Youbiz business account: Learn about features, fees, and benefits for SMEs

YouBiz is a business payment product offered by YouTrip, offering multi-currency accounts, corporate cards, and expense management for Singapore SMEs. While YouTrip itself is more geared towards individual spending, especially frequent travellers, YouBiz is designed to help Singapore businesses send and receive money globally more easily.

By 2027, the global spending on digital transformation is projected to reach 3.9 trillion USD.¹ As more SMEs are embracing digital tools and doing business internationally, having a robust solution for managing cross-border payments has become more important than ever. YouBiz offers unlimited cashback and 0% FX fees on card spending, along with unlimited virtual and physical corporate cards. Additionally, it offers a comprehensive multi-currency expense management platform.

This article will explore the key features of YouBiz, highlighting its differences from YouTrip, and provide a step-by-step guide on how to open an account. It will also introduce Airwallex Global Account as an alternative digital business banking solution for not just Singapore businesses, but businesses of all sizes with international payment needs. Offering a transparent, low-cost fee structure, Airwallex enables businesses to receive payments across 180+ countries at ease.

YouBiz business account: Overview

The B2B cross-border payments market is substantially larger than its B2C counterpart and consumer-initiated cross-border payments are expected to grow nearly twice as fast.² YouBiz is a multi-currency finance platform designed to simplify and enhance business payments for SMEs. It offers businesses the tools to manage their global transactions more efficiently, while avoiding costly overseas transfer fees and expensive FX rates. Some of its key features include:

Multi-currency accounts in up to 9 currencies

With YouBiz, SMEs can open multi-currency accounts in up to 9 different currencies, including SGD, USD, EUR, GBP, JPY, HKD, AUD, CHF, and THB. This allows businesses to receive payments in different currencies and hold them without incurring conversion fees. By leveraging mid-market exchange rates, businesses can execute transactions without any FX markups, further reducing their currency conversion costs.

Unlimited virtual and physical corporate cards

YouBiz offers unlimited virtual payment cards and physical corporate cards, which can be assigned to employees for business-related expenses. These cards come with 0% FX fees on overseas transactions and offer unlimited 1% cashback rewards on all spending.

Expense management

The platform also provides an expense management system that allows businesses to track and manage their team's expenses more efficiently. This includes real-time visibility into employee expenditures and enhanced control over spending through individual employee cards with set spending limits. It also supports auto sync and seamless integration with Xero accounting software, reducing the need for paperwork.

Comparison: Youbiz vs other multi-currency accounts

Let’s compare the features of YouBiz to traditional banks in Singapore, including OCBC business banking and the DBS business account, as well as fintech providers like Airwallex. 

Based on publicly available information from YouBiz, Airwallex, OCBC, and DBS

*waived if minimum balance of $10,000 SGD is maintained

Alternative digital banking solution for international businesses: Airwallex Global Account

In comparison to YouBiz and many fintech providers, Airwallex is known for its all-in-one global payments platform that is designed for businesses operating internationally. With Airwallex's ability to accept payments through its payment gateway and make transfers to 150+ countries, businesses can expect greater savings on unnecessary conversion fees.

The platform also simplifies the management of cross-border transactions, allowing companies to avoid the complexities of juggling multiple platforms as they grow and scale. A survey on payment service providers revealed that the cost of payment processing ranks as the third biggest pain point. Additionally, 28% of respondents identified cross-border efficiency as one of their major concerns.³ As businesses are increasingly trading with overseas vendors and suppliers, they require a more agile and cost-effective cross-border digital payment solution. Airwallex addresses these needs by offering Airwallex Global Account, a multi-currency business bank account, which include:

• Local bank accounts in 23+ currencies including USD, AUD, CAD, CNY, EUR, GBP, and JPY

• Fast, low-cost international transfers to 150+ countries in 60+ currencies

• Same-day transfers via 110+ local payment networks

• Market-leading FX rates

• No account opening fees and minimum balance requirements

• Unlimited corporate multi-currency cards with 0% international transaction fees

• Global payment gateway that supports 160+ local payment methods

• Like-for-like settlement in 11+ currencies

The Airwallex Global Account enables businesses to receive, hold, and send money internationally with the same ease as local transactions. This eliminates the tedious and time-consuming need to open multiple bank accounts in different countries. Moreover, by partnering with local payment rails in 110+ countries, Airwallex facilitates fast and affordable international money transfers that bypass the traditional SWIFT network. This significantly reduces transfer times and eliminates costly intermediary bank fees, allowing up to 85% of transactions to be completed within the same day.

