DBS vs Airwallex: Compare fees, features & benefits

Beyond daily payment operations, you need an easy and cost-effective way to handle multi-currency payments and fund transfers, especially as you expand into new markets. In this context, it's important to choose the right financial partner, which can include learning how traditional banks differ from fintech firms in Singapore.

Below, we’ll cover the differences between DBS and Airwallex, highlighting their features. Beyond daily payment operations, you need an easy and cost-effective way to handle multi-currency payments and fund transfers, especially as you expand into new markets. In this context, it's important to choose the right financial partner, which can include learning how traditional banks differ from fintech firms in Singapore.

What is DBS?

DBS Bank¹ is a leading financial services group headquartered in Singapore, offering various business banking solutions to retail, SMEs, and large corporations. It serves the logistics, healthcare, and other business sectors with services like trade finance, cash management, and corporate lending.

What is Airwallex?

Founded in 2015, Airwallex² is a financial and payment platform that empowers over 100,000 businesses worldwide with its extensive global payment and financial management solutions. While DBS boasts an established local presence with a comprehensive suite of traditional banking services and strong regional influence, Airwallex excels in agile, tech-driven solutions that cater to the dynamic needs of global startups and eCommerce businesses, making it an attractive choice for those seeking affordable yet cutting-edge financial management and cross-border payment capabilities.

Compare DBS and Airwallex in Singapore: Features and benefits

How do DBS and Airwallex compare in features and benefits, specifically focusing on financial payment solutions? Aside from a comprehensive range of traditional banking capabilities, DBS offers domestic transfer services in Singapore, providing instant and same-day transactions that benefit local businesses and consumers. Its business debit card range also comes with added perks such as free corporate liability insurance. 

Airwallex, however, leads as an end-to-end solution for global transaction and payment capabilities, featuring a powerful payment gateway. Supporting over 150 countries and a broad range of currencies, its cross-border payment offering suits businesses operating internationally better. Airwallex allows businesses to receive, hold and pay out in the same currency, has clear and competitive fees, and integrates with many popular eCommerce platforms like Shopify and WooCommerce.

The table below highlights the features for both providers, related to SMEs.

Source: DBS and Airwallex as of 23 Sep 2024

Airwallex has a significant advantage with multi-currency accounts in over 20 currencies, complete with local bank account details. It might be good for you if you do a lot of international transactions. It has a worldwide payout system, with over 120 countries that can complete transfers on the same day or instantly. In contrast, DBS’s coverage through Outward Telegraphic Transfers may lead to longer payment processing times, making it less ideal for businesses requiring quick transactions.

The advantage in payout speed further tilts toward Airwallex, as it uses local payment rails for more than 90% of its transactions. This allows for faster processing times compared to DBS, which, while offering instant payouts between its accounts in select Asian markets, still has varying transfer times for other transactions.

Lastly, Airwallex offers robust tools for expense management, approval workflows, and seamless integration with popular accounting software.It also provides an extensive payment gateway to accept eCommerce payments across 180+ countries, streamlining financial operations for businesses with international reach. DBS focuses on trade finance, capital markets and financial expertise by industry, serving companies that need tailored banking services and solutions. It supports traditional QR code payments for retail rather than eCommerce.

DBS vs Airwallex payment features: A deep dive

Transfers

DBS

• Instant and same-day domestic transfers within Singapore

• Global transfers are instant via DBS PriorityPay (DBS account holders) across Singapore, Hong Kong, China, Taiwan, India, Indonesia, Australia, and Vietnam with S$0 cable or telex charges

•  Transfers may take one to four days via SWIFT, which covers 40+ currencies across its network

Airwallex

• Payouts available in more than 150+ countries, with 120+ using local payment systems. 

• Over 90% of transactions use local rails instead of SWIFT, with around 90% of funds delivered within a few hours or on the same day. 

• About 65% of global transactions are processed instantly.

Payment gateway and links

DBS

• 3-D Secure credit card verification

• Omni-payment acceptance channels and services

• Limited eCommerce integrations

Airwallex

• Collects online payments in 180+ currencies across 180+ countries

• Seamlessly integrates with major eCommerce platforms like Shopify, WooCommerce, and Magento

Cards

DBS

• Competitive bank rates when converting currencies across 200+ countries and territories. No hidden international transaction fees.

