Airwallex is a Singapore-licensed fintech that gives a business a multi-currency account, local receiving details in markets like the US, UK and EU, corporate cards and cross-border payouts, usually at a tighter FX margin than a traditional bank. The pitch is simple: hold and move money in 20-plus currencies without a DBS or OCBC wire fee on every transfer. The catch is less obvious. The free Explore plan is genuinely free, but the headline 0.4% FX markup, the SGD 20 to 35 SWIFT charge and the fact that this is a payment institution, not a deposit-taking bank, all change the maths. Here is what Airwallex really costs a Singapore company in 2026, who it suits and where a bank still wins.
Airwallex (Singapore) Pte Ltd holds a Major Payment Institution licence from the Monetary Authority of Singapore under the Payment Services Act, licence number PS20200541. That matters more than the marketing. An MPI can hold and move your money and run foreign exchange, but it is not a bank. Your balance is not covered by the SDIC deposit insurance scheme that protects up to SGD 100,000 per bank. Instead, MAS requires the firm to safeguard customer funds, typically by holding them in segregated accounts at licensed banks.
In plain terms, your money sits with Airwallex's banking partners rather than being lent out like a bank deposit. That structure is the same one behind consumer wallets such as Wise and Revolut. If you want the difference spelled out, our fixed deposit explainer shows what a true bank deposit looks like by comparison.
For a Singapore business the practical offer is four things bundled together: a multi-currency account, local account details to receive money cheaply abroad, Visa corporate cards, and outbound payments to over 150 countries.
Airwallex sells three plans. The split is about features and card limits, not about whether you can hold money. All figures below are from Airwallex's Singapore pricing page as of June 2026 and are quoted in SGD.
| Plan | Monthly fee | Company cards | Built for |
|---|---|---|---|
| Explore | Free | Up to 10 | Startups and small teams testing cross-border payments |
| Grow | SGD 79 | Up to 50 | Scaling SMEs that want approval workflows and bill pay |
| Accelerate | From SGD 399 | Unlimited | Larger or multi-entity firms needing central controls and a dedicated manager |
Plan fees are the headline, but the real cost of a cross-border account hides in FX margin and transfer charges. This is where Airwallex either saves you money or quietly takes it back.
| What you do | Cost |
|---|---|
| FX conversion, major currencies (USD, EUR, GBP, AUD, SGD and others) | 0.4% above the interbank rate |
| FX conversion, all other currencies | 0.6% above the interbank rate |
| Local transfer to 120+ countries | Free |
| International SWIFT transfer to 200+ countries | SGD 20 to 35 per transfer |
| Receive money via local account details | Free for most currencies |
| Issue company or employee cards | Free |
| Expense management users | 5 included, then SGD 5 per extra user per month |
A bank like DBS or UOB often bakes a 1% to 3% spread into its retail exchange rate, plus a flat wire fee. On a SGD 50,000 conversion, a 1.5% spread is SGD 750. Airwallex's 0.4% on a major currency is SGD 200. That SGD 550 gap, repeated monthly, is the whole reason fintechs win this category.
The honest caveat: the markup applies to the live interbank mid-rate at the moment of conversion, and Airwallex sets which currencies count as major. For exotic pairs you pay 0.6%, and for currencies it does not support you still route through SWIFT. If your spending is mostly travel rather than business, a consumer card may be cheaper, which is why we compare those separately in the Singapore multi-currency wars.
Airwallex issues Visa multi-currency corporate cards, both virtual and physical, that work with Apple Pay and Google Pay. The selling point is zero foreign transaction fees: a card spend draws from whichever currency balance matches, so you skip the usual 2.5% to 3.5% overseas card loading that a normal Singapore credit card charges. If your balance lacks the currency, it converts at the same 0.4% or 0.6% markup.
Cashback is the soft spot in the pitch. Airwallex has historically promoted cashback on card spend, but the rate and conditions move with promotions, so treat any headline cashback figure as time-limited and check the current card terms before you bank on it. Do not pick the platform for cashback alone.
