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SingX Business Account Review [2024]: Features, Fees, Support & Alternatives

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Features - 4/5

Fees - 2.5/5

Customer Support - 4/5

Ease of opening an account - 2/5

Our Rating Methodology

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

What Is SingX?

SingX is a fintech company headquartered in Singapore that was launched in 2014 by a group of ex-bankers. It offers cross-border payment services for individuals and businesses. SingX operates as a payment service provider under regulations in Singapore, Hong Kong, and Australia.

The company has received multiple awards, such as the MAS (Monetary Authority of Singapore) Fintech award in 2017 and SBR's Hottest Startups in 2018.

SingX Pros and Cons

Why SingX might be a good option

Why SingX may be a good option

  • Can open local accounts in 5 major currencies: SGD, HKD, USD, EUR, and GBP.
  • Competitive exchange rates. SingX calculates its currency conversion rate based on mid-market rates.
  • Make local payments in over 35 currencies.

Why SingX may not be a good option

Why SingX may not be a good option

  • Can only initiate the account opening process through email.
  • Setting up bulk payments and adding receivers by email Excel file poses a challenge to user experience.
  • No pricing structures could be found on the SingX website. 
  • No accounting software integrations.

Featured Reviews

Faisal Khan rates SingX ⭐⭐⭐⭐⭐

Excellent service by support staff, fastest remittance speed and good tracking mechanism.

I have been using SingX since the time it started and it has always provided the best value for money.

Keep up the good work SingX team!

Source: Google reviews

Dharmendra Sahoo rates SingX ⭐⭐⭐⭐⭐

n starting, everyone will have these challenges setting up accounts and adding receivers. I started using SingX in the last 5 years for a significant amount of transfer.

I never faced any issues till now. Even on public holidays, they are available in chat to support. I feel comfortable and reliable in using this app.

But I can see they have increased the fees from 17 to 25 in a few months time. I hope they will surely look into this.

Source: Google reviews

Statrys mobile application dashboard showing a total balance in a business account.

SingX Features

SingX aims to offer competitive foreign exchange rates for international money transfers. Here's what users can expect from SingX's products.

Multi-Currency Business Account

SingX helps business clients transfer money globally through virtual business accounts

Here are the main features of the SingX business account.

  • Users can create a local account with unique account details in Singapore, Hong Kong, the UK, the EU, and the US. The multi-currency account can be used to receive funds and hold them until they can be converted at the preferred exchange rate.
  • Receive SGD, HKD, GBP, EUR, and USD payments like a local.
  • Make local payments in over 35 currencies.
  • Receive and transfer money in USD through the SWIFT network across over 180 countries.
  • Send bulk payments to 1,000 recipients in one go.
  • Maker-approver feature for additional control for your finance operation.
  • Tracking payments 24/7.

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

It’s important to note that to make bulk payments, clients have to email an Excel form with all recipients and payment details to business@singx.co. Once set up, you can manage your payments on your dashboard. API solution is also available to automate the payment process.

Lastly, transactions in AUD, CAD, EUR, HKD, USD, SGD, THB, and VND have no limitations, while other currencies have transfer limits. You should refer to the money transfer overseas page for more information.

Foreign Exchange

SingX states that they utilise the mid-market rate at which they transact amongst banks to set their exchange rates. This approach ensures that their rates remain competitive.

Additionally, they guarantee that the fees charged match those displayed in the Fair Exchange Calculator, allowing users to check foreign exchange rates in real-time.

SingX’s Features Rating is 4/5

SingX's product is rated 4 out of 5, reflecting its robust global account capabilities, including the creation of local accounts in various key markets and support for local money transfers in over 35 currencies.  In addition, the use of mid-market rates for competitive exchange rates is beneficial for businesses with international operations.

However, the lack of payment cards and business integration features, such as accounting software — common in the fintech industry — is a notable limitation. Furthermore, the manual process for setting up bulk payments detracts slightly from its appeal to businesses looking for more streamlined financial solutions.

