Wise vs Aspire vs Airwallex: Which is the best business account in Singapore?

Choosing the right business account provider is an important decision that can have a significant impact on your company’s financial operations. 

Wise, Aspire and Airwallex are among the more modern solutions available here in Singapore. These are fintech companies that can transform the banking experience for small and medium businesses, enabling them to open a multi-currency account in minutes, and move money cheaper and faster than traditional banks.

This guide will review Wise, Aspire and Airwallex and compare how they measure up on key features. 

What is Wise?

Wise is a major fintech platform that is regulated by MAS in Singapore. While the Wise platform bills itself as the ultimate solution for international money transfers, it does offer additional services like borderless banking, multi-currency accounts, and debit cards to manage money in various currencies.

What is Aspire?

Aspire is a payments platform that is currently exempted by MAS from holding a licence for payments services in Singapore. Therefore, Aspire provides their services in conjunction with partners licensed by the local regulators. Aspire offers a range of services aimed at helping businesses manage their finances more efficiently such as business accounts and expense management.

What is Airwallex?

Airwallex is a global payments platform offering virtual business accounts. Similar to Wise, it is regulated by MAS. Airwallex has gained a reputation for its innovative approach to international transfers. Within your Airwallex account, you can create virtual debit cards with user permissions and unique payment links for people to pay you easily.

Bottomline: Which option is best for you?

As you can see, Wise, Aspire and Airwallex provide solid options for business customers in Singapore looking for business accounts that offer lower FX fees and process transactions faster than traditional banks. 

They also have lower barriers to entry, enabling foreigners looking to register companies in Singapore, to immediately participate in financial transactions. 

It is worth noting that while these digital players offer numerous advantages, traditional banks provide services like physical branches and personalised customer service. 

Ultimately, Wise, Aspire and Airwallex have transformed the way money is moved worldwide and the choice you pick will be based on your business needs. 

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