Airwallex | Aspire |
Key Features ✔️ Local currency account in 13 locations with own account details. ✔️ Send local payments in over 45 currencies. ✔️ Unlimited debit corporate cards, which directly link to account balance. ✔️ Connect with various ecommerce platforms, including Shopify, Shopee, Amazon, and WooCommerce. | Key Features ✔️ Local currency accounts with their own account details in Singapore, Indonesia, the US, the UK, and the EU. ✔️ Send local payments in 19 currencies. ✔️ Accounting software integration, such as Xero and NetSuite. |
Best For Businesses requiring robust international financial operations, such as ecommerce businesses and businesses engaging in frequent cross-border transactions. | Best For SMEs primarily based in or targeting Singapore, Indonesia, the US, EU, and UK markets, seeking a reliable financial partner with a cheaper pricing structure than traditional banks |
Trustpilot rating ⭐⭐⭐ 3.8/5 | Trustpilot rating ⭐⭐⭐⭐⭐ 4.6/5 |
Airwallex Overview
Airwallex is a financial technology company that offers a cross-border payment platform for businesses. Founded in 2015, Airwallex aims to simplify international money transfers for businesses of all sizes. They provide a range of services, including multi-currency accounts, foreign exchange, and corporate cards.
- Eligible countries: 52 countries and territories, such as Australia, the UK, the US, Hong Kong, Singapore, the BVI, New Zealand, and more.
- Eligible company type: Most entity types are eligible, including sole proprietorship and private limited companies.
- Licences: Airwallex operates with various licenses across the countries where it operates, including an Australian Financial Services license within Australia, an Electronic Money Institution license within the UK, a Money Service Operator license in Hong Kong, and a Major Payment Institution license in Singapore.
- Partner banks: JP Morgan, DBS, Standard Chartered, and more.
Tip: Explore the full list of eligibility criteria in these key things to know before opening an Airwallex account.
Aspire App Overview
Aspire App is a financial platform designed specifically for small and medium-sized enterprises (SMEs). Founded in 2018, the Aspire App aims to empower businesses with easy access to financial services tailored to their needs, such as virtual business accounts and virtual cards.
Their team comprises over 300 professionals working across 3 offices located in Singapore, Indonesia, and Vietnam. Aspire App serves more than 15,000 clients throughout Asia, providing them with the necessary support to help their businesses thrive.
- Eligible countries: Australia, China, The Cook Islands, Hong Kong, India, Indonesia, Japan, Malaysia, Maldives, Mongolia, New Zealand, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam.
- Eligible company type: Businesses of all types are welcome, excluding those involved in prohibited activities.
- Licence: Exempted from holding a license in Singapore under the Payment Services Act (No.2 of 2019)
- Partner bank: A tier-1 bank in Singapore.
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Business Account Features
| Airwallex | Aspire |
Supported Currencies in Business Accounts | 22 currencies, including HKD, AED, AUD, CAD, CHF, EUR, GBP, JPY, NZD, SGD, USD, DKK, CZK, HUF, MXN, NOK, PLN, RON, SEK, ZAR, CNY, IDR | 5 currencies, including SGD, IDR, USD, EUR and GBP. |
Supported Currencies for Local Payments | 49 currencies, such as AUD, CAD, CZK, DKK, EUR, GBP, HKD, HUF, USD, SGD, VND, MXN, and more. | 19 currencies, including AUD, CAD, CZK, DKK, EUR, GBP, HKD, HUF, IDR, INR, MXN, MYR, NOK, PHP, PLN, RON, SEK, USD and SGD. |
Local Currency Accounts | 13 locations: Australia, Canada, Denmark, Europe, Hong Kong, Indonesia, Japan, New Zealand, Poland, Singapore, UAE, UK and US. | 5 locations: Singapore, Indonesia, US, EU and UK. |
International Payments via SWIFT | ✔️ | ✔️ |
FX Services | Spot and forward service with FX rate based on the mid-market rate. | ❌ |
Accounting Software Integration | ✔️ | ✔️ |
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Airwallex vs Aspire App Features Rating
Airwallex’s Features Rating is 4.5/5
Airwallex provides an array of features that are ideal for companies with global business operations. They provide extensive currency support for both business accounts and local payments. They also enable users to open local currency accounts in 13 different locations, streamlining international transfers and currency management for businesses.
However, the inconsistency in features and fees, depending on the country of registration, adds a layer of complexity. Businesses may need to undertake extra research to grasp the available services and their costs fully. Given this consideration, we rate Airwallex’s features 4.5 out of 5.
Aspire App’s Features Rating is 3.8/5
Aspire App’s services are robust for startups and small businesses aiming to operate within Asia and use its supported currencies. However, its limitations in currency diversity and the lack of FX services constrain its utility for companies that engage in broader international commerce or require an advanced tool to manage foreign exchange risks. Therefore, when compared to Airwallex, we rate Aspire App’s features 3.8 out of 5.
Business Account Fees
| Airwallex | Aspire |
Account Opening | Free | Free |
Account Monthly Fee | Free | Free Custom plan (for a company with over 100 employees) |
Receive Local Payments | 0.3% on each payment received | SGD, USD, GBP and EUR: Free IDR: Free for up to 100 transactions per month. |
Send Local Payments | Free | SGD, USD, GBP and EUR: Free IDR: Rp 4,000 |
Receive International Payments (SWIFT) | 0.3% on each payment received | SGD account: 0.4-1% fee USD account: USD 8 EUR account: EUR 10 GBP account: GBP 10 |
Send International Payments (SWIFT) | SGD 20 - 35 | SGD account: Mid-market rate with a fee (via Wise network) USD account: USD 30 (OUR fee type) EUR account: EUR 20 (OUR fee type) GBP account: GBP 20 (OUR fee type) |
FX Conversion Fee | 0.4% - 0.6% | 0.4% - 1% |
FX Rate | Not explicitly stated. Based on various factors, including market conditions, liquidity, and prices from liquidity providers. | Couldn’t find the information. |
*The pricing structure for Airwallex is specific to businesses in Singapore. If your business is incorporated in a different location, it's important to consult the pricing page for relevant details.
