Aspire vs Airwallex in Singapore: Fees, Features and Benefits

Choosing a business account used to be simple. You went with a local bank, paid the monthly fees, and worked around the limitations — whether that meant slow international transfers, hidden foreign exchange markups, or clunky user access.

Today, that’s changed. Platforms like Aspire and Airwallex offer modern, multi-currency business accounts designed for speed, scale, and global reach without the traditional overhead.

But while both sound similar, they’re optimised for very different needs.

So whether you’re a local SME managing payroll and PayNow collections, or a regional business paying overseas contractors in USD or EUR, the right platform can save you thousands of hours and admin costs.

In this guide, we compare Aspire vs Airwallex across fees, features, cards, and integrations to help you choose the right business account for your goals.

Table of contents
Overview: Aspire vs Airwallex features Fees comparison: Aspire vs Airwallex Which account is the best fit for your business model? Aspire vs Airwallex: Card features and fees comparison Frequently Asked Questions Final thoughts: Aspire, Airwallex, or something smarter?

Overview: Aspire vs Airwallex features

Aspire

Aspire¹ is a fully digital business finance platform born in Singapore, built with SMEs and startups in mind. It’s ideal for businesses that need simple local payments, company spend controls, and light multi-currency capabilities, all in one place.

• S$0 account setup, no monthly fees, and no minimum balance
• Local account details for SGD, USD, EUR, and GBP
• Send and receive international payments in 30+ currencies²
• Supports PayNow³, FAST⁴, and GIRO payroll⁵ for seamless local transfers
• Unlimited virtual Visa cards, plus one free physical card per user (additional cards at S$15 each)
• Built-in tools for expense tracking, approvals, budgets, and real-time integrations with Xero, QuickBooks, SAP, and more
• 1% cashback on eligible SaaS and digital marketing spend (e.g., AWS, Google Ads, Facebook Ads)

Airwallex

Airwallex⁶ is a global financial platform designed for businesses that operate (or plan to operate) beyond Singapore. If your company deals with cross-border payments, multi-currency invoicing, or international team expenses, their features are worth a close look.

• Access to 20+ currency wallets with local bank details (USD, EUR, GBP, AUD, and more)
• Send money to 120+ countries, with most transfers routed via local payment methods to avoid SWIFT fees
• Convert currencies at interbank rate with a transparent 0.4–0.6% markup
• Issue up to 10 free company cards per month on the Explore plan (Grow plan includes 50 cards; Accelerate plan offers unlimited)
• Create virtual and physical Visa cards with 1% cashback on all spend
• Control spend with per-user limits, merchant restrictions, and batch payments
• Integrate with Xero, QuickBooks, and other accounting tools

Fees comparison: Aspire vs Airwallex

Feature	Aspire¹	Airwallex⁶
Account opening fee	S$0	S$0
Monthly account fee	S$0	Explore: S$0/month Grow: S$79/month Accelerate: from S$399/month
Local currency account details supported	SGD, USD, EUR, GBP	20+ currencies
Send SGD (FAST, GIRO, PayNow)	Free FAST, GIRO, and PayNow	Free FAST and GIRO; FAST payouts to PayNow IDs are currently in Beta⁷
Receive SGD (FAST)	Free	Information not available*
PayNow support	Yes (UEN and QR)	Yes
Bulk transfers	Free	Free
Receive international (SWIFT)	S$35 for SGD account US$8 for other accounts	Information not available*
Send international (SWIFT)	US$15 for SHA US$30 for OURS	$20-35/ transfer (SHA and OUR)
Foreign exchange conversion fee	From 0.22%	Major currencies: Interbank rate + 0.4% Other currencies: Interbank rate + 0.6% Custom rates for volume deals available under Custom Plan

*Airwallex sources do not mention their rates for receiving payments. We cover this in greater detail below.
Details correct at time of writing — 12 Aug 2025

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Which account is the best fit for your business model?

When it comes to choosing between Aspire and Airwallex, your ideal match depends on how — and where — your business moves money.

