About 18; min
Singapore businesses need banking infrastructure that handles multi-currency operations, low-cost international transfers, and modern API access. Traditional banks like DBS and OCBC remain dominant but newer digital options have changed what’s possible. Aspire, Wise, and Revolut Business each take a different approach to serving Singapore-based companies. Here’s how they compare for SMBs, startups, and freelancers operating from Singapore in 2026.
Quick Comparison
| Feature | Aspire | Wise Business | Revolut Business |
|---|---|---|---|
| Headquarters | Singapore | UK (global) | UK (global) |
| SG Account Setup | Free, fully online | Free, fully online | Free, fully online |
| Local SGD Account | Yes (with FAST/PayNow) | Yes (Wise account details) | Yes |
| Multi-Currency | 10+ currencies | 40+ currencies | 30+ currencies |
| FX Markup | Mid-market + 0.55% | Mid-market + 0.41% | 0% within plan limits |
| Free SGD Transfers | Unlimited local | Unlimited local (free) | Within plan limits |
| Monthly Fee | S$0 (Free plan) | S$0 (one-time S$200 setup) | S$0 (Basic) to S$152 (Enterprise) |
| Corporate Cards | Free virtual + physical | Free debit cards | Free virtual + physical |
| Expense Management | Built-in (Aspire Manage) | Basic | Built-in |
| Accounting Integration | Xero, QuickBooks | Xero, QuickBooks, FreshBooks | Xero, QuickBooks |
| MAS Regulated | Yes (MPI license) | Yes (MPI license) | Yes (PI license) |
Aspire Overview
Aspire is Singapore-headquartered and built specifically for Southeast Asian startups and SMBs. The free plan includes unlimited local SGD transfers via FAST and PayNow, free virtual and physical corporate cards, multi-currency accounts in 10+ currencies, and built-in expense management. International transfers cost mid-market FX + 0.55% — competitive but not the cheapest. Premium at S$49 per month adds priority support, higher transaction limits, and advanced spend controls. Aspire integrates natively with Xero and QuickBooks. The cards have unlimited cashback (1% on online spend). For Singapore-based startups that need a modern business account with local banking features (PayNow QR, GIRO, GST handling), Aspire provides the best fit among the three options.
Wise Business Overview
Wise Business charges a one-time S$200 verification fee, then no monthly costs. The platform supports 40+ currencies — more than Aspire or Revolut. Local account details in SGD, USD, EUR, GBP, AUD, and 4 more currencies let you receive payments like a local in those countries. FX conversions use mid-market rate plus a small variable fee (typically 0.41-0.6% depending on currency pair). For SGD to USD, Wise typically costs less than traditional banks by 4-6x. The Wise debit card works in any currency you hold. Batch payments enable paying 1,000+ recipients in one upload. Wise Business is the choice when international payments are central to your operations — receiving global revenue, paying overseas contractors, or sending supplier payments across multiple countries.
Revolut Business Overview
Revolut Business offers tiered plans starting free. The Basic plan includes basic multi-currency accounts and S$15,000 monthly FX conversion at mid-market rates. The Grow plan at S$30 per month adds S$100,000 FX, expense management, and accounting integration. Scale at S$76 per month covers S$250,000 FX and advanced features. Enterprise at S$152 per month removes most limits. Revolut’s strength is the 0% FX markup within plan limits — once you exceed the threshold, you pay 0.6%. Built-in expense management, virtual cards for online subscriptions, and team spending controls are mature features. For Singapore businesses that need predictable monthly FX costs and team expense management built-in, Revolut Business provides a polished all-in-one platform.
FX Cost Comparison
| Scenario (S$10,000 to USD) | Aspire | Wise | Revolut (Grow) |
|---|---|---|---|
| Mid-market rate received | ~$7,425 | ~$7,430 | ~$7,460 |
| FX markup | 0.55% (~$41) | 0.41% (~$30) | 0% (within limit) |
| Effective rate | $7,384 | $7,400 | $7,460 |
| Annual fee impact (S$10K monthly) | S$660/yr in FX | S$492/yr in FX | S$360/yr (Grow plan) |
Revolut Grow is cheapest for FX-heavy operations as long as you stay within the S$100K monthly limit. Wise is cheapest for irregular international payments without monthly subscription. Aspire’s FX is slightly more expensive but the bundled features (free SGD transfers, PayNow, expense management) often make it the lowest total cost for SG-centric businesses.
Use Case Fit
Singapore SaaS startup with international customers
Wise Business. The 40+ currency local account details let you receive USD, EUR, GBP, and AUD payments like a local. Customers pay you cheaply (no international wire fees), you convert at mid-market rates. Combine with Stripe Singapore for credit card processing. Best: Wise.
Local Singapore e-commerce / services business
Aspire. Free FAST/PayNow transfers, GST-friendly invoicing, Xero integration, and corporate cards with cashback. The local focus matches your operations. Best: Aspire.
Singapore agency with global team and SaaS subscriptions
Revolut Business. The expense management features, virtual cards for each SaaS subscription, and 0% FX within plan limits keep multi-currency operations clean and predictable. Best: Revolut.
Freelancer/solopreneur in Singapore
Aspire (free plan) or Wise. Both have zero monthly fees. Aspire if you mostly invoice SG companies. Wise if you invoice international clients. Best: Depends on client mix.
Who Should Pick What
Pick Aspire if:
- Your business is Singapore-focused with local customers and suppliers
- You need free PayNow, FAST, and GIRO transfers for local operations
- Built-in expense management with Xero/QuickBooks integration matters
- You want a Singapore-headquartered provider with local support
Pick Wise Business if:
- You receive payments from international clients in multiple currencies
- You pay overseas contractors or suppliers regularly
- Lowest FX markup on irregular international transfers is the priority
- You want local bank account details in 9+ countries
Pick Revolut Business if:
- Predictable monthly costs with 0% FX within plan limits fit your volume
- Team expense management and virtual cards are core needs
- You manage many SaaS subscriptions and need spending controls
- Multi-currency accounts with built-in budgeting matter
Aspire wins for Singapore-headquartered businesses that primarily operate locally. The Singapore focus, free local transfers, PayNow integration, and bundled expense management make it the most complete solution for SG SMBs. Wise Business earns runner-up for international-heavy operations where its 40+ currency accounts and low FX markup provide unmatched value. Revolut Business excels for teams that need expense management and predictable FX costs. The right choice depends on your transaction patterns — most Singapore startups benefit from using two of these together: Aspire for local + Wise for international.
FAQ
Are these MAS regulated?
Yes. Aspire and Wise hold Major Payment Institution (MPI) licenses from MAS. Revolut Business holds a Payment Institution (PI) license. All three operate legally in Singapore with depositor protections (though not full SDIC bank deposit insurance — funds are safeguarded but not insured the same way bank deposits are).
Can I use these instead of a traditional bank?
For day-to-day operations, yes. For business loans, fixed deposits, and certain enterprise services, you’ll still need a traditional bank like DBS, OCBC, or UOB. Many Singapore startups use a digital business account for operations and a traditional bank for loans and special services.
Which integrates with Xero best?
All three integrate with Xero. Aspire’s integration is the deepest with native Singapore GST handling, automatic bank feeds, and Xero-friendly transaction categorization. Wise and Revolut integrations work well but require more manual mapping for SG-specific tax categories.
Can I open accounts with all three?
Yes, and many Singapore businesses do. Aspire for local SGD operations and PayNow, Wise for international transfers, Revolut for FX-heavy expense management. All three are free to open and maintain on basic plans.
