payment operations through one provider.

Features:

• Global transfers: Send payments to 190+ countries and regions in 130+ currencies.

• Global collections: Receive payments in 30+ currencies, with local clearing networks in 10+ currencies.

• Batch payments: Pay more than 1,000 recipients in a single batch.

• Commercial cards: Issue multi-currency cards for business and supplier payments.

• Payment acceptance: Accept payments through cards, 30+ digital wallets and 100+ local payment methods.

• Payment links: Collect payments through links, QR codes and recurring billing.

• FX and treasury management: Access currency conversion, trading, hedging and treasury management tools.

Information in this section is based on Sunrate’s official website as of 4 Nov 2026.

8. Revolut Business

Revolut Business is an all-in-one business account designed for companies that operate across local and international markets.

It is particularly suited to startups and SMEs that want to manage overseas payments, foreign currency balances and employee spending through one platform.

Its appeal is the combination of international payments and day-to-day financial management. Beyond cross-border transfers, it offers tools for controlling team expenses, managing multiple business entities and connecting financial data with accounting software.

Features:

• Multi-currency accounts: Hold and exchange 25+ currencies.

• Global transfers: Send local and international payments across 100+ countries.

• Currency exchange: Exchange 30+ currencies at the interbank rate, within plan allowances and market hours.

• Corporate cards: Issue physical and virtual cards with employee spending controls.

• Expense management: Track expenses, automate receipt matching and set approval workflows.

• Accounting integrations: Connect with Xero, QuickBooks, NetSuite and other business tools.

Information in this section is based on Revolut’s official website as of 4 Nov 2026.

9. Aspire

Aspire is a Singapore-based business finance platform aimed at startups and SMEs.

It is particularly useful for growing companies that want to simplify finance administration, with tools covering everything from employee spending and expense approvals to supplier payments and accounting workflows.

Features:

• Multi-currency accounts in SGD, USD, EUR, GBP, MYR, PHP, IDR and VND.

• Local account details: Receive payments through local account details in 8 currencies.

• Global transfers: Send and receive payments in 30+ currencies across 130+ countries.

• Bulk payments: Make batch payments in multiple currencies, including SGD, USD, EUR, MYR and IDR.

• Corporate cards: Issue physical and virtual cards with employee spending controls.

• Expense management: Manage budgets, employee claims, reimbursements and approval workflows.

• Accounting integrations: Connect with Xero, QuickBooks, NetSuite and other accounting tools.

Information in this section is based on Aspire’s official website as of 4 Nov 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. 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.

For example, Airwallex’s FX is priced competitively at 0.4% to 0.6% above interbank. With our FX rates, you save up to 80% on FX fees as compared to traditional banks.

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.

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.

Looking for a provider with local rails? 94% of Airwallex’s transfers go through local rails with $0 transfer fees.

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

Cross-border payments via SWIFT can be expensive and slow. Airwallex lets you transfer via local rails, so you can save on transfer fees and have your payments arrive quickly. Here’s what you get with Airwallex:

• Global reach: Send payments to 200+ countries and regions.

• Lower transfer fees: 94% of transfers go through local rails with $0 transfer fees.

• Fast settlement: 93% of transfers arrive on the same day.

• Competitive FX rates: Convert currencies at 0.4% to 0.6% above the interbank rate, saving up to 80% on FX fees compared with traditional banks.

You can open an Airwallex account fully online; there are no setup fees or monthly fees on the free 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. Airwallex has no monthly fees on its free Explore plan, and 94% of its transfers go through local rails with $0 transfer fees.

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/