Top 5 ANEXT alternatives in Singapore: compare fees, features & benefits

Digital banks like ANEXT help emerging Singapore businesses access financial solutions, often at lower fees than traditional banks. It provides essential banking services tailored to support small-to-medium enterprises (SMEs), but its solutions are still similar to those of traditional banks, which may not meet the complex needs of growing businesses. It’s worth exploring alternatives to ANEXT to ensure your business has the right financial tools to thrive locally and globally. 

Here’s a quick introduction to the ANEXT Business Account and the top 5 ANEXT alternatives. We’ll also explore why fintech firms like Airwallex’s all-in-one Business Account can be a better fit for businesses of all sizes.

What is ANEXT?

ANEXT Bank is a digital bank based in Singapore and a fully-owned subsidiary of Alibaba’s Ant Group. They provide financial services to micro-businesses and SMEs registered in Singapore and overseas.¹ Since its launch in June 2022, ANEXT helped various SMEs grow and expand their global operations through their Business Account, Business Loan, and Fixed Deposits. 

The top 5 alternatives to ANEXT

Your business's growth plans may require solutions like a payment gateway, corporate cards, or local currency accounts, which ANEXT doesn’t provide. So if you’re searching for alternatives to ANEXT in Singapore, you’ve come to the right place.

• Airwallex: An end-to-end payment platform engineered for businesses of all sizes. Our Business Account gives you instant access to various financial solutions, such as multi-currency accounts, corporate cards, Expense Management, bill payments, and a payment gateway. With Airwallex, you don’t need to have banking relationships in the markets where you operate, and you can manage all your payment needs on one platform.

• Aspire: A Singapore-based fintech firm that caters to SMEs. Unlike Airwallex, which has its own proprietary payments network, Aspire’s currency exchange and international transfers are powered by Wise. View our article comparing Aspire vs Airwallex to find out more.

• DBS: The largest bank in Singapore and Southeast Asia. They offer financial services like the DBS Business Multi-currency Account for small businesses. The Starter Bundle is designed to help newly incorporated businesses take off. 

• Green Link Digital Bank (GLDB): Singapore’s first digital bank.² They specialise in supply chain financing, which helps wholesalers and manufacturers access more working capital and ease cash flow pressures. 

• Wise: A UK-based fintech company that serves individuals and businesses. Like Airwallex, the Wise Business account helps businesses send payments and convert currencies using their mid-market rates. Wise also offers debit cards, batch payments, and accounting integrations. Unlike Airwallex, Wise doesn't offer a payment gateway or embedded finance.

Compare the top 5 alternatives to ANEXT

Let’s take a closer look at the top 5 ANEXT competitors and compare their features, fees, and benefits.

Why choose Airwallex over ANEXT?

Businesses of all sizes - including SMEs - can benefit from Airwallex’s all-in-one Business Account.

With just a few clicks, Airwallex lets you set up 23+ currency accounts with local bank details. You can receive foreign currency payments in 60+ countries as though you have a local bank account, which means no hefty SWIFT fees and no unnecessary conversion to SGD. On the other hand, ANEXT’s inward telegraphic transfers are still subject to correspondent bank charges and other hidden fees.¹²

Unlike ANEXT, Airwallex also has tools to simplify your financial operations. You can instantly issue multi-currency debit cards, make bulk payments, or start accepting payments on your eCommerce store. Through integrations with accounting software like Xero or Quickbooks, Airwallex can automate various manual tasks such as receipt submissions and accounting reconciliation. 

As you can see from the table below, Airwallex is the all-in-one solution that provides multi-currency accounts, lower international transfer fees, Borderless Cards, Expense Management, and eCommerce payments.

For an in-depth analysis, view our article comparing ANEXT vs Airwallex.

What questions should I ask when choosing alternative providers to ANEXT?

Here are 10 questions to consider when exploring alternatives to ANEXT.

• How many currency accounts do you offer, and what are the currencies? Your provider should have currency accounts for the markets you do business with so you can avoid unnecessary currency conversions and minimise foreign exchange risk.

