Top 6 Aspire alternatives: compare fees, features & benefits

Whether you’re a start-up or an established business operating internationally, it’s important to choose the right business account for managing your day-to-day finances. Aspire is a fintech company based in Singapore that offers financial payment solutions for businesses, including multi-currency accounts and cards. In this article, we’ll compare Aspire to other popular alternatives like Airwallex, which is an end-to-end financial operations platform, highlighting their fees, features, and benefits, to help you make an informed decision for your business needs.

What is Aspire?

Aspire is a Singapore-based fintech company that aims to offer an integrated financial solution for businesses. They enable businesses to open business accounts in 5 currencies, send and receive international payments, and access expense management tools to improve their finance operations.

The platform supports conversions in 30+ currencies and offers competitive exchange rates for international transactions. However, as Aspire relies on Wise, their third-party partner, for making international transfers, this may result in additional handling fees and slower transaction times for businesses.

The top 6 alternatives to Aspire

Here are the top alternatives for Aspire:

• Airwallex: An end-to-end financial operations platform designed to help businesses scale globally. With over 60 licenses worldwide, we offer multi-currency accounts, cost-effective international payment solutions, and payment gateway services that enable businesses to accept customer payments in 180+ countries. 

• Wise: A UK-based fintech company that offers international money transfer services for both individuals and businesses. With over 10 million customers worldwide, Wise offers multi-currency business accounts, near mid-market exchange rates, and company debit cards at a small account set-up fee.

• YouBiz: A multi-currency business account developed by Singapore-based fintech company YouTrip. They offer corporate cards with 0% FX fees on spending across 150+ currencies.

• Wallex: A Singapore-based international FX and payments platform. They offer multi-currency accounts in 13+ currencies, as well as cross-border transfer services with competitive foreign exchange rates.

• WorldFirst: A cross-border payment service provider that supports businesses with global transfers, especially payments to China. They were founded in the UK in 2004 and were acquired by Jack Ma's Ant Group in 2019.

• OCBC: A leading bank in Singapore with a strong presence across Southeast Asia, with branches in Malaysia, Indonesia, and China. They offer three main business accounts solutions for businesses of different sizes. Compared to fintech companies like Aspire and Airwallex, OCBC charges a bank commission for processing international transfers.

Compare the top 6 alternatives to Aspire

Why choose Airwallex over Aspire?

As your business expands across borders, Airwallex is uniquely equipped to help streamline your financial operations. Backed by more than 60 licenses worldwide, we provide extensive global coverage to ensure smooth cross-border transactions.  

• Proprietary Financial Network: Unlike Aspire, which relies on Wise to facilitate its cross-border transfers, Airwallex has its own global financial network and infrastructure. This means faster and more cost-effective international payments with near mid-market exchange rates. 

• Comprehensive Multi-Currency Accounts: While Aspire offers business accounts in only 5 currencies, in comparison, Airwallex enables you to open accounts with local bank details in 23+ currencies in 60+ countries. This flexibility lets you receive, hold, and pay out funds in the same currency, avoiding unnecessary conversion fees and maximizing cost efficiency.

• Cashback: For managing company expenses, when spending with Airwallex’s multi-currency corporate card, you can enjoy unlimited 1% cashback on all eligible spending. On the other hand, Aspire only offers 1% cashback on digital marketing and SaaS spend.¹⁴

• Payment gateway: Furthermore, using Airwallex’s payment gateway, a feature that isn't available yet with Aspire, you can collect payments the currency your customer pays in, and settle into another without the need for an immediate conversion. 

• Avoid double conversion fees: Funds can be stored in multi-currency accounts for future payments to global suppliers, avoiding double-conversion fees and further reducing costs.

By leveraging these features, businesses can boost profitability through lower conversion fees, maintain price consistency across markets, and significantly reduce overall transaction expenses.

See the table below for a more detailed comparison between Airwallex and Aspire.

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

When considering alternative providers to Aspire, ask yourself these questions to compare their fees and benefits:

• Which currencies can I open a business account in?

• Which countries can I send money to and in which currencies?

• What is the fee structure for sending and receiving money?

• What is the currency conversion fee?

• How long does an international transfer take? 

• Are there any hidden fees that I should be aware of?

• Do you offer corporate cards?

• Do you offer online payment services like payment gateways?

• Do you offer automation features or AI-powered tools?

• What customer support options are available?

• Are you licensed to operate in Singapore and regulated by the MAS?

Choose Airwallex as your business' end-to-end financial solution

Expand your global reach and scale your business with Airwallex.

Airwallex offers extensive global transfer coverage and competitive FX rates, designed to support businesses in managing cross-border transactions efficiently. While Aspire claims to be an all-in-one business account, Airwallex provides a broader range of financial solutions, including greater access to local payment networks as well as more diverse and cost-effective payment options. With Airwallex’s end-to-end capabilities, businesses can minimise costly conversion fees for sending and receiving funds and save time by handling all payments in one place. 

While Aspire may be a suitable option for businesses just starting out in international trade, Airwallex is designed to grow with you. Offering scalable financial solutions from multi-currency accounts to global payouts and payment gateway services, Airwallex supports businesses of all sizes. Whether you're just launching or expanding into new markets, Airwallex provides the tools you need to streamline your financial operations and scale seamlessly.

Sources

1. https://wise.com/sg/business/ 

2. https://www.you.co/biz/multi-currency-accounts/ 

3. https://www.wallex.asia/en-sg/business-solutions/multi-currency-wallets 

4. https://www.worldfirst.com/sg/product/collect/ 

5. https://www.ocbc.com/business-banking/smes/accounts/multi-currency-business-account 

6. https://aspireapp.com/global-payments 

7. https://youbiz.zendesk.com/hc/en-us/articles/6332633631001-How-do-I-send-money-overseas 

8. https://www.wallex.asia/en-sg/business-solutions/global-payments 

9. https://www.worldfirst.com/sg/product/pay/pay-business-partners/ 

10. https://www.ocbc.com/business-banking/smes/transactions/making-payments 

11. https://help.aspireapp.com/en/collections/9291524-sending-receiving-transfers  

12. https://aspireapp.com/global-payments 

13. https://help.aspireapp.com/en/articles/9278459-guide-to-sending-international-transfers-from-aspire-sgd-account 

14. https://aspireapp.com/corporate-card 

15. https://aspireapp.com/pricing 

16. https://help.aspireapp.com/en/articles/9291532-guide-to-creating-payment-links 

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.