Written by Bertrand Théaud, Founder
20+ years in Asia as a corporate lawyer, investor, and fintech founder. I've sat on both sides of the table and seen the same avoidable mistakes hit founders again and again. The reviews and articles I write are for founders who'd rather skip the mistakes.
Last reviewed by April 2026.
Key Takeaways
SingX is built for one core job: cross-border payments and supplier transfers, both B2B and B2C. If that's your main need, it does it well. But it's not a full business spending tool.
SingX's business page claims zero FX markups, but publishes no pricing breakdown.There is no public pricing page.You cannot compare SingX fairly against other providers until you're already in their onboarding process.
SingX has no business debit cards. Team spending, software subscriptions, and operational purchases can't be managed through this account.
If you run a Singapore business that pays overseas suppliers or receives international payments, you've probably come across SingX and its headline claim: "zero FX markups." It sounds compelling — but whether it actually delivers for your business depends on a lot more than the exchange rate. There are questions worth asking about who it is built for, what the account can and cannot do, and where other providers might serve you better.
This guide covers how the SingX business account works, who qualifies, and whether it's the right fit for your business.
Disclosure: This article is based on SingX's official product pages, and analysis of 2,000+ Google reviews. Statrys operates in the same market as SingX in Singapore, so I have a conflict of interest here — I have tried to be factual and let the data lead.
SingX for Singapore SMEs: Good Fit vs Not a Good Fit
✅ SingX is a good fit if:
- You send international payments regularly and want to avoid traditional bank FX markups
- You pay suppliers or employees across multiple countries
- You want to route supplier payments through your credit card to earn air miles
⚠️ SingX may not be right if:
- You need to see transparent, published pricing before you apply — for budgeting or cost comparison
- Your team needs business debit or expense cards for day-to-day spending
- You need integrated spend management or accounting reconciliation tools
What Is SingX?
SingX is a Singapore-based fintech company founded in 2014. It began as a money transfer platform and has since expanded to offer business solutions, including the “SingX Global Bank Account”
Despite its product being named a Global Bank Account, SingX is actually not a bank. SingX is licensed as a Major Payment Institution by the Monetary Authority of Singapore (MAS). This allows the company to hold funds, process international payments, and provide currency exchange services efficiently.
In addition to Singapore, SingX is also licensed to operate in Hong Kong and Australia.
SingX Business Account: Key Features
SingX is designed to support both B2B and C2C transactions, making it a flexible option for businesses that need to handle payments across different types of customers and partners. It mainly focuses on multi-currency accounts, global pay-ins, and payouts to simplify international money movement.
Below are the key features.
| Feature | Detail |
|---|---|
| Multi-currency holding | 15 major currencies, including USD, EUR, GBP, HKD, and CNY |
| Pay-Ins | Receive payments locally in Singapore, Hong Kong, Indonesia & Australia, or via SWIFT (international wire transfer network) in all major currencies (USD, EUR, GBP, CNY and more) |
| Pay-Outs | Local payouts to 60+ countries; SWIFT payments to 180+ countries, all major currencies |
| FX conversion | Convert currencies inside your account. SingX claims zero FX markups and minimal service fees |
| Access to finance via credit card payments | Pay suppliers using your business credit card — including suppliers who do not accept cards. Up to 55 days interest-free. |
| Customised solution available | Single ad-hoc payments, bulk Excel uploads for mass payments, or full API automation |
You can also book a demo to get a complimentary consultation for you and your team, where you can explore the platform’s features and estimate how much your business could save by using SingX.
What’s missing: SingX does not mention offering business debit cards, virtual cards for team spending, or expense management tools. If you need cards to manage employee expenses, software subscriptions, or operational costs, it may not be the right fit.
SingX Fees: What Does SingX Actually Charge?
SingX's business page states "zero FX markups and minimal fees." That is the full extent of the public pricing information.
There is no pricing page for the business account. The only way to know what your transfers will actually cost is to go through their onboarding process and speak with a business manager.
Want transparent pricing? Statrys offers multi-currency payments, international transfers, and competitive FX — with fees starting from 0.1% and a full fee schedule you can read before you apply. Learn more about Statrys Singapore multi-currency business account.
How to Open a SingX Business Account
SingX describes a three-step process:
- Submit your details - Start by filling in the application form with your name, work email, and phone number. Your phone number does not need to be from Singapore. You may also need basic business information such as your company name, registration number (UEN number or local equivalent), and a short description of your business activities.