• 2% unlimited cashback for B2B transactions, min spending S$2,000 until 31 Oct 2024

• Complimentary corporate liability insurance of up to US$1.65 mil per company

Airwallex

• Send and convert money to over 200 countries without international transaction fees or hidden charges, wherever Visa is accepted

• Free multi-currency cards across 40+ markets

• Save on unnecessary conversion fees when you spend in 20+ currencies, linked to Airwallex’s multi-currency wallet

• Links to expense management tools for tracking, controlling and approving employee spending worldwide

• 1% local and international unlimited cashback

Read more: Compare the best business bank accounts in Singapore for 2024

Compare DBS and Airwallex in Singapore: Fees

The table below outlines fees related to accounts, transfers, foreign exchange markups, and more. 

Source: DBS pricing guide¹³ & Airwallex pricing guide¹⁴ as of 23 Sep 2024

How does DBS charge fees?

Learn more about DBS’ fees to better understand how it may affect your transfer costs. 

DBS’ domestic fees

Transfers from a DBS account using DBS IDEAL are free for up to the first 30 transactions each month. After that, there's a charge of S$1 per transaction. DBS does not charge monthly account fees, but there is an annual account fee of S$50. To avoid a monthly fee of S$40, you'll also need to keep an average balance of S$10,000, which can restrict full access to your cash flow. However, DBS debit cards are free and don’t have annual fees.

DBS’ international fees

Like many local banks, DBS also charges a S$10 fee for inward remittance transfers, which can become costly as your business expands and you receive more funds from abroad. Keep in mind that as the foreign exchange markup is also not publicly available, you may not know the full breakdown of your foreign transfers’ cost. Outward telegraphic transfers come at a flat fee of S$30, but may be subject to agent fees on top of the fixed fee.

While DBS offers free domestic transfers and no monthly account fees, the higher and less transparent foreign exchange markups and international transfer fees could be a drawback for businesses with significant international dealings.

How does Airwallex charge fees?

Here’s a more detailed look at the local and international fees Airwallex charges to Singapore businesses.

Airwallex’s domestic fees

Airwallex comes with no monthly fees, regardless of how many multi-currency accounts you open. It also provides free domestic transfers and free physical and virtual debit cards, making it beneficial for businesses needing cost-effective local transactions and multiple payment options.

Airwallex’s international fees

In comparison with DBS, Airwallex stands out by bypassing costly international SWIFT fees and offering greater transparency. Airwallex uses local payment rails in over 120 countries, providing zero to low fees for international transfers, a significant cost-saving advantage. For example, in foreign exchange markups, Airwallex indicates it has a clear markup of 0.4% - 0.6% on its pricing and fees webpage. Airwallex customers can find this advantageous, as they can always anticipate the full breakdown of their foreign exchange markups. 

Airwallex also offers free virtual and physical debit cards, significantly reducing costs for global operations.

Airwallex is your partner in global payment and financial solutions

As your business expands beyond Singapore’s borders, you’ll need a global payments partner that synergises with your current bank. Airwallex offers an avenue to make swift global transfers at a fraction of the cost, thanks to its collaboration with local payment networks that save on hefty transfer fees. In addition to global transfers, our suite of financial products is designed for growing businesses and large enterprises. This includes a powerful payment gateway and comprehensive expense management solutions to simplify global finance operations and processes.

Leverage multi-currency accounts in 20+ currencies and navigate conversion fees, all while having full control over all your accounts on a single platform. Receive payments directly in the currencies your customers use, knowing that your funds are secure and protected with bank-level security and end-to-end encryption.

More than 100,000 businesses have successfully entered new markets with Airwallex. Discover why our customers like SHOPLINE, Wine Kin, and Saturday Club trust us as their go-to partner for secure, transparent and efficient global payments.

Sources

1. https://www.dbs.com/default.page

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

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

4. https://www.dbs.com.sg/documents/276102/282852/telegraphic-transfer.pdf/30725769-11f2-e338-62da-17a5eec6024a?t=1567066165535

5. https://www.dbs.com.sg/documents/276102/282855/pricing-guide.pdf

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

7. https://www.dbs.com.sg/sme/day-to-day/payments.page

8. https://www.dbs.com.sg/sme/day-to-day/business-cards/dbs-visa-business-advance-debit-card

9. https://www.dbs.com.sg/documents/276102/408379074/Terms+and+Conditions+Governing+DBS+Business+Advance+Plus+Cashback+Programme.pdf/

10. https://www.dbs.com.sg/sme/max

11. https://www.dbs.com.sg/corporate/solutions/ideal/comprehensive-services

12. https://www.dbs.com.sg/personal/bank-with-ease/contact-us

13. https://www.dbs.com.sg/documents/276102/282855/pricing-guide.pdf

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

Disclaimer: 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.