Fees transparency

As mentioned earlier, Airwallex does not state its fees for receiving payments on its pricing page⁶. However, independent sources report a 0.3% fee on all incoming funds from accounts not owned by the Airwallex account holder, including both local SGD transfers and international SWIFT payments⁸.

Because these are percentage-based fees, they can add up quickly if you're bringing in a high volume of payments. When considering Airwallex, check their specific fee details for receiving payments directly with their customer support.

💸 If you want more control over fees, check out how Axpara handled theirs.
As a Singapore-headquartered software development company, they were juggling remote hires, messy cross-border transfers, and unnecessary costs — until they made the switch to Wise. The result? Cleaner ops, smoother payouts, and more than SGD50K in annual savings. ➡️ Read how Axpara pulled it off with Wise Business

Local account details and international payments

If you’re growing a global business and need to collect payments in different currencies from overseas customers, both Aspire and Airwallex support local account details in different currencies.

The difference lies in country coverage - Aspire offers account details for SGD, USD, EUR, and GBP, whereas Airwallex offers account details for over 20 currencies.

As for international payments, both providers have strong multi-currency payout solutions that’ll help you to save more and keep more of your earnings.

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Pay vendors and bills for less

💡Whether you're handling one-off invoices, recurring payments, or mass payouts, Wise Business makes it easy to simplify your financial operations and maximise profits.

• Fast and secure payments to 140+ countries with no exchange rate markups.
• Always get the mid-market rate with transparent conversion fees starting from 0.26%.
• Send up to 1,000 payments with just one transfer using Batch Payments.
• Enjoy lower fees when sending amounts above 20,000 GBP (or equivalent in your currency).

➡️Start Paying Overseas Invoices for Less with Wise Business

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

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Aspire vs Airwallex: Card features and fees comparison

Feature	Aspire¹	Airwallex⁶
Card type	Visa debit	Visa debit
Card base currency	SGD (spending from SGD or linked foreign currency balances)	Multi-currency
Payment limit	Follows the available account balance	Follows the available balance in your Wise account
ATM withdrawal limit	Daily limit of US$500 per card	ATM withdrawal not supported
ATM withdrawal fee	S$5 per overseas ATM withdrawal	ATM withdrawal not supported
Card fees	1 free physical card/user Unlimited virtual cards S$15 per additional card	Free virtual & physical cards (for up to 5 spend users) Additional users: S$5/user/month
Card foreign exchange fee	1.5% on non-SGD spends	0% if paying from wallet 0.4–0.6% markup if conversion needed
Cashback reward	1% on SaaS and digital marketing spend	1% on all card spend

Details correct at time of writing — 1 Aug 2025

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Breaking down the pros and cons of Aspire and Airwallex cards

Aspire card

Pros

• Built for local businesses: Aspire cards integrate tightly with Singapore’s payment ecosystem, including FAST, GIRO payroll, and PayNow.
• Virtual and physical card flexibility: Every user gets one free physical card, and you can generate unlimited virtual cards for subscriptions, ad spend, or team purchases.
• Expense visibility and controls: Real-time syncing with platforms like Xero, QuickBooks, and SAP allows for seamless tracking and reconciliation.
• Cashback on digital tools: Earn 1% cashback on select SaaS and marketing tools (e.g., Meta, Google Ads, AWS) — a sweet spot for digital businesses, agencies, and startups scaling paid marketing.
• ATM access supported: Useful if you occasionally need cash abroad. Aspire supports ATM withdrawals (US$500/day limit) for SGD cards.
• No monthly user fees: You can scale up your user base without worrying about monthly charges; just pay for additional physical cards if needed.

Cons

• SaaS- and ads-only cashback: The 1% cashback doesn’t apply to general spending — it’s strictly limited to specific categories.
• S$5 ATM withdrawal fee: Cash access comes at a cost, and only overseas ATMs are supported⁹. So, if your Aspire card is linked to an SGD or USD account, you won't be able to withdraw the cash from ATMs in Singapore.
• S$15 fee per additional physical card: If your team prefers physical cards over virtual ones, this can add up.

