Top 5 Wise alternatives and competitors in Singapore

Cross-border payments can drive up a business’s operating costs. Each international payment is subject to poor exchange rates and other hidden charges that can eat into your margins. 

Fintech firms like Wise address these issues with a simplified international payment solution for individuals and businesses. But is Wise the best fit for your business?

To find out, we’ll compare Wise business’ features, benefits, and fees against other business accounts. We’ll also cover why Airwallex is a compelling Wise alternative in Singapore, especially for global businesses who need an end-to-end financial operations platform.

What is Wise?

Wise is a UK-based financial technology company that simplifies global money transfers for individuals and businesses. Singapore enterprises can use Wise business to send and receive international payments at lower fees compared to banks. They can also use Wise to issue debit cards, track expenses, and make mass payouts. 

The top 5 alternatives to Wise

Although Wise helps businesses reduce their cross-border fees, it's important to explore alternatives to ensure the best possible fit. Different fintech firms have unique strengths and benefits, which make a significant difference in a company's financial operations. 

Here’s a quick overview of the top 5 alternatives to Wise Business:

Airwallex

Airwallex is an end-to-end financial operations system specifically engineered for businesses. With the Airwallex Business Account, you can access transfers and expense management as well as card issuance, and Global Accounts, all from a single dashboard. Airwallex offers fast, cost-effective international transfers to 150+ countries, with 120+ leveraging local rails. Over 90% of our transactions go through local rails (instead of SWIFT) with approximately 70% of funds arriving within the same day. 

Aspire

Aspire is a Singapore fintech firm that aims to help small-to-medium enterprises (SMEs) overcome barriers to international banking. They offer business accounts in 5 currencies, corporate cards, expense management, and local payroll payments. Aspire uses Wise’s platform to convert currencies and make international payments.

Revolut

Revolut is a UK-based financial technology company that’s been serving Singapore consumers since 2019. On August 2024, Revolut Business launched in Singapore¹ with services like multi-currency accounts, global transfers, debit cards, and expense management. 

PayPal

PayPal is one of the oldest digital payment platforms in the world. They specialise in digital wallets for consumers and have 300M PayPal account holders worldwide.² With the PayPal Commerce Platform, businesses can accept payments from customers and make electronic fund transfers.³

YouBiz

YouBiz is the business payments service offered by YouTrip and offers a corporate card, multi-currency accounts, and expense management for Singapore SMEs. While YouTrip focuses on individual travellers and online shoppers, YouBiz is designed to simplify foreign currency payments for Singapore businesses.

Compare the top 5 alternatives to Wise

Let's take a closer look at how these Wise⁴ alternatives stack up against each other. By considering these Wise alternatives, you can make more informed decisions about which solution serves your business’s unique needs.

Why choose Airwallex over Wise?

Airwallex is an all-in-one platform for managing cross-border payments and financial operations. 

Although Wise serves both individuals and businesses, Airwallex is specifically engineered for businesses and has tools to support their overseas growth and global operations. It offers an end-to-end payments solution that handles all aspects of the payment process, from eCommerce payments to international transfers. Our aim is to bring all your financial management needs into one platform, and cut down unnecessary conversion fees from multi-currency payments. 

While Airwallex and Wise share many features, such as local currency accounts and multi-currency debit cards, Airwallex has a eCommerce payment gateway Here’s a quick overview of the differences between the two.

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

Here are the top 10 most important questions for you to consider when choosing an alternative to Wise. Use these as a handy guide when doing your research.

• What's your fee structure? Watch out for account setup fees and hidden charges that might not be clearly addressed in the currency markup, as they can significantly increase your costs.

• What is the currency exchange markup? A platform with a higher markup can erode your profits. Compare exchange rate markups to ensure you’re getting competitive exchange rates that align with your business needs.

• Are there additional costs for large transfers? Fees can add up quickly and reduce the amount your recipient receives. Knowing these costs upfront helps you get the best value for every transfer.

• How extensive is the payout coverage? A platform with wide coverage will support your global operations more effectively, enabling you to manage finances across different regions without limitations.

• What currencies can be held in your business account? The ability to receive multiple currencies reduces the need for constant currency exchanges and helps you avoid double-conversion fees.

• What expense management services do you provide? Services like expense tracking, invoicing, and automated bill payments can streamline your financial operations and help you achieve efficiencies.

• Do you offer corporate and employee cards? Issuing debit cards linked to the fintech platform can streamline financial management by offering real-time tracking of transactions and better control over spending.

• What security measures do you have in place? Prioritise fintech platforms that offer robust security measures like end-to-end encryption, multi-factor authentication, and fraud detection.

• What integration capabilities do you offer? A platform that can easily integrate with your accounting software or eCommerce platform will automate many financial processes and enhance operational efficiency.

• What kind of customer support do you provide? Dedicated account management support can be valuable, especially for businesses with complex needs or high transaction volumes. Check if they offer support via phone, chat, or text channels.

Choose Airwallex for your business’ end-to-end financial operations

When it comes to taking your business beyond Singapore’s borders, Airwallex’s wide global reach can fuel your growth. While Airwallex and Wise are both known for making payments across borders, Airwallex's complete payment platform is designed specifically for growing businesses that need to manage payments and expenses around the world. With our all-in-one dashboard, businesses can manage payments, currency conversions, and other financial operations while saving on currency conversion and transfer fees.

We partner with local payment rails, which lets businesses enjoy zero or low cost international transaction fees when making non-SWIFT payments to 120+ countries. Tools like our multi-currency payment gateway also let you accept and hold payments in 11+ currencies, something Wise doesn’t provide.  

Wise provides straightforward global money transfers for consumers and small businesses, but scaling firms need more robust solutions. 

See how Singapore businesses like Wine Kin and Little Blossom used Airwallex to simplify their global financial operations.

Sources

1. https://britcham.org.sg/news/revolut-launches-revolut-business-singapore-aimed-empowering-local-businesses-all-sizes

2. https://www.statista.com/topics/2411/paypal/

3. https://www.paypal.com/sg/business

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

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

6. https://support.aspireapp.com/faq/to-which-countries-can-i-send-fx-transfers-from-my-sgd-account

7. https://help.revolut.com/business/help/receiving-payments/transfers-info/international-iban/

8. https://www.revolut.com/en-SG/business/business-account-plans/

9. https://www.paypal.com/sg/webapps/mpp/merchant-fees

10. https://thepaypers.com/online-payments/youbiz-rolls-out-global-transfers-to-over-140-countries--1259139

11. https://youbiz.zendesk.com/hc/en-us/articles/6188587658393-Is-there-a-fee-for-sending-money-overseas

12. https://wise.com/sg/business/receive-money

13. https://wise.com/help/articles/2524078/how-long-does-a-transfer-take

14. https://wise.com/sg/pricing/business

15. https://wise.com/gb/blog/integrate-accounting-software

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.