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Volopay Review [2024]: Features, Fees & Alternatives

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Features - 4.3/5

Fees - 3/5

Customer Support - 2/5

Ease of opening an account - 4.5/5

Our Rating Methodology

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

What Is Volopay?

Founded in 2019, Volopay is a financial technology company based in Singapore. Volopay is not technically a bank. It is a financial solution provider, holding a major payment institution license granted by the Monetary Authority of Singapore (MAS).

Their goal is to empower finance teams with a suite of financial services designed to streamline financial operations. With Volopay, users can send and receive local and international payments, track expenses, and manage cash flow all within a single platform, thanks to its integrated expense management software.

Initially launched in Singapore and Australia, Volopay has since expanded its operations into India, Indonesia, and the Philippines. They now have over 150 employees helping serve more than 700 customers.

Volopay Pros and Cons

Why Volopay might be a good option

Why Volopay may be a good option

  • Can hold, receive and send 11 different currencies, such as SGD, USD, EUR, INR, GBP, and AUD.
  • Volopay’s cards can be both debit and credit cards. The cards come up with up to SGD 100,000 credit lines
  • 1 physical card per user but unlimited virtual cards
  • Streamline accounting and financial operations with accounting software integration (e.g. Xero, Netsuite and Quickbooks)

Why Volopay may not be a good option

Why Volopay may not be a good option

  • No website integration to help streamline the sales collection process from your own website or marketplace; this feature is commonly found in the industry
  • If your business is not registered in Singapore, Australia, India, Indonesia, or the Philippines, unfortunately, you will not be able to open a Volopay account
  • Volopay's support team can be reached only through live chat, which can be challenging in case of urgent needs

Featured Reviews

Ali K rates Volopay ⭐⭐⭐⭐⭐

A wonderful app for business card and expense management

A very beautiful, intuitive, and easy-to-adapt interface for business cards, expenses, and receipts management. Even reduces the time to onboard new users to the Volopay platform. Has made our global expense management easy and seamless.

Source: Trustpilot Reviews

Jay W rates Volopay ⭐⭐⭐⭐⭐

Volopay is consistently upgrading the user experience on their app. The recent change brought about new features that were previously available only on the web. But with the change, uploading receipts & updating reimbursement details are much easier and simpler 🙌🏻 Well done Volopay.

Source: Trustpilot Reviews

Open a virtual business account in less than 3 days.

Volopay Features

Volopay offers a range of financial products catering to businesses. Here are what you can expect from its services.

Business Accounts

Volopay business account is a multi-currency account that allows you to open multiple local currency accounts, each with its own unique account details.

Key features of Volopay Business Account

  • Receive, hold, and send money in 11 different currencies, such as SGD, USD, EUR, INR, GBP, and AUD. 
  • Make international payments via SWIFT across over 130 countries
  • Pay your foreign suppliers and employees with a local network
  • Set up, schedule, and automate bulk payment
  • Maker-approver feature for additional control for business finance operation

💡 Helpful Resource: Learn more about local and SWIFT transfers with our article.

Corporate Cards

Another core product is VISA corporate cards, which clients can acquire both virtual and physical cards. Therefore, you and your team can access funds to purchase online or in-store, whether in the office or during your business travel.

Here are the Volopay card’s features.

  • Offer both debit and credit cards for businesses.
  • Credit cards come with up to SGD 100,000 credit lines without any personal guarantee.
  • Provide your team with unlimited virtual cards and one physical card per user.
  • Customisable built-in control, setting limits, and tracking employee expenses.
  • Freeze and unfreeze cards.
  • Manage subscriptions better by issuing vendor-specific cards.
  • Compatible with Apple Pay and Google Pay.
  • Earn unlimited 5% cashback on all eligible purchases.
  • ATM withdrawal

Foreign Exchange

According to Volopay, they offer a low foreign exchange rate. However, we cannot find detailed information about how they determine their rate.

Other Services

Apart from the above-mentioned services, Volopay also provides financial solutions, including:

  • Credit Facility: Up to SGD500,000 with nominal fees. A number of factors will determine the amount of credit you can access, such as cash flow, bank balances, and repayment history.
  • Accounting Software Integrations: Comprises a ledger, transactions (including card expenses), automated expense management, and an account integration feature where you can link your Volopay account to popular accounting software such as Xero, Quickbooks, NetSuite, and Zoho Books for expense and receipts management.

Volopay’s Features Rating is 4.3/5

Volopay's features are robust and well-tailored for modern, internationally operating businesses. The suite of services offered - from multi-currency accounts and versatile corporate cards to integrated accounting software - is well-thought-out and addresses common pain points of businesses.