Idle balances can earn yield through Airwallex's Yield product in select currencies. As of June 2026 the published rates reach up to around 3.74% on USD and up to around 1.01% on SGD, with the top tiers tied to the Accelerate plan and lower tiers on Explore and Grow. Rates float with the market, so compare them against a parked-cash alternative such as a T-bill or fixed deposit before leaving large sums in the wallet.
Airwallex onboards registered businesses, not personal users. Eligible entities include Singapore Private Limited companies, LLPs, partnerships and sole proprietors, plus selected overseas-registered companies. Applicants must be at least 18, the business cannot be in a restricted industry, and directors and shareholders cannot appear on sanctions lists.
Approval is usually faster than a bank, often one to three working days once you upload your ACRA business profile, identity documents for directors and beneficial owners, and proof of business activity. Banks can take one to three weeks for the same SME. If you are still choosing the underlying account, our guide to the best bank for a business account sets out the traditional options and their fall-below fees.
Once live, the account plugs into Xero, QuickBooks and NetSuite, which is the feature most finance teams actually care about.
The decision is rarely either-or. Many Singapore SMEs keep a bank account for payroll, GIRO and a local overdraft, and add Airwallex for cross-border collections and supplier payouts. Here is the blunt comparison.
| Factor | Airwallex | Bank (DBS / OCBC / UOB) |
|---|---|---|
| FX margin | 0.4% to 0.6% above interbank | Often 1% to 3% retail spread |
| Cross-border wire fee | Free local; SGD 20 to 35 SWIFT | Typically SGD 20 to 50+ per wire |
| Account opening | 1 to 3 working days | 1 to 3 weeks |
| Monthly fee | Free on Explore | Free to SGD 40+, fall-below fees common |
| Deposit protection | Safeguarded, not SDIC-insured | SDIC-insured up to SGD 100,000 |
| Cash, cheques, overdraft | No | Yes |
If your business handles overseas revenue or pays foreign suppliers, the FX and speed advantages are real. If you mostly transact in SGD, deal in cash or need credit facilities, a bank still does the heavy lifting and gives you SDIC protection on your balance.
Airwallex's Trustpilot score sits around 3.4 to 3.5 out of 5 across more than 2,200 reviews as of early 2026. The praise is consistent: sharp exchange rates, a clean dashboard and clear savings versus a bank. The complaints are also consistent and worth weighing before you move your float.
The recurring issues are payments held or frozen for compliance review without a clear timeline, support that handles routine queries well but is slow on escalations, and pricing or feature changes pushed with little notice. None of these are unique to Airwallex; they are the trade-off for using a payment institution rather than a bank with a branch you can walk into. The safe play for many SMEs is to use Airwallex for FX and payouts while keeping core operating cash in a bank.
Yes. Airwallex (Singapore) Pte Ltd holds a Major Payment Institution licence from MAS under the Payment Services Act, licence number PS20200541. MAS requires it to safeguard customer funds in segregated accounts, but balances are not covered by SDIC deposit insurance the way a bank deposit is.
The Explore plan is free with no minimum balance. Grow is SGD 79 a month and Accelerate starts from SGD 399 a month, as of June 2026. On top of plan fees you pay 0.4% above interbank on major-currency conversions and SGD 20 to 35 per international SWIFT transfer, while local transfers are free.
No. It is a licensed payment institution, not a deposit-taking bank, so it cannot offer SDIC-insured deposits, cash withdrawals, cheques or overdrafts. It is best used for multi-currency holding, cheap FX and cross-border payments alongside, not instead of, a bank account.
Usually yes for foreign exchange. Airwallex charges 0.4% to 0.6% above the interbank rate versus the 1% to 3% spread many banks build into retail rates, plus free local transfers. On large or frequent cross-border payments the saving is significant, though banks still win on cash, credit facilities and deposit insurance.
This is general financial information for Singapore, not personal financial advice. Figures change — verify current rates against the official sources above before acting. See our full disclaimer.