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Aspire App Review [2024]: Features, Fees & Alternatives

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Features - 4/5

Fees - 4/5

Customer Support - 4/5

Ease of opening an account - 5/5

Our Rating Methodology

Click "More info" to understand how we calculate our Aspire Business Account ratings.

What Is Aspire?

Aspire is not technically a bank. It operates as a payment services provider. Similar to traditional banks, they provide financial solutions such as multi-currency accounts, debit cards, and cross-border payment services.

Aspire is exempted from holding a license by the Monetary Authority of Singapore to provide payment services. Therefore, it collaborates with licensed partners regulated by the relevant Singaporean authorities to provide its services. According to Aspire, its funds are held in a trust account with a Tier 1 Singaporean bank.

Since being founded in 2018, Aspire has raised more than USD 300 million from investors such as Sequoia, Lightspeed, Y-Combinator, Tencent, and Paypal. Currently, it has over 400 employees across 4 countries. Additionally, it was recognised as one of the Top 100 most promising fintech startups globally, and it has a client base of over 15,000 businesses.

Aspire Pros and Cons

Pros of Aspire App

Why Aspire May Be a Good Option

  • 100% online account application
  • Supported 19 currencies for local payout.
  • Accounting software integration and bulk payment services can help businesses streamline finance operations.
  • Obtain multiple virtual and physical corporate cards
  • Earn 1% cashback from eligible transactions

Cons of Aspire App

Why Aspire May Not Be a Good Option

  • Fees related to international transactions are unclear.
  • Does not provide FX spot or forward contract service.
  • Limited channels to reach out to customer services when issues arise.

Featured Review

Solomon Poon rated Aspire ⭐⭐⭐⭐⭐

We use Aspire as our finance superapp! Payments, budgets, cards, invoice processing, salaries... everything! It is a FANTASTIC way to categorize and organize expenses in any way you want. Has saved my team so much time and provided great insights. Source: Trustpilot review

Yahya rated Aspire ⭐⭐⭐⭐⭐

We recently started using the Aspire banking app for our startup Pattern Technologies and it has been a game changer for managing our finances. The user interface is clean and intuitive, making navigation a breeze for all of us. Transactions are smooth and the financial tracking tools have really helped us get a clearer picture of our spending habits. What we appreciate the most is the customer service - responsive and genuinely helpful. This app has everything we need to stay on top of our money with minimal fuss. Highly recommend it to anyone looking for a reliable banking app! Source: Trustpilot review

Aspire Features

Without further ado, let’s dive into Aspire's core features.

1. Global Business Account

Aspire offers one business account per business, which functions like a traditional bank account.

Aspire allows business clients to open local accounts in 5 locations, including Singapore, Indonesia, the US, the EU, and the UK, which come with unique account details and are integrated into one single platform.

Here is an overview of Aspire’s business account features:

  • Receive, hold, and send funds in SGD, USD, EUR, GBP, and IDR like they were local.
  • Send and receive international payments via the SWIFT network in over 30+ currencies.
  • Send local payments in 19 currencies.
  • Can only schedule SGD and IDR transfers in advance.

It’s important to note that there are transfer limits applied to local payments. You should check with Aspire before making transactions.

For international SWIFT payments, there is no limit to the transaction amount. Clients can send money to any country except those on a prohibited list, which includes:

  • Belarus
  • Crimea
  • Cuba
  • Donetsk region of Ukraine
  • Kherson region of Ukraine
  • Luhansk region of Ukraine
  • Zaporizhzhia region of Ukraine
  • Iran
  • Libya
  • Myanmar
  • North Korea
  • Russia
  • South Sudan
  • Syria
  • Venezuela.

To stay up-to-date on the list of restricted countries, you may refer to CurrencyCloud, Aspire's partner. 