- Speak with a SingX business manager - After submitting your details, a SingX business manager will contact you and guide you through the verification process.
- Submit your documents - Provide the required business documents for review. According to SingX, accounts are typically opened within 1 to 2 business days after all documents are submitted.
Who can apply
SingX accepts applications from companies registered in most jurisdictions — including Singapore-incorporated companies, foreign-owned companies, SMEs, startups, and larger corporates — as long as the business activities fall within their compliance guidelines.
Documents you will likely need
SingX does not publish a required documents list on its website. Based on standard MAS-regulated payment institution requirements for business accounts, prepare the following:
- Business registration or business profile documents
- Certificate of incorporation
- Identity documents and proof of address for all directors and major shareholders
- A brief description of business activities
SingX's 1–2 business day timeline likely refers to their account review after documents are submitted. The full process — document collection, any back-and-forth with the compliance team, and account activation — may take longer depending on your company structure and jurisdiction.
SingX User Reviews: What Clients Are Saying
SingX holds a 4.5 out of 5 rating based on more than 2,000 Google reviews as of April 2026.
Positive feedback highlights competitive exchange rates, reliable international transfers, and responsive customer support. On the downside, some users say fees are relatively high, the app can be hard to use, and certain support issues remain unresolved.
While the overall rating on Google is strong and based on a large number of reviews, there is limited feedback available on platforms like Trustpilot or app stores, making it harder to get a broader view across different sources.
SingX Alternatives for Singapore SMEs: Statrys
SingX handles the core job well — multi-currency payments, a wide payout network, and competitive FX. What it doesn't give you is visibility into pricing before you apply, or any integration with other business tools and software.
Statrys can close those gaps.
Founded in 2020, Statrys is a modern payment solution for businesses incorporated in Hong Kong, Singapore, or the British Virgin Islands (BVI). It is licensed as a Major Payment Institution in Singapore.
You get multi-currency payments in 11 currencies with FX fees starting from 0.1% and a fee schedule you can read before you sign anything. Beyond the payments layer, Statrys connects directly to Xero for accounting — syncing transactions automatically so reconciliation doesn't pile up at month's end — and links to marketplaces and payment processors, including Shopify, Stripe, and PayPal.
Furthermore, pay-per-use accounting services are built into the same account. And every Statrys client gets a dedicated account manager — not just for onboarding, but as an ongoing contact when something needs sorting.
Statrys serves 10,000+ businesses across Hong Kong and Singapore and has processed over $7 billion in transfers. 96% of clients open their accounts within 3 business days, entirely online.
Was this article helpful?
Yes
No
FAQs
Is SingX a bank?
No. SingX Singapore Pte Ltd is a Major Payment Institution licensed by MAS (Licence No. PS20200369) under the Payment Services Act 2019. It can hold, send, and convert money across borders but does not offer savings accounts with interest, loans, or coverage under Singapore's Deposit Insurance Scheme. For cross-border business payments, this distinction rarely affects day-to-day operations — but it matters if you are looking for a specific product like lending.
How much does SingX charge for business transfers?
SingX claims zero FX markups on its business product page but does not publish a full pricing breakdown. Transfer fees and service charges are not disclosed. To get accurate pricing for your use case and transaction volume, contact their business team or request a demo at singx.co/business.
What currencies does SingX support for businesses?
SingX can hold 15 major currencies. These include USD, EUR, GBP, HKD, and CNY, among others. Local payouts reach 60+ countries, and SWIFT transfers reach 180+ countries.
Is SingX safe for business payments in Singapore?
Yes, within the scope of what a regulated payment institution provides. SingX Singapore Pte Ltd is licensed by MAS to provide its services. Your funds are not covered by deposit protection — as with all payment institutions — but the MAS regulatory framework governs how client funds are handled.
What is the best SingX alternative in Singapore for SMEs?
For SMEs that need transparent pricing, direct support and integration, Statrys is the closest comparable option in Singapore. Statrys support multi-currency holding, international payments, and integration with accounting apps and services. FX fees start from 0.1%. 96% of clients open their accounts within 3 business days. Compare pricing at statrys.com/sg/pricing before you apply.
Disclaimer
Statrys competes directly with SingX in the Hong Kong and Singapore payment industry, but we're committed to providing an unbiased, thorough review to help you make an informed choice.
