Make global payments & transfers without breaking the bank

Make global payments and international transfers with radically low fees, up to 3x cheaper than banks. Transcend borders with Aspire’s multi-currency account and cards.

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Spend less on FX while making global payments

Make fast and easy payments

Own multi-currency accounts to pay your vendors via local or SWIFT transfers. Make online purchases with corporate cards.

Save on transaction fees

Convert and pay in over 30+ currencies at low, transparent fees up to 3x cheaper than banks. No inflated or hidden fees.

All your payments in one place

Track and manage all business expenses in one place, integrated with advance spend management tools to help you grow.

Free local transfers and market-leading rates for international transfers

Save on unnecessary fees with free local transfers in SGD, USD and IDR. Send money across the world and convert to 30+ currencies at mid-market rates with low transparent fees, so you only pay for what’s necessary.

Make global payments in native currencies with Aspire cards

Spend like a local with no conversion fees when you pay in SGD, USD or IDR. When you do need to make a foreign currency transaction, enjoy market-leading FX rates up to 3x cheaper than banks.

Fully transparent FX rates, no hidden charges

Avoid sneaky hidden charges on your payments. Where possible, any charges and FX rates are shown upfront so you know exactly what you’re paying for.

Try our FX calculator to see the difference in savings

Try our forex calculator for real-time, indicative rates and see how Aspire is a cheaper, faster, and more transparent way to send money abroad. You can check the forex transfer rates for numerous international currencies. Choose the international currency of your choice and input the same in our forex calculator to check the savings you can realise.

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*The calculator above is an indication of our real-time rates for SGD foreign transfers. Actual exchange rates may differ based on the use case. For the most updated and accurate rates, please access them by logging in to your account.

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Auto-sync your global payments with your accounting software

Close your books twice as fast, with all transactions synced with major accounting software. When you're building in hyper-growth mode, there's no room for errors.

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Make international payments without breaking the bank

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Understanding global payment and how it works

Global payment is the process of transferring money to a bank account that is set up in a foreign country. This payment could be made to your supplier, your vendor, an employee, a business affiliate or any other entity. Making global payments involved strenuous processes and numerous fees in the past, however, the process is easier and more cost-effective today.

Generally, a global payment provider is involved, who functions as an intermediary between the payer & the receiver from different nations. When a business uses its card to make a purchase, the provider receives the transaction details and relays them to the issuing bank which is located in a different country, thus requiring a process of conversion.

As a business, you may need global payments for...

Paying your suppliers, across the globe

At various stages of your business, you may wish to work with global suppliers, for higher quality, cost-effectiveness or at times simply for convenience. You may thus require a constant flow of payments internationally to pay the vendors in their accepted currency.

Paying your global workforce

As your business scales globally, you may require to hire a global workforce. These may be employees, freelancers or gig workers. When you decide to do so, you may require a global payments provider who can help you pay your employees in their local currency.

Paying for platforms, services & subscriptions

Almost every business today operates with world-class software & platforms that enhance their productivity. These usually charge businesses in their local currencies (USD in most cases) and businesses which are located in Singapore, may then require to make payments outside their native currency. This is when a multi-currency card or a multi-currency business account comes in handy.

3 ways a multi-currency account helps with global payments in Singapore

A multi-currency business account is very useful if your business sends or receives payments internationally, it enables you to send and receive payments hassle-free under one account.

1. Save on foreign exchange costs
‍Saving currency conversion costs is the chief benefit of a multi-currency account. A multi-currency account allows you to receive payment in foreign currency, hold it for as long as you want and convert it when the rate is favourable for you, thus, saving you on conversion costs that add up to a significant amount in the long run.

2. Efficient cash flow management
‍Businesses often hold international payments because the conversion rates are not in their favour thus becoming a roadblock for efficient cash flow management. With a multi-currency account, however, you can send or receive money anytime and convert it later.

3. Smooth International Transactions
‍With a multi-currency account, you can accept payments in your client or customer’s local currency and pay vendors in their preferred currencies. A multi-currency account allows you to create sub-accounts for different currencies. You can share the unique account number for each currency and send or receive payments easily which is very convenient.

Who offers global payments in Singapore?

Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS,‍ OCBC, Maybank etc.

However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.

How to open a global payments account in Singapore?

Global payments can be facilitated by opening an account offline at physical branches or by signing up for a digital account which is comparatively easier to create. To open a digital account, you need to:

1. Register online using your Email.
2. Provide business information such as name, number and address
3. Verify the information with a government-issued ID
4. Your account is live once verified

Eligibility criteria to open a multi-currency account in Singapore

Eligibility varies across providers, however, all businesses registered in Singapore are eligible for a multi-currency account. Foreign businesses can also open multi-currency accounts with providers that support their local currency. Business owners are required to submit government-issued identity proof and an initial deposit (if required) before opening a multi-currency account in Singapore.

Make sure you check the eligibility criteria and documents required on your service provider’s official website.

What details do you need to transfer money internationally?

Whichever mode you choose to transfer money, you’ll usually need the following details. Depending on which mode you choose, additional details (e.g. SWIFT code etc.) may be required.

1. Name of the recipient.
2. Name and address of recipient’s bank.
3. Six-digit sort code of the recipient’s account.
4. Eight-digit account number of the recipient’s account.
5. A payment reference (often your business name or customer number) to let the recipient know where the money came from.
6. Intended date of payment.

Charges involved with international payments

There are 2 main types of charges involved with international business payments.

Account-related charges: These are charges related to the business account itself. These include administrative charges, cheque-related charges, document-related charges and service-related charges.

Transaction-related charges: These charges are specific charges which are related to individual transactions. This may vary basis which transaction type you choose Wire transfers, FAST, Debit cards, Credit cards etc.

You can read about all these charges in detail in our blog articles - Bank charges in Singapore & The complete guide to transaction fees.

Frequently asked questions about global payments

What are swift transfers and how do they work?

SWIFT is an abbreviation for the Society for Worldwide Interbank Financial Telecommunication and stands for a worldwide network of banks that work collaboratively to provide their customers with international bank transfers.All SWIFT transfers are carried out via the payer's bank, which gets debited and are routed through multiple intermediary banks before the recipient's bank is credited. This whole process can take up to 1-4 business days.

What are local transfers and how do they work?

Local transfer uses a web of financial institutions through which the recipient can be paid using their local bank. Intermediaries are used for facilitating transactions and to clear the bank transfer payment, also known as a remittance.In local transfers, the funds are processed by the recipient's local bank in their local currency and settled through their local payment system. All you need are the recipient's bank details, including their local bank account number. While local transfers are cheaper than SWIFT transfers, they take longer to process.

What is the difference between International wire transfers vs local bank transfers?

The key difference between international wire transfers and local bank transfers is that local bank transfers can be completed at a relatively low cost, whereas international wire transfers are generally more expensive. International wire transfers, however, are more reliable and faster than local bank transfers.