💡 Helpful Resource: Read our article to learn more about local and SWIFT transfers

2. Other Services

Apart from business accounts, Aspire also provides services, including

  • Cards: Physical and virtual cards that are directly linked to the business account. The payment then will be deducted from the account balance. Also, you can earn 1% cashback from all eligible transactions. However, virtual cards are exclusively available for companies incorporated in Singapore and Indonesia, and physical cards are only available in Singapore.
  • Global Payments & FX: Send and receive overseas transfers in 30+ currencies across 130+ countries at a competitive rate. Aspire states that its FX rate is based on the mid-market rate to provide a preferable rate than traditional banks.
  • Accounting Software Integration: To enhance the accounting processes and improve their efficiency so businesses can close books faster.
  • Expenses Management: Organise and categorise business expenses, monitor payments in real-time, manage spending limits, record transactions, and freeze or lock corporate cards. These business-friendly features help improve finance operations efficiency.
  • Bulk Payments: Save time and reduce errors by automating payroll and payments in multiple currencies for suppliers, vendors, and employees.

Aspire’s Feature Rating is 4/5

Aspire offers a comprehensive suite of services tailored for global business operations. The multicurrency accounts, integrated card services, competitive FX rates, and efficient expense management work together to enhance business finance experience.

However, the limitations in card availability and the restriction on scheduling transfers in all supported currencies slightly impact the rating. Despite these minor drawbacks, Aspire presents a robust set of features for modern businesses.

Fees Charged By Aspire

Like other fintech companies, Aspire remunerates its services by charging transaction fees for payments and foreign exchange commissions for currency conversion. 

You should refer to their pricing page to confirm the current prices.

Account Pricing Plan
Account Opening Fee Free
Monthly Fee Free
Custom Plan For More Than 100 Employees Contact sales
Admin or Finance User 2 included, SGD 9 per additional user per month
Employee User 10 included, SGD 5 per additional user per month
SGD Account Payments
Receive Local Payments Free
Receive SWIFT Payments Competitive rate than banks, and without fees
Send Local Payments Free
Send International Payments With Wise Mid-market rates, low transparent fee
USD Account Payments
Receive Local Payments Free
Receive SWIFT Payments in USD USD 8
Receive SWIFT Payments With Conversion Start from USD 8
Send Local Payments Free
Send SWIFT Payments With Conversion Start from USD 15 with fee
EUR Account Payments
Receive Local Payments Free
Receive SWIFT Payments EUR 10
Send Local Payments Free
Send SWIFT Payments EUR 20
GBP Account Payments
Receive Local Payments Free
Receive SWIFT Payments GBP 10
Send Local Payments Free
Send SWIFT Payments GBP 20
IDR Account Payments
Receive Local Payments Free for up to 100 transactions per month.
Online Transfer Rp 4,000
Transfer via SKN or LLG Rp 4,000
Card FX Fee Competitive rate, with no additional fees
Create a Virtual Card Free
The First Physical Card per User Free
Extra Physical Cards per User SGD 15 per card
ATM Withdrawal Fee SGD 5 per withdrawal

Please note that Aspire's commission charges on foreign currency conversions vary depending on the converted amounts. This is standard in the financial services industry.

Aspire’s Fees Rating is 4/5

Overall, Aspire's pricing structure is generally straightforward. However, there are certain areas where more transparency could be beneficial. Specifically, the rates and fees for SWIFT payments are not explicitly detailed, which might lead to unforeseen costs for businesses engaged in regular international transactions.

Additionally, while it's common in the industry, the variability in fees for foreign currency conversions also adds a layer of uncertainty. This factor could impact the predictability of costs associated with currency exchange. Taking these factors into account, we rate Aspire’s fees 4 out of 5.

Aspire Customer Support

To know more about Aspire, you can reach out to the Aspire team through these channels:

  • Submit the form on their contact page
  • Visit their FAQs
  • Chat with them via chat support on your account page
  • Monday to Sunday from 9:00 a.m. to 9:00 p.m. SGT

Aspire’s Customer Support Rating is 4/5

Aspire provides live chat support every day from 9 am to 9 pm. 

If you need help outside of working hours, you can check the FAQ pages for answers. However, if the FAQ pages do not have the information you need, you can submit a query form and wait for a response, which potentially impacts customers' experience. With the limited customer service channels, we rate Aspire’s customer support 4 out of 5.

Eligibility Requirements for Opening an Aspire Account

Aspire offers accounts for businesses incorporated in the countries listed below. This means that Aspire does not provide personal accounts.