Airwallex vs Aspire App Fees Rating
Airwallex’s Account Fee Rating is 4.5/5
Airwallex's fee structure is highly competitive, especially with no account opening or monthly fees. The charges for sending international payments and FX conversion fees are within a reasonable range. Given these considerations, especially the low costs for most services, Airwallex’s fee rating is 4.5.
Aspire App’s Account Fee Rating is 4/5
Aspire App offers a compelling free structure for account opening and monthly maintenance. The variable fees for local and international transactions, including the competitive rates for FX conversions, cater well to SMEs.
However, businesses that carry out a high volume of international transactions may find the international payment fees and slightly higher FX conversion fees less favourable compared to Airwallex. Hence, we rate Aspire App’s fee 4 out of 5.
Card Features and Fees
| Airwallex | Aspire |
Business Card Type | Company card: Virtual Visa debit card Employee card: Physical and virtual Visa debit card | Physical and virtual Visa debit cards are compatible with Google and Apple Pay. |
Supported Regions for Card | Most users can obtain corporate cards, except for businesses in New Zealand. | Businesses registered in Singapore and Indonesia (only virtual cards available) |
Card Base Currency | Multiple, including USD, AUD, HKD, SGD, EUR, GBP, CAD, NZD, JPY and CHF | SGD, USD, or IDR |
Transaction Limit for Cards | USD 50,000 or equivalent (adjustable). | Virtual card: SGD 100,000 per transaction Physical card: SGD 25,000 per transaction Daily limit: SGD 250,000 per account |
ATM Withdrawal | ❌ | ✔️ (Outside Singapore only) |
ATM Withdrawal Fee | Not applicable | SGD 5 per withdrawal |
Card Fees | Free |
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Card FX Fee | Not specified | Up to 1.5% |
Cashback Reward | ✔️ | ✔️ |
Expense Management | SGD 5 per month per cardholder | Free |
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Airwallex vs Aspire App Card Rating
Airwallex’s Card Rating is 4/5
Airwallex offers both virtual and physical Visa debit cards, which are suitable for businesses operating internationally. Their cards also support multiple base currencies, which is particularly beneficial for managing currency conversion costs.
However, the lack of ATM withdrawal capability is a drawback for businesses needing cash access. The addition of an SGD 5 per month fee per cardholder for expense management slightly diminishes the attractiveness of their offering, especially for businesses managing a large number of cardholders.
Aspire App’s Card Rating is 4/5
Aspire App's services are regionally focused but offer strong benefits for businesses in Singapore and Indonesia. Virtual cards are exclusive to both countries, and only Singaporean companies can access physical cards. Despite these geographic limits, Aspire App remains a valuable choice in its operational areas.
Highlights include no charge for expense management, generous transaction limits, and the option for ATM withdrawals abroad for a small fee. With a card FX fee of up to 1.5%, Aspire balances costs with considerable perks.
Customer Support
| Airwallex | Aspire |
Communication Channels | Help centre, contact form, phone | Live chat, FAQ pages, Query forms. |
Working Hours | The US and Canada: 8:00 - 18:00 PDT / PST China: 9:00 - 18:00 CST (We could not find customer support hours in Singapore) | 9:00 - 21:00 Singapore Time - Monday to Sunday |
Airwallex vs Aspire App Customer Support Rating
Airwallex’s Customer Support Rating is 4/5
Airwallex offers a variety of support channels tailored to businesses looking for different levels of help. One potential limitation is that support hours are restricted to the standard business day. This might not align well with the needs of businesses operating across different time zones or those that require help outside these hours. Despite this, the provision of phone support and a dedicated help centre enhances Airwallex's support offerings, earning it a favourable assessment.
Aspire App’s Customer Support Rating is 4.5/5
What stands out is the customer service's extended hours, which go beyond the typical workday and include weekends. This is especially beneficial for businesses that operate on Singapore Time or need assistance outside of standard hours. Although the lack of phone support might be seen as a drawback for those who prefer speaking directly, the combination of extended hours and the live chat option effectively addresses this concern, showcasing a customer support system that's both adaptable and attentive.
Alternative Solution: Statrys
If you have or plan to set up a business in Hong Kong, Singapore, or the BVI, we would like to introduce you to another local alternative - Statrys.
Founded in 2018, Statrys is a fintech company headquartered in Hong Kong with a Money Service Provider License. Statrys offers financial services that cater to the needs of modern SME businesses, including virtual multi-currency accounts, business cards with expense management, and FX service.
Moreover, Statrys provides personalised customer service with a multilingual team, ensuring that customers can always get the help they need.
Statrys Services
FAQs
What is the difference between Airwallex and Aspire App?
Airwallex is notable for its extensive international support, providing a wide range of currencies for business accounts and payments. On the other hand, Aspire App focuses more on the Southeast Asian (SEA) market, offering more straightforward offerings and supporting fewer currencies.
Is Airwallex better than the Aspire App?
How are the business cards from Airwallex and Wise different?
Do both Airwallex and Aspire App provide business cards?
Disclaimer
Statrys competes directly with Airwallex and Aspire App in the payment industry, but we're committed to providing an unbiased, thorough review to help you make an informed choice.