Fees Charged by SingX

As mentioned, SingX determines FX rates based on the mid-market rate and charges FX fees as shown on their website publicly. Nevertheless, other pricing information, such as account and transfer fees, is not disclosed on the SingX website. Hence, clients must contact them directly to learn more about the fees associated with their products.

SingX’s Fees Rating is 2.5/5.

While SingX's transparency in foreign exchange rates and fees is a strong point, the overall lack of accessible information on other fees impacts the convenience and clarity of their fee structure, leading to a rating of 2.5 out of 5.

SingX Customer Support

SingX offers clients different channels to contact its customer support team.

Singapore Office

  • Address: 138 Cecil Street #04-01 Cecil Court, Singapore 069538 (required appointment)
  • Email: help@singx.co
  • Phone: +65 3158 4669

Hong Kong Office

  • Address: Rm 69, 3/F Eton Tower, 8 Hysan Avenue, Causeway Bay, Hong Kong (required appointment)
  • Email: help.hk@singx.co
  • Phone: +852 5808 0270

Australia Office

  • Address: Level 4, 240 Queen Street, Brisbane, QLD 4000, Australia.
  • Email: help.au@singx.co
  • Phone: +61 3 9917 4319

Business Queries

SingX’s Customer Support Rating is 4/5

SingX offers customers various contact channels to reach out to their team, and they also have offices in their operating countries to provide localized support. 

Eligibility Requirements for Opening a SingX Account

According to SingX, businesses of all sizes can open an account with SingX within 2 business days after submitting documents.

However, SingX does not provide information on business account openings on its website, including eligibility requirements and required documents. Prospective clients must reach out to the SingX team via query form or email: business@singx.co to initiate the sign-up process.

The Ease of Opening an Account Rating for SingX is 2/5

Unlike many competitors who provide detailed online resources and streamlined digital processes for account setup, SingX requires prospective clients to initiate the process through direct email communication or the contact form.

This approach, which is less straightforward and potentially slower than industry standards, results in a lower rating for SingX in terms of ease of account opening.

SingX Alternatives

  SingX logo Statrys logo Aspire logo
Multi-currency Business Account yes yes yes
Eligible Countries No information found Hong Kong, Singapore, and the BVI 18 countries
Supported Currencies in Multi-currency account 5 currencies: SGD, HKD, GBP, EUR, and USD. 11 currencies: SGD, HKD, USD, RMB, EUR, GBP, AUD, CAD, NZD, JPY, and CHF. 19 currencies: AUD, CAD, CZK, DKK, EUR, GBP, HKD, HUF, IDR, INR, MXN, MYR, NOK, PHP, PLN, RON, SEK, USD, and SGD.
SWIFT Payments yes yes yes
Payment Tracking yes yes yes
Customer Support Channels Live chat, FAQ pages, query forms. Website, Email, Phone, Live Chat, WhatsApp, WeChat Live chat, FAQ pages, query forms.
Cards Doesn’t provide card services 1 physical card and up to 4 virtual cards per cardholder Only businesses registered in Singapore and Indonesia can obtain virtual cards

Physical cards are eligible for Singapore businesses only.
ATM withdrawal no yes yes
Expense Management no yes yes
Account Opening Time 2 business days 3 business days 3 business days
Accounting Software Integration  no yes yes
Trustpilot Reviews No reviews on Trustpilot 4.6/5 based on 240 reviews 4/5 based on 23 reviews.
FX Rate Mid-market rate Interbank rates Mid-market rate
FX Fee Only states having tool to check fees real-time As low as 0.15% (depending on exchange volume) Not specified

💡 Helpful Resource: Check out the 5 best business accounts in Singapore in 2024. 


Is SingX a bank?

SingX is not a bank. However, it is a licensed payment service provider operating in Singapore, Hong Kong, and Australia.

How does SingX work?


Is SingX trusted?



More info

Statrys competes directly with SingX 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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