YouBiz Review: Business Account Singapore

Published on
January 3, 2024
Written by
Daniel Ling
Reviewed by
Episode #
YouBiz Review: Business Account Singapore
Explore YouBiz's finance solutions: multi-currency accounts, corporate cards, and seamless bill payments. Compare with Aspire for informed decisions.
Listen On Spotify

Fintech company YouBiz offers finance solutions for businesses such as multi-currency accounts, corporate cards, and the ability to make seamless bill payments and customize spend controls. YouBiz is part of You Technologies Group, which also includes YouTrip, a multi-currency e-wallet for consumers.

In this YouBiz review, we’ll explore an overview of the key features, account setup process and important considerations to help businesses assess the suitability of YouBiz. For comparison, we’ll also be looking at a competitive alternative to YouBiz, which is Aspire’s finance solutions.

What is YouBiz?

YouBiz is a finance platform for businesses with solutions including multi-currency accounts and corporate cards. YouBiz multi-currency accounts allow businesses to manage expenses in up to 9 currencies, and they offer unlimited 1% cashback and 0% FX fees on payments to several currencies.  

Key Features

  • Easy and quick setup, 100% online.
  • Businesses can get started for free. No setup and hidden fees.
  • Offers multi-currency accounts in USD, SGD, and 7 other currencies. SGD, USD, EUR, GBP, JPY, HKD, AUD, CHF, THB
  • Unlimited virtual and physical corporate cards

Overview of the YouBiz Business Account

YouBiz Multi-currency business account 

YouBiz’s multi-currency solution allows businesses to receive funds in nine currencies at no cost. Users can create up to nine currency accounts quickly to manage budgets effectively. Transactions occur at true mid-market rates, with no markups or fees. And businesses are able to lock in favorable exchange rates instantly for future expenses. 

The platform supports up to 30 accounts for varied budget needs. For instance, creating more than 1 account of the same currency to manage department and project budgets. YouBiz has a transparent fee structure, with no annual fees, minimum transaction volumes, or balances.

Corporate card

YouBiz cards offer businesses a flexible solution with unlimited individual cards, customizable spending limits and budgets, and unlimited 1% cashback on transactions. The product facilitates real-time expense tracking, ensuring transparency in team spending. Tailored for growing teams, it eliminates the need for card sharing by allowing unlimited issuance of both virtual and physical cards. Users can also leverage favorable exchange rates for foreign currency payments with their YouBiz cards.

Accounting Integration

YouBiz's accounting software integration automates financial workflows by syncing card transactions with Xero. This includes automatic updates — synced daily — of all corporate card transactions, reducing the need for manual uploads. Custom approval policies prevent errors by ensuring payments sync only when transfers are confirmed. 

Additionally, for global businesses, multi-currency accounts can be linked to Xero, simplifying transactions across currencies and offering automated accounting for global payments. The interface allows easy setup and management directly from the YouBiz dashboard, with secure access restricted to Admin and Finance users.

YouBiz fees and charges you should look out for

My Table
YouBiz Charges Fees (SGD)
Account Registration $0
Monthly Fee $0
Minimum Balance $0
FX rates and fees Up to 0.6%
Corporate card $0

How to set up a YouBiz Business Account

Applications for a YouBiz account can be done completely online and take less than 5 minutes. Simply use your Singpass (MyInfo Business) to save time and auto-fill the required information. Alternatively, you may choose to complete your sign-up manually.

For manual applications, you are required to provide the following documents:

  • ACRA Bizfile, dated within the last 3 months
  • Authorisation Letter
  • Proof of Business Mailing Address (Only if your mailing address is different from your registered address)
  • ​​Photo of your NRIC (Front & Back) or one of our accepted identification documents
  • Proof of Residential Mailing Address, dated within the last 6 months (Only if you are not using a Singapore NRIC)

How long does it take to set up a YouBiz Business Account?

While still quicker than traditional banks, opening a business account with YouBiz can take up to 1-2 working days to set up, which is still longer than other fintech providers.

Who should open a YouBiz Business Account?

YouBiz’s business account is suitable for businesses aiming to transact globally and require multi-currency capabilities. YouBiz offers a smaller suite of financial solutions compared to other fintechs, focused on multi-currency accounts and corporate cards, which makes it more suitable for smaller businesses. But businesses seeking more complex finance operations solutions might need to explore other options.  

The Alternative: YouBiz vs Aspire

Businesses looking for an all-in-one finance solution should consider Aspire, a fintech company with presence across Asia that has helped over 15,000 companies save time and money. Aspire offers multi-currency accounts, corporate cards, expense management solutions, in addition to enabling fast international payments at market-leading FX rates, and offering useful features like bulk payments, accounting software integration and much more. It’s backed by world-class venture capitalists, including Lightspeed, Sequoia, Tencent, and Paypal Ventures, just to name a few. 

