Can you use Airwallex in Singapore?

If your UK business is planning to trade globally or expand to other countries, you’re going to need a cost-effective way to manage company finances in multiple currencies.

One option is Airwallex, a popular fintech offering digital global business accounts to companies based in the UK and in many countries worldwide.

If you’re an Airwallex customer or are considering signing up, you’ll want to know which countries you can use your account in.

In this guide for UK companies, we’ll be focusing on whether you can use Airwallex in Singapore. We’ll look at whether the platform supports Singapore dollars (SGD), any fees you need to know about, and whether you can open a local Airwallex account in Singapore.

Remember though that Airwallex isn’t the only option for global businesses. Wise Business is a fantastic alternative, offering a full-feature account, cards, invoicing, bulk payments and secure transfer services to Singapore and worldwide.

💡 Learn more about Wise Business

Can you use Airwallex in Singapore?

Yes, you can use Airwallex in Singapore as a UK-registered business.

With your Airwallex account, you can send money between the UK and Singapore. You can even open a Global Account in Singapore dollars (SGD) and use it to receive payments in the currency from your clients and customers worldwide.

There’s also the Airwallex multi-currency card, which works anywhere that Visa is accepted including Singapore.

Other Airwallex features include:

• Automated domestic and international bill pay service
• Foreign exchange services
• Borderless corporate cards
• Expenses management
• Payment links and plugins
• Receive payments through marketplace sites
• Accounting and other software integrations.

Read our full Airwallex business account review here.

Is the Singapore Dollar supported by Airwallex?

The Singapore dollar (SGD) is supported by Airwallex for holding, sending and receiving. You can also spend directly in the currency if you have an Airwallex card.

It’s classed as a major currency, so you can do pretty much everything with it in your Airwallex account.

Airwallex fees and cost in Singapore

Now we come to the important question - how much does it cost to use Airwallex in Singapore as a UK business?

Below are the main fees you need to know about:¹

Can you open an account with Airwallex in Singapore?

Thinking of expanding your business operations to Singapore, or the wider southeast Asia region? You’ll need to know whether you can open local accounts in each of the countries you’re targeting.

The good news is that you can open an account with Airwallex in Singapore. So once you’re settled and have a registered local business address, you can simply head to the Airwallex Singapore dedicated website to open an account online.

Pricing works a little differently than in the UK. Instead of having monthly plans, Airwallex users in Singapore only pay per transaction for the services they use.

You can get started with just your business email address, but you’ll need to provide quite a bit of paperwork in order for Airwallex to verify your business.

You may not need all of it, but it’s a good idea to have the following ready when you apply:²

• Partnership Disclosure & Declaration Form
• Ownership Structure Chart
• Authorisation Letter Template
• Financial Institution Onboarding Questionnaire
• Live Streaming Questionnaire
• Online Marketplace Onboarding Questionnaire
• Source of Wealth Attestation
• Individual Address Proof
• ID documents for owners or key people connected to the business.

You can see a full list of documents you might need here.

Wise Business: an alternative to Airwallex in Singapore

Of course, Airwallex isn’t the only digital business account out there. There are actually quite a few alternatives, including the Wise Business account.

The Wise Business account is ideal for companies that trade internationally, source supplies from overseas, or employ people from other countries.

This powerful account lets you manage everything in one place, with no monthly subscription fees. Features include:

• Local account details for major currencies, including Singapore dollars
• International payments to Singapore and worldwide for low fees and the mid-market exchange rate
• Employee expense cards which work in 150+ countries, including Singapore
• API integration with business and accounting tools
• Bulk payments and automation tools - batch pay up to 1,000 people at once
• Bespoke permission levels to control team access.

There’s even a new feature which lets you earn returns while growing your business - Wise Interest (capital at risk).

Get started with Wise Business 🚀

Wise Business vs. Airwallex in Singapore comparison

To help you choose the right business account for your needs, here’s a quick comparison of Wise Business and Airwallex for UK companies looking to trade in Singapore:

Find out more about what Wise Business could do for your company.

Get started with Wise Business 🚀

And there you have it - your handy guide to using Airwallex in Singapore, covering everything you need to know.

You can do pretty much everything in Singapore dollars with Airwallex, including sending, receiving, spending and holding SGD. And you can open an account there if you establish operations in Singapore at any point.

So if you decide that Airwallex is the right choice for your company, you should be all set to start using it when you start trading with Singapore.

Just remember to compare all available options, as there are alternatives out there - including Wise Business.

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Sources last checked on date: 21-Mar-2024