Additionally, Airwallex provides a powerful payment gateway for eCommerce businesses, enabling them to accept payments from global customers seamlessly — a feature that YouBiz does not offer. With simple plug-and-play integrations, it effortlessly integrates with popular platforms like Shopify, WooCommerce, and Magento, with no coding required. With Airwallex's like-for-like settlement, businesses can receive, hold, and settle payments in their preferred currency, eliminating the need for costly currency conversions.

Youbiz vs Youtrip: What’s the difference?

While YouBiz is a product of YouTrip, the two cater to different audiences.

YouBiz⁴

• Tailored for Singapore SMEs

• Unlimited virtual and physical corporate cards with 0% FX fees

• Multi-currency accounts supporting 9 currencies

• Remittance to 140+ countries with mid-market exchange rates

• Xero integration for automated expense tracking and management

YouTrip

• Primarily designed for individual users, such as travellers

• Multi-currency digital wallet with 10 wallet currencies. Unlike YouBiz’s multi-currency accounts, which offer a broader range of banking functions, YouTrip’s digital wallets are primarily designed for enabling purchases and do not allow users to transfer funds to other bank accounts

• Like YouBiz, YouTrip also offers multi-currency cards with 0% FX fees

Why choose YouBiz for your business?

Local support

Based in Singapore, YouBiz is dedicated to serving Southeast Asian SMEs by addressing their unique needs and challenges. Through their partnerships with local financial providers, such as Singapore's Lendingpot and Thailand's KBank, the platform provides tailored financial solutions designed to help the region's businesses thrive in a competitive landscape. With dedicated customer service, including a local Singapore hotline and email support, YouBiz ensures timely and efficient assistance to its customers.

Similarly, while Airwallex operates as a global network with 60+ licences and permits, their local offices in various countries including Singapore, Hong Kong, Australia, and the US ensure that businesses receive local support.

Save on international transactions

If your business is involved in international transactions, Youbiz offers a multi-currency account that supports up to 9 currencies, including SGD, USD, EUR, GBP, JPY, HKD, AUD, CHF, and THB. One of the key advantages of having a multi-currency account is the ability to save on FX rates. For instance, businesses that frequently pay suppliers in different countries can hold and manage funds in various currencies, avoiding constant and costly foreign exchange fees. Similarly, those with overseas payroll obligations can seamlessly manage salaries in the local currency of their employees, ensuring timely and cost-effective payments. eCommerce businesses, especially those serving an international customer base, can easily accept payments in their customer's local currencies, offering convenience to customers while avoiding hefty currency conversion fees during payouts.

Additionally, like Airwallex, YouBiz offers unlimited 1% cashback on all card spending, including overseas transactions, further reducing the cost of international business expenses. However, businesses should be cautious of foreign transaction fees when using YouBiz to send money abroad. While the platform offers free local payments via FAST, it charges a fee for international transfers.⁵ On the other hand, the Airwallex Global Account not only offers free local FAST transfers, it also supports over 23+currencies and provides free or low cost international money transfers through their partnerships with local payment rails in 110+ countries. By bypassing the SWIFT network, it effectively helps businesses minimise their international transaction costs.

Expense management

YouBiz provides expense management features that enables businesses to monitor their spending more efficiently through a unified platform. Using YouBiz, companies can issue unlimited employee cards, both virtual and physical Mastercards, to any team member who needs one and set custom spending limits for each employee. This allows managers to gain better control and real-time visibility over individual and team expenditures. It also helps to streamline the expense reimbursement process, reducing out-of-pocket expenses from employees and the administrative burden of tracking receipts manually. 

Additionally, YouBiz seamlessly integrates with Xero, which can be easily set up from your YouBiz dashboard. Once connected, your card transactions, pay-ins, and payouts will automatically sync with Xero.⁶ However, if your business uses another accounting software like Quickbooks or NetSuite, you will not be able to take advantage of this integration benefit.