With Aspire, businesses can easily make PayNow transfers to other accounts and direct employee CPF contributions. In comparison, YouBiz business accounts lack PayNow capabilities, which can be an issue for businesses who need quick and easy transactions. 

Aspire’s bulk payments feature streamlines payments to suppliers, vendors and payroll processing. Businesses can make thousands of payments in a few clicks by simply uploading transfer information via a CSV file. On the other hand, YouBiz doesn’t offer bulk payment support. Many businesses struggle with inefficiency when they spend time making multiple payments each month.

Aspire offers competitive, market-leading FX rates and transparent fees so businesses know what they need to pay upfront. With YouBiz, fees associated with SWIFT transactions are not disclosed, which makes it challenging for businesses to estimate the total expenses from using their platform for business account transactions. While YouBiz offers low FX rates, it still charges up to 0.4% on top of its transaction partner's markup, which can add up across multiple transactions. 

Here is a summary of some key differences:

Aspire Business Account

  • Faster account opening within 1 business day
  • Free transfers via your USD account to SGD, AUD, CAD, CZK, DKK, EUR, GBP, HKD, HUF, IDR, INR, MXN, MYR, NOK, PHP, PLN, RON, SEK, USD.
  • Transparent and affordable SWIFT and FX rates 
  • Supports PayNow QR  for sending and receiving offline payments (YouBiz does not)
  • Supports Payroll, CPF, and corporate tax payments (YouBiz does not)
  • Supports bulk payment (YouBiz does not)

Aspire Corporate cards

  • Issue unlimited virtual cards to employees instantly
  • More granular card controls and customizations

Aspire Software and integration

  • Offers integrated receivable, expense, and payable management functionalities (YouBiz does not)
  • More advanced accounting integrations to Xero and Quickbooks offering hourly syncs.
ACCOUNT
Time to open account1 business day1-3 business days
100% online account opening
Account feesFreeFree
Safeguarding of funds100% safeguarded
in SG Tier-1 Bank100% safeguarded
in SG Tier-1 Bank
SGD ACCOUNT
Receive via PayNow
Send via PayNow
Pay CPF
Local SGD transfersFreeFree
FX rates & feesBest rates, up to 3x cheaper than banksUp to 0.4% markup
Bulk paymentsLocal transfers
Multi-currency Account
Currency  AccountsSGD, USD, IDR, EUR, GBPSGD, USD, EUR, GBP, JPY, HKD, AUD, CHF, THB
Free local  transfers
FX rates & feesBest rates, up to 3x cheaper than banks, 0 feesUp to 0.4% markup on top of partner markup
Cross-border fees (SWIFT)From US$8Variable
CARDS
Virtual CardsUnlimited
‍‍No fees
Unlimited
Budgets and spend controls
on Cards
Card Cashback1% Cashback on digital marketing & SaaS1% cashback
Receivable management
Universal Invoice Collection
Automatic Invoice Reconciliation
Payment Links
OTHERS
Live support
Integrated Expense & Payable Mgmt

Conclusion

YouBiz offers a suite of finance solutions for businesses, focusing on multi-currency accounts, corporate cards, along with bill payments and spend controls. The platform stands out with features like unlimited virtual and physical corporate cards, automatic syncing of transactions with Xero, and a transparent fee structure. Businesses looking for a streamlined finance solution with multi-currency capabilities may find YouBiz suitable, particularly smaller businesses seeking simplicity in financial operations.

When considering alternatives, Aspire emerges as a comprehensive finance solution with a broader range of features. Aspire offers faster account opening, support for PayNow QR, streamlined bulk payments, and transparent fees. Notably, Aspire's corporate cards provide more granular controls, and its accounting integrations are more advanced, supporting platforms like Xero and Quickbooks with hourly syncs. Businesses looking for a more robust and feature-rich finance solution might find Aspire to be more comprehensive compared to YouBiz. It's crucial for businesses to weigh their specific needs and preferences when choosing between these platforms.

Open an account with Aspire today.

For more episodes of CFO Talks, check us out on Apple Podcasts, Google Podcasts, Spotify or add our RSS feed to your favorite podcast player!

Frequently Asked Questions

No items found.
SHARE THIS ARTICLE
ABOUT THE AUTHOR
Daniel Ling is a seasoned writer specialising in business finance, market trends, and industry best practices. Daniel has led thought leadership initiatives at Meta and other reputable companies for more than a decade. Daniel leverages his consumer insights and a data-driven approach to help businesses grow.
Daniel Ling
Read less
Aspire is the all-in-one finance operating system for businesses. Our mission is to empower the next generation of entrepreneurs with the financial tools they need to realise their company’s full potential.
Learn more about us.
The Modern Business Dispatch
We cover the latest business trends in Southeast Asia,
with actionable insights to grow your company