However, the lack of detailed information on foreign exchange conversion rates and the absence of website integrations (commonly found in the industry) slightly impact their rating.

Fees Charged by Volopay

Type of Fee Amount
Account Opening Fee Free
Monthly Fee*
Singapore companies From SGD 15
Australian companies From AUD 25
Card Fees
ATM withdrawal Fee SGD 7
ATM Balance Enquiry SGD 0.69
Cross Border Fee 1.6%
Foreign Currency Conversion Fee 3.1%

*These are starting rates. The actual monthly charge could be higher depending on your account plan.

Volopay doesn’t disclose the pricing structure on the website, including monthly fees for companies registered in India, Indonesia, and the Philippines. For more information, you need to contact Volopay directly.

Volopay’s Fees Rating is 3/5

The absence of an account opening fee is excellent, but the uncertainty around monthly fees and the lack of transparent pricing information online can be a barrier for businesses looking to understand and manage their financial commitments effectively. Therefore, our rating for Volopay’s fees is 3 out of 5.

Volopay Customer Support

Although Volopay provides the FAQ page for users, it has very limited information.

If you have any questions, you can contact the customer support team through live chat on the website.

Volopay’s Customer Support Rating is 2/5

The presence of live chat on Volopay's website demonstrates a commitment to accessible customer support. However, the effectiveness of their support is diminished by the limited scope of their FAQ page and the absence of additional support channels like email and phone.

A comprehensive FAQ is crucial for enabling users to quickly find answers to common queries, and diverse support channels cater to different user preferences and needs for more detailed assistance. Therefore, we rate Volopay’s customer support 2/5.

Eligibility Requirements for Opening a Volopay Business Account

At the time of this review, businesses registered in Singapore, Australia, the Philippines, India, and Indonesia are eligible to open an account.

Additionally, you will have to prepare the following documents to support your application.

Required Documentation

  • Valid Identity proof: ID card or passport. (for admin and directors or stakeholders with more than 25% share in the company)
  • Proof of Address
  • Company registration documents
  • The Memorandum and Article of Association.
  • If the main administrator signing up is not a director, an authorisation letter on company letterhead with signatures from two company directors authorising the person to open an account on behalf of the company is required.

The Volopay website provides a list of required documents for businesses in Singapore, Australia, India, and Indonesia but not for businesses in the Philippines. For more information on the Philippines, please contact Volopay directly.

You can sign up for an account online via the registration page. Once you've submitted your application, Volopay will review it and may request additional documentation as part of their Know Your Business (KYB) process. However, we could not find any information on how long it typically takes for Volopay to approve new account applications.

The Ease of Opening an Account Rating for Volopay Is 4.5/5

Overall, the process of opening an account with Volopay is reasonably straightforward, especially given the online registration feature.

However, the lack of clarity on the KYB process duration and the missing information for Philippine businesses are areas that could be improved for a smoother experience. Hence, we rate the ease of opening a Volopay account 4.5 out of 5.

Volopay Alternative

  Volopay logo Statrys logo Aspire logo
Multi-currency Business Account yes yes yes
Eligible Countries Singapore, Australia, India, Indonesia, and the Philipines Hong Kong, Singapore, and the BVI 18 countries
Supported Currencies in Multi-currency account 11 currencies, such as SGD, USD, EUR, INR, GBP, and AUD. 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 No Information Available yes yes
Customer Support Channels Live chat Website, Email, Phone, Live Chat, WhatsApp, WeChat Live chat, FAQ pages, query forms.
Cards 1 physical card per user, and unlimited virtual cards 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 yes yes yes
Expense Management yes yes yes
Account Opening Time No Information Available 3 business days 3 business days
Accounting Software Integration yes yes yes
Trustpilot Reviews 4.4/5 based on 12 reviews 4.6/5 based on 240 reviews 4/5 based on 23 reviews.
FX Rate Not specified Based on live mid-market rates Mid-market rate
FX Fee Not specified As low as 0.15% (depending on exchange volume) Not specified

🔎 Note: Seek more options? Take a look at our dedicated Business Account Reviews and see which one fits best for your business.

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


What is Volopay?

Volopay is a payment services provider that allows you to combine your business payments and invoicing into one simple-to-use solution. The platform includes a multi-currency business account, invoice management, accounting integrations, employee reimbursements, and vendor payouts.

Where is the headquarters of Volopay located?


Is Volopay a bank?


Who can open a Volopay account?



More info

Statrys competes directly with Volopay in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.

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