Airwallex card

Pros

• Global-native card setup: Each card is multi-currency by default, letting you spend directly from your USD, EUR, GBP, or other currency wallets, with 0% foreign exchange fees if you already hold that currency.
• 1% cashback on all spend: Whether it’s ads, SaaS tools, F&B, or travel, you get 1% cashback on all card spend; no need to chase categories.
• No per-card charges for smaller teams: Get free virtual and physical cards for up to 5 spend users, making this scalable for lean startups or small teams.
• Granular spend controls: Admins can issue cards per department or project, set spending caps, and monitor usage live.

Cons

• No ATM support: Airwallex cards cannot be used for ATM withdrawals, limiting flexibility in situations where cash is needed (e.g., travel, reimbursements).
• After 5 users, you pay: If you need more than 5 spend users, you’ll pay S$5/user/month, which can stack up for larger teams.

Which business card is better for your business?

Aspire and Airwallex cards both pack a punch, but which corporate card fits your setup better? Again, it all comes down to how your team spends day to day.

If you value cashback on SaaS and ad spend, and sometimes need to withdraw cash overseas from ATMs, the Aspire card is a great choice. On the other hand, if you want to earn cashback on all business spend — not just select categories — and you don’t need cash withdrawals overseas, Airwallex could be a better fit.

Still deciding between the cards? Check out our detailed guides for:

➡️Aspire corporate card and

➡️Airwallex corporate card.

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Frequently Asked Questions

Can Aspire accept PayNow?

Yes! Aspire supports PayNow via UEN and QR code, making it easy for clients or customers in Singapore to pay you instantly and without fuss.

Does Airwallex support PayNow?

Yes, but only in a limited way. Airwallex supports PayNow payouts in SGD via its Beta program, which lets you send funds to PayNow IDs (such as UEN, mobile numbers, or NRIC/FIN) instead of bank account numbers. This feature isn’t enabled by default, so you’ll need to contact your Airwallex account manager to get access⁷. Airwallex also supports receiving SGD via PayNow through its payment gateway and QR codes.

Can you withdraw money from Aspire?

Yes, if you're using an Aspire physical card, you can withdraw cash from overseas ATMs. There's a daily limit of US$500 per card, and a S$5 flat fee per overseas withdrawal.

(Note: Local ATM withdrawals in Singapore are not supported if your Aspire card is tagged to an SGD or USD account⁹.)

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Final thoughts: Aspire, Airwallex, or something smarter?

Aspire and Airwallex both bring serious strengths to the table. Both platforms offer multi-currency capabilities, competitive foreign exchange fees for global money transfers, and versatile corporate debit cards that can be linked to your business accounts. Use this article as a guide when comparing the two providers' global coverage and fees to see which one suits your needs best.

But if your biggest challenge is receiving international payments without getting buried in fees, Wise Business deserves a spot on your radar.

💡If you're growing a global business, you'll quickly face a daunting wall of costs, complexity, and hidden fees when receiving international payments. Wise Business helps you bypass this wall, making it easy to receive money from around the world and start getting paid like a local today.

• Obtain account details to receive payments in GBP, EUR, CAD, AUD and more for a one-time fee of S$ 99.
• Simply share your account details with customers or add them to invoices.
• Hold, send, and convert money at the mid-market rate in one account.
• Simplify customer payments with Wise request payment feature.
• Accept payments from customers and payment service providers (PSPs) like Stripe and Amazon.
• Generate payment links to request money in specific currencies.

➡️Get started with Wise Business today

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

Sources:

1. Aspire pricing
2. Aspire business account
3. Aspire PayNow
4. Aspire FAST
5. Aspire Payroll
6. Airwallex pricing
7. Airwallex docs payout network
8. Understanding Airwallex fees
9. Guide to using Aspire cards

Sources checked on 12 Aug 2025