On the other hand, Airwallex offers end-to-end expense management for businesses to streamline their financial operations. The platform features integrations with popular accounting software, including Xero, QuickBooks, and Netsuite, ensuring that financial data is seamlessly synchronised, simplifying bookkeeping tasks for businesses. Businesses can also create unlimited multi-currency Visa cards for their company and employees. With the ability to set up custom spend limits and multi-layer approval workflows across different teams, businesses can ensure  adherence to budgets and minimise the risk of overspending.

How to open a YouBiz account?

Any business that is operating in Singapore can apply to open a YouBiz account. The process is relatively straightforward and takes less than 5 minutes. To sign up, simply follow these few steps:

1. Register for a YouBiz account: Open a new YouBiz account for your business here.

2. Fill out required business information: Use your Singpass (MyInfo Business) to auto-fill the required information. Alternatively, you may complete your sign-up manually. If you're submitting a manual application, you'll also need to provide your ARCA's Business Profile and a photo of your NRIC.

3. Complete your application: Once registered, you should receive an email confirmation within 1 to 2 business days with your login details.

4. Login to your account: Head here to login to your account with your email and password. Once you're in, you can instantly access the YouBiz dashboard.

Conclusion

For users who are already familiar with YouTrip, it will be easy to navigate through the YouBiz platform, which has a similar app interface and user experience. Known for their multi-currency cards, YouBiz offers a simple and convenient way for businesses with travel needs to manage their international expenses and save on foreign transaction fees.

On the other hand, Airwallex offers a more comprehensive global payment solution for businesses of all sizes, featuring multi-currency accounts in 23+ currencies, payment gateway, like-for-like settlement, and more. Whether you’re running a start-up or a well-established international company, global businesses that are looking to streamline their operations using one single platform may find Airwallex to be a better fit for their needs. Sign up for your free Airwallex account today.

Frequently asked questions

1. Is YouBiz a bank account?

No, YouBiz operates as a major payment institution licensed under the Payment Services Act by the Monetary Authority of Singapore. The platform deposits its customer funds into customer segregated accounts held at DBS Bank and Standard Chartered Bank.

2. What is the limit on the YouBiz card?

Each YouBiz card has a fixed daily transaction limit of USD 20,000 (or its equivalent in other currencies). This limit cannot be increased.⁷

On the other hand, all Airwallex cards have a default transaction limit of USD 50,000 (or its equivalent in other currencies). If needed, you can contact the customer support team to increase the default limit. You can also set different transaction limits on each card to better manage your business expenses.

3. How do I top up my YouBiz account?

Once you've created a YouBiz account, you'll instantly receive a bank account number. This enables you to transfer funds directly from your bank account into your YouBiz account.

4. How secure is the YouBiz multi-currency platform?

YouBiz is regulated by the Monetary Authority of Singapore and licensed as a major payment institution under the Payment Services Act. The platform safeguards customer funds by storing them in a segregated account, ensuring your money is kept separate from YouBiz's corporate accounts.

Similarly, Airwallex (Singapore) Pte. Ltd. is licensed in Singapore as a Major Payment Institution and is regulated by the Monetary Authority of Singapore (License No. PS20200541). Funds deposited into an Airwallex business account are safeguarded in a dedicated client segregated account.

5. What types of businesses benefit the most from using YouBiz?

YouBiz is particularly suited for Singapore businesses with travel needs. Using multi-currency cards provided by YouBiz and YouTrip, businesses can enjoy 0% FX fees on their spending in 150+ currencies and unlimited 1% cashback.

On the other hand, Airwallex is a great platform for businesses of all sizes, from those with global operations needs, such as paying overseas suppliers, to those who are looking to scale internationally. It not only offers multi-currency accounts, corporate cards, and expense management, but also provides a payment gateway to help businesses accept customer payments from around the world, which is something that YouBiz does not currently offer.

Sources

1. https://www.statista.com/statistics/870924/worldwide-digital-transformation-market-size/

2. https://www.statista.com/statistics/1385187/cross-border-payments-value-worldwide-by-segment/

3. https://www.statista.com/statistics/1386603/payments-issues-from-clients-according-to-providers/ 

4. https://www.you.co/sg/blog/youbiz-best-sme-corporate-card/ 

5. https://www.you.co/biz/seamless-bill-payments/ 

6. https://www.you.co/biz/xero-integration/ 

7. https://youbiz.zendesk.com/hc/en-us/articles/30047335922841-Is-there-a-daily-transaction-limit-on-my-YouBiz-card 

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.