The list of eligible countries:

  • Australia
  • China
  • Cook Islands
  • Hong Kong
  • India
  • Indonesia
  • Japan
  • Malaysia
  • Maldives
  • Mongolia
  • New Zealand
  • Philippines
  • Singapore
  • South Korea
  • Sri Lanka
  • Taiwan
  • Thailand
  • Vietnam

In addition, businesses shall not engage in prohibited and restricted activities listed in their Acceptable Use Policy, including charities, political campaigns, and cryptocurrency services.

It’s worth noting that charities and non-governmental organisations in Singapore can open SGD accounts only if registered by the Accounting and Corporate Regulatory Authority under 2 entities: Public company limited by guarantee and Society. Moreover, these accounts are restricted to operational use and cannot be used for donations.

Required Documents

To open an account, you have to submit an application and the required documents on the website.

  • Valid Personal IDs of Directors and Ultimate beneficial ownership(s) (UBOs) with more than 10% shares: driving licenses are not accepted.
  • Business Constitution: all businesses are applied except for Partnerships and Sole Proprietorships.
  • Letter of Authorization: If non-authorized users complete the account opening process, they must fill out the Letter of Authorization.
  • Shareholding of Corporate Shareholders: for any shareholders that hold more than 25% shares.
  • License: If applicable
  • Proof of Address: Only for businesses in Singapore and Indonesia.

Please note that all documents must meet these criteria:

  • Less than 6 months old (except for IDs)
  • Not expired
  • Be in accepted languages (certified translations are also accepted.)

Aspire only accepts documents in the languages below:

  • English
  • Bahasa
  • Dutch
  • French
  • Italian
  • Mandarin
  • Spanish
  • Thai
  • Vietnamese

The documentation required for Singapore businesses may differ, especially those with a MyInfo account. Refer to the FAQ page for more information.

Remote Account Opening Availability

Aspire offers remote account openings for clients. Once you submit an application, the Aspire team will contact you within 3 business days to let you know the result or if additional documents are needed. However, this process may vary depending on the nature of your business. In some cases, Aspire could take up to 5 business days to review your application.

Ease of Opening an Account Rating for Aspire is 5/5

Opening a business account with Aspire can be done remotely. If your business is eligible and you have all the required documents in hand, your account can get up and running within 3 business days.

Aspire Alternatives

  Aspire logo Statrys logo Transwap logo
Multi-currency Business Account in Hong Kong yes yes yes
Eligible Countries 18 countries Hong Kong, Singapore, and the BVI Singapore, Hong Kong, Indonesia, and the UK
Supported Currencies for Local Payments 19 currencies 14 currencies 34 currencies
Real-Time Payment Tracking yes yes yes
Customer Support Channels Live chat, FAQ pages, query forms. Website, Email, Phone, Live Chat, WhatsApp, WeChat Help centre, Phone, and Email
Cards • Only businesses registered in Singapore and Indonesia can obtain virtual cards
• Physical cards are eligible for Singapore businesses only.
1 physical card and up to 4 virtual cards per cardholder • Unlimited virtual cards
• Physical cards are available, but TranSwap provides limited information related to physical cards.
ATM withdrawal yes yes no
Expense Management yes yes yes
Account Opening Time 3 business days 3 business days 2 business days
Accounting Software Integration  yes yes no
Trustpilot Reviews 4/5 based on 23 reviews. 4.6/5 based on 240 reviews No reviews on Trustpilot
Account Monthly Fee Free Free (if 5 or more outgoing transfers made in the month) No information provided
FX Rate Mid-market rate Interbank rates Not specified
FX Fee Not specified As low as 0.15% (depending on exchange volume) Not specified
A list of currencies supported by the Statrys business account


What is Aspire?

Aspire is a Singapore-based all-in-one finance operating system for businesses. The fintech company provides business accounts, payment services, corporate cards, and other business-related features such as batch payments and expense management.

What type of bank is Aspire?


Is Aspire app legit?



More info
Statrys competes directly with Aspire in the payment industry, but we are committed to providing an unbiased and thorough review. Click More info to read the full disclaimer on our review.
Fact checked by
Djon Ly

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