ANEXT vs Airwallex: Compare fees, features and benefits

ANEXT and Airwallex offer varying financial and payment solutions to businesses in Singapore, but which of the two aligns best with your business needs? Understand the fees, features, and advantages of both to guide you in making an informed choice.

What is ANEXT?

ANEXT Bank¹, a subsidiary of Ant Group, is a digital wholesale bank based in Singapore that began operations in 2022. It focuses on micro, small, and medium enterprises (MSMEs), offering services such as unsecured business loans and multi-currency accounts. ANEXT aims to enhance financial inclusion for underserved businesses in Singapore, providing a user-friendly digital banking experience tailored to MSMEs.

What is Airwallex?

Airwallex² is a licensed fintech company established in 2015. It provides a range of financial products tailored for global businesses, including multi-currency global accounts and debit cards, a powerful payment gateway, foreign exchange services, and comprehensive global expense management. While it is not a bank, Airwallex is a financial platform that simplifies global payments for businesses of all sizes.

Although both organisations are fintechs, Airwallex operates as a global payments and financial services platform for businesses, while ANEXT functions as a digital bank focused on serving MSMEs in Singapore with banking solutions.

Compare ANEXT and Airwallex in Singapore: Features and benefits

How different are ANEXT and Airwallex? The table below compares the two, focusing on their business accounts, integrations, payout coverage, and more.

Source: ANEXT¹ & Airwallex² websites as of 23 Sep 2024

ANEXT offers a simple banking solution through three business accounts that can be used for many currencies. These accounts are useful for small and medium-sized businesses (SMEs) who want fast, domestic transactions, like same-day or real-time transfers through FAST and MEPS. ANEXT also provides business loans for up to S$500,000 and fixed deposits at a minimum of US$5,000.

In comparison, Airwallex functions as a comprehensive payment and financial platform for businesses with global aspirations. With capabilities such as payment links, payment gateways, expense management, and extensive integrations that simplify global finance functions, Airwallex is ideal for businesses requiring comprehensive financial solutions and automation to manage their finance functions.

ANEXT vs Airwallex payment features: A deep dive

Here’s a detailed comparison of ANEXT and Airwallex to help you determine which one suits your needs.

Transfers

ANEXT

• Overseas transfers in nine currencies via SWIFT and free domestic transfers in Singapore via FAST, GIRO, MEPS and PayNow

Airwallex

• Cost-effective international transfers to 150+ countries in 60+ currencies at interbank rates

• 85% of transfers arrive the same day

• Domestic and international transfers to 150+ countries

Approval workflows

ANEXT

• Single or dual control

Airwallex

• Multi-layered approval workflows, customisable based on specific transfer amounts

• Set user permissions for employees and third-parties, including ‘view only’ access

Bulk payments

ANEXT

• Available in SGD local transfers, with a max of 100 transfers per batch payment

Airwallex

• Batch transfers to up to 1,000 recipients across transfer methods, currencies, and countries

Security features

ANEXT

• Internationally recognised encryption and multi-layered security measures 

• Three-factor authentication (3FA) comprising a log-in password, one-time password (OTP) and facial verification for every transaction authentication

Airwallex

• 3-Domain Secure authentication provides an extra layer of security, protecting against fraud when accepting online card payments

• Funds are secure using end-to-end encryption and bank-level security

• Every transaction is verified with multi-factor authentication for added security

The key difference between Airwallex and ANEXT is in its transfers. ANEXT enables free local transfers across four local payment modes, while Airwallex provides local and international transfers across 150+ countries at interbank rates and low fees. Aside from that, Airwallex offers up to 1,000 transfers for bulk payments globally, while ANEXT allows up to 100 transfers per local batch payment. 

Compare ANEXT vs Airwallex in Singapore: Fees

Source: ANEXT pricing guide³ & Airwallex pricing guide⁴ as of 23 Sep 2024

*Fee imposed by agent banks & overseas banks not included

How does ANEXT charge fees?

Like Airwallex, ANEXT's business account and local transfers are free.

Funds received in currencies other than CNH, SGD, or USD will be automatically converted to USD and credited to your USD account. This process could limit your control over holding funds in your preferred currency and expose you to foreign exchange fluctuations. Although it’s free to receive funds with ANEXT, agent banks and overseas banks may still impose fees, which could eat into your funds.

How does Airwallex charge fees?

Airwallex’s business account operates without any monthly fees, charging only for the transactions you conduct. Transaction fees apply and may differ, based on whether the transaction is domestic or international, if currency exchange occurs, or on the transfer method.

Airwallex’s domestic payment fees

Local FAST transactions in SGD are free of charge.

Airwallex’s international payment fees

Airwallex offers local transfers in over 150 countries with zero or low transaction fees. It also has a competitive foreign exchange markup, making it advantageous for clients dealing in various currencies across multiple countries. 

SWIFT transfers are available at a flat rate:

• SHA (shared cost with recipient): S$20 per payout

• OUR (sender bears costs): S$35 per payout

Simplify global payment processes with Airwallex

With the growth of cross-border trade, traditional payment methods are increasingly seen as slow, costly, and risky, with increasing challenges like currency fluctuations, processing delays, fraud, and transfer errors..

Airwallex alleviates all these challenges while offering an optimised approach to business payment management. From opening both domestic and international accounts with local bank details in minutes to facilitating payouts in over 150 countries—with 90% of funds arriving the same day—your business can maintain a dynamic cash flow without the delays of traditional payment methods. Serving over 100,000 businesses worldwide, Airwallex processes an impressive US$90 billion in global payments annually.

Explore why customers like Saturday Club, Wine Kin, and SHOPLINE rely on us as their trusted platform for secure, transparent, and efficient global payments.

Sources

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

2. https://www.airwallex.com/sg

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

4. https://www.airwallex.com/sg/pricing#Payments

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.