• What are the fees for receiving and sending overseas transfers? Hidden fees like cable charges can cut into profits, so make sure to compare fee schedules across providers.

• Do you have an affordable alternative to Swift transfers? Fintech firms like Airwallex give businesses the option to use local payment rails instead of Swift for transfers to 120+ countries. This treats your transfer like a local transfer, which means 90% of transfers arrive on the same day and have close to zero fees. 

• What ongoing account fees do you charge? Ask about monthly maintenance fees, transaction costs, or any ongoing charges.  

• What are the foreign exchange rates for international transactions? Providers often have different FX rates, and small differences can add up for frequent international payments. Look for competitive rates to save money on cross-border transactions.

• What other payment services do you offer? Having several payment services in one account reduces the complexity of juggling multiple providers and offers better visibility into your overall financial operations.

• Can you handle bulk payments? If your business frequently pays multiple vendors or employees, confirm if the provider supports bulk transactions and how many you can send at once.

• Do you support integrations with accounting software like Xero or Quickbooks? Connecting your accounting software streamlines bookkeeping and automates your manual reconciliation.

• What are your security credentials? A provider that is licensed by the Monetary Authority of Singapore (MAS) ensures your business meets legal requirements and protects against financial risks like fraud and data breaches.

• Do you offer scalability as my business grows? Look for a provider that can adapt to your evolving needs. This ensures seamless operations without requiring frequent changes in providers.

Consider Airwallex’s end-to-end financial solution for your growing business

Digital business accounts help businesses grow, especially SMEs that might lack the funds or resources to cover full banking fees. Compared to legacy banks like DBS or OCBC, business accounts in digital banks like ANEXT can offer lower rates for services like business loans or international transfers. However, businesses often have needs that traditional banking services can't fully address.  

That’s why an all-in-one financial platform like Airwallex can be an excellent alternative to ANEXT. The Airwallex Business Account brings essential financial tools and payment services into one dashboard. This simplifies operations, saves time, and ensures businesses can focus on scaling without the hassle of managing multiple providers.  

With over 100,000 customers around the world, Airwallex has the following benefits:

• Global account opening: Instantly open accounts in over 60 countries without needing local bank accounts.

• Cost-effective transfers: Enjoy low or zero fees on international transfers to 120+ countries using local payment rails.

• Rapid transfer speeds: Achieve same-day transfers for 90% of transactions.

• Free domestic transfers: Send transfers within Singapore at no cost.

• eCommerce payment gateway solution: Accept payments globally from 180+ countries using 160+ local methods like Alipay. With like-for-like settlement in 11 currencies, you can accept, hold, and payout in leading currencies like USD, saving fees and maximizing profits.

• FX risk management: Benefit from interbank rates for transfers across 150+ countries. 

• Unlimited cashback: 1% unlimited cashback on all local and international spend with the Airwallex Borderless Card, including categories like SaaS subscriptions or travel expenses. (Terms and conditions apply) 

Build a thriving global business with Airwallex today. Create a free account now, or view case studies that show how Airwallex fueled the growth of Singapore businesses like yours.

Sources

1. https://www.businesswire.com/news/home/20240605859058/en/ANEXT-Bank-Reports-a-Surge-in-Regional-and-Global-Presence-Among-Its-MSME-Customers

2. https://www.straitstimes.com/business/banking/green-link-launches-as-singapores-first-digital-bank

3. https://www.anext.com.sg/business-account

4. https://www.anext.com.sg/static/terms/feeschedule

5. https://aspireapp.com/business-account

6. https://help.aspireapp.com/en/articles/9276162-guide-to-sending-local-transfers-from-aspire-sgd-account

7. https://www.dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account

8. https://www.dbs.com.sg/documents/276102/282855/pricing-guide.pdf/0773e2ea-4475-834e-d328-8aa396d0679b

9. https://www.glbank.com/

10. https://www.glbank.com/data/tosend/resource/upload/GLDB-Fees-and-Charges.pdf

11. https://wise.com/sg/business/

12. https://www.anext.com.sg/static/terms/feeschedule

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.